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RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO:
<br />Orrick, Herrington & Sutcliffe LLP
<br />405 Howard Street
<br />San Francisco, California 94105
<br />Attention: Justin Cooper
<br /> 4143-1754-2168.3
<br />
<br />AMENDED AND RESTATED REGULATORY AGREEMENT
<br />AND DECLARATION OF RESTRICTIVE COVENANTS
<br />THIS AMENDED AND RESTATED REGULATORY AGREEMENT AND DECLARATION OF
<br />RESTRICTIVE COVENANTS (as supplemented and amended from time to time, this “Regulatory
<br />Agreement”), dated as of December 1, 2018, by and between the Hous ing Authority of the City of Santa
<br />Ana, California, a public body, corporate and politic, duly organized and existing under the laws of the State
<br />of California (together with any successor to its rights, duties and obligations, the “Issuer”), and LINC —
<br />Bristol Associates I, a California Limited Partnership (together with any successor to its rights, duties and
<br />obligations hereunder and as owner of the Project identified herein, the “Borrower”), owner of the land
<br />described in Exhibit A attached hereto, and am ends and restates that certain Regulatory Agreement and
<br />Declaration of Restrictive Covenants, dated as of November 1, 2006 , recorded November 27, 2006 as
<br />Instrument No.: 2006000791116 in Official Records, Orange County, California (the “Original Regulatory
<br />Agreement”), by and among the Issuer, U.S. Bank National Association, as trustee (the “Trustee”) and as
<br />successor in interest to First Trust of California, and the Borrower.
<br />W I T N E S S E T H :
<br />WHEREAS, the Legislature of the State of California enacted Chapter 1 of Part 2 of Division 24
<br />(commencing with Section 34200) of the Health and Safety Code (the “Act”) to authorize housing authorities
<br />to issue revenue bonds to finance the acquisition, construction, rehabilitation or development of multifamily
<br />rental housing for families and individuals of very low income; and
<br />WHEREAS, in furtherance of the purposes of the Act and as a part of the Issuer’s plan of financing
<br />residential housing, the Issuer previously issued $8,140,000 aggregate principal amount of i ts revenue
<br />bonds designated “Housing Authority of the City of Santa Ana Multifamily Housing Revenue Refunding
<br />Bonds (City Gardens Apartments) 2006 Series B” (the “Bonds”), the proceeds of which were used to provide
<br />finance and refinance the acquisition and rehabilitation of a multifamily residential rental housing project
<br />located in the area of operation of the Issuer on the site described in Exhibit A hereto and known as City
<br />Garden Apartments (the “Project”); and
<br />WHEREAS, the proceeds of the Bonds were used to fund a loan (the “Loan”) to the Borrower
<br />pursuant to a Financing Agreement, dated as of November 1, 2006, among the Issuer, the Trustee and the
<br />Borrower (as supplemented and amended from time to time, the “Financing Agreement”); and
<br />WHEREAS, in connection with the issuance of the Bonds, the Issuer, the Borrower and the Trustee
<br />entered into the Original Regulatory Agreement, which Original Regulatory Agreement is amended,
<br />restated and superseded by this Regulatory Agreement; and
<br />WHEREAS, on or before December 31, 2012, the Loan was refinanced with proceeds of a loan
<br />made by the Federal National Mortgage Association (“Fannie Mae”) directly to the Borrower (the “Fannie
<br />Mae Loan”); the Bonds were retired in full; the Trust Indenture, dated as of November 1 , 2006 (the
<br />“Indenture”), pursuant to which the Bonds had been issued was discharged; and the trust was terminated
<br />pursuant to the Indenture;
<br />EXHIBIT 1
<br />4-5
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