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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 ProjecYs 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 ProjecYs 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 heid 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 �and 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 Caaitalized 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 /> REDVJ�0001 \DOC\022-0. DOC <br /> 6I3I09 1200 HvT <br /> 2 <br />