25G - AGMT - INCLUSIONARY HOUSING AGMT

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ARTICLE 2 A � Exempt Transfers of the Incluslonary Unit The following transfer procedures apply to Exempt Transfers: -A. Transfer by Inheritance; It an Exempt Transfer is made by inheritance or rights of survival, the trustee„ executor or new Owner shall notify the City in writing of the change in ownership of the Inclusionary Unit within 20 days of such event giving rise to such Exempt Transfer, 2. Any such transferee shall be bound by and subject to the provisions of this Inclusonary Housing Covenants Declaration and the City Deed of Trust, The trustee, executor or new Owner shall execute, acknowledge and deliver to the City, within such 45 -day period, an Assumption Agreement whereby the transferee agrees to be bound by such documents, 3. The failure to notify the City in writing and execute an Assumption Agreement within the tirneframes required by this Section shall constitute a Default; provided that such transferee shall be bound by and subject to the provisions of this Inclusionary Housing Covenants Declaration and the City Dead of Trust notwithstanding its failure to deliver such executed and recordable Assumption Agreement, -B. Other Exempt Transfers; If the Owner desires to transfer the Inclusionary Unit by an Exempt Transfer other than inheritance, the Owner shall provide the City with a Notice of Intent to Transfer In the farm attached as Exhibit 3 to this Incluslonary Housing Covenants Declaration, together with any other documentation the City may reasonably request in order to ensure that the transfer is an Exempt Transfer, II. Notice of Intent to Transfer — Exempt Transfer In the case of an Exempt Transfer, this Inclusionary Housing Covenants Declaration imposes the following noticing obligations on the City and the Owner: R -A, City Obligations; Induslanary Housing [.avonant� Dedurotian page 16 City or Santa Ana January 2016 25G -51