55A - MORTGAGE CREDIT CERT PROGRAM

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DRAFT SECTION 3. The Agency represents and warrants to the County that: (i) the City of Santa Ana has heretofore adopted a general plan for the City in conformance with the provisions of the Planning Zoning Law of the State of California (Government Code Sections 65000 et sue.), (ii) said general plan includes a land use element and a housing element as required by Government Code Section 65302, and (iii) the Program complies with said land use element and housing element. SECTION 4. The Agency agrees that the County may issue mortgage credit certificates under the Program, as specifically set forth in the Act and the Code, with respect to property located within the geographic boundaries of the Agency and further agrees that the County may exercise any or all of the Agency's powers for the purpose of issuing mortgage credit certificates pursuant to the Act and the Code with respect to property located within the geographic boundaries of the Agency. SECTION 5. The Agency agrees to make any deposit required by CDLAC for an application for a mortgage credit certificate allocation. The Agency further agrees to pay within 45 days after invoiced by the County its proportionate share (based upon the number of participants in the Program) of administration costs applicable to each allocation received from CDLAC, which share is estimated not to exceed $15,000. SECTION 6. The Agency agrees to undertake such further proceedings or actions as maybe necessary in order to carry out the terms and the intent of this Cooperative Agreement. SECTION 7. Nothing in this Cooperative Agreement shall prevent the County from entering into one or more agreements with other public bodies and political subdivisions within the County, if deemed necessary and advisable to do so by the County. SECTION 8. This Cooperative Agreement maybe amended by one or more supplemental agreements executed by the County and the Agency at any time, except that no such amendment or supplement shall be made which shall adversely affect the rights of the owners of any mortgage credit certificates issued by the County in connection with the Program. SECTION 9. This Cooperative Agreement shall expire and be of no further force and effect upon the written agreement of the parties hereto, provided that termination of this Cooperative Agreement shall not adversely affect the rights of the owners of any mortgage credit certificates issued by the County in connection with the Program. 2 55A-7