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thereof, and to any improvements located thereon, and will inure to the benefit of <br /> the City and the future lessees of the Property. Each grantee of a conveyance or <br /> purchaser under a contract or agreement of sale covering any right, title or <br /> interest in any part of the Property, by accepting a deed or a contract of sale or <br /> agreement of purchase, accepts the property subject to, and agrees to be bound <br /> by, any and all of the restrictions, covenants and limitations set forth in this <br /> Declaration. � <br /> 1. Recitals. The recitals set forth above are true and correct <br /> and incorporated herein by this reference. <br /> 2. Affordabilitv Covenants. Declarant covenants that a <br /> minimum of nine (9) housing units, or fifteen percent (15%) of the units <br /> developed on the Property (singularly, an "Affordable Unit," and collectively, the <br /> "Affordable Units") shall be maintained affordable as follows (the "Affordability <br /> Covenants"): <br /> 1) five (5) of the nine (9) Affordable Units shall be <br /> affordable for persons or households earning one hundred percent (100%) of the <br /> area median income ("AMI") per San Mateo County Department of Housing 2008 <br /> (and as annually amended) Income Limits (as defined by HUD and the State of <br /> California); and <br /> 2) four (4) of the (9) Affordable Units sliall be affordable <br /> to persons and households earning eighty percent (80%) of the AMI per San <br /> Mateo County Department of Housing 2008 (and as annually amended ) Income <br /> Limits (as defined by HUD and the State of California). <br /> Annually, on the anniversary date of occupancy of an Affordable <br /> Unit by a qualifying lessee, Declarant shall re-certify the low and median income <br /> qualifications of the lessee in accordance with the requirements set forth below. <br /> If, upon recertification, Declarant determines that the gross income of the lessee <br /> has risen above the then in-effect allowable income, Declarant may, in its sole <br /> election, exercise one of the following three (3) options to ensure continued <br /> compliance with the requirements of this Declaration: (i) Declarant may identify <br /> another unit to replace the Affordable Unit with said new unit and its existing <br /> lessee(s) becoming subject to the requirements of this Declaration, thereby <br /> allowing Declarant to maintain the tenancy of the formerly qualified lessee; (ii) <br /> Declarant may identify a vacant unit to replace the Affordable Unit with said new <br /> unit being maintained available and affordable to a new income-qualifying lessee, <br /> thereby allowing Declarant to maintain the tenancy of the formerly qualified <br /> lessee; or or (iii) Declarant may terminate the tenancy of the formerly qualified <br /> lessee and make the Affordable Unit available and affordable to a new income- <br /> qualifying lessee. <br /> 2 <br />