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ATTACHMENT No, 4 To AFFORDABLE L HOUSING RE SALE RESTRICTION <br />RE' IMBURS MENT AGREEMENT <br />This REIMBURSEMENT AGREEMENT , dated as of <br />"Reimbursement. Agreement"), t" , is hereby entered into by and between the COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY of SANTA ANA., a public body corporate <br />and 3}f,.J]olitr c ("Agency"), and : ���. ��: ����: �������: ������: ��: ���. �������: ��:: ���: �:.:::. �. �:.:. ��.: : �:: �: �.::: ���������. : �: ��.: �:: ���.: �. �. �::: ��:: �: �.: �:: ���: ��: ��: ��:: �:���::�.:�.::�:�:��: :�:��� :�: ("Homebuyer"). <br />RECITALS <br />A. Homebuyer is purchasing condoininium located at : Santa <br />Ana, California "Property's). <br />B. Agency and Hor ebuyer have executed an Affordable Housing Resale Restriction <br />("Restriction") requires that for a forty -five year period the Property be sold only to a <br />Moderate Income Household at an Affordable Housing Cost, Which may result in purchase <br />prices which are substantially less than the current fair market value of the Property. <br />C. Hoinebu er is obtaining a loan "Loan" or "First Lien" from a private tender <br />("Lender") for a portion of the costs of acq uisition of the Property. A description of the Loan is <br />set forth in Exhibit "A" hereto, which is incorporated herein. <br />D. Pursuant to the Restriction, Agency has the right to acquire the Property its the <br />event that it becomes subject to a foreclosure proceeding, and has the right to make payments to <br />cure a default or delinquency on the Loan, <br />E. The right to male payments to cure a default or delingUeney on the Loan will be <br />of benefit to Agency by allowing Agency to prevent the foreclosure of the Property, which will <br />prevent the early termination ination of the Restriction. <br />F. Agency's right to make payments to cure a default or delinquency on the Loan is <br />also of benefit to Hom buy r, by allowing g Homebuyer to retain ownership of the Property and to <br />avoid foreclosure. <br />G. Agency desires to obtain the authority to sale payinents to cure a default or <br />delinquency on the Loan, on the condition that Hoinebuyer agrees to r ii bur e Agency for any <br />payments made to cure a default or delinquency on the Loan. In order to induce Agency to <br />obtain the authority to make payments to cure a default or delinquency on the Loan, Hot ebuyer <br />is willing to agree to reimburse Agency for any payments made to cure a Loan default or <br />delinquency. Homeb zyer understands. and acknowledges that Agency would not make pays enis <br />to cure a Lon default or delinquency but for Hot ebuyer's agreement to make such <br />reimbursements to Agency, as provided herein. <br />ATTACHMENT NO. 4-1 TO ATT C14MENT CIO. I I <br />To Affordable Housing Resale Restriction <br />Reimbursement er t Agreer ent <br />Igo CSOCA 400 v131200272 -0001 <br />