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City means the City of Santa Ana, California, <br />City Deed of Trust means a deed of trust, that secures the Owner's obligation to <br />comply with the obligations imposed by the Inclusionary Housing Covenant <br />Declaration. <br />City's Purchase Option means the irrevocable option that the Owner must offer <br />to the City under the circumstances defined in Article 3 — Section II of the <br />Inclusionary Housing Covenants Declaration. <br />Eligible Purchaser shall mean a Homebuyer who meets the eligibility criteria set <br />forth in the Administrative Procedures. <br />Exempt Transfer means the following: <br />1. A transfer resulting from the death of the Owner; <br />1. A transfer by the Owner where the spouse or domestic partner becomes a <br />co-owner of the Inclusionary Unit; <br />2. A transfer of title to a spouse or domestic partner as part of divorce or <br />dissolution proceedings; and <br />3. A transfer by the Owner into a trust in which the Owner or Owners are <br />beneficiaries, provided that the Owner or Owners continue to maintain the <br />Inclusionary Unit as their Primary Residence. <br />4. A transfer by the Owner of a non -possessory interest in the Property, such <br />as an easement or license for utilities or other like purposes; the granting <br />of ingress or egress rights over or across the Property or a portion thereof; <br />or a modification to the non-exclusive common area rights of any Owner <br />located in a common interest subdivision development. <br />5. A condemnation, or conveyance in lieu of condemnation, that does not <br />preclude the Owner's continued use and occupancy of the Inclusionary <br />Unit, such as a street widening or other incidental taking that does not <br />preclude continued occupancy of the Inclusionary Unit, or a taking of an <br />interest in a portion of the common area appurtenant to any Inclusionary <br />Unit located in a common interest development. <br />Extraordinary Sale means a sale of the Inclusionary Unit to a buyer who is not <br />an Eligible Purchaser, when an Eligible Purchaser has not been secured within <br />Inclusionary Housing Covenants Declaration Page 5 <br />Assumption Agreement 32A-124 August 11, 2014 <br />