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NOW THEREFORE, the Declarant declares that the Property described above is held and will be held, transferred, encumbered, used, sold, conveyed, leased and occupied subject to the covenants, restrictions and limitations set forth in this Declaration, all of which are in accordance with the requirements of the DDA. All of the restrictions, covenants and limitations will run with the land and will be binding on all parties having or acquiring any right, title or interest in the Property described above or any part thereof, and to any improvements located thereon, and will enure to the benefit of the Agency. Each grantee of a conveyance or purchaser under a contract or agreement of sale covering any right, title or interest in any part of the Property, by accepting a deed or a contract of sale or agreement of purchase, accepts the document subject to, and agrees to be bound by, any and all of the restrictions, covenants and limitations set forth in this Declaration. 1 . Capitalized Terms . All capitalized terms not otherwise defined herein shall have the same meaning ascribed to them by the DDA, unless the context clearly indicates a different meaning. 2 . Affordability Covenants . (a) The Declarant hereby agrees that the units in the Project will be reserved for the sale to and occupation by persons not earning more than fifty percent (50�) of the Area Median Income for the County of San Mateo, as established by HUD (the "Qualified Buyers" ) . Such HUD income levels are attached hereto as Exhibit "B" and incorporated herein by reference as "HUD Income Levels" The Developer covenants that said Affordability Covenant shall be effective as of the date hereof, and shall remain in effect for forty five (45) years from the date hereof . Declarant also covenants that the costs for owning the units will be made affordable in accordance with Section 50052 . 5 of the Health & Safety Code. Specifically, total monthly "affordable housing costs" for the Qualified Buyers shall not exceed the product of thirty percent (3 0�) t imes f i f ty percent (5 0�) of the AMI adj usted for family size appropriate for the unit . "Adjusted for family size appropriate for the unit" shall mean a three-person household for a two-bedroom unit and a four-person household for a three bedroom unit . Monthly affordable housing costs shall include: mortgage principal and interest expenses, property taxes and insurance and homeowner association dues. For purposes of evaluating "affordable housing costs" , the term of the mortgage shal l be thirty (3 0) years. REDW\0006\DOC\013-7 C - 2 1\11\OS 940 law