AgdaPkt 2008-08-11 Clsd and Reg - Laserfiche WebLink

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8A Page 5 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 inure to the benefit of the City and the future lessees of the Property. 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 property subject to, and agrees to be bound by, any and all of the restrictions, covenants and limitations set forth in this Declaration. 1. Recitals. The recitals set forth above are true and correct and incorporated herein by this reference. 2. Affordabilitv Covenants. Declarant covenants that a minimum of nine (9) housing units, or fifteen percent (15%) of the units developed on the Property (singularly, an "Affordable Unit," and collectively, the "Affordable Units") shall be maintained affordable as follows (the "Affordability Covenants"): 1) five (5) of the nine (9) Affordable Units shall be affordable for persons or households earning one hundred percent (100%) of the area median income ("AMI") per San Mateo County Department of Housing 2008 (and as annually amended) Income Limits (as defined by HUD and the State of California); and 2) four (4) of the (9) Affordable Units shall be affordable to persons and households earning eighty percent (80%) of the AMI per San Mateo County Department of Housing 2008 (and as annually amended) Income Limits (as defined by HUD and the State of California). Annually, on the anniversary date of occupancy of an Affordable Unit by a qualifying lessee, Declarant shall re-certify the low and median income qualifications of the lessee in accordance with the requirements set forth below. If, upon recertifICation, Declarant determines that the gross income of the lessee has risen above the then in- effect allowable income, Declarant may, in its sole election, exercise one of the following three (3) options to ensure continued compliance with the requirements of this Declaration: (i) Declarant may identify another unit to replace the Affordable Unit with said new unit and its existing lessee(s) becoming subject to the requirements of this Declaration, thereby allowing Declarant to maintain the tenancy of the formerly qualified lessee; (ii) Declarant may identify a vacant unit to replace the Affordable Unit with said new unit being maintained available and affordable to a new income-qualifying lessee, thereby allowing Declarant to maintain the tenancy of the formerly qualified lessee; or or (iii) Declarant may terminate the tenancy of the formerly qualified lessee and make the Affordable Unit available and affordable to a new income-qualifying lessee. 3. Tenn. Declarant hereby agrees that the Affordability Covenants as described in Section 2 above shall be effective as of the date of recordation of this ATTY/AGRI2008.053 080408 2