AgdaPkt 2009-01-12 clsd and reg - Laserfiche WebLink

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78 Page 5 WHEREAS, it is the intent of Declarant that the Project be made available as a rental complex prior to the sale of the Project's units as individual condominium units; and WHEREAS, during such time as the Project is made available as a rental complex, Declarant shall reserve the Affordable Units to be made available at affordable rent to persons and families of low income, as those terms are defined by California Health and Safety Code sections 50053,50079.5, and 50093'J~~pectively, for a period of fifty-five (55) yearst or until such time as the Project's JMt~ing units are sold as condominium units; andd:Hmm:~ WHEREAS, Declarant desires this DeclE(AA~ibn :t6~i~f:?rve as the instrument to impose said covenants. .;;.:Hl!Wl' ., "i!%!:!!I; NOW THEREFORE, Declarlt~hdeclares that the ..:~~ordable Units described herein above are ~eld an~ will belt .;:;~::id, transfe.Sf~' .e~cumbe~~h~s~d, sold, conv~yed,.leased an~ occupied sU~Ject to ~ '~p~y;~nalllff.Hf.i~trlctlons an~ limitations set forth In thiS Declaration, all of which are In adG~~~"~'.With the reqUirements of the P~ecise :Ia.n. All of the r.estricti~n~HR~~7n~~ts and)'llm~ati~ns wil.1 run wit.h the land and WIll be binding on all parties. havlng;~r.~~IP~9 any ng~.{ .h..tltle or Interest In the Property and/or the Affordable Umts descrl~d. lia~~, or ':. ::! part thereof, and to any improvements related thereto, and wifHln.~re td~~:~lP~r;1.~fit' '~i1Pe City. ~ach gra~tee ~f a co~veyan~ or purchas7D~~~~r a cont~~ ~ri~Rr~e~~~i.Or sal~ covenng an~ right, t.tle or Interest In any par1:"~9t~fie \~~~~rty an'9mlKe Afforaab~e Units, by accepting a deed or a contract of ~~n~:Jor agre~ment of f~~tchase, accepts the Property and/or the Affor~a~le. Unitsr .ij~~l~ to, .an~l~.9ree~ to ~~~~und by all of the restrictionsr covenants and limitations set fq~:.!~ thl~.J1wm~i~~f~~~. .:\HtJ' ..l. < . '-nTf~:::" ;;.}:fU::~P' .~~t; ~:.!tii:))Wi~f;..;r lri i [ili:l:! if! i ';! II,:':" tl i!~~~f:~~l~ti~,:~lize~ -r e~ and Definitions Se~~~n 1.01. . !.: !.~ecitaIS.. Thei:.~~b,~.~s set fq~W)~bove are true and correct and incorporated herein by this reference. ., ;.;\:;}]::!.; i ,;; 1 (dr;.}r.l.' : ;.: :": : ; : : ;.: ~ Section 1.02~:;ir.! Caoitalized Terms and Definitions. All capitalized terms not otherwise defined herein shall have the same meaning ascribed to them by the Precise Plan, unless the context clearly indicates a different meaning. For purposes of this Declaration, the following terms shall have the meaning set forth below: REDW\OOO1 \DOC\022-3.DOC 12/23/08 900 HvT 2