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D. Owner and the City have entered into that certain Neighborhood Stabilization <br />Program Rental Housing Agreement (the "Agreement"), Deed of Trust and Promissory <br />Note, dated concurrently herewith (collectively the "Agreements") for the purpose of <br />providing for affordable low income residential rental units in the City of Santa Ana <br />pursuant to the NSP Program and guidance. <br />NOW, THEREFORE, CITY AND OWNER COVENANT AND AGREE AS <br />FOLLOWS: <br />1. Definitions <br />"Affordable Rent" means the monthly rents which do not exceed the maximum <br />amount applicable to Very Low Income households, as promulgated by the California <br />Department of Housing and Community Development. <br />"City Manager" means the City Manager of the City of Santa Ana, or her/his <br />designee. <br />"Property" shall mean the Property located at ,Santa <br />Ana, CA. <br />"Very Low Income" means an adjusted income which does not exceed fifty <br />percent (50%) of the Orange County, California PMSA, adjusted for household size, as <br />published by HUD, pursuant to Health and Safety Code section 50079.5, as such <br />qualifying limit is amended from time to time. <br />2. Use of the Property. Owner covenants and agrees (for itself, its successors, its <br />assigns, and every successor in interest to the Property of any part thereof) that Owner, <br />such successors, and assigns shall use the Property to provide affordable rental housing, <br />for Very Low Income households, as provided in the Agreement and these Restrictions. <br />3. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF <br />THE PROPERTY <br />3.1 Use Covenants and Restrictions. <br />A. Owner agrees and covenants, which covenants shall run with the land and bind <br />Owner, its successors, its assign and every successor in interest to the Property that Owner <br />will make all rental units on the Property available to very low households at rents affordable <br />to such households for fifty- five (55) years from the effective date of this Agreement. <br />B. The Project shall consist of ~) affordable units with (__) <br />studios and (~ one-bedroom units. <br />C. All of the units will be restricted to occupancy fifty (50%) of the AMI. Current <br />residents whose incomes exceed fifty percent (50%) of the AMI will be allowed to remain. <br />2 <br />