SANTA ANA PACIFIC ASSOCIATES AND SANTA ANA PACIFIC ASSOCIATES II

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DEVELOPMENT IMPACT FEE DEFERRAL AGREEMENT 1. PARTIES AND EFFECTIVE DATE. This Development Impact Fee Deferral Agreement ("Agreement') is entered into on this 151h day of October, 2019, by and between the City of Santa Ana, a charter city and municipal corporation of the State of California ("City"), and Santa Ana Pacific Associates, a California limited partnership, and Santa Ana Pacific Associates II, a California limited partnership ("Owner"). City and Owner are sometimes individually referred to herein as "Party" and collectively as "Parties." 2. RECITALS. 2.1 Owner is the owner of a leasehold interest in that certain real property in the City of Santa Ana, California, which is owned by Broomell Commercial Properties, L.P., and more particularly described in Exhibit "A" attached hereto and incorporated herein by this reference and as evidenced by those certain Memorandums of Lease between Santa Ana Development Partners, L.P., a California limited partnership, and Owner dated November 8, 2018, which were recorded in the Official Records of Orange County, California on November 9, 2018, as Document No. 2018000406832 and 2018000406833 ("Property"). Owner is the developer of the First Point I & II Apartments, a 552-unit affordable rental project at 2110, 2114 and 2020 East First Street, Santa Ana. Owner has received City approval and is in the process of obtaining the building permits; 2.2 Prior to issuance of any building permits, the City currently requires the payment of various development impact fees for all residential projects to help address the impacts of new development; 2.3 On August 1, 2019, Owner submitted a written request formally requesting the deferral of specific development impact fees for the Property pursuant to California Government Code section 66007; and, 2.4 City and Owner desire to execute this Agreement to defer certain development impact fees applicable to the Property and either place a lien on the Property or provide an irrevocable letter of credit from the Owner to secure payment of these fees, pursuant to the terms and conditions set forth herein. 3. TERMS. 3.1 Deferral of Development Impact Fees. 3.1.1 Deferral of Development Impact Fees. City and Owner agree that the development impact fees ("Subject Fee(s)") and amount as shown in Exhibit `B", for the Property will be deferred until prior to the final inspection or issuance of a certificate of occupancy for any new residential units on the Property, whichever occurs first ("Deferral Period"). City and Owner acknowledge and agree that the City Council may, in its sole and absolute discretion and during a regular, regular adjourned, or special meeting of the City Council, extend the deadline for payment of the Subject Fees without obtaining the approval of Owner or an amendment or modification of this Agreement. Any extension granted by the City Council pursuant to this 2