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Recording Requested By: 1./21/92 City of Santa Ana When Recorded Mail to: City of Santa Ana Housing Division M--27 20 Civic Center Plaza Santa Ana, California 92701 DECLARATION OF RESTRICTIONS This Declaration of Restrictions made this day of 'Z)s Y' hereinafter referred to as "Declarant." WHEREAS, Declarant is the owner of the following described real property in the City'of Santa Ana, County of Orange, State of California: LOT 1 OF TRACT NO. 5695, AS PER MAP RECORDED IN BOOK 208, PAGES 39 AND 49 OF MISCELLANEOUS MAPS, RECORDS OF SAID ORANGE COUNTY, EXCEPTING THE WEST 1.5 FEET. AKA: 1302 NORTH BEWLEY STREET, SANTA ANA, CA 92703 NOW, THEREFORE, Declarant declares that said real property shall be held, transferred, encumbered, used, sold,conveyed, leased, and occupied, subject to the covenants and restrictions hereinafter set forth expressly and exclusively for the use and benefit of said property and of each and every person or entity who now or in the future owns any portion or portions of said real property. 1. The real property shall remain in the private ownership of Declarant and in primarily residential rental use for a period of at least ten (10) years, unless said real property is sold to another private owner who agrees to continue to manage the property in accordance with requirements of the U.S. Department of Housing and Urban Redevelopment for its rental rehabilitation program ("HUD--RRPll) for the remainder of said ten (10) year period, or a hardship exceptions approved in writing by City for reasons that occur after completion of the rehabilitation. 2. Declarant shall not convert the residential units in the rehabilitated real property to condominium ownership or any form of cooperative ownership not eligible for assistance of HUD-RRP for at least a ten-year period. EXHIBIT E Page 1 of 2 Pages