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WHEREAS, in order to further its plan to assist in the development of affordable <br /> housing for low and moderate income households, City will sell, subject to this Restrictive <br /> Covenant, the Property at prices which are below market and which are affordable to low <br /> and moderate income households ("Owner"); and <br /> <br /> WHEREAS, the assistance of the City will allow the Property to be sold at below <br /> market prices to an Owner or subsequent Owner; and <br /> <br /> WHEREAS, the purpose of this Restrictive Covenant is to (i) establish resale <br />restrictions with respect to the Property, and (ii) reserve to the City an option to designate <br />eligible purchasers (as hereafter defined) to acquire the Property from an Owner or <br />subsequent Owner in order to provide for the continued availability of the Property to low <br />and moderate income households. <br /> <br /> NOW, THEREFORE, City hereby declares and restricts the Property as follows: <br /> <br /> 1. Description of Property. This Restrictive Covenant concerns and applies to <br />the Property. <br /> <br /> 2. Certification. Any purchaser of the Property, except Rotary Club of <br /> <br />Pleasanton North which will construct the improvements on the Property, shall certify that <br />he/she intends to occupy the Property as the Owner's principal place of residence. Owner <br />shall be considered as occupying the Property as Owner's principal place of residence if <br />Owner is living on the Property for at least ten (10) months out of each calendar year. <br /> <br /> - 2 - <br /> <br /> <br />