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The City shall have 45 days after receipt by the City of a Notice of Intent to <br />Transfer and other documentation to deliver written notice to the Owner <br />that the City either approves the transfer as an Exempt Transfer or <br />disapproves the transfer. <br />2. The transfer shall be deemed an Exempt Transfer if the City fails to <br />disapprove the proposed transfer within such 45 -day period. <br />It-B, Owner Obhgations: <br />The Owner shall complete the Exempt Transfer, including recordation of <br />all applicable documents, within 60 days after receipt of approval, or <br />deemed approval, of the transfer.. <br />2. Any such transferee of the fee interest in the Inciuslonary Unit shall be <br />bound by and subject to the provisions of this Inclusianary Housing <br />Covenants Declaration and the City Deed of Trust as the Owner and, as a <br />condition to the conveyance of the Inclusionary Unit, shall execute, <br />acknowledge and deliver to the City an Assumption Agreement. <br />1 The failure to comply with the requirements of this Section in undertaking <br />any transfer of the Inclusionary Unit shall constitute a Default, provided <br />that any transferee of the Inclusionary Unit shall be bound by and subject <br />to the provisions of this Inclusionary Housing Covenants Declaration and <br />the City [Deed of Trust as the Owner notwithstanding its failure to deliver <br />such executed and recordable Assumption Agreement. <br />Ill. Transfer of the Incluslonary Unit without the City's Approval <br />III -A. If the City determines that a proposed transfer is a Prohibited Transfer, the <br />Owner shall not transfer the Inclusionary Unit.. <br />III -B, Any transfer of an Inclusionary Unit without the City's approval shall be <br />voidable. In addition to all other rights and remedies the City may have <br />under this Inclusionary Housing Covenants Declaration, the City shall <br />have the right to exercise the City's Purchase Option. This may be <br />exercised against the transferee or the Owner under such Prohibited <br />Transfer, <br />ry <br />Gnglusinna HHpustrtji Covenants Dac)amoofl Pas;e16 <br />city of Santa Ana January 2015 <br />