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<br />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 /> <br />1. Recitals. The recitals set forth above are true and correct <br />and incorporated herein by this reference. <br /> <br />2. Affordabilitv Covenants. Declarant covenants that a <br />minimum of nine (9) housing units, or fifteen percent (150/0) 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 /> <br />1) five (5) of the nine (9) Affordable Units shall be <br />affordable for persons or households earning one hundred percent (1000/0) 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 /> <br />2) four (4) of the (9) Affordable Units shall be affordable <br />to persons and households earning eighty percent (80010) 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 /> <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 /> <br />2 <br />