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Property for purposes incompatible with the Program and realizing unwarranted gains from sales of the Property at unrestricted prices. The terms and conditions of this Agreement are intended to provide the necessary occupancy and resale restrictions to ensure that the Property is used, maintained, and preserved as housing affordable to Eligible Households; and WHEREAS, The Property constitutes a valuable community resource by providing decent, safe, and sanitary housing to Eligible Households who otherwise would be unable to afford such housing. To protect and preserve this resource it is necessary, proper, and in the public interest for the City to administer the occupancy and resale controls by means of this Agreement. AGREEMENT NOW THEREFORE, in consideration of the benefits received by the Owner and the public purposes served by the Program, Owner and City agree as follows: 1. Inclusionarv Unit. The real property, which is the subject of this Agreement, is described more fully described in Exhibit A attached here and incorporated by this reference. Said real property ("Property") is hereby designated as an affordable inclusionary housing unit and shall be subject to the terms and conditions herein set forth. This Agreement runs with the Property and is binding on the parties hereto and their successors and assigns and on all purchasers of the Property for that period of time the affordable inclusionary unit is in place and being used either wholly or partially for residential purposes. 2. Proqram Requirements. a. Affordabilitv Restrictions. Owner, by and for itself and any successors in interest, hereby covenants and agrees that the Property shall be sold only to Eligible Households at a price not to exceed the Adjusted Resale Price, as defined in Section 12, and that during the term of this Agreement all of the requirements and restrictions of this Agreement shall apply. b. Eliqible Household. There shall be no sale or other transfer of the Property without Certification by the City that the transferee is an Eligible Household and that the Property is being transferred at a price not to exceed the adjusted resale price, which is capped at an "Affordable Housing Cost." Any sale or other transfer of the Property in violation of this covenant shall be void. c. Principal Residence Requirement. Each Transferee of the Property shall occupy the Property as his/her/their principal residence for the duration of his/her/their ownership. Without limiting the generality of the foregoing, any absence from the Property by Owner for a period of ninety (90) or more days shall be deemed an abandonment of the Property as the principal residence of Owner in violation of the conditions of this Section. Upon request by the City made from time to time, the Owner of the Property shall submit an affidavit to the City certifying that the Property is the Owner's principal residence and provide such documents and other evidence as may be requested to verify Owner's compliance with this requirement. Abandonment of the Property shall constitute an Option Event (as defined in Section 5 below) and shall entitle the City to exercise its Option to purchase the Property. 3. Grant of Option to Purchase. Owner hereby grants to the City an option ("Option") to purchase all of Owner's right, title and interest in and to the Property upon the occurrence of an Option Event (defined in Section 5 below), subject to the terms and conditions contained herein.