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Covenantee fails to approve or disapprove a submission within such fourteen (14) day period, the <br />Covenantee shall be deemed to have denied such transfer. <br />THE COVENANTOR AND EACH SUCCESSOR, HEIR, OR <br />ASSIGN OF THE COVENANTOR UNDERSTANDS THAT <br />THE DETERMINATION OF THE AFFORDABLE HOUSING <br />COST CAN BE MADE ONLY AT THE TIME OF THE <br />PROPOSED TRANSFER, TAKING INTO CONSIDERATION <br />INTEREST RATES, THE TERMS OF SALE OFFERED TO <br />AND THE ECONOMIC CIRCUMSTANCES OF THE <br />PROPOSED PURCHASER, AND ECONOMIC <br />CIRCUMSTANCES OF THE PROPOSED PURCHASER AND <br />OTHER FACTORS THAT CANNOT BE ACCURATELY <br />PREDICTED, AND THAT THE TRANSFER PRICE <br />PERMITTED UNDER THIS DECLARATION MAY BE LES <br />THAN THE FAIR MARKET VALUE OF THE PROPERTY <br />AND MAY NOT INCREASE OR DECREASE IN THE SAME <br />MANNER AS OTHER SIMILAR REAL PROPERTY WHICH <br />IS NOT ENCUMBERED BY THIS DECLARATION. EACH <br />SUCCESSOR, HEIR, OR ASSIGN OF COVENANTOR <br />FURTHER ACKNOWLEDGES THAT AT ALL TIMES IN <br />SETTING THE TRANSFER PRICE, THE PRIMARY <br />OBJECTIVE OF THE COVENANTEE AND THIS <br />DECLARATION IS TO PROVIDE HOUSING TO LOW <br />INCOME HOUSEHOLDS AT AN AFFORDABLE HOUSING <br />COST. <br />Covenantor's Initials <br />3. Subsequent Covenants. Covenantor, and its successor and assigns, shall include in <br />the escrow instructions and Purchase and Sale Agreements with subsequent purchasers a provision <br />which requires each subsequent purchaser to record a covenant which will run with the land and bind <br />all successors- in-interest or assignees that will ensure that all subsequent buyers and occupants <br />quality as Low Income Households. Said covenant(s) shall remain in full force and effect for the <br />Affordability Period set forth in Section 1 of this Declaration. <br />4 Annual Monitoring. Throughout the teen of this Agreement, Covenantor, and its <br />successor and assigns, shall comply with all applicable record keeping and monitoring <br />requirements established by California law and this Agreement. Covenantor, and its successor <br />and assigns, shall cooperate with the City's monitoring requirements established in accordance <br />with California law. <br />5. Non- Discrimination Covenant. Covenantor, on behalf of itself and its <br />successors and assigns, covenants and agrees that there shall be no discrimination against or <br />segregation of any, nor shall Covenantor itself or any person claiming under or through <br />Covenantor permit any such practice or practices of discrimination or segregation with reference <br />16 <br />32A -43 <br />