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EXHIBIT 3 <br />4. [RESERVED] <br />5. AGENCY LOAN: <br />A. Amount and Purpose. Subject to the terms and conditions of this <br />Agreement, Agency agrees to make a loan to the Developer from the Low and Moderate <br />Income Housing Asset Fund ("LMIHAF") in the principal amount of up to $8,522,740.00 <br />for the acquisition costs and hard and soft costs in constructing the Project. <br />B. Agency Promissory Note and Deed of Trust. The Agency Loan shall be <br />evidenced by the Agency Promissory Note in the form attached hereto as Exhibit D. The <br />Agency Loan shall be secured by the Agency Deed of Trust in the form attached hereto <br />as Exhibit C. <br />C. Agency Loan Terms. The terms and conditions of the Agency Loan are <br />as set forth in the Agency Promissory Note, which is a residual receipts Note. The term <br />of affordability for the Project is fifty-five (55) years from the receipt of Certificate of <br />Occupancy for the Project, or repayment of the Agency Loan, whichever is longer. <br />6. CONDITIONS TO DISBURSEMENT OF LOAN PROCEEDS <br />6.1 Conditions Precedent. Agency's obligation to disburse the Agency Loan <br />is subject to the satisfaction of the following conditions precedent: <br />(a) Housing; Authority. Review and approval of the documents <br />evidencing the Agency Loan by the Housing Authority of the City of Santa Ana acting as <br />the Housing Successor Agency. <br />(b) Code Compliance. Compliance with California Health and Safety <br />Code and applicable regulations set forth in Section 34176. <br />(c) Environmental Review. Compliance with and completion of <br />environmental review of the Project pursuant to the California Environmental Quality <br />Act ("CEQA") and approval thereof. <br />(d) Affordability Restrictions. The funding of $8,522,740 is from the <br />Low and Moderate Income Housing Asset Fund, which requires legal restrictions that the <br />Agency cannot amend or repeal. Sixty-eight (68) of the sixty-nine (69) "Housing Units" <br />at the Project shall and will be restricted to "Affordable Rent" as defined by the <br />California Tax Credit Allocation Committee (TCAC) Regulations for a period not less <br />than fifty-five (55) years pursuant to conditions, covenants and restrictions recorded <br />against the Project in the Official Records, County of Orange, California. Thirty-four <br />(34) of the sixty-eight (68) Housing Units at the Project shall and will be restricted to <br />households earning 30% or less of the AMI, twenty-one (21) of the sixty-eight (68) <br />Housing Units at the Project shall and will be restricted to households earning 50% or <br />less of the AMI, and thirteen (13) of the sixty-eight (68) Housing Units at the Project <br />0 <br />3-19 <br />