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3.10 Grant Deed. The transfer of ownership of the Property shall be documented through <br />a Grant Deed in the form attached hereto as Exhibit "B" and incorporated herein by reference, conveying <br />the Property to Buyer ("Grant Deed"). <br />3.10.1 Affordable Housing Covenant in the Event of <br />Residential Development. In accordance with California Government Code <br />Section 54233, if 10 or more residential units are developed on the Property, not <br />less than 15 percent of the total number of residential units developed on the <br />Property shall be sold or rented at affordable housing cost, as defined in Section <br />50052.5 of the Health and Safety Code, or affordable rent, as defined in Section <br />50053 of the Health and Safety Code, to lower income households, as defined in <br />Section 50079.5 of the Health and Safety Code. Rental units shall remain <br />affordable to, and occupied by, lower income households for a period of at least <br />55 years for rental housing and 45 years for ownership housing. The initial <br />occupants of all ownership units shall be lower income households, and the units <br />shall be subject to an equity sharing agreement consistent with the provisions of <br />paragraph (2) of subdivision (c) of Section 65915 of the Government Code. <br />Buyer expressly agrees and consents that the requirements of this section shall <br />be contained in a covenant or restriction recorded against the Property prior to <br />land use entitlement of the project, and the covenant or restriction shall run with <br />the land and shall be enforceable, against any owner who violates a covenant or <br />restriction and each successor in interest who continues the violation, by any of <br />the entities described in subdivisions (a) to (f), inclusive, of Section 54222.5 of <br />the Government Code, <br />3.11 Recordation and Delivery of Documents. No later than the business day <br />immediately prior to the Closing Date, Buyer and Seller, as applicable, will deposit into Escrow the <br />following documents (with the documents that are to be recorded in the following order and delivered as <br />provided below): <br />3.11.1 Grant Deed. One (1) fully executed and <br />acknowledged copy of the Grant Deed conveying the Property to Buyer. <br />Conformed copies of the recorded Grant Deed shall be returned to Buyer and <br />Seller as soon as possible. <br />3.11.2 Withholding Exemption Certificates. One <br />(1) completed and executed copy of the following: Non -foreign Transferor <br />Declaration; Preliminary Change in Ownership Report, Internal Revenue <br />Service Form 1099-5, and California Franchise Tax Board Form 593 and any <br />other applicable state tax withholding forms, as applicable. <br />3.11.3 Disbursement of Closing_ Documents, As soon as <br />reasonably possible following the Close of Escrow, Escrow Holder shall deliver <br />copies of all closing documents, including, without limitation, those listed above, <br />the Title Policy, any additional escrow instructions and the final Escrow closing <br />statement, to Seller's counsel and Buyer's counsel. <br />192 <br />