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i SUBJECT TO, STRICTIVE COVENANTS RUNNING WITH THE LAND Aslo 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 rental units constructed on the Lot : For the purposes of this Deed , the Lot as improved with the single family or multi family residential dwelling rental units is herein referenced as the " Property" , and any one individual rental unit is herein referenced as a " Rental Property Unit" : 1 . Use of Property . Each Rental Property Unit shall be used solely for residential rental purposes . The Rental Property Unit 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 . " Rented" means execution of a Rental Agreement between the Grantee as landlord and the Tenant for one of the Rental Property Units at a Rent that is Affordable . 2 . 2 "Tenant" means the natural person who has or natural persons who have : ( a ) Rented the Rental Property Unit 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 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 by 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 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 . 2