ORANGE HOUSING DEVELOPMENT CORPORATION/C&C DEVELOPMENT

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n FREE RECORDING REQUESTED PURSUANT TO GOVERNMENT CODE SECTION 27383 When Recorded Mail to: City of Santa Ana Community Development Agency 20 Civic Center Plaza (M-37) P.O. Box 1988 Santa Ana, CA 92702-1988 Attention: Housing Programs Coordinator AFFORDABILITY COVENANTS AND RESTRICTIONS {Address: 1410-1412 Durant Street, Santa Ana, CA} THIS AFFORDABILITY RESTRICTION AGREEMENT (the "Restrictions") are entered into by and between Townsend & Raitt, LP, a limited partnership comprised of Orange Housing Development Corporation, ("OHDC"), a non-profit 501 (c) (3) organization, and C&C T&R, LLC, a Limited Liability Company ("Owner") and the City of Santa Ana, a charter city and municipal corporation (the "City"). RECITALS: A. Owner is purchasing that certain real property (the "Property") located in the City of Santa Ana more particularly described in Exhibit "A" which is attached hereto and incorporated herein by this reference. B. Title III of Division B of the Housing and Economic Recovery Act of 2008 (Pub. L 110-289, 122 Stat. 2654 enacted July 30, 2009) makes available to certain qualified municipalities for certain qualified grant funds termed Neighborhood Stabilization Program ("NSP Funds") under a program termed the Neighborhood Stabilization Program (the "NSP"). C. The City was notified that its application under the NSP for NSP Funds was approved by the U.S. Department of Housing and Urban Development ("HUD") with funding allocated for acquisition and rehabilitation of the multi -family rental component of the NSP. The parties hereto have executed the Neighborhood Stabilization Program Rental Housing Development Agreement ("Agreement") concurrently with these Restrictions. Owner must comply with all of the NSP Program requirements as set forth in the Agreement. NSP Funds were used for the acquisition of the Property.