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Meta Housing Corporation and City of Santa Ana <br />16-AHSO-11200 <br />Page 2 of 13 <br />EXHIBIT D <br />4. Covenant Reoardina the Affordable Housing Development <br />Prior to the disbursement of Program funds, the Recipient shall enter into a written Covenant <br />Regarding the Affordable Housing Development ("Covenant") with the Department, and Including <br />such •other parties as the Department may reasonably require, which shall require the <br />development and construction of the Affordable Housing Development with, the number of units <br />and the number of bedrooms per unit, the extent and depth of affordability, as set forth in Exhibit <br />A, and other uses and amenities for which points were granted to the Application. The Covenant <br />shall be recorded against the parcel or parcels of real property on which the Affordable Housing <br />Development is to be located and shall be binding on all successors, transferees, and assignees <br />acquiring an interest in the Affordable Housing Development as follows; <br />A. For rental housing developments, the Covenant shalt require the continuation of the <br />affordability of the Affordable Housing Development for a period of not less than 55 years <br />from the date of the filing of a notice of completion for Affordable Housing Development. <br />R, For homeownership housing developments, the Covenant shall require the continuation <br />of the affordability for a period of not less than 30 years from the date of a filing of a Notice <br />of Completion for the Affordable Housing Development. The affordability will be ensured <br />through a resale restriction orequity sharing upon resale; <br />C. The Department may waive this requirement, for the Covenant upon the Department's <br />determination that sufficient protections are in place to ensure the development and <br />continued operation and occupancy of the Affordable Housing Development in <br />accordance with this Agreement, <br />D: In addition to the Covenant, the Department may request, and if requested, the Recipient <br />shall agree to and record a performance deedof trust ensuring the completion of the Work. <br />Said performance deed of trust shall be recorded against the entire legal parcel underlying <br />the object which it ensures is being constructed. Alternatively, the Department may <br />require that the Covenant contain a power of sale clause, which may be exercised in the <br />event that the Work is not timely completed, or in the event of an uncured breach of this <br />Agreement. <br />5, Site Control <br />The Recipient shall ensure that site control of the real property associated with the Work is <br />sufficient to meet the requirements of the Program, This shall include, but not be limited to, <br />ensuring the timely commencement of the Work as determined by the Department. Site control <br />of the Work may be evidenced by one of the following: <br />A, Fee title; <br />8. A leasehold interest on the property with provisions that enable the lessee to make <br />Improvements on and encumber the property provided that the terms and conditions <br />AHSC—Round 11 - Grant <br />NOFA Date: 01129/16 <br />Approved pate: 03/16/17 <br />Prep, Date: 07/20/17 <br />