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<br /> <br />- 6 - <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />General Provisions: <br /> <br />The City's obligation to provide the Conditional HOME Grant to the Project is subject to <br />each of the following conditions: <br /> <br /> Developer must provide proof that it has secured all of its remaining financing for <br />the development of the Project in the form of enforceable funding commitments <br />before staff will return to the City Council for consideration of the Grant Agreement <br />for the Conditional HOME Grant. The evidence of financing must be submitted to <br />the City and is subject to the City completing a final HOME Subsidy Layering <br />Review. <br /> <br /> All provided funding and Project requirements shall conform to the City’s most <br />recently adopted Affordable Housing Funds Policies and Procedures unless <br />alternative requirements are expressly provided in the executed Grant Agreement <br />for the Conditional HOME Grant or any other documents related to the <br />development of the Project. <br /> <br /> Approval of all required entitlements and discretionary actions to allow the <br />construction of 40 affordable ownership units to be located at 621 W est Alton <br />Avenue, Santa Ana, CA, 92707 (APN 410-351-02). <br /> <br /> The City's obligation to provide the Conditional HOME Grant is and shall remain <br />subject to all covenants, conditions, and restrictions set forth in this pre- <br />commitment letter and the Grant Agreement, and in particular, the City's analysis <br />of the available funding sources and development and operating costs of the <br />Project and the overall economic feasibility of the Project . <br /> <br /> Developer's compliance with the Relocation Laws and Eviction Protections, and <br />providing documentation to the City evidencing compliance. <br /> <br /> Review and approval of the Grant Agreement evidencing the Conditional HOME <br />Grant by the City Council, including the Grant Agreement and Regulatory <br />Agreement. <br /> <br /> The obligations of the Grant Agreement, including obligations of the HOME <br />Program, shall be secured by a Performance Deed of Trust, or other form of <br />security reasonably acceptable to the City and which comply with the HOME <br />Program. <br /> <br /> The owner of the Property shall execute the Regulatory Agreement, which shall <br />impose covenants that run with the land to provide the affordable units at an <br />affordable sales price as required by the Grant Agreement upon completion of the <br />Project. <br /> <br />EXHIBIT 2