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ARTICLE I <br />RESTRICTIONS <br />Owner Acknowledgments and Agreements: Owner hereby acknowledges and <br />agrees that taking title to the Inclusionary Unit shall constitute Owner's <br />acknowledgment of and agreement to the following: <br />Occupancy Requirements <br />J-A. The Owner shall occupy and continually use the Inclusionary Unitas the <br />Owner's Primary Residence during the Affordability Period, On an annual <br />basis, the Incluslonary Program Director will send the Owner an <br />Occupancy Recertification Form to be filled out and returned to the City <br />within thirty (30) days of receipt. The Owner shall affirm that they are <br />occupying the Inclusforiary Unit as their Primary Residence. The Owner <br />will be required to submit copies of two current utility bills, or other <br />evidence of occupancy that is acceptable to the City, as part of the annual <br />recertification process. <br />I- B, If an Owner vacates the Inclusionary Unit, or for any reason does not <br />continue to Occupy the Inclusionary Unit as its Primary Residence, the City <br />may declare the Owner in Default pursuant to Article 1- Section I of this <br />Inclusionary Housing Covenants Declaration, and exercise any or all of its <br />rights and remedies hereunder, including without limitation the City's <br />Purchase Option pursuant to Article 3 - Section 11 of this Inclusionary <br />Housing Covenants Declaration. <br />If. Resale and Transfer Restrictions <br />Il•A. The Inclusionary Unit is being acquired by the Hornebuyerat a cost that is <br />below the Fair Market Value for the Inclusionary Unit, and that such <br />Inclusionary Unit is subject to resale restrictions and the City's Purchase <br />Option contained in this Inclusionary Housing Covenants Declaration. Any <br />resale or transfer of the Inclusionary Unit in violation of this Inclusionary <br />Housing Covenants Declaration shall be voidable by the City„ <br />11-8. The Owner's right to resell the I nQlusion2ry Unit at the Fair Market Value is <br />very limited, and in certain instances, the City will have the option to <br />purchase the Inclusionary Unit from the Owner at the Affordable Sales <br />PrIQo, <br />Indu5ionary Howing Coyenants Dedamlion Page 13 <br />City of Soma Aria January 2015 <br />32A-85 <br />