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LS 8.25. 15 <br />(2) Certification of purchasers. The Developer and all subsequent owners of an <br />Inclusionary Unit offered for sale shall certify, on a form provided by the City, <br />the income of the purchaser and that such owners will live in such <br />Inclusionary Unit as their primary residence. <br />(3) Resale price control. In order to maintain the availability of inclusionary units <br />required by this Article, the resale price of an owner occupied Inclusionary <br />Unit shall be limited to the lesser of the fair market value of the unit as <br />established by a licensed real estate agent based upon three comparable <br />properties or the restricted resale price. For these purposes, the restricted <br />resale price shall be the applicable Affordable Housing Cost. <br />(4) Inheritance of Inclusionary Units. Upon the death of an owner of an owner - <br />occupied Inclusionary Unit, title in the property may transfer to the surviving <br />joint tenant or heir (in the case of the death of a sole owner or all owners of <br />the household). <br />(5) Forfeiture. If an Inclusionary Unit for sale is sold for an amount in excess of <br />the resale price controls required by this Section, the buyer and the seller <br />shall be jointly and severally liable to the City for the amount in excess of the <br />Affordable Housing Cost at the time of such sale of the Inclusionary Unit. <br />Recovered funds shall be deposited into the Inclusionary Housing Fund. <br />Notwithstanding the foregoing, City may allow the buyer and seller to cure <br />any violation of the resale price controls within one hundred eighty (180) <br />days. <br />(f) Rental units. <br />(1) Time limit for inclusionary restrictions. A rental Inclusionary Unit shall remain <br />restricted to the target income level group at the applicable affordable <br />housing cost for fifty -five (55) years. <br />(2) Certification of renters. The owner of any rental Inclusionary Unit shall <br />certify, on a form provided by the City, the income of all members of the <br />household above the age of eighteen (18) at the time of the initial rental and <br />annually thereafter. <br />(3) Forfeiture. Any lessor who leases an Inclusionary Unit in violation of this <br />Article shall be required to forfeit to the City all money so obtained. <br />Recovered funds shall be deposited into the Inclusionary Housing Fund. <br />(g) Execution and recording of documents. The Executive Director may require the <br />execution and recording of whatever documents are required to ensure <br />enforcement of this Section; including but not limited to promissory notes, deeds of <br />11 <br />11B-13 <br />