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Item 24 - Agreement No. 2025-01 - MLC Holdings
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Item 24 - Agreement No. 2025-01 - MLC Holdings
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4/14/2025 9:53:01 AM
Creation date
4/9/2025 3:24:05 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Planning & Building
Item #
24
Date
4/15/2025
Destruction Year
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9MI <br />"City Promissory Note" means the City Promissory Note, evidencing Homebuyer's <br />agreement to pay the City Equity Share and dated on or about the same date hereof. <br />"County" means the County of Orange, California. <br />"Date of this Agreement" means the date in the first paragraph of this Agreement. <br />"Default" means the failure of a party to perform any action or covenant required by this <br />Agreement within the time periods provided herein following notice and opportunity to cure. <br />The term default also includes an Ownership Default and a Maintenance Default as more fully <br />defined and described herein. Notwithstanding the foregoing for purposes of acceleration of the <br />City Promissory Note , or initiation of foreclosure proceedings there shall be a distinction between <br />the types of default hereunder, including an "Ownership Default" and a "Maintenance Default." <br />The term "Ownership Default" means the failure of Homebuyer to perform any action or covenant <br />required by the Affordable Housing Resale Restriction related to ownership, owner -occupancy, <br />lien priority, and restrictions on sale and resale of the Property subject to the notice and opportunity <br />to cure provisions set forth herein. A default of any obligation secured by the First Lien shall be <br />a cross -default and also constitute an Ownership Default. The term "Maintenance Default" means <br />the failure of Homebuyer to perform any action or covenant required by this Agreement relating <br />to a "Maintenance Deficiency," including the ongoing upkeep, maintenance, and use of the <br />Property in decent, safe, sanitary, clean, and neighborly manner, subject to the notice and <br />opportunity to cure provisions set forth herein (and expressly excluding an Ownership Default). <br />"Developer" means MLC Holdings, Inc./Meritage Homes. <br />"Eligible Household" means a Household whose income does not exceed the "Very Low <br />Income Household" qualifying limit as defined herein. <br />"First Lien" means the lien of the institution making the purchase money mortgage loan <br />to Homebuyer for the purchase of the Property. <br />"Homebuyer" means the person or persons set forth in the first paragraph of this <br />Agreement, and their successors and assigns. <br />"Housing Cost" means and includes all of the following costs associated with ownership <br />of an Affordable Unit as defined in Title 25 of the California Code of Regulations Section 6920, <br />and Santa Ana Municipal Code, including: <br />(a) Principal and interest on a mortgage loan at the defined interest rate; <br />(b) Property tax and assessments; <br />(c) Fire and casualty insurance covering replacement value of property <br />improvements; <br />(d) Property maintenance and repairs; <br />Exhibit B <br />Page 29 <br />5 53 94.00 10 1 \43423340.1 <br />
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