RecDoc 2009-095365 - Laserfiche WebLink

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WHEREAS, Declarant desires this Declaration to serve as the instrument to impose said covenants. NOW THEREFORE, Declarant declares that the Property described above is held and will be held, transferred, encumbered, used, sold, conveyed, leased and occupied subject to the covenants, restrictions and limitations set forth in this Declaration, all of which are in accordance with the requirements of the OPA. All of the restrictions, covenants and limitations will run with the land and will be binding on all parties having or acquiring any right, ti tIe 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 Agency 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 document subject to, and agrees to be bound by, any and all of the restrictions, covenants and limitations set forth in this Declaration. 1. Capitalized Terms. All capitalized terms not otherwise defined herein shall have the same meaning ascribed to them by the OPA, unless the context clearly indicates a different meaning. 2. Affordability Covenants. (a) Declarant hereby agrees that seven (7) of the apartment units in the Project will be made affordable to persons and households of very low income as that term is defined in California Health and Safety Code section 50105 and subject to the HOME requirements set forth below (the UHOME Units"). Declarant covenants that said Affordability Covenant shall be effective as of the date hereof, and shall remain in effect for fifty five (55) years from issuance of the Certificate of Completion. (b) Affordabili ty of HOME Uni ts; Qualified Very Low Income Households. In accordance with the provisions of the HOME Program, the HOME Units shall be subject to HOME Program requirements, to the extent not otherwise exempt by applicable law, and shall be at all times, be occupied by qualified very low income households. A Qualified Very Low Income household shall: l. Have a household income no greater than 50% of the area median income established by HUD for San Mateo County EXHIBIT ~C" - Page 2