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RECORDING REQUESTED BY <br />AND WHEN RECORDED, MAIL TO: <br />City of Santa Ana <br />Attention: Housing Loan Officer <br />Property Rehabilitation Loan Program M-27 <br />500 W. Santa Ana Boulevard, Suite 400 <br />P. 0. Box 1988 <br />Santa Ana, California 92702 <br />DMA'/ fm <br />1/7/91 <br />HOUSING DEVELOPMENT LOAN AGREEMENT <br />(Rental Housing) j <br />THIS AGREEMENT, made and entered into this day of <br />F-4ev u. Lv' _ 'K� _ , 19 , by and between the City of Santa <br />Ana, a municipal corporation of the State of California ("City" ), <br />and `T" v vt = L Jx1 r ("Developer"). <br />W-1-T-N-E-S-S-E-T-H <br />A. Developer is the owner of certain real property in the city <br />of Santa Ana described in Attachment A, attached hereto and <br />incorporated herein by reference (the "Property"). <br />B. Developer desires to develop the Property as an affordable <br />housing project in conformance with Attachment B, attached hereto <br />and incorporated herein by reference (the "Project"). <br />C. An analysis of development costs of the Project indicates <br />that Developer, in order to complete the Project, will need to <br />borrow a total amount of SJ„r�' 1�«y�„�„ -�k►i-lur�tia� T� e.�F <br />D. Developer has received a loan commitment for the <br />Project in the amount of �(Oq, 3 (c) , o 0 _ �, a copy of which is <br />attached hereto as Attachment C and incorporated herein by <br />reference. <br />E. City desires to improve the.Property to a degree to which <br />it would be acceptable to City in accordance with the Housing <br />Element of the City's general plan. <br />F. in order to promote this goal, City will hereby commit to <br />a supplemental loan to Developer for the Project, subject. to <br />certain conditions designed to assure the completion of the Project <br />in accordance with City standards and the affordability of the <br />units therein to families of low and moderate income. <br />Page 1 of 10 Pages <br />