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C. The Homebuyer is acquiring the Inclusionary Unit at the Affordable Sales <br />Price, which is less than the Fair Market Value for the Inclusionary Unit. <br />The Inclusionary Unit is being sold for a reduced price as a direct result of <br />the requirements imposed pursuant to the City's Housing Opportunity <br />Ordinance ("Ordinance"). In consideration for the right to acquire the <br />Inclusionary Unit at a reduced price, the Homebuyer, its successors and <br />assigns agree to enter into, and be bound by, the terms and conditions of <br />this Inclusionary Housing Covenants Declaration. <br />D. The purpose of this Inclusionary Housing Covenants Declaration is to <br />ensure that the Inclusionary Unit is only purchased and occupied by a <br />Moderate Income Household, This Inclusionary Housing Covenants <br />Declaration accomplishes this purpose by, among other things, Imposing <br />conditions an the Owner's future resale of the Inclusionary Unit, and <br />requiring that the Owner maintain the Inclusionary Unit as the Owner's <br />Primary Residence. The Homebuyer is required to execute this <br />Incluslonary Housing Covenants Declaration as a condition of purchasing <br />the Inclusionary Unit. This Incluslonary Housing Covenants Declaration is <br />secured by the City Deed of Trust executed by the Homebuyer. <br />Now, therefore, in consideration of the mutual promises set forth in this <br />Inclusionary Housing Covenants Declaration, the receipt and sufficiency of which <br />is acknowledged by the City and the Homebuyer, the Parties agree as follows: <br />fn-lu5ioriary Housing 0monanis Dodinflon <br />®rly of Santa Aria <br />75C -116 <br />Page 2 <br />January 2015 <br />