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2. For a period commencing upon the date on which the Affordable Unit receives all required occupancy permits from the City and terminating on the fifty- fifth (55th) anniversary thereof, the Property may only be transferred to another eligible, qualified Moderate Income Household at an Affordable Housing Cost; such restrictions are set forth at greater length in the Density Bonus Housing Agreement, which is expected to be recorded substantially concurrently herewith among the Official Records of Orange County, California. 3. Section 4.12 of the Density Bonus Housing Agreement provides as follows: "Notice of Affordability Restrictions on Transfer of Property. In the event of the sale or resale of an Affordable Unit during the Total Affordability Term, the City and the transferor shall execute and deposit into escrow, or record against the Affordable Unit, a Notice of Affordability Restrictions on Transfer of the Property as contained herein (Exhibit E). The sale or transfer of the Property, shall not be effective unless and until the City and the transferee execute the documents necessary to transfer the Density Bonus Agreement obligations from the transferor to the transferee." In the event that Developer/Property Owner desires to Transfer the Property during the Affordability Period, prior to the Transfer the owner shall notify City by delivering a Notice of Intent to Transfer to City, which shall indicate the identity of the proposed Transferee who desires to purchase the Property,whether the purchaser is a Moderate Income Household, and whether the sales price is at an Affordable Housing Cost. In addition to Homebuyer's and the proposed Transferee's delivery of the Notice of Intent to Transfer, the following procedure shall apply: a. Notice to City. Developer/Property Owner shall send the Notice of Intent to Transfer to City at the address set forth in the Density Bonus Housing Agreement. b. Qualification of Proposed Transferee. The proposed Transferee shall provide the City with sufficient information in the form provided by City including without limitation, a certification as to the income and family size of the proposed Transferee, for City to determine if the proposed Transferee is a Moderate Income Household, and the purchase price is at an Affordable Housing Cost. C. Certificates from Parties. Developer/Property Owner and proposed Transferee each shall certify in writing, in a form acceptable to City, that Exhibit E to 2130 East Fourth Street Density Bonus Agreement 55394.00101\43846773.1