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<br />6.1C
<br />Page 6
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<br />WHEREAS, it is the intent of Declarant that the Project be made available as a
<br />rental complex prior to the sale of the Project's units as individual condominium units;
<br />and
<br />
<br />WHEREAS, during such time as the Project is made available as a rental
<br />complex, Declarant shall reserve the Affordable Units to be made available at affordable
<br />rent to persons and families of moderate income, as those terms are defined by
<br />California Health and Safety Code sections 50053, and 50093,r~spectively, for a period
<br />of fifty-five (55) years, or until such time as the Project's,gpusing units are sold as
<br />condominium units; and'i,,)J
<br />
<br />~> ~ .:: ....
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<br />~~ ': ~ }. :, ~
<br />
<br />WHEREAS, Declarant desires this Decl(:Jr~Hbn to::~~Ne as the instrument
<br />to impose said covenants., 'd"
<br />
<br />NOW THEREFORE, Declarary;t,ilrd:eclares that the<t'mffprdable Units
<br />described herein above are held and will beUH~ld, transfe~r~d, encumbere~~>used, sold,
<br />conveyed, leased and occupied subject to the'coyenant~)restrictions and limitations set
<br />forth in this Declaration, all of which are in acdorc;j~n~e with the requirements of the
<br />Precise Plan. All of the restrictionsipc>venants andnq,itations will run with the land and
<br />will be binding on all parties havingoracq,~jring any rigt)~r}itle or interest in the Property
<br />and/or the Affordable Units descriped' a~()y~, or afly+part thereof, and to any
<br />improvements related thereto, and willin:ure to tH~; p~Defit dfitme City. Each grantee of a
<br />", '; :... :' " ' . :. :' ~: ~ ':: '. , ~ ' ,:' ". . . :. ..
<br />conveyance or purchaser:~nder a contr~~t or~g'teeHi~J11t;pf sale covering any right, title
<br />or interest in any part;of-J~[Pf~~erty an~/~~itf1'e AffordMbte Units, by accepting a deed
<br />or a contract of ,s,,~;e;.' or agreefljlent of j p:yrchase, accepts the Property and/or the
<br />Affordable Units, s4pject to, and'Clgrees to b~bound by all of the restrictions, covenants
<br />and limitations set forth in this [)e.~\~r~tion. '
<br />
<br />ArtlClie I
<br />
<br />
<br />,j ~ .: .
<br />.... ..-.
<br />
<br />R~cital~::<:apitalized Terms and Definitions
<br />
<br />::.':. ,,-".'
<br />"':':::.- '...<
<br />",' .'.:.;:"
<br />;:: =":'.> ~ ~- :::.: ?l~
<br />
<br />,.', 'Recitals.'
<br />
<br />Section 1.01.
<br />
<br />. . ~. .
<br />',',,'.','., ',',','
<br />The reOltClls set fortfWabove are true and correct and incorporated herein by this
<br />reference. ::P"..",'!
<br />
<br />Section 1.02.
<br />
<br />Capitalized Terms and Definitions.
<br />
<br />All capitalized terms not otherwise defined herein shall have the same meaning
<br />ascribed to them by the Precise Plan, unless the context clearly indicates a different
<br />meaning. For purposes of this Declaration, the following terms shall have the meaning
<br />set forth below:
<br />
<br />REDW\0001 \DOC\022-3 .DOC
<br />12/23/08900 HvT
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