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<br />78 <br />Page 9 <br /> <br />Article III <br /> <br />Owner-OccuDled Affordabilitv Covenants <br /> <br />Section 3.01. <br /> <br />Transition to Owner-Occuoied Units. <br /> <br />Upon conversion of the Project from a rental complex to an owner-occupied <br />complex, the Rental Affordability Covenants Term shall expire ~nd the Owner-Occupied <br />Affordability Covenants Term shall commence. Upon sale.;J~fijtke Affordable Units to <br />Qualified Buyers, each Qualified Buyer shall enter into a R~~ate Restriction Agreement <br />arid Option to Purchase with the City in substantially~: t)tt~f.t$~me form as Exhibit "B" <br />attached hereto and incorporated herein by this ret~rence~::i(tp.~. "Resale Restriction <br />A f'} ..;', ,. <1;;:';',. <br />greemen .,;.,.!:. ':,,"i! <br />. : i ;'".:'j.nJ) ::r.f';;:: <br />.;f:uJiTi!!: ": !.ii-I :~:'" <br />Section 3.02. Owner-OccuDied Affritdabilitv Covenants. ';'!':.'i:Hh:. <br />t{iq.i:H'!' ., [!::il.::;.. <br />During the Owner:Occupied Afford~bl/~lRove~~"rerm, Decla~~iW' covena~ts <br />that the Affordable Units shall be malntallie~ H MHi.iJ,lows (the "OWner-Occupied <br />Affordability Covenants"): the Affg(.~flble Units sH~"::.!b.e sold to, owned, occupied and <br />maintained affordable to persons \~rlClr}f~l!i.~s of rri~~r~te-i~come, earning not more <br />than one hundred twenty percent (1~~:y~jf!CH!~MP'~ Area;'iU\~~lan Income for San Mateo <br />Coun~ ("AMI"), a~ .adjusted from tirrl~~~? ti~eJ't1~~I~~e~I!~k,yers") during the Owner- <br />Occupied Affordabllity q~,,:~q~(~ts TermL~9Iua!!.fl~~IEJUit~:.mcome shall be calculated on <br />the. bas~s of their "qfP~~~ilh:~m~Jl, as ~~np~ u~der::'~e 25, Section 6914, of the <br />California Code of R~ptilatlons, ~$iamende~'ifrom time to tIme. <br />{ii-i'rrr;' ;,:[.-rU !'::Jd.j I <br />In order to':~~~M~e cO'!l.pUMGfL~ith th'~':i~eclaration in connection with the sale <br />and transfe~,~~ ~ach Af.fpr~~~I:~(llintti)I~*~'~"~n~\~nd its successors shall ob~in a c~py of <br />each p~~~~qttR~ !R.p"r.chal;~m~ federallncoffi~~ax retur~ for the taxabl~ year 1r~'medlat~ly <br />prece9,~~~fthe pr()p~e~ pur~h:~~e of an Affordable Umt and current Income Information <br />suc~ i;~$'wage statem~~l~ or:-:::;ifiJl'i'.e prospective purchaser certifies and declares under <br />pena~i}?f perjury that h~f~;~ she"~(~l"ot file.a f~d~ral tax re!urn, ?ther evidence o! Gross <br />Income"'fQf;.,such year a~ptablefo the City In Its sole discretion and current Income <br />informatiol\. ~~~ch as wag~H*tatements, to substantiate that the prospective purchaser <br />meets the eligit?il;'~. req~~f~fi1ents of Q~alified Bu~ers. In th~ event the City is unable to <br />~ake a. determt~~,\o~j j ~~at a pros~ectlve buyer IS a Qualified B~yer based upon the <br />Information provldEt~~::;Jhe prospective purchaser shall be determined not to meet the <br />requirements of Qualified Buyers and shall be disqualified from purchase. <br /> <br />Section 3.03. <br /> <br />Term of Owner-Occuoied Affordabilitv Covenants. <br /> <br />Declarant hereby agrees that the Owner-Occupied Affordability Covenants as <br />described in Section 3.02, above, shall be effective as of the expiration of the Rental <br />Affordability Restrictions, and shall remain in effect until the forty-fifth (45th) anniversary <br />of said date (the "Owner-Occupied Affordability Covenants Term"). <br /> <br />REDW\O001\DOC\022-3.DOC <br />12/23/08 900 HvT <br /> <br />6 <br />