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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 />The transfer shall be deemed an Exempt Transfer if the City fails to <br />disapprove the proposed transfer within such 45 -day period. <br />II -B. Owner Obligations: <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 Inclusionary Unit shall be <br />bound by and subject to the provisions of this Inclusionary 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 />3. 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 />III. Transfer of the Inclusionary 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 />Inclusionary Housing Covenants Declaration Page 16 <br />City of Santa Ana January 2015 <br />