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6.C56 <br />NOW THEREFORE, the Declarant declares that the Property <br />described above is held and will be held, transferred, encumbered, <br />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 City and the Agency and the future lessees of <br />the Property. Each grantee of a conveyance or purchaser under a <br />contract or agreement of sale covering any right, title or interest <br />in any part of the Property, by accepting a deed or a contract of <br />sale or agreement of purchase, accepts the document subject to, and <br />agrees to be bound by, any and all of the restrictions, covenants <br />and 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. Affordability 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 />twenty -four (24) units of the Project, exclusive of <br />the HOME Units, will be available to and affordable <br />by persons with very low income, having an income <br />not to exceed fifty percent (50 %) of the area <br />median income ( "AMI") adjusted for family size <br />appropriate to the given unit, all of whom were <br />residents of the City prior to the rental of the <br />subject unit. <br />(b) The Participating Owner hereby agrees that the <br />following Covenants shall be effective as of the <br />date hereof, and shall remain in effect for fifty <br />five (55) years from the date hereof. The <br />Participating Owner covenants that forty -eight (48) <br />units of the Project, inclusive of the HOME Units, <br />will be available to and affordable by persons <br />L- 2 <br />