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Meta Housing Corporation, City of Santa Ana, and Santa Ana Arts Collective L.P. <br />16-AHSC-11199 <br />Page 3 of 17 <br />EXHIBIT D <br />does not ultimately close by June 30, 2021, the AHSC funds will be disencumbered from <br />the Project. <br />D. This Agreement shall expire on June 30, 2036. <br />PRE -CONSTRUCTION LOAN REQUIREMENTS <br />Unless otherwise approved in writing by the Department, the following conditions require compliance <br />prior to the close of the construction loan(s) for the Affordable Housing Development (construction loan <br />includes a rehabilitation loan): <br />d. Site Control <br />The Sponsor shall hold fee title to the real property on which the Affordable Housing Development <br />is located or a leasehold or other possessory interest sufficient to meet the Sponsor's obligations <br />under the Program and the loan documents. The status and nature of the Sponsor's title and <br />interest in the property shall be subject to the Department's approval. Site control may be <br />evidenced by one of the following: <br />A. Fee title; <br />B. A leasehold interest on the project property with provisions that enable the lessee to make <br />improvements on and encumber the property provided that the terms and conditions of <br />any proposed lease shall permit compliance, prior to loan closing, with all program <br />requirements; <br />C. An enforceable option to purchase or lease; <br />D. An executed disposition and development agreement with a public agency; <br />E. An executed agreement with a public agency that gives the Sponsor exclusive rights to <br />negotiate with that agency for acquisition of the site, provided that the major terms of the <br />acquisition have been agreed to by both parties; or <br />F. A land sales contract or other enforceable agreement for the acquisition of the property. <br />If the Sponsor's interest in the property is a leasehold, the lease must provide adequate <br />security for the AHSC Loan and comply with the requirements of the Uniform Multifamily <br />Regulations ("UMR"), Section 8316, The Sponsor shall provide a copy of the ground lease <br />for the Department's approval and review of its compliance with UMR Section 8316. The <br />lessor and lessee will be required to sign the Department's standard form Lease Rider and <br />Estoppel Agreement, unless the lessor agrees to sign the AHSC loan documents as <br />required by the Department and encumber all its interest in the Affordable Housing <br />Development. Where the lessee and the lessor are affiliated or related private parties, <br />AHSC Loan - Rental Affordable Housing Development <br />NOFA Date: 01/29/16 <br />Approved Date: 03/09/17 <br />Prep Date: 07/20/17 <br />