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EXHIBIT L <br />FREE RECORDING REQUESTED PURSUANT <br />TO GOVERNMENT CODE SECTION 6103 & 27383 <br />When Recorded Mail to: <br />Community Redevelopment Agency <br />of the City of Santa Ana <br />20 Civic Center Plaza <br />P.O. Box 1988 <br />Santa Ana, California 92702 <br />Attention: Executive Director <br />SPACE ABOVE THIS LINE FOR RECORDING USE <br />FREE RECORDING REQUESTED <br />(Government Code Section 6103] <br />RELEASE OF CONSTRUCTION COVENANTS <br />This RELEASE OF CONSTRUCTION COVENANTS ("Release") is made as of <br />, 20_ by the City of Santa Ana Community Redevelopment Agency, a public body, <br />corporate and politic ("Agency") in favor of Santa Ana WBBB, L.P. ("Developer"), as of the date set <br />forth above. <br />RECITALS <br />A. The Agency, the City of Santa Ana, and the Developer have entered into that certain <br />Loan Agreement ("Agreement") dated as of March 7, 2011 concerning the redevelopment of certain <br />real property located at 605-611 East Washington, in the City of Santa Ana, California as more fully <br />described in Attachment No. 1 attached hereto and incorporated herein. <br />B. As referenced in Section 310 of the Agreement, the Agency is required to furnish the <br />Developer or its successors with a Release of Construction Covenants upon completion of <br />construction of the Improvements (as defined in the Agreement) to be in such form as to permit it to <br />be recorded in the Recorder's Office of Orange County. This Release is conclusive determination of <br />satisfactory completion of the construction and development of the Improvements as required by the <br />Agreement. <br />C. The Agency has conclusively determined that such construction and development of <br />the Improvements as required by the Agreement has been satisfactorily completed. <br />NOW, THEREFORE, the Agency hereby certifies as follows: <br />1. The Improvements to be constructed by the Developer have been fully and <br />satisfactorily completed in conformance with the Agreement. Any operating requirements and all <br />use, affordability, maintenance or nondiscrimination covenants contained in the Agreement shall <br />remain in effect and enforceable according to their terms. <br />L-1 <br />DOCSOC/ 1469583v5/200272-0003