STATE OF CALIFORNIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT "HCD" - (SANTA ANA ARTS COLLECTIVE, L.P. & META HOUSING PROJECT)

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Meta Housing Corporation, City of Santa Ana, and Santa Ana Arts Collective L.P. 16-AHSC-11199 Page 15 of 17 EXHIBIT D Loan, if the new information demonstrates a reduction or elimination of financing gap being addressed by the AHSC Loan, the Department will reduce the amount of the Loan Request stated in the Application and the amount of the Award accordingly. If the Department has underwritten the AHSC Loan using CaIHFA or HUD requirements and the Affordable Housing Development subsequently does not utilize the CaIHFA or HUD financing, the AHSC Loan will be re - underwritten by the Department using AHSC requirements. In the event the Department determines the Affordable Housing Development is no longer financially feasible, the Award and any loan commitment issued by the Department may be revoked. 58. Investor Commitments If the Affordable Housing Development will be receiving an allocation of tax credits from TCAC, the Sponsor shall provide the Department with a copy of all tax credit investor commitments, including referenced financial projections and any amendments. 59, Restricted Units All units designated in the Application approved by the Department as restricted units that are not also assisted units, shall be restricted on a long-term basis by a public agency at the income and rent levels shown in the Application. Similarly, all units designated in the Application as restricted units and that are not also assisted units, shall be restricted on a long-term basis by a public agency to the designated target population. 60. Asset Management Fees Asset management including partnership management and similar fees shall be a maximum of $12,000 annually or as otherwise provided for in accordance with UMR Section 8314(a)(1)(B). 61. Reduction of AHSC Loan Amount Notwithstanding any development agreement, in the event that development costs are less than predicted in the development budget, the Department shall reduce its AHSC Loan for the amount of the cost savings prorated with other residual receipt lenders. 62. Sponsor Representations A. Sponsor represents and warrants that as of the date of this Agreement, the Sponsor is a duly organized and validly existing entity under California law and the person signing this Agreement on behalf of Sponsor has the authority to act on behalf of and bind the Sponsor in accordance with the terms of this Agreement. B. Sponsor represents and warrants that as of the date of the AHSC Loan closing, the Sponsor may be a duly organized and validly existing limited partnership under California law and that such limited partnership will have the authority to enter Into the AHSC Loan and related loan documents. AHSC Loan - Rental Affordable Housing Development NOFA Date: 01129/16 Approved Date: 03/09/17 Prep Date: 07/20117