Laserfiche WebLink
ATTACHMENT NO, I I <br />FORM OF HOMEBUYER LOAN AGRI MEN <br />THIS HOMEBUYER LOAN AGREEMENT (this "Agreement" is made as of <br />by and be err <br />(the "H mebu r" ) and the COMMUNITY RE, DEVELOPMENT AGENCY OF THE CITY <br />OF SANTA ANA, a public body, corporate and politie the "Agency"). <br />RECITALS <br />A. The Agency is a community redevelopment agency duly organized and existing <br />under the California Community Redevelopment Law, Health & Safety Code Section 33000, <br />xs' ., "CRS." and has been authorized to transact business and exercise the po wer of a <br />community redevelopment agency pursuant to action of the City Council "City Council" of the <br />City of Santa Ana "City "). <br />B. The Homebuyer leas entered into a purchase and sale agreement lie "Purchase <br />Agreement" with <br />:...._. :. the "Seller" or "Developer") elope'" <br />certain real property improved with a single family louse thereon. Such real property is <br />commonly known as ::::.: : , Santa na, Califo�•t�ia, and more particularly <br />described in Exhibit "A" attached hereto and incorporated herein the "Property"'). <br />C. The Agency is engaged in activities necessary and appropriate to carry out the <br />Redevelopment Plan the "Redevelopment Plan ") for the Merged Redevelopment Project the <br />"Project Area" ) which was adopted by the City Council by Ordinance Nos. 2662-2667 adopted <br />by the City Council of the City of Santa Ana the "City" on September o, 2004. <br />D. Pursuant to Section 33334.2, et seq. of the C L, the Agency has deposited funds <br />into its Low and Moderate Income Housing Fund the "Housing Fund" for the purpose of <br />providing subsidies to, or for the benefit of, persons and families of Low and Moderate Income <br />in order to assist them in obtaining housing within the community, <br />E. The Property has been constructed pursuant to a "Disposition and Development <br />Agreement" between the Agency and . f, dated as of.'.'.'. 52010. <br />Developer has assumed the obligations under the Disposition and Development Agreement with <br />respect to the Phase PS (single family homes), as of ned therein, pursuant to an Assignment and <br />Assumption Agreement with : :. The Disposition ition and <br />Development Agreement requires the Developer to sell the Property to a "Moderate Income <br />Household" at an "Affordable Housing Cost, "' as those terms are defined in California Heaitl <br />Safety Code Sections 50052.5 and 50093 and the implementing regulations thereto its Title 25, <br />Cal iforni a Code of Regu Iation , S eetion 6910, et seq. <br />P, The Disposition and Development Agreement requires the Agency to enter into <br />this Agreement to establish a subordinate loan secured by a second trust deed to the Homebuyer, <br />ATTACHMENT No, 1 I -I <br />Porn of Homebuyer Loam Agreement <br />l o so / 1400673 v 1 31200272 -0001 <br />