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used, sold, conveyed, leased and occupied subject to the covenants, <br />restrictions and limitations set forth in this Declaration, all of <br />which are in accordance with the requirements of the OPA. All of <br />the restrictions, covenants and limitations will run with the land <br />and will be binding on all parties having or acquiring any right, <br />title or interest in the Property described above or any part <br />thereof, and to any improvements located thereon, and will enure to <br />the benefit of the Agency and the future lessees of the Property. <br />Each grantee of a conveyance or purchaser under a contract or <br />agreement of sale covering any right, title or interest in any part <br />of the Property, by accepting a deed or a contract of sale or <br />agreement of purchase, accepts the document subject to, and agrees <br />to be bound by, any and all of the restrictions, covenants and <br />limitations set forth in this Declaration. <br />1. Capitalized Terms. All capitalized terms not <br />otherwise defined herein shall have the same meaning ascribed to <br />them by the OPA, unless the context clearly indicates a different <br />meaning. <br />2. Affordabilitv Covenants. <br />(a) The Participating Owner hereby agrees that the <br />following Very Low Income Covenant shall be <br />effective as of the date hereof, and shall remain <br />in effect for fifty five (55) years from the date <br />hereof. The Participating Owner covenants that <br />four (4) units of the Project will be available to <br />and affordable by persons with very low income, <br />having an income not to exceed fifty percent (50 %) <br />of the area median income ( "AMI ") adjusted for <br />family size appropriate to the given unit, all of <br />whom were residents of the City prior to the rental <br />of the subject unit. <br />(b) The Participating Owner hereby agrees that the <br />following Moderate Income Covenants shall be <br />effective as of the date hereof, and shall remain <br />in effect for fifty five (55) years from the date <br />hereof. The Participating Owner covenants that 23 <br />units of the Project will be available to and <br />affordable by persons with low income, having an <br />income not to exceed eighty percent (80 %) of the <br />AMI adjusted for family size appropriate to the <br />given unit. <br />(c) The foregoing covenants shall not be deemed to <br />supersede any affordability covenants against the <br />E - 2 <br />