WESTVIEW HOUSE L (9).P - Laserfiche WebLink

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RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: City of Santa Ana Clerk of the Council 20 Civic Center Plaza (M-30) P.O. Box 1988 Santa Ana, California 92702 Attention: Clerk of the Council SPACE ABOVE THIS LINE FOR RECORDING USE FREE RECORDING REQUESTED [Government Code Section 61031 AFFORDABILITY RESTRICTIONS ON TRANSFER OF PROPERTY (2530 & 2534 Westminster Avenue, Santa Ana, California) THESE AFFORDABILITY RESTRICTIONS ON TRANSFER OF PROPERTY (the "Restrictions") are entered into as of May 26, 2022, by and between and Westview House LP, a California limited partnership ("Developer"), and the City of Santa Ana, a charter city and municipal corporation ("City"). RECITALS: A. Developer is the owner of that certain real property located at 2530 and 2534 Westminster Avenue ("Property"), located in the City of Santa Ana, more particularly described in Exhibit A, which is attached hereto and incorporated herein by this reference. B. The Developer and the City have entered into that certain Loan Agreement, dated on or about the date hereof ("Loan Agreement'), for the purpose of providing eighty-four (84) units of housing that will be affordable to Extremely Low Income, Very Low Income, and Low Income households ("Restricted Units"), with one un-restricted unit reserved for an on -site manager, to which these Restrictions are attached as Exhibit F (any capitalized tenn that is not otherwise defined in these Restrictions shall have the meaning ascribed to such tenn in the Loan Agreement). C. The Loan Agreement provides, among other things, for the use of the Property for affordable housing with all Restricted Units being restricted to Extremely Low Income, Very Low Income and Low Income households, at Affordable Rent(s). D. The Loan Agreement contains certain provisions relating to the use of the Property Westview House City Affordability Restrictions on Transfer of Property