55A - AGMT LEGACY APARTMENTS - Laserfiche WebLink

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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. Such approval has occurred as of the City's execution hereof. (b) Code Compliance. Compliance with California Health and Safety Code and applicable regulations set forth in Section 34176. Such compliance has occurred as of the City's execution hereof. (c) Environmental Review. Compliance with and completion of environmental review of the Project pursuant to the California Environmental Quality Act ("CEQA") and approval thereof. Such completion has occurred as of the City's execution hereof. (d) Affordability Restrictions. The funding of $3,170,547 is from the Inclusionary Housing Fund. Forty-five (45) of the "Housing Units" at the Project shall and will be Restricted Units 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 of not less than fifty-five (55) years recorded against the Project in the Official Records, County of Orange, California. Twenty- seven (27) of the units at the Project shall and will be restricted to households earning 30% or less of the AMI and eighteen (18) of the units shall and will be restricted to households earning no more than 50% of the AMI. (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 Inclusionary Loan Agreement; (ii) the Inclusionary Promissory Note ($3,170,547); (iii) the Inclusionary Deed of Trust; and, (iv) the Affordability Restrictions on Transfer of Property. (f) Title Insurance. City shall have received an American Land Title Association (ALTA) Extended (LP-10) Loan Policy (6-17-06), or evidence of a commitment therefore satisfactory to City, issued by Fidelity National Title Insurance Company and in form and substance satisfactory to City, together with all endorsements and binders required, naming City as the insured, in a policy amount of not less than the total hiclusionary Loan Amount, showing Developer as the leasehold owner of the Property and insuring the Inclusionary Deed of Trust to be a valid priority lien on the Property. This Agreement, the Inclusionary Promissory Note, and the Inclusionary Deed of Trust shall all be subordinate to the Senior Loan Note and Senior Loan Deed of Trust. 55A-22