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less deductions allowable under section 62 of the Internal Revenue Code. "Adjusted Gross Income" is calculated on an annual basis. 2.5. "Affordable" is defined to mean that monthly Rent payments do not exceed 30 percent of the annual Adjusted Gross Income for a household that is Very -Low -Income or Low -Income (as such terms are defined in Florida Statutes section 420.0004). 2.6. "Rent" means the periodic payments due to the Grantee as landlord from the Tenant for occupancy under a Rental Agreement and any other payments due to the Grantee as landlord from the Tenant that are designated as rent in the Rental Agreement. 2.7. "Rental Agreement" means any legally binding written residential lease agreement, including amendments or addenda, between the Grantee as landlord and a Tenant, providing for use and occupancy of a Rental Property Unit. 3.Rental of Property. The Rental Property Unit shall be Rented only to Tenants who meet the criteria set forth hereinbelow. 3.1. The Rent for the Rental Property Unit must be Affordable (as defined herein) to the Tenant. The Tenant shall have monthly Rent payments that are Affordable (as defined herein). 3.2. The Property may not be Rented by a Tenant whose household Adjusted Gross Income exceeds the thresholds set forth in Florida Statutes section 420.004 for Extremely -Low -Income, Very -Low -Income, or Low - Income households. 3.3. The security deposit, if any, for any Rental Property Unit shall not exceed one month's Rent. 4.Maintenance of Property. Grantee shall maintain the exterior of the Rental Property Units in good repair, including, but not limited to, painting, landscaping and lawn maintenance, as necessary. Grantee shall maintain the Rental Property Units in accordance with the applicable laws, regulations and ordinances of Indian River County, and if applicable, the governing municipality. For so long as the original Grantee is the owner of the Lot, the Property, or the Rental Property Units, the maintenance obligations set forth herein are binding on Grantee. 5. Covenants Run with the Land. All covenants, conditions and restrictions contained in this Declaration shall be covenants running with the land, and to the fullest extent permitted by law and equity, be binding upon the Property for the benefit of and in favor of, and be enforceable by, the Declarant against the Grantee and any party in possession or occupancy of the Property or any portion thereof. These covenants, conditions and restrictions are intended to be perpetual, but may be modified in a document in recordable form executed by the Declarant and the Grantee, or the Grantee's successors in interest in the event that the character of the neighborhood within which the Property is located changes substantially through the passage of time. 6. Property as Servient Estate. For the purposes of this instrument, the Property and all portions thereof shall be the servient tenement and the Declarant shall be the dominant tenement. The Restrictions shall run with the Property and be binding on all persons acquiring title to the Property, or any portion thereof, and all persons claiming under them. 7. Enforcement by Declarant. The Declarant is the beneficiary of these Restrictions, and as such, the Declarant may enforce these Restrictions by action at law or in equity, including without limitation, a decree of specific performance or mandatory or prohibitory injunction, against any person or persons, entity or entities, violating or attempting to violate the terms of these Restrictions. 8. Waiver, Invalidity; Construction, Venue. Any failure of the Declarant to enforce these Restrictions shall not be deemed a waiver of the right to do so thereafter. No waiver of these Restrictions shall be effective unless contained in a written document executed by Declarant. Any waiver shall only be applicable to the specific instance to which it relates and shall not be deemed to be a continuing or future waiver. If any covenant, restriction, condition or provision contained in this document is held to be invalid by any court of competent jurisdiction, such invalidity shall not affect the validity of any of the other Restrictive Covenants herein contained, all of which shall remain in full force and effect. This document shall be construed in accordance with the laws of Florida and venue shall be in Indian River County, Florida.