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

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The Tenn of Affordability for the Project is fifty-five (55) years from the date of issuance of Certificate of Occupancy for the Project, or repayment of the Inclusionary Loan, whichever is longer. 5.1. Inclusionary Funds: A. Amount and Purpose. Subject to the terms and conditions of this Agreement, City agrees to make a loan to Developer from the Inclusionary Housing Fund in the principal amount of up to $1,300,000.00 for the acquisition, construction, ownership, operation, rehabilitation and other costs of the Project. 6. CONDITIONS TO DISBURSEMENT OF LOAN PROCEEDS 6.1 Conditions Precedent. City's obligation to disburse the loan is subject to the satisfaction of the following conditions precedent: (a) City Council. Review and approval of the documents evidencing the Inclusionary Loan by the City Council of the City of Santa Ana. (b) Code Compliance. Compliance with California Health and Safety Code and applicable regulations set forth in Section 34176. (c) Environmental Review. Compliance with and completion of environmental review of the Project pursuant to the California Environmental Quality Act ("CEQA") and approval thereof. (d) Affordability Restrictions. The finding of $1,300,000 is from the Inclusionary Housing Fund. Fifty (50) of the "Housing Units" at the Project shall and will be restricted to affordable rents pursuant to the Maximum Rents published yearly by the California Tax Credit Allocation Committee (TCAC) and referenced in the regulatory agreement containing conditions, covenants and restrictions executed by Developer and TCAC for a period not less than fifty-five (55) years recorded against the Project in the Official Records, County of Orange, California. At least fifteen (15) of the Housing Units at the Project shall and will be restricted to households earning 30% or less of the AMI. One (1) Housing Unit will be rented to an on -site property manager; the manager's unit will not be rent restricted. (e) Loan Documents. Developer shall have delivered to the Escrow Holder, signed by the authorized officer or officers of Developer, with such signature(s) acknowledged where necessary, each of the following documents: (i) this hnclusionary Loan Agreement; (ii) the Inclusionary Promissory Note ($1,300,000); (iii) the Inclusionary Deed of Trust; and, (iv) the Affordability Restrictions on Transfer of Property.