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6.1.K. - Page 9 3.3 Maximum Affordable Sales Price. In order to ensure compliance with #his Article in connection with the sale and transfer of the Affardable Units, the Affordable Units shall be sold at a purchase price that would be considered affardable to a purcl�aser wnose income is between 80 and 1Q0 percent of AMI, as calcula#ed by the City, pursuant to Califarnia Heafth and Safefy Code Sectian 5�052.5, adjusted for hausehold size, depending on the number of bedrooms (or bedraom size equ+�alent) (t�e "Affordable Sales Price"}. 3.4 Resale Restriction A�reeme�t. Upo� sale of the Affordable Units ta Qualified Buyers, each Qualified Buyer shall enter into a Resale and Refinance Restriction Agreement and Option ta Purchase with the City for fihe remainder of the Rental Term in substantially the same farm as Exhibit C, attached hereto and incorporated herein by this reference (the "Resale Restriction Agreement"). Upon the clasing and recardation of the Resale Restriction Agreement, De�eloper and its successors shall have no further obfigations or liabilities ta #he City with respect to #he particular Affordable Unit. 3.5 Prahibited Transfers of Affordable Units. Any sale ar transfer of an Affordable Unit in �iolatian of the terms and conc�itions of this Agreement is expressly strictly prohibited, shall be null and �oid, and shall constitute a default of De�eloper under this Agreement, entitling th� City to exercise ali remedies avaiEable at law ar in equity, incluc�ing without limitation, seeking injunctive relief ta pre�ent ar enjoin the prohibited transfer andlor cfamages as provided in this Agreement. 3.6 Ex iration of Rental Term. Upon conversion of the Project frarr� a rental complex to an owner-occupied complex and the sale of the fi�e Affordable Units in accordance with this Agreement, the Rental Term shafl expire. Upnn request by Developer, the City shall execute and record a release of this Agreement and Developer and its successors shaEl have r�o further abligatior�s or liabilities to #he City. Arficle IV General Pro�isions 4.1 Events of Default� Enforceme�t. !n the event of a defauit in the performance or observa�ce of any agreemen# or obligation as set forth in this Agreement, if such defiault remains uncured for a period of 30 days after notice to the Developer, or such langer period as may be appro�ed by the City in writing in its sole discretion, th�n the City may declare that an "E�ent of Defauit" has occurred hereunder and City shall ha�e the right to exercise all of the rights and remedies and to maintain any actions at law ar suits in equity or other praper proceedings to enforce the curing of such breach. 42 Bindin on Cit Successors. Subject to the Developer's transfer restrictions set forth in Section 4.3 below, the Agreement shall inure to the benefit af City and its s�ccessars and assigns and shall be binding upor� Developer and any successor in interest to the Project. Th� Agreement shall ru� in fa�or of City and its successors and assigns. ATTYIAGR12p92.061l258D ECR(URBAN HOUSlNG)AFFORDABLE HpUSING AGREEMENT REV:O6-04-12 VR Page 6 of 31