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F,17 • _ <br />FiUMUN =02 <br />Owner Acknowledgments and Agreements: Owner hereby acknowledges and <br />agrees that taking title to the Inclusionary Unit shall constitute Owner's <br />acknowledgment of and agreement to the following: <br />I. Occupancy Requirements <br />I -A. The Owner shall occupy and continually use the Inclusionary Unit as the <br />Owner's Pdrnary Residence during the Affordability Period. On an annual <br />basis, the Inclusionary Program iDirector will send the Owner an <br />Occupancy Recertification Form to be filled out and returned to the City <br />within thirty (30) days of receipt, The Owner shall affirm that they are <br />occupying the Inclusionary Unit as their Primary Residence. The Owner <br />will be required to submit copies of two current utility bills, or other <br />evidence of occupancy that is acceptable to the City, as part of the annual <br />recertification process. <br />I -I3. If an Owner vacates the Inclusionary Unit, or for any reason does not <br />continue to occupy the Inclusionary Unit as its Primary Residence, the City <br />may declare the Owner in Default pursuant to Article 1- Section l of this <br />lnclusionary Housing Covenants Declaration, and exercise any or all of its <br />rights and remedies hereunder, Including without limitation the City's <br />Purchase Option pursuant to Article 3 - Section Ii of this Inclusionary <br />Housing Covenants Declaration. <br />It. Resale and Transfer Restrictions <br />II -A, The lnclusionary Unit is being acquired by the Homebuyer at a cost that Is <br />below the Fair Market Value for the Inclusionary Unit, and that such <br />Inclusionary Unit Is subject to resale restrictions and the City's Purchase <br />Option contained in this Inclusionary Housing Covenants Declaration. Any <br />resale or transfer of the Inclusionary Unit in violation of this Incluslonary <br />Housing Covenants Declaration shall be voidable by the City. <br />II -13. The Owner's right to resell the Inclusionary Unit at the Fair Market Value is <br />very limited, and in certain instances, the City will have the option to <br />purchase the Inclusionary Unit from the Owner at the Affordable Sales <br />Price, <br />Irrclusiantary Hausinp Covenants i7eclarat16n - � Page I3 <br />City of Santa Aria January 2015 <br />75C -127 <br />