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period provided herein following notice and opportunity to cure, as set forth in <br />Article 5 — Section III of this Inclusionary Housing Covenants Declaration. <br />Eligible Purchaser shall mean a Homebuyer who meets the eligibility criteria set <br />forth in these Administrative Procedures. <br />Excess Proceeds means the difference between the Extraordinary Sales Price <br />and the Affordable Sales Price the Inclusionary Unit at the time of the <br />Extraordinary Sale. <br />Executive Director is the Executive Director of the Community Development <br />Agency of the City. The Executive Director, or designee, has the ultimate <br />authority to evaluate appeals submitted in relation to the Administrative <br />Procedures. <br />Exempt Transfer means the following: <br />1. A transfer resulting from the death of the Owner; <br />2. A transfer by the Owner where the spouse or domestic partner becomes a <br />co -owner of the Inclusionary Unit; <br />1 A transfer of title to a spouse or domestic partner as part of divorce or <br />dissolution proceedings; and <br />4. 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 />5. 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 />6. 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 />Inclusionary Housing Covenants Declaration Page 5 <br />City of Santa Ana January 2015 <br />