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<br /> NOW THEREFORE, the Declarant declares that the Property <br /> described above is held and will be held, transferred, <br /> encumbered, used, sold, conveyed, leased and occupied subject to <br /> the covenants, restrictions and limitations set forth in this <br /> Declaration, all of which are in accordance with the <br /> requirements of the OPA. All of the restrictions, covenants and <br /> limitations will run with the land and will be binding on all <br /> parties having or acquiring any right, title or interest in the <br /> Property described above or any part thereof, and to any <br /> improvements located thereon, and will inure to the benefit of <br /> the City and the Agency and the future lessees of the Property. <br /> Each grantee of a conveyance or purchaser under a contract or <br /> agreement of sale covering any right, title or interest in any <br /> part of the Property, by accepting a deed or a contract of sale <br /> or agreement of purchase, accepts the document subject to, and <br /> agrees to be bound by, any and all of the restrictions, <br /> covenants and limitations set forth in this Declaration. <br /> 1. Capitalized Terms. All capitalized terms not <br /> otherwise defined herein shall have the same meaning ascribed to <br /> them by the OPA, unless the context clearly indicates a <br /> different meaning. <br /> 2. Affordability Covenants. <br /> (a) The Participating Owner hereby agrees <br /> that the following Very Low Income Covenant shall <br /> be effective as of the date hereof, and shall <br /> remain in effect for fifty five (55 ) years from <br /> the date hereof. The Participating Owner <br /> covenants that twenty-two (22 ) units of the <br /> Project, exclusive of the HOME Units, will be <br /> available to and affordable by persons with very <br /> low income, having an income not to exceed fifty <br /> percent (50%) of the area median income ("AMI") <br /> adjusted for family size appropriate to the given <br /> unit, all of whom were residents of the City <br /> prior to the rental of the subject unit. <br /> (b) The Participating Owner hereby agrees <br /> that the following Covenants shall be effective <br /> as of the date hereof, and shall remain in effect <br /> for fifty five (55) years from the date hereof. <br /> The Participating Owner covenants that fifty (50) <br /> units of the Project, inclusive of the HOME <br /> Units, will be available to and affordable by <br /> 2 <br />