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(3) Resale price control. In order to maintain the availability of inclusionary units <br /> required by this article, the resale price of an owner occupied inclusionary unit shall be <br /> limited to the lesser of the fair market value of the unit as established by a licensed real <br /> estate agent based upon three (3) comparable properties or the restricted resale price. <br /> For these purposes, the restricted resale price shall be the applicable affordable housing <br /> cost. <br /> (4) Inheritance of inclusionary units. Upon the death of an owner of an owner- <br /> occupied inclusionary unit, title in the property may transfer to the surviving joint tenant <br /> or heir (in the case of the death of a sole owner or all owners of the household). <br /> (5) Forfeiture. If an inclusionary unit for sale is sold for an amount in excess of <br /> the resale price controls required by this section, the buyer and the seller shall be jointly <br /> and severally liable to the city for the amount in excess of the affordable housing cost at <br /> the time of such sale of the inclusionary unit. Recovered funds shall be deposited into the <br /> inclusionary housing fund. Notwithstanding the foregoing, city may allow the buyer and <br /> seller to cure any violation of the resale price controls within one hundred eighty (180) <br /> days. <br /> (f) Rental units. <br /> (1) Time limit for inclusionary restrictions. A rental inclusionary unit shall remain <br /> restricted to the target income level group at the applicable affordable housing cost for <br /> fifty-five (55) years. <br /> (2) Certification of renters. The owner of any rental inclusionary unit shall <br /> certify, on a form provided by the city, the income of all members of the household above <br /> the age of eighteen (18) at the time of the initial rental and annually thereafter. <br /> (3) Forfeiture. Any lessor who leases an inclusionary unit in violation of this <br /> article shall be required to forfeit to the city all money so obtained. Recovered funds shall <br /> be deposited into the inclusionary housing fund. <br /> (g) Execution and recording of documents. The executive director may require the <br /> execution and recording of whatever documents are required to ensure enforcement of <br /> this section; including, but not limited to, promissory notes, deeds of trust, resale <br /> restrictions, rights of first refusal, options to purchase, and/or other documents, which <br /> shall be recorded against all inclusionary units. <br /> (h) General prohibitions. <br /> (1) No person shall sell or rent an inclusionary unit at a price or rent in excess <br /> of the maximum amount allowed by any restriction placed on the unit in accordance with <br /> this article. <br /> City Council 8 — 15 ordhi*WLl022-xxx <br /> Page 13 of 18 <br />