NORTH HARBOR HOUSING PARTNERS, LP (CO JAMBOREE HOUSING CORPORATION

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LOAN AGREEMENT CDBG PROGRAM THIS LOAN AGREEMENT (the "Agreement") dated, for identification purposes only, as of April 20, 2021, is made and entered into by and between the City of Santa Ana, a charter city and municipal corporation (referred to herein as "City") and North Harbor Housing Partners LP, a California limited partnership, with reference to the following: RECITALS: A. City has received an allocation of funds from the United States Department of Housing and Urban Development ("HUD") under the Community Development Block Grant program pursuant to Title I of the Housing and Community Development Act of 1974, as amended (the "CDBG Program") (42 U.S.C. §530.1, et seq.) to be used in accordance with applicable statutory requirements and regulations (the "CDBG Regulations") (24 CFR Part 570); B. Among the purposes of the CDBG Program are (1) provide decent housing and a suitable living environment; and (2) expand economic opportunities for low- and moderate -income persons; C. Developer is the owner of that certain property commonly known as 1108 North Harbor Boulevard, within the City of Santa Ana, California, and legally described in Exhibit A attached hereto (the "Property"). The loans referenced herein shall assist in the acquisition and rehabilitation of said Property for a multifamily residential housing development. D. In furtherance of the CDBG Program, Developer has applied to City for a loan with which to: 1. provide deeper affordability for a longer term, as well as acquire and rehabilitate the Property, and 2. thereafter to maintain, operate and professionally manage the Property as decent, safe, sanitary and affordable rental housing. E. City, on certain terms and conditions, desire to make such loan to Developer in order to make possible the acquisition and rehabilitation of the Property, to expand the supply of decent, safe, sanitary and affordable housing. F. If there is any discrepancy between Federal and State guidelines with regard to any of the terms and conditions contained herein, the more stringent shall apply. G. The Loan Agreement and all of its attachments shall be enforceable by City in accordance with the terms thereof. Each of the Loan Agreement, the Affordability Restrictions on Transfer of Property, the City/CDBG Loan Note and the City/CDBG Deed of Trust provide a means of enforcement by the City if Developer is in breach of its