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NOW, THEREFORE, CITY AND DEVELOPER COVENANT AND AGREE AS FOLLOWS: I. Developer covenants and agrees (for itself, its successors, its assigns, and every successor in interest to the Property or any part thereof) that Developer, such successors, and such assigns shall use the Property exclusively to provide affordable housing of Extremely -Low, Very -Low and Low Income households, as provided in these Restrictions and in the Loan Agreement. 2. Developer, for itself and its successors and assigns, hereby covenants and agrees that all of the apartments in the Property (less one manager's unit) (the "Units") shall be rented exclusively, at Affordable Rent, to Extremely -Low, Very -Low and Low Income households to the extent provided for herein. Area median income levels and Affordable Rents are subject to adjustment from time to time as provided in Section 3 below. 3. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE PROPERTY 3.1 Use Covenants and Restrictions. A. Developer agrees and covenants, which covenants shall run with the land and bind Developer, its successors, its assign and every successor in interest to the Property that Developer will make all rental units on the Property available to extremely low and very low households at rents affordable to such households for fifty-five (55) years from the effective date of this Agreement. The HOME restrictions for the nine (9) HOME assisted units shall be enforced until the date that is fifteen (15) years after the date on which the City reports the Project as complete to the Department of Housing and Urban Development. Upon expiration of the 15 year HOME compliance period, the City will enforce affordability of the nine (9) units with the same income and rent restrictions as the other units, pursuant to City guidelines and the California Health and Safety Code. The City permits the Developer to limit the eligibility and/or give preference to homeless households (a particular segment of the population) in accordance with 24 CFR 92.253(d), B. The Project shall consist of seventy-two units, including one on-site manager's unit, of which there will be fifty-eight (58) studio units and fourteen (14) one -bedroom units. There shall be nine (9) HOME assisted units. The HOME assisted units shall be floating units and shall be distributed throughout the complex with comparable amenities to the other units. The affordability mix for the Project is as follows: Unit Tvp AMI Level ff of Units Studio 30% AMI 35 Studio 50% AMI 22 One -Bedroom 30% AMI 5 One -Bedroom 60% AMI 9 Studio Manager Unit I 2 of 12