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The grant made by this instrument is conditioned upon and subject to (1) the <br />terms and conditions of the Attachment to this Grant Deed, and (2) the following <br />covenants, conditions and restrictions: <br />(a) Grantee will use and occupy the Subject Property as Grantee's principal place <br />of residence upon acquisition of title or possession, whichever is earlier, and Grantee <br />shall not transfer any interest in the Subject Property, nor enter into any sale of the <br />Subject Property, nor enter into any sale of the Subject Property prior to the close of <br />escrow for the sale of the Subject Property to Grantee; and <br />(b) Any transfer of any interest in the Subject Property, any contract for sale or <br />lease of the Subject Property prior to the acquisition of title to the Subject Property by <br />Grantee shall be void; and <br />(c) Grantee shall use and occupy the Subject Property as Grantee's principal <br />place of residence immediately upon the close of escrow and shall continue to so use and <br />occupy the Subject Property for the duration of Grantee's ownership of the Subject <br />Property. Grantee shall not lease or rent the Subject Property for any reason. Grantee <br />shall devote and continuously maintain the Subject Property as a [three/four-bedroom] <br />residential dwelling unit affordable for "Qualified Purchasers" (as that term is defined in <br />the Attachment to this Grant Deed) until 12:01 A.M. on the day immediately succeeding <br />the forty-fifth anniversary of the date of issuance of the Certificate of Occupancy by <br />the City of Santa Ana; and <br />(d) If, during the during of his/her/their ownership, Grantee shall fail to use <br />and occupy the Subject Property as his/her/their principal place of residence, the <br />Community Redevelopment Agency of the City of Santa Ana, a public body, corporate <br />and politic ("Agency"), at its option, shall have the right to enter and take possession of <br />the Subject Property, and vest in the Agency the title therefore conveyed to Grantee, upon <br />the payment to Grantee of the lesser of (i) the then fair market value of the Subject <br />Property, as determined by an appraisal obtained by the Agency, or (ii) an amount which <br />is affordable to a "Qualified Purchaser" (as that term is defined in the Attachment to this <br />Grant Deed), less the sum of the unpaid principal balance of any first trust deed loan or <br />any other encumbrance secured by a lien on the Property which will not be repaid by <br />Grantee upon such sale to the Agency (plus any interest or other sums due an payable <br />thereon); and <br />(e)The provisions of the foregoing subparagraphs "(a): through "(d)" and this <br />subparagraph "(e)" shall terminate and become void automatically at 12:01 A.M. on the <br />day immediately succeeding the forty-fifth anniversary of the date of issuance of the <br />Certificate of Occupancy, and the same shall constitute and be construed as covenants <br />which shall run with the land and not conditions which might result in forfeiture of title <br />(except for the covenant and condition contained in subparagraph "(d)" hereinabove) and <br />be binding upon Grantee and Grantee's successors in interest, and all parties having or <br />acquiring any right, title or interest in or to the Subject Property (or any portion thereof); <br />and <br />7 <br />