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ATTACHMENT NO.3 <br />City of Santa Ana <br />20 Civic Center Plaza <br />P.O. Box 1988 <br />Santa Ana, California 92702 <br />Attention: Clerk of the Council <br />NOTICE OF RESALE RESTRICTIONS <br />AND <br />DECLARATION OF CONDITIONS, COVENANTS <br />AND RESTRICTIONS FOR PROPERTY <br />THIS NOTICE OF RESALE RESTRICTIONS AND DECLARATION <br />OF CONDITIONS, COVENANTS AND RESTRICTIONS FOR PROPERTY <br />(the "Declaration ") is hereby made as of this 20a` day of January 2014, by and between S A M <br />CONSTRUCTION & BUILDER CORP., a California corporation ( "Covenantor "); and the <br />CITY OF SANTA ANA, a charter city ( "City" or "Covenantee ") <br />RECITALS <br />A. Covenantor is the fee title absolute owner of certain real property within the City of <br />Santa Ana, County of Orange, State of California commonly known as 5301 Silver Drive and <br />legally described in Exhibit A hereto which is incorporated herein by this reference (the "Property "). <br />R On January 20, 2014, the City Council of the City approved a Density Housing <br />Bonus Agreement with Covenantor and Tentative Tract Map No. 17323. The City imposed <br />conditions of approval on Covenantor to agree to the execution of the Density Housing Bonus <br />Agreement and to execute and record these Declaration to provide that 20% of the total number of <br />units to be constructed by Covenantor on the Property, or one (1) unit to be for -sale, condominium <br />affordable housing for low income households, as defined in California Health and Safety Code <br />(H &SC) sections 50079.5, 50105 and 50106. <br />NOW THEREFORE, the parties hereto agree and covenant as follows: <br />1. Affordability Covenant. Covenantor agrees for itself and its successor and assigns, <br />and for every successor to Covenantor's interest in the affordable unit, or any part thereto, that the <br />property located at 5301 Silver Drive, Santa Ana, California, consisting of one (1) unit, shall be <br />designated as affordable for low income households and shall be held subject to this Declaration for <br />forty -five (45) years from the date of City issuance of a Notice of Completion for said unit, as <br />follows: <br />a. The affordable unit shall only be owned and occupied by "Low Income <br />Households" which shall mean persons or families earning not more than eighty percent (80 %) or <br />14 <br />