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3. As a condition of sale Piedmont shall require the purchaser of the Property to execute a note in the amount of $15,000 payable jointly to the City and to • Piedmont. No monthly payments shall be required under this Note, but the entire amount of $15,000 shall be due and payable if the first owner, or any subsequent owner, at any time does not occupy the home as their primary residence. Liability under this note shall be reduced annually in $1,000 increments so long as the Property is owner -occupied. The Note shall provide that it can be enforced by either Piedmont or the City, and Piedmont agrees that any amount it collects under the Note shall be promptly remitted to the City. As an additional means of encouraging owner -occupancy, Piedmont, in its deed of conveyance of the Property, shall also require the purchaser to grant to the City of Charlottesville, for a period of fifteen years, a right of first refusal in the event of a subsequent proposed sale of the Property, which right shall expire and terminate if not exercised within fifteen (15) years of the date of the conveyance of the Property by Piedmont to the first purchaser. As a means of maintaining single family use, Piedmont shall include in the deed of conveyance a restrictive covenant, running with the land in perpetuity, which requires the use of the Property to be limited solely to single family use. This covenant shall be for the benefit of both the City and Piedmont and may be enforced by either party. The parties agree that Piedmont Housing Alliance shall construct on the Property a single • family home which equals or exceeds 1,200 square feet in area. This Property is subject to the easements, conditions, restrictions and reservations contained in duly recorded deeds, plats and other instruments constituting constructive notice in the chain of title to the property hereby conveyed which have not expired by a limitation of time contained therein or have not otherwise become ineffective. This deed is exempt from recordation taxes imposed by Virginia Code §58.1-802 by Virginia Code §58.1-811(C)(3), respectively. IN WITNESS WHEREOF, the Mayor of the City of Charlottesville, pursuant to an ordinance approved by City Council on June 4, 2001, has executed this Deed of Quitclaim, and Piedmont Housing Alliance has caused this deed to be signed by a duly authorized officer of the 0 Page 3