Laserfiche WebLink
<br /> <br />EXHIBIT E <br /> <br />NOTICE OF AFFORDABILITY RESTRICTIONS ON TRANSFER OF PROPERTY <br /> <br />NOTICE IS HEREBY GIVEN that the CITY OF SANTA ANA, a charter city and municipal <br />corporation organized and existing under the Constitution and laws of the State of California, has <br />entered into a Density Bonus Agreement with North Broadway Housing Partners LP, a <br />California limited partnership (“Developer”). The Density Bonus Agreement imposes income <br />and affordability covenants on designated units (the “Affordable Units”) within the property <br />located at 1411 N. Broadway Avenue, Santa Ana, Orange County, and further described in the <br />legal description provided in Exhibit A to the Density Bonus Agreement (the “Property”). <br /> <br />The Density Bonus Agreement was recorded as Document/Instrument Number <br />______________________, and shall remain in effect until _______________ ______, 20____ <br />(the “Termination Date”) (Insert date of the termination of the “Total Affordability Term”). The <br />Density Bonus Agreement imposes the following income and affordability restrictions on the <br />Affordable Units. <br /> <br />Number of Bedrooms Extremely-Low <br />Income <br />Households <br /> Low <br />Income <br />Households <br />Studio Units 47 <br />One-Bedroom Units <br />Two-Bedroom Units <br />Three-Bedroom Units <br />Four-Bedroom Units <br /> <br />In the event the fee owner of the Property (“Property Owner”) wishes to sell or transfer the <br />Property prior to the Termination Date, or the Developer wishes to assign the ground lease to the <br />Property, the City and the Property Owner and/or Developer shall execute and deposit into <br />escrow, or record against the Property, this Notice of Affordability Covenants on Transfer of the <br />Property. Further, any assignment of ground lease shall not be effective unless and until the City <br />and transferee execute the documents necessary to transfer the Density Bonus Agreement <br />obligations from the Developer to the transferee. <br /> <br />This Notice of Affordability Covenants on Transfer of the Property in no way modifies the <br />provisions of the Density Bonus Agreement. In the event of any conflict between this Notice of <br />Affordability Covenants on Transfer of the Property and the Density Bonus Agreement, the <br />terms of the Density Bonus Agreement shall prevail. <br /> <br />IN WITNESS WHEREOF, the Parties hereto have duly executed this Notice of Affordability <br />Restrictions on Transfer of Property as of the dates set forth below. <br /> <br />[Signatures on Following Pages] <br />EXHIBIT 5