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This Documeelectronically recorfir d by <br />�j,ewart Title 415/11 <br />W FEW"MM7 <br />Torn Daly, Clerk -Recorder <br />FRf_,,E RECORDING REQUESTED NO FEE <br />TO SECTION 27383 <br />2011000179763 12:09pm 04/08111 <br />93 401 Al 2 40 <br />When Recorded Mail to: 0.00 0.00 0.00 0.00 117,00 MO MO 0.00 <br />City of Santa Ana <br />20 Civic Center Plaza, Lv1-37 <br />P.0, Box 1988 <br />Santa Ana, California 92702 <br />Attention: Housing Programs Coordinator <br />NEIGHBORHOOD STABILIZATION"PROG RAM <br />RENTAL 14OUSING DEVELOPMENT <br />LOAN AGREEMENT <br />THIS LOAN AGREEMENT (the "Agreement") is made and entered as of April <br />2011, by and between Garnsey, LP , a California limited partnership comprised of <br />OfJDC Properties 1, LLC, ("O.HDC"), a Limited Liability Company, and C&C <br />Properties Group 1, Ll..,C, a Limited Liability Company (together the "Borrower") and the <br />City of Santa Ana, a charter city and municipal corporation duly organized and existing <br />under the COrlStitUtion and laws of the State of California (the "City"). <br />A. Borrower has entered into an agreement to purchase propertylocated at <br />1,2/6 S. Garnsey Ave., Santa .Aria, California, as more particularly described in the legal <br />description, Exhibit A attached hereto and incorporated herein (the "Property"). <br />B. This Agreement is made pursuant to the authority of 'I'itle'XII of Division <br />A of the American Recovery and Reinvestment Act of 2009 (Public Law. Ij 1-5 <br />�February 17, 20091) (Recovery Act) and sections 2301-2304 of the Housing and <br />Economic Recovery Act of 2008 (Public Law 110-2,89 July 30, 20081) (HERA), <br />Section 2301-2304 of HERA is known as the "'Neighborhood Stabilization Program" or <br />"NSP" with money funded through the Program as "NSP Funds". The term'*NiSP2" <br />refers to the second appropriation of NSP Funds provided under the Recovery Act. <br />C. The City was notified that its application under the NSP for NSP2 Funds <br />was approved by the U.S. Department of Housing and Urban Development ("FlUD") <br />with fundinc, allocated for acquisition and rehabilitation of the multi -family rental <br />tD <br />component of the NSP. The parties hereto have executed the "Neighborhood <br />C, <br />Stabilization Program (Program 2) Rental Housing Development Agreement" dated <br />Page 1 of 1.4 <br />