SANTA ANA WBBB, LP 4 - Laserfiche WebLink

Home Browse Search

LOAN AGREEMENT This LOAN AGREEMENT ("Agreement") is entered into on this 7th day of March, 2011 by and among the CITY OF SANTA ANA, a California municipal corporation and charter city duly organized and existing under the Constitution and Laws of the State of California ("City"), the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, a public body, corporate and politic ("Agency"), and SANTA ANA WBBB, LP., a California limited partnership (collectively, "Developer"). RECITALS The following recitals are a substantive part of this Agreement: A. In furtherance of the objectives of the California Community Redevelopment Law, Health and Safety Code Section 33000, et seq. ("Redevelopment Law"), the Agency desires to assist in the redevelopment of certain real property located at 605-611 East Washington (APN# 398-151-11 and 398-151-12), within the boundaries of the City, as more particularly described on Exhibit A and incorporated herein ("Property"). The Property consists of undeveloped vacant property. A map of the Property ("Site Map") is attached hereto and incorporated herein as Exhibit B. A Site Plan is attached hereto and incorporated herein as Exhibit C. B. The Property is currently owned by the Developer. The Developer acquired the Property using funds loaned to the Developer by the City ("NSP Loan") pursuant to that certain Neighborhood Stabilization Program Rental Housing Development Loan Agreement, dated as of June 1, 2010 ("NSP Loan Agreement"). The NSP Loan is evidenced by that certain City Promissory Note Secured by Subordinated Deed of Trust to the City of Santa Ana, California (605-611 E. Washington Street), dated as of June 1, 2010 ("NSP Promissory Note"), in the original principal amount of $655,000, and is secured by that certain City Deed of Trust and Assignment of Rents in favor of the City, recorded against the Property in the official records of Orange County, California, on June 2, 2010 ("NSP Deed of Trust"). Pursuant to the NSP Loan Agreement, Developer shall comply with those certain Affordability Covenants and Restrictions by and between Developer and City, recorded against the Property in the official records of Orange County, California on June 2, 2010 as Instrument No. 2010000258490 ("NSP Covenants"). The NSP Loan Agreement, NSP Promissory Note, NSP Deed of Trust, and NSP Covenants are referred to collectively herein as the "NSP Documents." Because the Project has been partially funded using the NSP Loan, the Developer shall comply (and ensure compliance by the General Contractor, all subcontractors, and the property manager) with all applicable NSP Requirements (defined in Section 101, below) in the construction, management, maintenance, and operation of the Project. C. In furtherance of the HOME Program, the Redevelopment Law, the NSP Requirements and the Agency's Redevelopment Plan, Developer has applied to City and Agency for Loans with which to: construct the Improvements at the Property, 2. provide deeper levels of affordability for the Affordable Units at the Property, and DOCSOC/ I469583v5/200272-0003