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EXHIBIT "C" <br />eligible, qualified Low Income Household at an Affordable Housing Cost; such <br />restrictions are set forth at greater length in the Density Bonus Housing <br />Agreement, which is expected to be recorded substantially concurrently herewith <br />among the Official Records of Orange County, California. <br />3. Section 4.12 of the Density Bonus Housing Agreement provides as <br />follows: <br />"Notice of Affordability Restrictions on Transfer of Property. In the event <br />of the sale or resale of an Affordable Unit during the Total Affordability Term, the <br />City and the transferor shall execute and deposit into escrow, or record against the <br />Affordable Unit, a Notice of Affordability Restrictions on Transfer of the Property <br />as contained herein (Exhibit C). The sale or transfer of the Property, shall not be <br />effective unless and until the City and the transferee execute the documents <br />necessary to transfer the Density Bonus Agreement obligations from the transferor <br />to the transferee." <br />In the event that Developer/Property Owner desires to Transfer the Property <br />during the Affordability Period, prior to the Transfer the owner shall notify City by <br />delivering a Notice of Intent to Transfer to City, which shall indicate the identity of <br />the proposed Transferee who desires to purchase the Property, whether the <br />purchaser is a Low Income Household, and whether the sales price is at an <br />Affordable Housing Cost. In addition to Homebuyer's and the proposed <br />Transferee's delivery of the Notice of Intent to Transfer, the following procedure <br />shall apply: <br />a. Notice to City. Developer/Property Owner shall send the <br />Notice of Intent to Transfer to City at the address set forth in Section 9.3.1. <br />b. Qualification of Proposed Transferee. The proposed <br />Transferee shall provide the City with sufficient information in the form provided <br />by City including without limitation, a certification as to the income and family <br />size of the proposed Transferee, for City to determine if the proposed Transferee is <br />a Low Income Household, and the purchase price is at an Affordable Housing <br />Cost. <br />C. Certificates from Parties. Developer/Property Owner and <br />proposed Transferee each shall certify in writing, in a form acceptable to City, that <br />the Transfer shall be closed in accordance with, and only with, the terms of the <br />sales contract and other documents submitted to and approved by City and that all <br />consideration delivered by the proposed Transferee to owner has been fully <br />2 <br />