BRISTOL CENTER PROPERTIES, LLC (2)

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3.10 Grant Deed, The transfer of ownership of the Property shall be demounted through a Grant Deed in the form attached hereto as Exhibit"B"and incorporated herein by reference,conveying the Property to Buyer("Grant Deed"), 3.10.1 ,Affordable Homing Covenant in the Event of Residential Development, In accordance with California Government Code Section 54233,if 10 or more residential units are developed on the holies,not less than 15 percent of the total number of residential units developed on the Property shall be sold or rented at affordable housing cost,as defined in Section 50052.5 of the Health and Safety Code,or affordable rent,as defined in Section 50053 of the Health and Safety Code,to lower income households,as defined in Section 50079.5 of the Health and Safety Code. Rentsl units shall remain ailkbrdable to,and occupied by,lower income households for a period ofat least 55 years for rental housing and 45 years for ownership housing. The initial occupants of all ownership units shall be lowerincome households,and the units Shell be aubjeot to an equity sharing agreement consistent with the provisions of paragraph (2) of subdivision (e) of Section 65915 of the Government Code. Buyer expressly agrees and consents that the requirements of this section shall be contained in a covenant or restriction recorded against the Property prior to land use entitlement of the project,and the covenant or restriction shall tun with the land and shall be enforceable,against any owner who violates a covenant or restriction and each successor in interest who continual the Violation,by any of the entities described in subdivisions(a)to(f),inclusive,of Section 54222.5 of the government Code. 3.11 Recordation and Delivery of Documents. No later, than the business day immediately prior to the Closing Date, Buyer and Seller, as applicable, will deposit into Escrow the following documents(with the documents that are to be recorded In the following order and delivered as provided Wow): 3.11.1 Grant Deed. One (1)filly executed and aelrnowledged copy of the Grant Deed conveying the Property to Buyer. Conformed Copies of the recorded Grant Deed shall be returned to Buyer and Seller as soon as possible. 3.11.2 Withholding Exemption Certificates. One (1)completed and executed copy of the following: Non-foreign Transferor Declaration; Preliminary Change in Ownership Report, Internal Revenue Service Form 1099-S, and California Franchise Tax Board Pon 593 end any other applicable state tax withholdingforms,as applicable. 3.11.3 Disbursement of Closing Documents. As soon as teasonably possible following the Close of Escrow,Escrow Holder shall deliver copies ofall closing documents,including,without limitation,those listed above, the Title Policy),any additional escrow instructions and the final Escrow closing statement,to Seller's counsel and Buyer's counsel. -6-