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SUBJECT TO RESTRICTIVE COVENANTS RUNNING WITH THE LAND As to the Lot hereinabove granted , Grantee covenants and agrees , by accepting and placing this Deed of record in the public records of Indian River County , Florida , that Grantor conveys the Lot to Grantee with the following restrictions (" Restrictions" ) that run with the land and touch and concern both the Lot and any and all single family or multi family residential dwelling units constructed on the Lot : For the purposes of this Deed , the Lot as improved with the single family residential dwelling is herein referenced as " Property" : 1 . Use of Property . The Property shall be used solely for residential purposes . The Property may not be used for any non - residential purposes whatsoever , except for home office uses permitted by applicable zoning regulations . 2 . Definitions The following terms as used in this Deed shall have the meanings given below : 2 . 1 . " Purchased " means by sale , court order , or other legal method of transfer or acquisition ; provided , however , that the Restrictions set forth in paragraphs 4 , 51 61 7 , and 8 shall be applicable to the inheritance of the Property by heirs of a Purchaser (who has previously satisfied the criteria set forth below) . 2 . 2 " Purchaser" means the natural person who has or natural persons who have : ( a ) Purchased the Property to use and occupy as the principal residence of the household ; and ( b ) a household Adjusted Gross Income ( as defined herein ) that qualifies as Very- Low- Income or Low= Income ( as such terms are defined in Florida Statutes section 420 . 0004 ) . 2 . 3 . "Adjusted for Family Size" means adjusted in a manner which results in an income eligibility level which is lower for households with fewer than four people , or higher for households with more than four people , than the base income eligibility determined as provided in Florida Statutes section 420 . 0004 ( 1 ) based upon a formula as established by the United States Department of Housing and Urban Development . 2 . 4 . " Adjusted Gross Income " means all wages , income from assets , regular cash or noncash contributions or gifts from persons outside the household , and such other resources and benefits as may be determined to be income by the United States Department of Housing and Urban Development , Adjusted for Family Size ( as defined herein ) , 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 principal mortgage payments , including taxes and insurance , 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 ) 3 . Purchase of Property . The Property shall be Purchased only by Purchasers who meet the criteria set forth hereinbelow . 3 . 1 . The Purchase price of the Property , for all sales and resales of the Property , must be Affordable ( as defined herein ) to the new Purchaser . The Purchaser shall have monthly mortgage payments that are Affordable ( as defined herein ) . 3 . 2 . The Property may not be Purchased by a Purchaser whose household Adjusted Gross Income exceeds the thresholds set forth in Florida Statutes section 420 . 004 for Very- Low- Income or Low- Income households . 4 . Maintenance of Property . Purchaser shall maintain the exterior of the single family residential dwelling located on the Lot in good repair , including , but not limited to , painting , landscaping and lawn maintenance , as necessary . Purchaser shall maintain the Property in accordance with the applicable laws , regulations and ordinances of the County , and if applicable , the governing municipality . For so long as the original Grantee is the owner of the Lot or the Property , the maintenance obligations set forth herein are binding on Grantee . 2