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<br /> <br />- 2 - <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 />workers and residents of Santa Ana in accordance with Santa Ana Municipal Code <br />Section 8-3500. Construction will comply with all City of Santa Ana, County, and State <br />building codes. <br /> <br />The City of Santa Ana (“City”) has reviewed the Developer's request for financial <br />assistance, and at the City Council meeting on March 4, 2025, the City Council authorized <br />and approved the issuance of this pre-commitment letter evidencing the preliminary <br />award of $9,807,571.00 in HOME Investment Partnerships (“HOME”) Program Funds <br />consisting of: <br /> <br />- A Conditional Grant in the maximum amount of $9,807,571.00 from the HOME <br />Program Fund held by the City for the Project (“Conditional HOME Grant”). <br /> <br />This letter shall evidence the City’s pre-commitment of the Conditional HOME Grant to <br />the Developer for the Project subject to the conditions described below. <br /> <br />Conditional HOME Grant: <br /> <br />The amount of the proposed Conditional HOME Grant has been determined based upon <br />the City’s review of the Developer's request for the receipt of the Conditional HOME Grant <br />and the development proforma for the Project submitted by the Developer to the City <br />(“Proforma”). The City Manager or his/her designee has the authority to approve revised <br />development proformas for the Project; provided, however, that the Conditional HOME <br />Grant is not increased or extended. <br /> <br />The Conditional HOME Grant shall be conditioned on and include the following terms: <br /> <br /> The Conditional HOME Grant shall be for a maximum principal amount of <br />$9,807,571.00, or as much thereof, as is disbursed for hard and soft costs in <br />constructing the Project, provided from the HOME Program Fund. The terms and <br />conditions of the Conditional HOME Grant shall be incorporated into a written <br />agreement ("Grant Agreement"), which shall comply with all provisions and <br />requirements of this Pre-Commitment Letter, and any additional terms or <br />conditions that City determines are reasonably necessary to implement the Project <br />and ensure compliance with federal, state and local law. <br /> <br /> The disbursement of the Conditional HOME Grant shall be made according to a <br />schedule of disbursements based on written milestones set forth in the Grant <br />Agreement. <br /> <br /> The Grant Agreement shall require a performance deed of trust in favor of the City <br />("Performance Deed of Trust") securing the obligations of the Grant Agreement <br />against the Property; the City may, in its sole and absolute discretion, approve <br />alternative security, such as a leasehold deed of trust or a security interest in a <br />construction funding account, subject to terms and conditions agreeable to the City <br />and compliant with the HOME Program. The Performance Deed of Trust (or <br />EXHIBIT 2