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A 1 T~,~HNI~N 1 N ~ ~ <br /> ~'~R OI` ~~BU~~~ ~~AN AR~~NT <br /> T~~ ~~IEBU~~R LEAN A~~ViENT nth is "Agr~cenient"~ is made as of <br /> ~ <br /> Q b and be en <br /> ~~e <br /> ~t~e "Ho~~~ebuyer•"~ and tl~c Oi1~~JNIT~' D~'~~~~P~NT A~N~ ~ T~~ IT'S <br /> SANTA ANA, a p~~blic body, corporate and politic ~tlie "Agency"}. <br /> R~ITAL <br /> A~f The Agency ~ a ca~nmunrty rede~eloptnerit agency duly ararii~ed and existing <br /> under• the aliforriia otntni~nity Rede~eloprnent La~~, Health & safety bode ectrori ~OQO, <br /> se~~., ~"~L"~ and leas been a~~tlio~~ized to transact business and exercise tl~ pov~Ter of a <br /> con~n~u~lity rede~elop~~~ent agency p~u•s~~ant to actiori of the pity ~aur7cil ~"pity orrncil"} of the <br /> qty a~ Santa Aria ~"rty"~, <br /> The Hornebuye~• leas et~ter+e lnta a pl~rchase acid sale ag~•ee~ret~t ~tlle "purcl~ase <br /> Ag~•eet~lerit"~ ~~ritli ~ ~ _ , . . ~ :..stile `~eller~" or~ "~e~eloper"j to purchase <br /> certai~~ real proper•#y i~npio~ed 4~ritli a single family lioErse thereon, Such real ro ert is <br /> ~ P y <br /> carntiloniy kt~a~~ri as . ~ ~ ~ : ~ Salta Aria, ~aliforl~ia, and snore par•tic~~larly <br /> described i~~ ~xl~ibit "A" attached l~ercta and incorporated liereiti ~tlie `Property"~, <br /> Tl~e Aget~cy is eriaged in activities rieeessary acid appropriate to carry out the <br /> ede~eloprnerit Plan ~tl~e "Redevelopment Plan"~ far the verged Rede~~elop~nent Pr~aect the <br /> "Project Area"~ ~liiCh vas adopted by the pity our~cil by ~r•di~lat~ce dos. ~~G~-~7 adopted <br /> by the pity auncil of the qty of Santa Aria ~tlie "pity"~ on epte~r~bel~ 3Q, 2aQ4, <br /> D, ~'~#~•suant to Section ~~~3~~~, e~ s~~~, of the ~L, the Aericy bas deposited Funds <br /> into its La~v and ade~~ate Income Housing Fund the "pausing Fund"} for tl~e purpose of <br /> provrdr~~g sr~bsldres tp, or foci the benefit af, persons and faniilies of Low and Moderate ~ncotne <br /> in order to assist them rri obta~nttl hausrri ~vrtil~i tl~e conirnurirty, <br /> Tlie P~•operty liar beets constructed purs~~ant to a {`Dispositio~x a~~d T~e~elapmerit <br /> ~.greernerit" bet~veen tie Agericy arrd : ~ ~ ~ ~ ~ ~ dated as of ~ ~ ~ ~ ~ ` ~ : ~ , ~D ~ Q. <br /> developer i~a assumed the obligations urider• tl~e Disposition aril ~e~eloplnerit Agreement ~vitl~ <br /> respect to the Phase FS ~sirigle family hones}, as defi~~ed therein, p~~r•suant to a~i Assrgrirnerit and <br /> t ~rtli . . <br /> Assl~mptian Aa~eemen ~ ~ ~ ~ : ~ T ~e D1 osrtrori a d <br /> De~~elopmer~t Agreernerit ~~quires the ]~evelap~• to sell the Pr•aperty to a "Moderate ~ncor~le <br /> Ho~~sehold" at an "Affordable Hausln aSt," as t~~ose terms ar•e defined in alifarriia ~eaitl~ ~ <br /> safety bode sections 5QQ5~,S acid QO9 and tl~e implernetitin r*egulatioris thereto ire Title 2, <br /> ~alifortlia fade of ~e~zlatioris, Sectiori ~ D, e~ serf, <br /> F, The Dispositiori and Developrnerit Agreement requires the ~er~cy to eriter into <br /> this Agr•eemerit to establish a s~~bor•dinate loan secured by a second tr•~rt deed to tl~e Harnebuyer•, <br /> ATT~~H~I~~T N~,1 ~ ~ 1 <br /> Farm of l~on~ebuyer• Loan Agreement <br /> <br /> 1~~~C# 1 ~~~C~73 131~~0~72-DDS ~ <br /> <br />