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8/30/07 <br />E. On December 12, 2002, the City Council of the City of Santa Ana ( "City ") <br />directed the City Attorney to prepare, and authorized the City Manager and the Clerk of <br />the Council to execute, an agreement for the acquisition of real property and escrow <br />instructions acquiring that certain real property located at 415 and 423 South Raitt Street, <br />Santa Ana (Assessor Parcel Numbers 007 - 273 -12 and 14) ( "Site ") as depicted in Exhibit <br />A. <br />F. On February 7, 2003, the Site was purchased by the City using federal HOME <br />funds. The City specifically purchased the Site with the intent of assisting Developer <br />with the preparation of a plan to develop new affordable housing on the Site. <br />G. This Agreement is intended to facilitate Developer in certain predevelopment <br />efforts that are expected to result in the development of affordable housing on the Site. <br />NOW, THEREFORE, the City and Developer agree as follows: <br />1) Term and Milestones. <br />City hereby agrees to cooperate with Developer to implement the objectives and tasks <br />set forth in this Agreement during its term, which shall commence upon the Effective <br />Date and expire, unless terminated sooner by either party, on December 15, 2008 (the <br />"Term "). Developer agrees to certain milestones that will be accomplished as set forth in <br />Exhibit B, attached hereto and incorporated herein by reference. Should Developer fall <br />behind sixty (60) days in the performance of any one milestone (excluding delays caused <br />solely by the City), the Developer shall be considered in default of said Agreement and <br />this Agreement and the Project can be terminated at the option of the City. <br />2) Development Agreements. <br />City and Developer agree, for the Term of this Agreement, to negotiate in good faith <br />pursuant to the terms set forth herein, one or more agreements relating to the financing, <br />acquisition, construction, rental and management of Affordable Housing units on the Site <br />(each of which agreement, for purposes of this Agreement, shall be referred to as an <br />"Development Agreement "). Nothing herein shall be deemed to be a covenant, promise, <br />or commitment by City, or any Agency of the City to enter into a Development <br />Agreement with Developer with respect to any particular property on any particular terms <br />or conditions. City's acceptance of this Agreement is merely an agreement to enter into a <br />period of negotiations according to the concepts presented herein, reserving final <br />discretion and approval by the City, and other agencies of the City as to any action <br />required of them, if any. <br />3) Predevelopment Loan and Preparation of Plans. <br />To facilitate the negotiation of Development Agreements, from time to time during <br />the Term of this Agreement, the City Manager, or the Deputy City Manager for <br />Development Services, shall be authorized to provide a predevelopment loan to <br />2 <br />