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3. Restrictions on Transfer. Any transfer of the Property shall be subject to the <br /> <br /> provisions of this Restrictive Covenant. "Transfer" shall mean any voluntary or involuntary <br /> sale, assignment or transfer of ownership of the Property or of any interest in the Property, <br /> (including, but not limited to, a fee simple interest, a joint tenancy interest, a life estate, a <br /> leasehold interest, or an interest evidenced by a land contract by which possession of the <br /> Property is transferred and Owner retains rifle), except transfers by gift, devise or inheritance <br /> to an existing spouse, surviving joint tenant, or a spouse as part of a dissolution proceeding <br /> or in connection with marriage. <br /> <br /> 4. Maintenance and Inspection of Property. Owner shall maintain the Property in <br /> <br />good condition and repair throughout Owner's period of ownership of the Property. In <br />addition, upon its receipt of notice of Owner's intent to transfer the Property (pursuant to <br />Section 5, below), the City shall be entitled to inspect the Property to determine whether any <br />violations of applicable building, plumbing, electric, fire, housing or other applicable codes <br />exist and whether the Property has been maintained in good condition. The City shall notify <br />Owner with regard to any noted code violations and maintenance deficiencies (collectively, <br />the "Deficiencies"), and Owner shall cure the Deficiencies in a reasonable manner acceptable <br />to the City within sixty (60) days of being notified in writing of the results of the inspections, <br />but in no event later than close of escrow. Should Owner fail to cure all the Deficiencies <br />prior to the scheduled date of close of escrow, at the option of the City or its designated <br />Eligible Purchaser CDesignee"), escrow may be closed, rifle passed and money paid to <br />Owner subject to the condition that such funds as are necessary to pay for curing the <br />Deficiencies, based upon written estimates obtained by the City, shall be withheld from the <br />money due Owner and held by the escrow holder for the purpose of curing the Deficiencies. <br /> <br /> - 3 - <br /> <br /> <br />