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ATTACHMENT • 4 TO AFFORDABLE HOUSING RESALE RESTRICTION REIMBURSEMENT A l TENT This REIMBURSEMENT AGREEMENT, d ate d as of ("Reimbursement Agreement"), is hereby entered into by and between the COMMUNITY REDEVELOPMENT AGENCY F THE CITY OF SANTA ANA, a public hod orpo rate and politic ("Agency"'), and - -- -- ("Homebuyer"). RECITALS A. Homebu r i purchasing condominium located at � -- ; Santa Ana, California ("'Property"), B. Agency and Homebu er have executed an Affordable Hou sing Resale Restriction ("Restriction") which requires that for a forty -five year period the Property be sold only to a Moderate Income Household at an Affordable Housing Cost, which may result in purchase prices which are substantially less than the current fair market value of the Property. C. Hom bu er is obtaining a loan ("'Loan"" or `First Lien' }) from a private lender "Lender's) for a portion of the costs of acquisition of the Property. A description of the Loan is set forth in Exhibit i`A" hereto, which is incorporated herein. D. Pursuant to the Restriction, Agency has the right to acquire the Property in the event that it becomes sub j t to a foreclosure proceeding, and has the right to make payments to u re a d f aul t or del i nque n cy on the Lo a n. E. The right to ma a p ayments to cu r a defau1 t or del i nquen cy on the Loan wi11 he of benefit to Agency by allowing Agency to prevent the foreclosure of the Property, which will prevent the early termination of the Restriction. F. Agency's right to male payments to cure a default or delinquency on the Loan is also of benefit to Home h u er, by allowing Ho m h u er to retain ownership of the Property and to avoid foreclosure. G. Agency desires to obtain the authority to make payments to cure a default or delinquency on the Loan, on the condition that Homebu yer agrees to reimburse Ag nc for an payments made to cure a default or delinquency on the Loan. In order to induce Ag n y to obtain the authority to make payments to cure a default or delinquency on the Loan, Homebuyer is willing to agree to reimburse Agency for any payments made to u re a Loan default or del i n qu nu y. Homeb u firer u nd ers t and s and a knowled ge s tha t Agency wo u Id no t make payments to cure a Loan default or delinquency but for Homhu r' s agreement to make such reimbursements to Agency, as provided herein. ATTACHMENT NO. 4 -1 To ATTACHMENT NO. 11 To Affordable Housing Resale Restriction Reimbursement Agreement ISO O 1400673v 1 4120027 -0001