; (II) cover all new and existing households residing in the project, regardless of whether or not they were previously assisted under the rental assistance program authorized under subparagraph (A); (III) be recorded at such local real property recording office as is prescribed by the State in which the project is located; (IV) bind the owner of the project and the owner’s successors to continue to operate the project in accordance with such agreements; (V) require the owner (and such successors) to agree to continue to operate the projects as if it were subject to an existing loan under section 514 or 515 or grant under section 516, as applicable; (VI) extend to residents of the project all the rights that at the time such contract is entered into are extended to residents of projects subject to an existing loan under section 514 or 515 or a grant under section 516, as applicable; (VII) require the owner (and such successors) to maintain the assisted housing as decent, safe, and sanitary housing; and (VIII) provide that the Secretary may renew the contract for additional 5-year terms if the assisted housing is maintained in such decent, safe, and sanitary condition, as determined by the Secretary. (iv) Actual market rentals (I) In general A contract for assistance provided pursuant to this subparagraph for a project shall provide assistance to the owner based on an initial reasonable operating budget the rents for which do not exceed such actual market rental rates for the area in which the project is located, as are established by the Secretary. (II) Adjustment; renewal The Secretary shall adjust the actual market rental rates used for purposes of this clause annually. (v) Renewal