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The Project consists of a forty -one (41) unit rental project with fifteen (15) studio units, twenty -one (21) one - bedroom units, and five (5) two - bedroom units, all but one unit of which will be restricted to rental and occupancy by Extremely Low Income or Very Low Income households paying an Affordable Rent, determined in accordance with the lower and more restrictive of the regulations applicable to federal 9% low and moderate income tax credits and the California Community Redevelopment Law, Health and Safety Code Section 33000, et seq. (and, with respect to four (4) of the studio units, four (4) of the one - bedroom units, and three (3) of the two- bedroom units, which shall be fixed HOME Units, the regulations implementing the HOME Investments Partnership Program ( "HOME Program ") set forth at 24 CFR §92.1, et seq.) Six (6) of the studio units, ten (10) of the one - bedroom units and four (4) of the two - bedroom units are to be restricted to Extremely Low Income households, and all but one (1) of the remaining units at the Project shall be restricted to Very Low Income households for a period of not fewer than 55 years (15 years with respect to the HOME Program requirements). This Notice of Affordability Restrictions on Transfer of Property is being recorded for the purpose of providing notice only and it in no way modifies the provisions of the Restrictions. In the event of any conflict between this Notice and the Restrictions, the terms of the Restrictions shall prevail. The Restrictions have been recorded concurrently herewith and shall remain in effect for not fewer than fifty -five (55) years. This Notice is being recorded in the Official Records of Orange County, California by the Successor Agency in compliance with Health and Safety Code Section 33334.3(f)(3)(B), as amended, and shall be indexed against the Successor Agency and the Owner. [Signatures appear on following pages.] B -2 DOCSOC /1475221 v 10/200272 -0004