75C - PH - FIRST AND PACIFIC PROJECT

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k w Exempt Transfers of the Inclusionary Unit The following transfer procedures apply to Exempt Transfers: I -A. Transfer by Inheritance: If an Exempt Transfer is made by Inheritance or rights of survival, the trustee, executor or new Owner shall notify the City in writing of the change in ownership of the Incluslonary Unit within 20 days of such event giving rise to such Exempt Transfer. 2, Any such transferee shall be bound by and subject to the provisions of this Inclusionary Housing Covenants Declaration and the City Deed of Trust. The trustee, executor or new Owner shalt execute, acknowledge and deliver to the City, within such 45 -day period, an Assumption Agreement whereby the transferee agrees to be bound by such documents. 3. The failure to notify the City in writing and execute an Assumption Agreement within the timeframes requlred by this Section shall constitute a Default; provided that such transferee shall be bound by and subject to the provisions of this Inclusionary Housing Covenants Declaration and the City Deed of Trust notwithstanding its failure to deliver such executed and recordable Assumption Agreement, 1' -t3. Other Exempt Transfers. If the Owner desires to transfer the Inclusionary Unit by an Exempt Transfer other than inheritance, the Owner shall provide the City with a Notice of Intent to Transfer in the form attached as Exhibit 3 to this Inclusionary Housing Covenants Declaration, together with any other documentation the City may reasonably request in order to ensure that the transfer is an Exempt Transfer. Notice of Intent to Transfer— Exempt Transfer In the case of an Exempt Transfer, this Inclusionary Housing Covenants Declaration Imposes the following noticing obligations on the City and the Owner: [I-A. City Obligations: lrrpiuslunary Housino Cov[;rranis Uealaratian Nve 15 City of Santa Am January 2015 75C -129