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<br /> 2 <br />LOAN AGREEMENT <br />CDBG PROGRAM <br /> <br />THIS LOAN AGREEMENT (the "Agreement") dated, for identification purposes only, <br />as of April 20, 2021, is made and entered into by and between the City of Santa Ana, a <br />charter city and municipal corporation (referred to herein as “City”) and North Harbor <br />Housing Partners LP, a California limited partnership, with reference to the following: <br /> <br />RECITALS: <br /> <br />A. City has received an allocation of funds from the United States Department of <br />Housing and Urban Development ("HUD") under the Community Development Block <br />Grant program pursuant to Title I of the Housing and Community Development Act of <br />1974, as amended (the "CDBG Program") (42 U.S.C. §530.1, et seq.) to be used in <br />accordance with applicable statutory requirements and regulations (the "CDBG <br />Regulations") (24 CFR Part 570); <br /> <br />B. Among the purposes of the CDBG Program are (1) provide decent <br />housing and a suitable living environment; and (2) expand economic opportunities for <br />low- and moderate-income persons; <br /> <br /> C. Developer is the owner of that certain property commonly known as 1108 <br />North Harbor Boulevard, within the City of Santa Ana, California, and legally described <br />in Exhibit A attached hereto (the “Property”). The loans referenced herein shall assist in <br />the acquisition and rehabilitation of said Property for a multifamily residential housing <br />development. <br /> <br />D. In furtherance of the CDBG Program, Developer has applied to City for a <br />loan with which to: <br /> <br />1. provide deeper affordability for a longer term, as well as acquire and <br />rehabilitate the Property, and <br /> <br />2. thereafter to maintain, operate and professionally manage the Property <br /> as decent, safe, sanitary and affordable rental housing. <br /> <br />E. City, on certain terms and conditions, desire to make such loan to Developer <br />in order to make possible the acquisition and rehabilitation of the Property, to expand the <br />supply of decent, safe, sanitary and affordable housing. <br /> <br /> F. If there is any discrepancy between Federal and State guidelines with regard <br />to any of the terms and conditions contained herein, the more stringent shall apply. <br /> <br /> G. The Loan Agreement and all of its attachments shall be enforceable by City <br />in accordance with the terms thereof. Each of the Loan Agreement, the Affordability <br />Restrictions on Transfer of Property, the City/CDBG Loan Note and the City/CDBG <br />Deed of Trust provide a means of enforcement by the City if Developer is in breach of its <br />EXHIBIT 3