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EXHIBIT 3 <br />RECORDING REQUESTED BY <br />AND WHEN RECORDED RETURN TO: <br />City of Santa Ana <br />Clerk of the Council <br />20 Civic Center Plaza (M-30) <br />P.O. Box 1988 <br />Santa Ana, California 92702 <br />Attention: Clerk of the Council <br />SPACE ABOVE THIS LINE FOR RECORDING USE <br />FREE RECORDING REQUESTED <br />[Government Code Section 6103] <br />AMENDED AND RESTATED AFFORDABILITY RESTRICTIONS <br />ON TRANSFER OF PROPERTY <br />(805, 810, 815, 816, 825, 828, 835, and 904 S. Minnie Street, Santa Ana, California) <br />THESE AFFORDABLE HOUSING RESTRICTIONS ON TRANSFER OF <br />PROPERTY (the "Restrictions") are entered into as of September 17, 2019, by and among <br />and CORNERSTONE HOUSING PARTNERS LP, a California limited partnership <br />(referred to herein as the "Developer"), and the City of Santa Ana, a charter city and <br />municipal corporation (the "City"). <br />RECITALS: <br />A. Developer is the owner of that certain real property located at 805, 810, 815, <br />816, 825, 828, 835, and 904 S. Minnie Street, Santa Ana, California and commonly referred <br />to as the Cornerstone Apartments, and legally described in Exhibit A attached hereto and <br />incorporated herein by reference ("Property"). <br />B. For the purpose of providing one -hundred, twenty-six (126) units of housing, <br />one hundred twenty-five (125) of which will be affordable to very -low income households <br />("Assisted Units"), Wakeham-Grant Apartments, L.P. (the "Original Developer") and the <br />City previously entered into the HOME Loan Agreements (as defined in the Loan <br />Agreement) and the Affordability Restrictions on Transfer of Property (collectively, the <br />"Original Restrictions") described in Exhibit B. <br />C. In connection with the Original Developer's sale of the Property to <br />Developer (the "Sale"), Original Developer and Developer desire to enter into that certain <br />Assignment and Assumption Agreement (HOME Loan), dated as of the date hereof, by and <br />between the Original Developer and the Developer to effectuate the assignment of the <br />HOME Loan Agreements to Developer (the "Assignment"), and the City has consented to <br />such Sale and Assignment. <br />D. The City and Developer have entered into that certain Amended and Restated <br />Loan Agreement, dated on or about the date hereof (the "Loan Agreement") to which these <br />80A-124 <br />