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THIRD AMENDMENT TO FIRST AMENDED AND RESTATED LOAN <br />AGREEMENT <br />INCLUSIONARY HOUSING PROGRAM/CDBG FUNDS <br /> <br />THIS THIRD AMENDMENT TO LOAN AGREEMENT ("Third <br />Amendment") dated, for identification purposes only, as of ________________2021, is <br />made and entered into by and between the City of Santa Ana, a charter city and municipal <br />corporation (“City”) and Santa Ana Arts Collective, L.P. (“Developer”) with reference to <br />the following: <br /> <br />RECITALS: <br /> <br />A. City and Developer entered into the original Loan Agreement for <br />Inclusionary Housing Program and Community Development Block Grant (“CDBG”) <br />funds after Developer’s project consisting of a fifty-eight (58) unit multi-family <br />residential housing development, with live/work units and a commercial art studio, as <br />well as a community room (“Project”) located at 1666 N. Main Street, within the City of <br />Santa Ana, California. <br /> <br />B. City and Developer entered into the First Amended and Restated Loan <br />Agreement, Santa Ana Agreement No. A-2017-173, which was dated July 5, 2017, and <br />recorded against the property with the County of Orange on July 26, 2017 (“said Loan <br />Agreement”). <br /> <br />C. In accordance with the terms and conditions of said Loan Agreement, the <br />parties desire to amend said Loan Agreement to (i) provide the City’s consent to <br />Developer obtaining a loan from the California Housing Finance Agency in the face <br />amount of Two Million, Three Hundred Sixty-Two Thousand, Two Hundred Fifteen and <br />No/100s Dollars ($2,362,215.00) for the Project (the “SNHP Loan”), (ii) revise the <br />sharing of residual receipts among the public agency lenders to the Project and (iii) revise <br />the affordability levels of the Project’s unit mix, as outlined in Section 7.2 <br /> <br />NOW, THEREFORE, in consideration of the mutual and respective promises, <br />and subject to the terms and conditions of said Loan Agreement, except as herein <br />modified, the parties agree as follows: <br /> <br />1. Section 7.2 of said Loan Agreement shall be deleted and replaced with the <br />following: <br />Affordability Levels/Unit Mix: <br /> <br />The Project’s unit mix and levels of affordability are as follows: <br /> <br />Unit Size 30% AMI 35% AMI 50% AMI 60% AMI Total <br />1 Bedroom 15 6 5 -- 26 <br />2 Bedroom 2 -- 7 5 14 <br />3 Bedroom 4 -- -- 13 17 <br />Total 21 6 12 18 57 <br />AK <br />EXHIBIT 1