1901 E. FIRST STREET OWNER LLC (2) - 2014

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inspection of the Inclusionary Unit so that the City may conduct code compliance and /or code enforcement inspections of the Inclusionary Units at reasonable times and upon not less than 48 hours prior notice to the Property Owner. If such notice is provided by the City to the Property Owner, the Property Owner or property manager shall immediately advise any affected tenant of the inspection, and cause access to the Inclusionary Units to be made available. The lease for the Inclusionary Units shall include an express advisement of these inspection rights. IV. Covenants Running With the Property All conditions, covenants and restrictions contained in this Inclusionary Housing Agreement shall be covenants running with the Property, and shall be, to the fullest extent permitted by law and equity, enforceable by the City. The City shall be deemed the beneficiary of the covenants of this Inclusionary Housing Agreement. In the event the Property Owner wishes to sell or transfer the Project during the Affordability Period, the City and the Property Owner shall execute and deposit into escrow the Notice of Affordability Covenants on Transfer of the Property in the form provided in Exhibit 11 to this Inclusionary Housing Agreement. V. Enforcement of this Inclusionary Housing Agreement The Property Owner irrevocably stipulates and agrees that breach of the Inclusionary Housing Covenants set forth above in Article 2 will result in great and irreparable damage to the City, and will result in damages to the City that are either impracticable or extremely difficult to quantify. Accordingly, upon the breach of the covenants set forth above in Article 2, the City may institute an action for injunctive relief and /or specific performance for the remedy of such breach. Inclusionary Housing Agreement — Rental Project Page 17 City of Santa Ana September 18, 2014