1901 E. 1ST STREET PARTNERS, LLC 1 - 2007

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not limited to preparation of one or more elements of its general plan or for zoning amendments), conceptual design, final design, bid preparation, award of bid, property appraisal, property acquisition, relocation, lost goodwill, and/or construction of new or substantially rehabilitated existing affordable housing in the City. 5.7.3 In-Lieu Park Development Fee. The Owner shall pay an in-lieu park development fee in the amount of One Million Four Hundred Fifty Thousand Dollars ($1,450,000) with respect to the Project ("In-Lieu Park Development Fee") payable pro rata, which pro rata fraction shall be determined based on a fraction the numerator of which is the total number of residential units in a phase and the denominator of which is the total number of residential units in the Project. The pro rata In-Lieu Park Development Fee shall be paid prior to issuance of the building permit for each phase. The City shall use said fees for new parkland, capital improvements at existing parks, and deferred maintenance at existing parks (up to a maximum of fifty percent of amount of the fee). If not used or appropriated this fee shall be returned to Developer, consistent with the provisions of (and subject to the exceptions contained within) the California Mitigation Fee Act, Government Code ~ 66000 et seq. Owner may propose in future an alternative in-lieu of the provisions of this section which fully satisfies this requirement, and if such proposal is consistent with City's park plans and standards, the City shall consider such proposal in good faith; provided, however, that if approved such proposal shall be the subject of an amendment to this Agreement entered into pursuant to Government Code section 65868. 5.7.4 Reserved 5.7.5 Covenants, Conditions, and Restrictions. Covenants, Conditions, and Restrictions (CC&R's) must be provided and approved by the Planning and Building Agency's Executive Director for the project prior to the issuance of the first building permit. Such CC&R's must contain at a minimum, the following: (1) No more than four residents per unit, except that for three-bedroom units, there shall be no more than five residents per unit. (2) All initial sales of residential units by Owner shall include a covenant that the buyer may not re-sell the unit for a period on one (1) year. (3) No home occupancy shall be permitted in a unit, except III accordance with section 41-192 et seq. of the Santa Ana Municipal Code. (4) Assignment of repair of perimeter walls and common areas, including landscaping, will be specified in the CC&R's in the event of damage. (5) Disclosure and release: CC&R's shall provide notice to prospective owners of the urban character of the City and this area, including but not limited to the permitted uses of the property and buildings in the immediate area of the development (e.g., Xerox Towers, State Compensation Insurance Fund, 1-5 and SR-55 freeways), and surrounding property zoned and/or devoted to commercial use, and shall provide a release of all claims against the City which may arise from or relate to the disclosed matters. -11-