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ARTICLE 2 <br />TRANSFER PROCEDURES <br />I. Exempt Transfers of the Inclusionary Unit <br />The following transfer procedures apply to Exempt Transfers: <br />I -A. Transfer by Inheritance: <br />1. If an Exempt Transfer is made by inheritance or rights of survival, the <br />trustee, executor or new Owner shall notify the City in writing of the <br />change in ownership of the Inclusionary Unit within 20 days of such event <br />giving rise to such Exempt Transfer. <br />2. Any such transferee shall be bound by and subject to the provisions of this <br />Inclusionary Housing Covenants Declaration and the City Deed of Trust. <br />The trustee, executor or new Owner shall execute, acknowledge and <br />deliver to the City, within such 45 -day period, an Assumption Agreement <br />whereby the transferee agrees to be bound by such documents. <br />3. The failure to notify the City in writing and execute an Assumption <br />Agreement within the timeframes required by this Section shall constitute <br />a Default; provided that such transferee shall be bound by and subject to <br />the provisions of this Inclusionary Housing Covenants Declaration and the <br />City Deed of Trust notwithstanding its failure to deliver such executed and <br />recordable Assumption Agreement. <br />I -B. Other Exempt Transfers: If the Owner desires to transfer the Inclusionary <br />Unit by an Exempt Transfer other than inheritance, the Owner shall <br />provide the City with a Notice of Intent to Transfer in the form attached as <br />Exhibit 3 to this Inclusionary Housing Covenants Declaration, together <br />with any other documentation the City may reasonably request in order to <br />ensure that the transfer is an Exempt Transfer. <br />II. Notice of Intent to Transfer — Exempt Transfer <br />In the case of an Exempt Transfer, this Inclusionary Housing Covenants <br />Declaration imposes the following noticing obligations on the City and the Owner: <br />II -A. City Obligations: <br />Inclusionary Housing Covenants Declaration Page 15 <br />City of Santa Ana January 2015 <br />