TINY TIM LP (C/O COMMUNITY DEVELOPMENT PARTNERS) (2)

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C. The City and the Housing Authority of the City of Santa Ana ("Housing Authority") reviewed Developer's request for assistance and at the City Council/Housing Authority meeting on June 20, 2017, the City Council authorized and approved issuance of a conditional, pre -commitment letter evidencing the preliminary award of $1,300,00 of funds to the Project ("Inclusionary Loan"), to be funded exclusively from the Inclusionary Housing Fund. D. The amount of the Inclusionary Loan was determined based upon the City's review of the Developer's request for the receipt of the Inclusionary Loan and the development proforma and projected cash flows for the Project submitted by the Developer to the City as of March 29, 2017 ("Proforma"). The City Project Manager has authority to approve revised development proformas and projected cash flows for the Project; provided, however, that the Inclusionary Loan is not materially increased or extended. E. In furtherance of the Inclusionary Housing Program, Developer has applied to the City for a loan with which to: 1. Acquire, develop and construct the project, and 2. Thereafter to maintain, operate and professionally manage the Project as decent, safe, sanitary and affordable rental housing. F. The City, on certain terms and conditions, desires to make such Inclusionary Loan to Developer in order to make possible the acquisition, development, construction, ownership, maintenance, and operation of the Project, thereby expanding the supply of decent, safe, sanitary and affordable housing within the City. G. If there is any inconsistency between Federal, State, and local guidelines with regard to any of the terms and conditions contained herein, the more stringent shall apply. NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein contained, City and Developer agree as follows: DEFINITIONS AND INTERPRETATION 1.1 Defined Terms. All capitalized teens used herein, including, without limitation, in the Recitals above and in all other Project Documents, unless otherwise expressly defined, are defined where first used in this Agreement and/or as set forth in this Article 1. "Administrative General Partner" means Tiny Tim CDP LLC, a California limited liability company. "Affordability Restrictions on Transfer of Property" means that certain document affecting real property benefiting the City, attached hereto and incorporated herein as Exhibit B.