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II -C. The Inclusionary Unit will not necessarily appreciate in value during the <br />duration of its ownership, and the Affordable Sales Price may decrease <br />from the amount the Owner paid to acquire the Inclusionary Unit. Thus, <br />when the Owner resells the Inclusionary Unit, the sales proceeds received <br />by the Owner may be less than the amount the Owner paid to acquire the <br />Inclusionary Unit. <br />II -D. In the event that the Inclusionary Unit is sold for the Fair Market Value, <br />either through an Extraordinary Sale or pursuant to a foreclosure sale, the <br />Owner must pay to the City the City Share of Excess Proceeds, which is <br />set at fifty percent (50 %) of the difference between the Affordable Sales <br />Price and the Net Resale Proceeds received from the sale of the <br />Inclusionary Unit. <br />119. Refinancing Limits <br />III -A. The Owner is not permitted to refinance a Senior Loan for more than the <br />outstanding principal amount of the Senior Loan, plus the cost of Qualified <br />Capital Improvements, plus the customary fees and costs associated with <br />obtaining the new Senior Loan. However, in no event can the refinanced <br />Senior Loan be set at an amount that exceeds the then current <br />Supportable Mortgage. <br />III -B. If an Owner refinances the Senior Loan in violation of the requirements <br />imposed in the Administrative Procedures Manual and this Inclusionary <br />Housing Covenants Declaration, the City may declare the Owner in <br />Default pursuant to Article I - Section III of this Inclusionary Housing <br />Covenants Declaration, and exercise any or all of its rights and remedies <br />hereunder. <br />IV. Project CC &Rs <br />The Inclusionary Unit is subject to the Project CC &Rs. The Homebuyer <br />acknowledges and agrees that the Homebuyer is obligated to comply with all of <br />the terms, conditions, covenants and restrictions set forth in the Project CC &Rs. <br />Inclusionary Housing Covenants Declaration Page 14 <br />Clty of Santa Are January 2015 <br />