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RECORDING REQUESTED BY <br />AND WHEN RECORDED RETURN TO: <br />City of Santa Ana <br />Community Development Agency <br />Housing Department M-37 <br />20 Civic Center Plaza, 3rd Floor <br />P.O. Box 1988 <br />Santa Ana, California 92702 <br />SPACE ABOVE THIS LINE FOR RECORDING USE <br />FREE RECORDING REQUESTED <br />[Government Code Section 6103] <br />AFFORDABILITY RESTRICTIONS <br />ON TRANSFER OF PROPERTY <br />(1600 West Memory Lane, Santa Ana, CA) <br />These AFFORDABILITY RESTRICTIONS ON TRANSFER OF PROPERTY (the <br />"Restrictions") are entered into as of the day of , 2011, by and among and Vista Del Rio <br />Housing Partners, L.P., a California limited partnership (referred to herein as the "Vista Del Rio"), <br />the City of Santa Ana, a charter city (the "City"), and the Community Redevelopment Agency of the <br />City of Santa Ana, a public body, corporate and politic (the "Agency"). <br />RECITALS: <br />A. Vista Del Rio is the owner of that certain real property located at 1600 West Memory <br />Lane (the "Property") located in the City of Santa Ana more particularly described in Exhibit A, <br />which is attached hereto and incorporated herein by this reference. <br />B. For the purpose of providing forty-one (41) residential rental units of housing that <br />will be affordable to Extremely Low Income and Very Low Income households (collectively, <br />"Assisted Units"), Vista Del Rio and the City have entered into that certain Loan Agreement, dated <br />and recorded against the Property concurrently herewith (the "Agreement") to which these <br />Restrictions are attached as Exhibit B which, along with all of its attachments, is incorporated herein <br />by this reference (any capitalized term that is not otherwise defined in these Restrictions shall have <br />the meaning ascribed to such term in the Agreement). In addition, the Agency, Santa Ana Housing <br />Authority and Vista Del Rio have entered into that certain Disposition and Development Agreement <br />dated July 20, 2009, the First Amendment to the Disposition and Development Agreement dated <br />March 15, 2010, the Second Amendment to the Disposition and Development Agreement dated <br />December 20, 2010, and the Third Amendment to the Disposition and Development Agreement <br />dated (the "DDA"), which provides for the acquisition of the Property and <br />construction and operation of the Project as Affordable Housing by Vista Del Rio. <br />C. The Agreement provides, among other things, for the use of the Property for <br />affordable housing with the Assisted Units being restricted to being rented to Exhemely Low Income <br />and Very Low Income households. <br />B-5 <br />DOCSOC/1475221 v5/200272-0004 <br />