03-22-21_Agenda Packet - Laserfiche WebLink

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EXHIBIT E NOTICE OF AFFORDABILITY RESTRICTIONS ON TRANSFER OF PROPERTY NOTICE IS HEREBY GIVEN that the CITY OF SANTA ANA, a charter city and municipal corporation organized and existing under the Constitution and laws of the State of California, has entered into a Density Bonus Agreement with Shelter Providers of Orange County, Inc., a California nonprofit corporation doing business as HomeAid of Orange County (“Developer”). The Density Bonus Agreement imposes income and affordability covenants on designated Affordable Units with the Project located at 801, 807, 809, 809 ½ East Santa Ana Boulevard, Santa Ana, Orange County, and further described in the legal description provided in Exhibit A to the Density Bonus Agreement. The Density Bonus Agreement was recorded as Document/Instrument Number ______________________, and shall remain in effect until _______________ ______, 20____ (Insert date of the termination of the Affordability Period). The Density Bonus Agreement imposes the following income and affordability restrictions on the Affordable Units. Number of Bedrooms Extremely-Low Income Households Low Income Households Studio Units One-Bedroom Units 16 Two-Bedroom Units Three-Bedroom Units Four-Bedroom Units In the event the Property Owner wishes to sell or transfer the Project during the Affordability Period, or the Developer wishes to assign the ground lease to the Property and such assignment requires City approval, the City and the Developer shall execute and deposit into escrow, or record against the Property, this Notice of Affordability Covenants on Transfer of the Property. The sale or transfer of the Property, or assignment of ground lease, shall not be effective unless and until the City and transferee execute the documents necessary to transfer the Density Bonus Agreement obligations from the Developer to the transferee, to the extent documentation or approval is required under section 8.1.1. This Notice of Affordability Covenants on Transfer of the Property in no way modifies the provisions of the Density Bonus Agreement. In the event of any conflict between this Notice of Affordability Covenants on Transfer of the Property and the Density Bonus Agreement, the terms of the Density Bonus Agreement shall prevail. IN WITNESS WHEREOF, the Parties hereto have duly executed this Notice of Affordability Restrictions on Transfer of Property as of the dates set forth below. [Signatures on Following Pages] City Council 2 –107 3/22/2021