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EXHIBIT 3 U,�J <br />OPTION AGREEMENT <br />THIS OPTION AGREEMENT ("Option Agreement") is made , 2020, ("Effective <br />Date") by and between the COUNTY OF ORANGE, a political subdivision of the State of California, the <br />HOUSING AUTHORITY OF THE CfFY OF SANTA ANA, a public body, corporate and politic, <br />(respectively, the "County" and the "Agency," and collectively "Optionor") and WASHINGTON SANTA <br />ANA HOUSING PARTNERS, L.P., a California limited partnership (hereinafter called "Optionee"). <br />Optionor and Optionee may sometimes hereinafter individually be referred to as "Party" or jointly as <br />"Parties." <br />Recitals <br />A. County and Agency are owners of contiguous parcels of land totaling approximately 2.26 acres <br />located in Santa Ana, California, comprised of the two following lots: Assessor's Parcel Number <br />398-092-14 ("Agency Property"); and Assessor's Parcel Number 398-092-13 ("County Property"). <br />B. The Agency and County desire to merge these two parcels for the purpose of executing a ground <br />lease ("Lease") for the combined property to Optionor, to create an 86-unit multifamily affordable <br />housing project with a permanent supportive housing component ("Project"). <br />C. Optionee desires to obtain an option to lease the combined Agency Property and County Property, <br />once merged, as set forth on Attachment I, attached hereto and made a part hereof ("Premises"), to <br />develop and construct the Project. <br />D. The final negotiated form of the Lease is attached hereto as Attachment H and will more fully <br />describe the Project and other permitted uses. <br />E. Optionor is the fee owner of the Premises and is willing to enter into an option to lease said Premises <br />for the Project as set forth herein. <br />NOW, THEREFORE the Parties agree as follows: <br />1. DEFMTIONS (PM02.1 S) <br />a. `Board of Supervisors" means the Board of Supervisors of the County of Orange, a political <br />subdivision of the State of California, the governing board of the County. <br />b. "Agency" means the Housing Authority of the City of Santa Ana, acting as the Housing <br />Successor Agency, a public body, corporate and politic, exercising governmental functions and <br />powers, and organized and existing under the California Redevelopment Law. The principal office <br />of the Agency is located at 20 Civic Center Plaza, Santa Ana, California 92702. "Agency" shall <br />also refer to the City of Santa Ana where the context dictates, to the effect that the City of Santa <br />Ana shall have all rights granted to the Agency hereunder. <br />c. "City" shall mean the City of Santa Ana, California, a charter city and municipal corporation. <br />"City" shall also refer to the Agency where the context dictates, to the effect that the Agency <br />OPTION AGREEMENT -CROSSROADS 80A-121 <br />