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D. The obligations set forth in the Incluslonary Housing Covenants Declaration are secured by a Deed of Trust recorded against the InClUsionary Unit on 20—, as Document No. in the Official Records of Orange County, California (the "City Deed of Trust ); and E. The Transferee is acquiring, the Inclusionary Unit and will assume the obligations of an Owner under the Inolusionary Housing Covenants Declaration and as Truster under the City Deed of Trust. Capitalized terms used herein, and not defined in this Assumption Agreement, shall have the meanings set forth in the Inclus[onary Housing Covenants Declaration and the City Deed of Trust. The parties to this Assumption Agreement agree to the following: The Transferee hereby acknowledges and -agrees to the followingi The Incluslonary Unit is subject to the Inclusionary Housing Covenants Declaration that are secured by the City Deed of Trust. The Transferee acknowledges that it has received a copy of the Incluslonary Housing Covenants Declaration, and agrees to be bound by all the conditions and covenants contained therein. b, The Transferee shall occupy and continually use the Incluslonary Unit as the Transferee's Primary Residence during the Affordability Period as defined in the Incluslonary Housing Covenants Declaration. C. The Transferee's right to resell the Inclusionary Unit at the Fair Market Value is very limited, and in certain instances, the City wit] have the option to purchase the Incluslonary Unit from the Transferee at the Affordable Sales Price: Under a Permitted Sale, the Incluslonary Unit must be sold at the Affordable Sales Price. The Incluslonary Unit will not necessarily appreciate in value during the duration of its ownership, L In the event that the Inclusionary Unitas sold for the Fair Market Value, either through an Extraordinary Sale or Indusinmy Homing covenants Dediration Page 2 Assuropllon Agreement J anuvry 2015 32A -116