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employee of the Issuer, or any officer, agent or employee of the Trustee or the Borrower, in his or her
individual capacity, and none of such persons shall be subject to any personal liability or accountability by
reason of the execution hereof.
19. Covenants Run With the Land and the Real Property; Term. The Issuer and the
Borrower hereby declare their express intent that the covenants, reservations and restrictions set forth in
Sections 3 (exclusive of the last paragraph thereof) and 4 herein shall be deemed covenants running with
the land, shall run with the Real Property, and shall pass to and be binding upon the Borrower's successors
in title and the Borrower's successors and assigns. Each and every contract, deed or other instrument
hereafter executed covering or conveying the Real Property or any portion thereof shall conclusively be
held to have been executed, delivered and accepted subject to such covenants, regardless of whether or not
such covenants are set forth in such contract, deed or other instrument. Unless sooner terminated in
accordance with Section 10 hereof, such covenants shall continue in full force and effect for the Qualified
Project Period, it being expressly agreed and understood that the provisions hereof are intended to survive
the expiration of the Indenture and the retirement of the Bonds, if such expiration and retirement occur prior
to the end of the Qualified Project Period. Upon the expiration of the Qualified Project Period, or if the
provisions hereof are terminated (in the opinion of Bond Counsel), the Issuer and the Trustee hereby
covenant to execute a release of the covenants of the Borrower herein and provide such release to the
Borrower for recordation in the real property records of the City of Newport News, Virginia.
20. Post-Defeasance. The Borrower represents, warrants and covenants that in the event that
the Bonds are paid in full or defeased and the lien of the Indenture released, prior to the end of the Qualified
Project Period, it shall continue to contract, at the Borrower's expense, with a compliance monitoring agent,
to review compliance by the Borrower with the requirements of this Regulatory Agreement until the end of
the Qualified Project Period. The parties agree that upon such defeasance, all obligations of the Trustee
hereunder shall be terminated.
21. Notices. All notices to be given pursuant to this Regulatory Agreement shall be sent by
first-class, certified or registered mail, postage prepaid, return receipt requested, or by private courier
service which provides evidence of delivery, or sent by Electronic Means, which produces evidence of
transmission, confirmed by first-class mail, and in each case shall be deemed to have been given on the date
evidenced by the postal or courier receipt or other written evidence of delivery or electronic transmission
to the parties hereto at the addresses set forth below, or to such other place as a party may from time to time
designate in writing.
To the Borrower: Stuart Gardens Housing Partners, LP
c/o Vitus Development III, LLC
2607 2nd Avenue, Suite 300
Seattle, WA 98121
To the Issuer: Newport News Redevelopment and Housing Authority
227 27th Street
Newport News, VA 23607
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