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6. 1. D. - Page 23 <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 />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 very-low income, as those terms are defined by <br />California Health and Safety Code sections 50053 and 50105, respectively, for a period <br />of fifty -five (55) years, or until such time as the Project's housing units are sold as <br />condominium units; and <br />WHEREAS, Declarant desires this Declaration to serve as the instrument <br />to impose said covenants. <br />NOW THEREFORE, Declarant declares that the Affordable Units <br />described herein above are held and will be held, transferred, encumbered, used, sold, <br />conveyed, leased and occupied subject to the covenants, restrictions and limitations set <br />forth in this Declaration, all of which are in accordance with the requirements of the <br />Precise Plan. All of the restrictions, covenants and limitations will run with the land and <br />will be binding on all parties having or acquiring any right, title or interest in the Property <br />and /or the Affordable Units described above, or any part thereof, and to any <br />improvements related thereto, and will inure to the benefit of the City. Each grantee of a <br />conveyance or purchaser under a contract or agreement of sale covering any right, title <br />or interest in any part of the Property and /or the Affordable Units, by accepting a deed <br />or a contract of sale or agreement of purchase, accepts the Property and /or the <br />Affordable Units, subject to, and agrees to be bound by all of the restrictions, covenants <br />and limitations set forth in this Declaration. <br />Article I <br />Recitals; Capitalized Terms and Definitions <br />Section 1.01 Recitals <br />The recitals set forth above are true and correct and incorporated herein by this <br />reference. <br />Section 1.02 Capitalized Terms and Definitions <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 />REDW\0001 \DOC \022 -4. DOC <br />6/3/09 1200 HvT <br />2 <br />