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2. A description of the household income group to be accommodated by the Housing Development, as outlined in 6-3104 of this Article, and the standards for determining the corresponding Affordable Rent or Affordable Sales Price and Housing Cost; The location, unit sizes (square feet), and number of bedrooms of Target Units; 4. Tenure of use restrictions for Target Units of at least 55 years for rental units and 45 years for for-sale units, in accordance with 6-3106 of this Article; A schedule for completion and occupancy of Target Units; 6. A description of the Additional Incentive(s) or Equivalent Financial Incentives being provided by the City; 7. A description of remedies for breach of the agreement by either party (the City may identify tenants or qualified purchasers as third party beneficiaries under the agreement); and 8. Other provisions to ensure implementation and compliance with this Article. B. In the case of for-sale Housing Developments, the Density Bonus Housing Agreement shall provide for the following conditions governing the initial sale and use of Target Units during the applicable use restriction period: Target Units shall, upon initial sale, be sold to eligible Very Low or Lower Income Households at an Affordable Sales Price and Housing Cost, or to Qualified Residents (i.e., maintained as Senior citizen housing) as defined by this Article; 2. The initial purchaser of each Target Unit shall execute an instrument or agreement approved by the City restricting the sale of the Target Unit in accordance with this Article during the applicable use restriction period. Such instrument or agreement shall be recorded against the parcel containing the Target Unit and shall contain such provisions as the City may require in order to ensure continued compliance with this Article and the state Density Bonus Law; Renewed restrictions will be entered into on each change of ownership, with a 45-year renewal term, upon transfer of anowner-occupied Target Unit prior to the expiration of the 45-year affordability period not be subject to any requirement of this Article thereafter; 4. Target units maybe refinance if the loan-to resale value does not exceed 100 percent and the home owners receive no cash out except cash that would be used for major rehabilitation; The maximum sales price permitted on resale of the Target Unit designated for owner-occupancy shall be the lower of: (1) fair market ORDINANCE NO. 2004-017 g