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Santa Ana, Orange County, California, described on Exhibit 1 attached hereto <br />and incorporated herein by this reference, together with the Improvements <br />constructed thereon and all other property and interests of any kind or character <br />that may be reasonably necessary or desirable to promote the present and <br />future beneficial use and enjoyment of such real property and improvements. <br />RECITALS <br />A. Trustor is the owner of the Property located at , Santa <br />Ana, California and more particularly described in the attached Exhibit A. <br />B. The Trustor's predecessor in interest developed the Property pursuant to <br />the City's Housing Opportunity Ordinance ("Ordinance"), which regulations <br />require developers of ownership housing to construct within their projects <br />units that are affordable to Moderate Income Households. These <br />regulations require the Property to be subjected to restrictions on resale <br />that ensure that the Property remains affordable. <br />C. In connection with the Ordinance, Beneficiary and Trustor entered into a <br />Inclusionary Housing Covenants Declaration dated as of <br />and recorded in the Official Records of Orange County substantially <br />concurrently herewith (capitalized terms used without definition herein <br />have the meaning ascribed to such terms in the Inclusionary Housing <br />Covenants Declaration). <br />D. Pursuant to the Inclusionary Housing Covenants Declaration, the Trustor <br />is obligated, among other requirements, to sell the Property only to Eligible <br />Purchasers at a price not in excess of the Affordable Sales Price. <br />E. The Inclusionary Housing Covenants Declaration also provides that: <br />1. Trustor is obligated to notify the Beneficiary of the Trustor's intent to <br />sell the Property in order to enable Beneficiary to exercise the <br />City's Purchase Option at the Affordable Sales Price; <br />2, The Beneficiary may exercise the City's Purchase Option if the <br />Trustor defaults under the Inclusionary Housing Covenants <br />Declaration; and <br />Incluslonary Housing Covenants Declaration page 2 <br />Assumption Agreement 32A-121 August 11, 2014 <br />