ORANGE COUNTY COMMUNITY HOUSING CORPORATION - 2008

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FREE RECORDING REQUESTED PURSUANT TO GOVERNMENT CODE SECTION 27383 When Recorded Mail to: Community Redevelopment Agency City of Santa Ana 20 Civic Center Plaza (M-25) P.O. Box 1988 Santa Ana, California 92702 Attention: Executive Director GRANT DEED The COl~~TY REDEVELOPMENT AGENCY OF CITY OF SANTA ANA, a public body, corporate and politic ("Grantor"), under the Community Redevelopment Law of California as of ~ ~' , ~, 2008, hereby grants to Orange County Community Housing Corporation, a non- profit, public benefit corporation ("Grantee") all that real property situated at 1012 N. Logan Street, in the City of Santa Ana, County of Orange, State of California, described in Exhibit A, attached hereto and incorporated herein by this reference (the "Site") subject to the restrictions and covenants of record described herein. This grant is made subject to the following covenants, conditions and restrictions: 1. Grantee covenants and agrees for itself, its successors, and assigns, that Grantee, such successors and such assigns shall devote the Site as prescribed in that certain Disposition and Development Agreement between the parties, recorded in the Official Records of the County of Orange concurrently herewith (the "Agreement"). The Agreement generally requires the Developer to construct a single family home with garage and landscaping on the Site, to be sold at an affordable sales price to an income qualified household. 2. The Developer covenants and agrees for itself, its assigns, and every successor in interest to the Site or any part thereof, that upon the date of this Grant Deed and during construction and thereafter, the Developer shall devote the Site to the uses specified in the Agreement for the periods of time specified therein. All uses conducted on the Site, including without limitation, all activities undertaken by the Developer pursuant to the Agreement, shall conform with all applicable provisions of the Santa Ana Municipal Code. The foregoing covenants shall run with the land. 3. The Agency has the right, at its election, to re-enter and take possession of the Sites, with all improvements thereon, and terminate and revest in the Agency the estate conveyed to the Developer if after the Closing and prior to the issuance of the Release of Construction Covenants, the Developer (or its successors in interest) has failed to start the construction of the Improvements as required by the Agreement for a period of thirty (30) days after written notice thereof from the Agency; or abandoned or substantially suspended construction of the Improvements required by the Agreement for a period of thirty (30) days after written notice