80A - PH AGMT WITH COUNTY OF ORANGE 65 YR GROUND LEASE

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GROUND LEASE THIS GROUND LEASE ("Lease") is made and effective as of the day of 2020 ("Effective Date") by and between the COUNTY OF ORANGE, a political subdivision of the State of California, the HOUSING AUTHORITY OF THE CITY OF SANTA ANA, a public body, corporate and politic, as tenants -in -common (respectively, the "County" and the "Agency", and collectively "Lessor") and WASHINGTON SANTA ANA HOUSING PARTNERS, L.P., a California limited partnership (hereinafter called "Tenant") (also referred to hereinafter each as "Party" or collectively as the "Parties"). RECITALS A. County and Agency are tenants -in -common of a certain property that encompasses the Premises (as hereinafter defined). B. County and Agency have executed a Joint Powers Agreement ("Joint Powers Agreement"), pursuant to which the County and Agency agreed to lease the Premises to the Tenant to develop, entitle and construct an 86-unit multifamily affordable housing project, as more fully described herein, upon the fulfillment of certain conditions precedent as set forth therein. C. The Parties have executed an Option Agreement, dated 12020 ("Option Agreement"), pursuant to which the Lessor had agreed to lease the Premises to the Tenant upon the fulfillment of certain conditions precedent. D. The County and Agency acknowledge that the conditions precedent required by the Joint Powers Agreement and Option Agreement have been fulfilled and therefore the Parties desire that Tenant shall ground lease the Premises from Lessor on the terms set forth herein. E. Lessor and Tenant have jointly agreed to enter into this Lease as of the date set forth above. F. On July 2, 2019, the Agency authorized the Executive Director of the Agency and the Recording Secretary to execute a pre -commitment letter with the Tenant to enter into negotiations for a sixty-five (65) year ground -lease of 1126 E. Washington Ave for the development of the Crossroads at Washington affordable housing project located at 1126 and 1146 E. Washington Avenue, Santa Ana, CA 92701 (APNs 398-092-13 and 398-092-14). G. On July 2, 2019, the City of Santa Ana authorized the City Manager and the Clerk of the Council to execute a pre -commitment letter with the Tenant for $3,971,440 in affordable housing funds consisting of $963,951 in Neighborhood Stabilization Program funds and $3,007,489 in HOME Investment Partnerships Program funds, for the development of the Crossroads at Washington affordable housing project located at 1126 and 1146 E. Washington Avenue, Santa Ana, CA 92701 (APNs 398-092-13 and 398-092-14). Page 11