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III. Sale of Inclusionary Units <br />Each of the Inclusionary Units shall be sold to a Moderate Income Household as <br />set forth in the Inclusionary Housing Plan. The purchaser of each Inclusionary <br />Unit shall qualify as an Eligible Purchaser, as defined in the Administrative <br />Procedures Manual, <br />IV. 'Selection of Eligible Purchaser <br />The Developer shall, at its sole cost and expense, conduct all procedures and <br />comply with all requirements as set forth in the Ordinance and the Administrative <br />Procedures Manual in selecting qualified Eligible Purchasers for each of the <br />Inctusionary Units, Specific procedures are set forth in Attachment D in the <br />Administrative Procedures Manual. <br />If a prospective Homebuyer qualifies as an Eligible Purchaser, as defined herein, <br />the Homebuyer shall be required to execute the Developer's standard purchase <br />agreement for the purchase and sale of an Inclusionary Unit. The Developer <br />shall seek and obtain all approvals required from the City pursuant to the <br />Ordinance and the Administrative Procedures Manual, and shall provide the City <br />with all documentation required pursuant to the Administrative Procedures <br />Manual, <br />V. Execution of Inclusionary Mousing Covenants Declaration and City <br />Deed of Trust <br />The Developer shall not sell an Inclusionary Unit unless and until the City has <br />reviewed and approved the Homebuyer as an Eligible Purchaser for the <br />purchase of the Inclusionary Housing Unit, and the Homebuyer has executed <br />and submitted' to the Program Director, in recordable form, the Inclusionary <br />Housing Covenants Declaration and the City Deed of Trust. The forms to be <br />used are found in Exhibits 5 and 6, respectively, to this Incluslonary Housing <br />Agreement, <br />VI. Enforcement of Inclusionary Mousing Covenants Declaration <br />The Developer irrevocably stipulates and agrees that breach of the inclusionary <br />Housing Covenants set forth ,above in Article 2 - Section li will result in great and <br />irreparable damage to the City, and will result in damages to the City that are <br />either impracticable or extremely difficult to quantity. Accordingly, upon the <br />breach of the Inclusionary Housing Covenants Declaration set forth above In <br />-- - - — <br />lncluaionnr~� M�suolncr AprnornenE - Cm7er�shi�a r^rol�f _ r'ago 15 <br />City of Santa Aoa <br />75C -85 <br />