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SUBJECT TO RESTRICTIVE COVENANTS RUNNING WITH THE LAND <br /> As to the Lot hereinabove granted , Grantee covenants and agrees , by accepting and placing this <br /> Deed of record in the public records of Indian River County , Florida , that Grantor conveys the Lot <br /> to Grantee with the following restrictions (" Restrictions") that run with the land and touch and <br /> concern both the Lot and any and all single family or multi family residential dwelling units <br /> constructed on the Lot : For the purposes of this Deed , the Lot as improved with the single family <br /> residential dwelling is herein referenced as " Property" : <br /> 1 . Use of Property . The Property shall be used solely for residential purposes . The Property may <br /> not be used for any non - residential purposes whatsoever , except for home office uses permitted by <br /> applicable zoning regulations . <br /> 2 . Definitions The following terms as used in this Deed shall have the meanings given below : <br /> 2 . 1 . " Purchased" means by sale , court order, or other legal method of transfer or <br /> acquisition ; provided , however , that the Restrictions set forth in paragraphs 4 , 51 61 7 , and 8 shall <br /> be applicable to the inheritance of the Property by heirs of a Purchaser (who has previously <br /> satisfied the criteria set forth below) . <br /> 2 . 2 " Purchaser" means the natural person who has or natural persons who have : ( a ) <br /> Purchased the Property to use and occupy as the principal residence of the household ; and ( b ) a <br /> household Adjusted Gross Income ( as defined herein ) that qualifies as Very- Low- Income or Low- <br /> Income ( as such terms are defined in Florida Statutes section 420 . 0004 ) . <br /> 2 . 3 . "Adjusted for Family Size" means adjusted in a manner which results in an income <br /> eligibility level which is lower for households with fewer than four people , or higher for households <br /> with more than four people , than the base income eligibility determined as provided in Florida <br /> Statutes section 420 . 0004 ( 1 ) based upon a formula as established by the United States <br /> Department of Housing and Urban Development . <br /> 2 . 4 . " Adjusted Gross Income " means all wages , income from assets , regular cash or <br /> noncash contributions or gifts from persons outside the household , and such other resources and <br /> benefits as may be determined to be income by the United States Department of Housing and <br /> Urban Development , Adjusted for Family Size (as defined herein ) , less deductions allowable under <br /> section 62 of the Internal Revenue Code . "Adjusted Gross Income" is calculated on an annual <br /> basis . <br /> 2 . 5 . "Affordable " is defined to mean that monthly principal mortgage payments , including <br /> taxes and insurance , do not exceed 30 percent of the annual Adjusted Gross Income for a <br /> household that is Very- Low- Income or Low- Income ( as such terms are defined in Florida Statutes <br /> section 420 . 0004 ) <br /> 3 . Purchase of Property . The Property shall be Purchased only by Purchasers who meet the <br /> criteria set forth hereinbelow . <br /> 3 . 1 . The Purchase price of the Property , for all sales and resales of the Property , must be <br /> Affordable ( as defined herein ) to the new Purchaser . The Purchaser shall have monthly mortgage <br /> payments that are Affordable ( as defined herein ) . <br /> 3 . 2 . The Property may not be Purchased by a Purchaser whose household Adjusted Gross <br /> Income exceeds the thresholds set forth in Florida Statutes section 420 . 004 for Very- Low- Income <br /> or Low- Income households . <br /> 4 . Maintenance of Property . Purchaser shall maintain the exterior of the single family residential <br /> dwelling located on the Lot in good repair , including , but not limited to , painting , landscaping <br />and <br /> lawn maintenance , as necessary . Purchaser shall maintain the Property in accordance with the <br /> applicable laws , regulations and ordinances of the County , and if applicable , the governing <br /> municipality . For so long as the original Grantee is the owner of the Lot or the Property <br />, the <br /> maintenance obligations set forth herein are binding on Grantee . <br /> 2 <br />