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DISPOSITION AND DEVELOPMENT AGREEMENT THIS DISPOSITION AND DEVELOPMENT AGREEMENT ( "Agreement ") is entered into on this day of , 2011, by and between the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, a public body corporate and politic ( "Agency "), and HABITAT FOR HUMANITY OF ORANGE COUNTY, INC., a non - profit public benefit corporation ( "Developer "). RECITALS The following recitals are a substantive part of this Agreement: A. In furtherance of the objectives of the California Community Redevelopment Law, the Agency desires to redevelop Agency -owned Sites located at: 717 E. Third Street, 719 N. Concord Street, 812 N. Concord Street, 1114 S. Cypress Avenue, 1121 Cypress Avenue, 1314 Eastwood Avenue, 4809 W. Edinger Avenue, 4010 & 4018 W. McFadden Avenue, 4106 W. McFadden Avenue, 4110 W. McFadden Avenue and 1029 McLean Drive within the City of Santa Ana, as more particularly described on Exhibit A and incorporated herein (the "Sites "). The Sites are all undeveloped vacant property. The Sites are depicted on the Site Map is attached hereto as Exhibit B. B. The Sites are currently owned by the Agency. C. The Agency and Developer desire by this Agreement for the Agency to convey the Sites, in three (3) Phases (each, a "Phase "), to the Developer and for the Developer to agree to construct the number of single - family homes as set forth in Section 301 with landscaped front yards on the Sites. Each of the single - family homes will be sold at an affordable price to income - qualified households and future sales of such single - family homes will be restricted to income - qualified households for a period of at least forty -five (45) years. D. The Agency shall convey each Site to Developer upon execution of the Grant Deed with Developer ( "Developer Grant Deed" - see Exhibit C attached hereto and incorporated herein). There will be an Agency Loan to Developer for development of each of the Sites and the Developer shall sign a Promissory Note ( "Developer Promissory Note " - see Exhibit D attached hereto and incorporated herein) for each Site and a deed of trust will be executed and recorded against each Site ( "Developer Deed of Trust" - see Exhibit E attached hereto and incorporated herein). E. The Agency's disposition of the Sites to the Developer, and the Developer's acquisition of the Sites and construction of the Improvements pursuant to the terms of this Agreement, are in the vital and best interest of the City and the health, safety, and welfare of its residents, and in accord with the public purposes and provisions of applicable state and local laws and requirements under which the redevelopment of the Project has been undertaken. EXHIBIT 4