HUMPHRIES, VALERIE R. - Laserfiche WebLink

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equitable servitudes, all of which are declared and agreed to be in furtherance of a plan for the ownership and management of such real property, and are established and agreed upon for the purpose of enhancing and protecting the value, desirability and attractiveness of such real property, and every part thereof. All of such limitations, covenants, conditions, restrictions, reservations, liens and charges and equitable servitudes shall run with the real property and shall be binding on all parties having or acquiring any right, title or interest in the described real property, or any part thereof, whether as sole owners, joint owners, lessees, tenants, occupants, or otherwise, and they shall inure to the benefit of every portion of such property and shall be for the benefit of each owner of any portion of said real property, or any interest therein, and shall. inure to the benefit of and be binding upon each successor in interest of each Owner, and all of which are imposed upon the real property described above and every portion thereof, is a servitude in favor of each and every portion thereof as the dominant tenement. I. DEFINITIONS "Adjusted Income" means the adjusted income of a person (together with the adjusted income of all persons who intend to reside with such person in one residential unit) as calculated in the manner prescribed cinder Section 142(d)(2)(B) of the Code. "Affordable Rent" means monthly rent (including the Utility Allowance, and excluding any supplemental rental assistance from the ,State of California, the federal government or any other public agency) not in excess of thirty percent (30%) of one -twelfth (1I12th) of sixty percent (60%) of the Median Income for the Area, adjusted for family size assuming a three person household for a one bedroom apartment and a five person household for a two bedroom apartment. (City to provide an updated schedule of rents to Association Chairperson when revised by HUD. By example, the current rent limit for a family of three is $923 for a one bedroom apartment and $1,107 for a family of five in a two bedroom apartment.) "Annexation Parcels" means those parcels which are described on the Legal Description of Annexation Parcels which is. attached hereto. as Exhibit "C" and incorporated herein. "Area" means the Orange County, California Metropolitan Statistical Area. "Association"means the Cornerstone Village Owners' Association, a California nonprofit mutual benefit corporation, its successors and assigns, in which all Owners shall have a membership interest as more particularly described herein, provided that membership be limited to Owners. "Board" or "Board of Directors" may be used interchangeably herein and shall mean the Board of Directors of the Association as the same may, from time to time, be constituted. "Building" means a multifamily apartment building or buildings on a Parcel. EXHIBIT E: Page 2 of 24