RecD05 2005-141298 - Laserfiche WebLink

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(herein referred to as the "Agreement"), which such Agreement has been assigned to Grantee. The provisions of the Agreement are incorporated herein by this reference and shall be deemed to be a part hereof as if set forth at length herein. 2. Effect of Covenants. The Property is conveyed subject to the covenant that the Property will be held, transferred, encumbered, used, sold, conveyed, leased and occupied subject to the covenants, restrictions and limitations set forth in this Grant Deed, the Declaration of Affordability Covenants, and the Deed of Trust, all of which are in accordance with the requirements of the Agreement. All of the restrictions, covenants and limitations set forth herein 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 and its successors in interest. 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 Grant Deed. 3. Capitalized Terms. otherwise defined herein shall have them by the Agreement, unless the different meaning. All capitalized terms not the same meaning ascribed to context clearly indicates a 4. The Grantee covenants by and for itself, its heirs, executors, administrators and assigns, and all persons claiming under or through them, that the Property be reserved for use as affordable housing, shall be devoted to housing for persons or families with extremely low to very low incomes (with one manager's uni t reserved for moderate income persons), as those terms are defined by the Health and Safety Code, and with costs to be at an affordable housing cost (as such term is defined in Health and Safety Code Section 50052.5). 5. Redevelopment Covenants. The Property is conveyed subject to the following covenants which shall bind the Property and the improvements thereon: (a) The work of the redevelopment of the Property or part or parts thereof as provided in the Agreement shall be implemented as provided by the Agreement and in the time frames set forth therein. This covenant shall continue until the Certificate of Completion is issued. 2 REDW\0006\DOC\027