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<br />6.1C <br />Page 1 0 <br /> <br />Article III <br /> <br />Owner-Occupied Affordabilitv Covenants <br /> <br />Section 3.01. <br /> <br />Transition to Owner-Occupied 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 ~,q~ the Owner-Occupied <br />Affordability Covenants Term shall commence. Upon salf:\;8~;fhe Affordable Units to <br />Qualified Buyers, each Qualified Buyer shall enter into a R~~.ale Restriction Agreement <br />and Option to Purchase with the City in substantially<,~h~i':~qrne form as Exhibit "B" <br />attached hereto and incorporated herein by this r~#rence ittl1~ uResale Restriction <br />Agreement"). . , , <br /> <br />Section 3.02. <br /> <br />. .... ., ".. ... <br />. .'. . ~ - <br />. ' <br />".. ... . <br />. , ' <br /> <br />Owner-Occupied Affc#dabilitv Covenants. <br /> <br />'" :'-:: ':;,::::.. <br /> <br />During the Owner-Occupied AffordabilitY:(;oVenCint$;Term, Declaranfcovenants <br />that the Affordable Units shall be maintaine~nj~~'U~6I1ows (the "Owner-Occupied <br />Affordability Covenants"): the Aff9Jpj;~ble Units sha'tJj'~e sold to, owned, occupied and <br />maintained affordable to persons ;a~,~;,f~miJies of mdd~r~te-income, earning not more <br />than one hundred twenty percent (12~'V<,o) of;Hl.JP's Area!:~,,~dian Income for San Mateo <br />County ("AMI"), as adjusted from tim~e~,o time"f~'YCllified'~Hyers") during the Owner- <br />Occupied Affordability CqV~I1Eil1ts Term~'iQuali.fi~'dBuyer~, lnd6me shall be calculated on <br />the basis of their "qr<>$S tnc(>f)1e!l, as' d~fimed under (Title 25, Section 6914, of the <br />California Code of RegLJlationS,~samendeqJrom time to time. <br /> <br />..... : ..... <br />.". ';.:".; '".''' <br /> <br />In order to eO~4re COrJ'lf.lU~D~: 'JI/ith th~~,~Declaration in connection with the sale <br />and transfer of each Affordable',,tjhitiDeclarantand its successors shall obtain a copy of <br />?:" . . : ". .; ;~ ., :: : ~. ~: :, "', ":' : :". : . ~ ::~. ~ ! .... : :.;..: :. ~ " : : <br />each pro~Poep~iVy',pprchas~r:trfederal income tax return for the taxable year immediately <br />preceding ,the prbp'q$.~d pur~~se of an Affordable Unit and current income information <br />sucl1 ~swage stateWlents or, ~iflhe prospective purchaser certifies and declares under <br />penaltY of perjury that hepr she did ,not file a federal tax return, other evidence of Gross <br />IncomEfforsuch year acceptable to the City in its sole discretion and current income <br />informations;uch as wage statements, to substantiate that the prospective purchaser <br />meets the elig,ibility requiXt3ments of Qualified Buyers. In the event the City is unable to <br />make a determ:ili\~tion .,1hat a prospective buyer is a Qualified Buyer based upon the <br />information proviae(:ljJ~e prospective purchaser shall be determined not to meet the <br />requirements of QuaUfied Buyers and shall be disqualified from purchase. <br /> <br />Section 3.03. <br /> <br />Term of Owner-Occupied Affordability 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 'tOwner-Occupied Affordability Covenants Term"). <br /> <br />REDW\OOO1 \DOC\022-3. DOC <br />12123/08 900 HvT <br /> <br />6 <br />