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D. The Agreement contains certain provisions relating to the use, operation, <br />management and maintenance of the Property. <br />NOW, THEREFORE, CITY, AGENCY, AND VISTA DEL RIO COVENANT AND <br />AGREE AS FOLLOWS: <br />1. COVENANT TO OPERATE AFFORDABLE HOUSING <br />Vista Del Rio covenants and agrees (for itself, its successors, its assigns, and every successor <br />in interest to the Property or any part thereof) that Vista Del Rio, such successors, and such assigns <br />shall use the Property exclusively to provide affordable housing for Extremely Low Income and Very <br />Low Income households, as provided in these Restrictions, the Agreement, and the DDA. The terms, <br />provisions, and covenants set forth in the Agreement and the DDA are hereby incorporated herein by <br />this reference as if set forth in full herein. <br />2. RESERVED. <br />3. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE <br />PROPERTY <br />3.1 Use Covenants and Restrictions. <br />A. Vista Del Rio agrees and covenants, which covenants shall run with the land <br />and bind Vista Del Rio, its successors, its assign and every successor in interest to the Property that <br />Vista Del Rio will make all Assisted Units on the Property available solely to Extremely Low <br />Income and Very Low Income households at Affordable Rents. The HOME Regulations applicable <br />to the eleven (11) HOME Units shall be enforced during the entire HOME Compliance Period. Upon <br />expiration of the HOME Compliance Period, the City and Agency will enforce affordability of said <br />Assisted Units with the same income and rent restrictions as the other Assisted Units, pursuant to the <br />requirements of Section 50052.5 of the Health and Safety Code and the CRL. Vista Del Rio further <br />covenants and agrees that the Property shall be developed, operated, managed and maintained in <br />accordance with Specific Development No. 83; Amendment Application 08-11, as approved by the <br />City of Santa Ana Planning and Building Agency and by the Santa Ana City Council pursuant to <br />Ordinance No. NS-2790 of the City of Santa Ana, adopted August 3, 2009. <br />B. The Project shall consist of forty income restricted Assisted Units (and one <br />unrestricted manager's unit). There shall be eleven (11) HOME Units. The eleven HOME Units will <br />be fixed units and shall be distributed throughout the complex with comparable amenities to the other <br />Assisted Units. <br />C. At initial lease up, all households selected to rent and occupy the HOME <br />Units shall be Very Low Income households and all households selected to rent and occupy the <br />remaining Assisted Units shall be Extremely Low Income and Very Low Income households, in <br />accordance with the schedule set forth in Section 3.2 below. All rental increases shall be in <br />conformance with federal and state law and approved by the Executive Directors. <br />D. The rent charged for the on-site property manager's unit shall not be <br />restricted. <br />B-6 <br />DOCSOC/ 1475221 v5/200272-0004 <br />