2025-012 - Density Bonus Agreement for Multi-Family Development

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DRAFT EXHIBIT B FORM OF AFFORDABLE HOUSING RESALE RESTRICTIONS, EQUITY SHARING,AND REGULATORY AGREEMENT RECORDING REQUESTED BY, AND WHEN RECORDED MAIL TO: City of Santa Ana 20 Civic Center Plaza(M-30) P,O. Box 1988 Santa Ana, CA 92702 Attn: City Clerk Free Recording pursuant to Government Code 6103&27383 AFFORDABLE HOUSING RESALE RESTRICTIONS,EQUITY SHARING AND REGULATORY AGREEMENT MO East First Street,APN: 402-191-02 This AFFORDABLE HOUSING RESALE RESTRICTIONS, EQUITY SHARING AND REGULATORY AGREEMENT ("Affordable Housing Resale Restrictions" or "Agreement") is made as of , by ("Homebuyer") in favor of the CITY OF SANTA ANA,a municipal corporation{"City"). RECITALS A. Homebuyer has purchased a single family house located at , Santa Ana, California, , as such real property is more particularly described in "Exhibit 1" attached hereto and incorporated herein ("Property"). B. In connection with Homebuyer purchasing the Property, Homebuyer acknowledged and received disclosures that the purchase was subject to a Density Bonus Housing Agreement with Declaration of Covenants, Conditions and Restrictions ("Density Bonus Agreement"), dated on or about , 2025, between the developer of the Property, ("Developer"). The Density Bonus Agreement required the Property to be sold to a Very Low Income Household, subject to the provisions of this Affordable Housing Resale Restrictions, pursuant to which Developer imposed covenants upon the Property to be sold to Eligible Homebuyers at an Affordable Sales Price. Homebuyer hereby acknowledges and agrees that this Affordable Housing Resale Restrictions is intended to implement the requirements of the Density Bonus Agreement, and that the purchase, use and occupancy of the Property is subject to Page 27 Exhibit B 5 5394.00101\43423 340.I