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CORNERSTONE HOUSING PARTNERS LP
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Last modified
4/15/2020 1:47:16 PM
Creation date
4/15/2020 1:26:35 PM
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Contracts
Company Name
CORNERSTONE HOUSING PARTNERS LP
Contract #
A-2019-168-01
Council Approval Date
9/17/2019
Destruction Year
0
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RECORDING REQUESTED BY <br />AND WHEN RECORDED RETURN TO: <br />City of Santa Ana <br />Clerk of the Council <br />20 Civic Center Plaza (M-30) <br />P.O. Box 1988 <br />Santa Ana, California 92702 <br />Attention: Clerk of the Council <br />N CS—$ }OI q (-A SPACE ABOVE THIS LINE FOR RECORDING USE <br />FREE RECORDING REQUESTED <br />[Government Code Section 6103] <br />AMENDED AND RESTATED AFFORDABILITY RESTRICTIONS <br />ON TRANSFER OF PROPERTY <br />(805, 810, 815, 816, 825, 828, 835, and 904 S. Minnie Street, Santa Ana, California) <br />THESE AFFORDABLE HOUSING RESTRICTIONS ON TRANSFER OF <br />PROPERTY (these "Restrictions") are entered into as of September 17, 2019, by and <br />among and CORNERSTONE HOUSING PARTNERS LP, a California limited <br />partnership (referred to herein as the "Developer"), and the Housing Authority of the City <br />of Santa Ana, a public body, corporate and politic (the "Agency"). <br />RECITALS: <br />A. Developer is the owner of that certain real property located at 805, 810, 815, <br />816, 825, 828, 835, and 904 S. Minnie Street, Santa Ana, California and commonly referred <br />to as the Cornerstone Apartments, and legally described in Exhibit A attached hereto and <br />incorporated herein by reference ("Property"). <br />B. For the purpose of providing one -hundred, twenty-six (126) units of housing, <br />one hundred twenty-five (125) of which will be affordable to very -low income households <br />("Assisted Units"), Wakeham-Grant Apartments, L.P. (the "Original Developer") and the <br />Agency previously entered into the Housing Successor Agency Loan Agreements (as <br />defined in the Loan Agreement) and the Affordability Restrictions on Transfer of Property <br />(collectively, the "Original Restrictions") described in Exhibit B. <br />C. In connection with the Original Developer's sale of the Property to <br />Developer (the "Sale"), Original Developer and Developer desire to enter into that certain <br />Assignment and Assumption Agreement (Agency Loan), dated as of the date hereof, by and <br />between the Original Developer and the Developer to effectuate the assignment of the <br />Agency Loan Agreements to Developer (the "Assignment"), and the Agency has consented <br />to such Sale and Assignment. <br />D. The Agency and Developer have entered into that certain Amended and <br />Restated Loan Agreement, dated on or about the date hereof (the "Loan Agreement") to <br />
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