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Page 13 <br />development of the Project, staff will return to the Housing Authority for consideration of <br />a 99 -year Ground Lease Agreement. <br />General Provisions: <br />The Agency's obligation to provide the Agency Assistance to the Project is subject to each <br />of the following conditions: <br />• Developer must provide proof that it has secured all of its remaining financing for <br />the development of the Project before staff will return to the City Council / Housing <br />Authority for consideration of the Loan Agreement and Ground Lease Agreement. <br />• All provided funding and project requirements shall conform to the City's adopted <br />Affordable Housing Funds Policies and Procedures, unless alternative <br />requirements are expressly provided in the executed Loan Agreement and/or <br />Ground Lease Agreement, or any other documents related to the development of <br />the Project. <br />• Approval of all required entitlements and discretionary actions, to allow the <br />construction of a 2 -unit affordable housing project to be located at 416 Vance Street <br />(APN 398-041-22) and 826 N. Lacy Street (APN 398-041-22), Santa Ana, CA 92701. <br />• The City's obligation to provide the Loan is and shall remain subject to all covenants, <br />conditions, and restrictions set forth in the Loan Agreement, and in particular City's <br />analysis of the available funding sources and development and operating costs of <br />the Project and the overall economic feasibility of the Project. <br />• Review and approval of the documents evidencing the City Loan by the City Council, <br />as applicable. <br />• Review and approval of the documents evidencing the Ground Lease by the Housing <br />Authority as applicable. <br />• Compliance with California Health and Safety Code and applicable regulations set <br />forth in Section 34176. <br />Developer, at its sole cost and expense, will be responsible for securing any and all <br />permits and discretionary approvals that may be required for the Project by the City, <br />Housing Authority, or any other federal, state, or local governmental entity having or <br />claiming jurisdiction over the Property or Project. Notably, this pre -commitment letter <br />shall not obligate the City or any department thereof to approve any application or request <br />for or take any other action in connection with any planning approval, permit or other <br />action necessary for the construction, rehabilitation, installation or operation of the <br />Project. <br />This pre -commitment letter for the Project will expire on March 5, 2021. <br />