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<br />NOW THEREFORE, the Declarant declares that the Property <br />described above is held and will be held, transferred, encumbered, <br />used, sold, conveyed, leased and occupied subject to the covenants, <br />restrictions and limitations set forth in this Declaration, all of <br />which are in accordance with the requirements of the DDA. All of <br />the restrictions, covenants and limitations will run with the land <br />and will be binding on all parties having or acquiring any right, <br />ti tIe or interest in the Property described above or any part <br />thereof, and to any improvements located thereon, and will enure to <br />the benefit of 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 part <br />of the Property, by accepting a deed or a contract of sale or <br />agreement of purchase, accepts the document subject to, and agrees <br />to be bound by, any and all of the restrictions, covenants and <br />limitations set forth in this Declaration. <br /> <br />1. Capitalized Terms. All capitalized terms not <br />otherwise defined herein shall have the same meaning ascribed to <br />them by the DDA, unless the context clearly indicates a different <br />meaning. <br /> <br />2. <br /> <br />Affordabilitv Covenants. <br /> <br />(a) The Declarant hereby agrees that the apartment units <br />in the Project will be made affordable in accordance with Table A. <br />below. The Developer covenants that said Affordability Covenant <br />shall be effective as of the date hereof, and shall remain in <br />effect for fifty five (55) years from issuance o£ the Certificate <br />of Completion. <br /> <br />E - 2 <br /> <br />REDW\0006\DOC\001-5 <br />1/27/05 7:00 /mve <br />