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C. The City of Santa Ana ("City") and the Housing Authority of the City of <br />Santa Ana ("Housing Authority") reviewed Developer's request for assistance and at the <br />City Council/Housing Authority meeting on June 20, 2017, the Housing Authority Board <br />authorized and approved issuance of a conditional, pre -commitment letter evidencing the <br />preliminary award of $4,700,000 of funds to the Project ("Agency Loan"), to be funded <br />exclusively from the Low and Moderate Income Housing Asset Fund (the "LMIHAF") <br />held by the Agency. <br />D. The amount of the Agency Loan was determined based upon the City and <br />Agency's review of the Developer's request for the receipt of the Agency Loan and the <br />development proforma and projected cash flows for the Project submitted by the Developer <br />to the City/Agency as of March 29, 2017 ("Proforma"). The Housing Authority's <br />Executive Director has authority to approve revised development proformas and projected <br />cash flows for the Project; provided, however, that the Agency Loan is not materially <br />increased or extended. <br />E. In furtherance of the CRL and the Redevelopment Plan, Developer has <br />applied to the Agency for a loan with which to: <br />1. Acquire, develop and construct the project, and <br />2. Thereafter to maintain, operate and professionally manage the Project <br />as decent, safe, sanitary and affordable rental housing. <br />F. The Agency, on certain terms and conditions, desires to make such Agency <br />Loan to Developer in order to make possible the acquisition, development, constriction, <br />ownership, maintenance, and operation of the Project, thereby expanding the supply of decent, <br />safe, sanitary and affordable housing within the City. <br />G. If there is any inconsistency between Federal, State, and local guidelines <br />with regard to any of the terms and conditions contained herein, the more stringent shall <br />apply. <br />NOW, THEREFORE, for and in consideration of the mutual covenants and agreements <br />herein contained, Agency and Developer agree as follows: <br />DEFINITIONS AND INTERPRETATION <br />1.1 Defined Terms. All capitalized terms used herein, including, without <br />limitation, in the Recitals above and in all other Project Documents, unless otherwise <br />expressly defined, are defined where first used in this Agreement and/or as set forth in this <br />Article 1. <br />"Administrative General Partner" means Tiny Tim CDP LLC, a <br />California limited liability company. <br />• A <br />1 ., <br />