05 - JOINT PH - Vista Del Rio DDA

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THIRD AMENDMENT TO DISPOSITION AND DEVELOPMENT AGREEMENT WITH VISTA DEL RIO HOUSING PARTNERS, L.P. This THIRD AMENDMENT TO DISPOSITION AND DEVELOPMENT AGREEMENT (the "Amendment") is entered into as of this day of March, 2011, by and among the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, a public body, corporate and politic (the "Agency"), the SANTA ANA HOUSING AUTHORITY, a public body, corporate and politic (the "Authority"), and VISTA DEL RIO HOUSING PARTNERS, L.P., a California limited partnership ("Vista Del Rio"). RECITALS A. The Parties entered into that certain agreement for the sale of certain real property located at 1600 W. Memory Lane by the Agency to Vista del Rio based upon the terms and conditions contained in that certain "Disposition and Development Agreement" dated as of July 20, 2009, amended by (i) that certain First Amendment to Disposition and Development Agreement dated as of March 15, 2010, and (ii) that certain Second Amendment to Disposition and Development Agreement dated as of December 20, 2010, hereinafter collectively referred to as the "Agreement." B. The Parties hereto now desire to further amend said Agreement to provide for (i) a loan of funds to Vista Del Rio by the Agency from its Low and Moderate Income Housing Fund maintained pursuant to Health and Safety Code Section 33334.2, et seq., and (ii) the Authority to provide a specified number of Project Based Section 8 vouchers to the Project, all as described in more detail below. C. All other related exhibits, attaclnnents and documents shall be amended accordingly. D. All terms used herein shall have the meanings set forth herein, in the Loan Agreement (as revised pursuant to Section 8), and/or the Agreement as applicable. WHEREFORE, in consideration of the mutual and respective covenants and promises hereinafter contained and made, and subject to all of the terms and conditions of said Agreement as hereby amended, the parties hereto do hereby agree as follows: The Authority, who is a party to this Amendment, shall be a party to the Agreement. 2. The following definitions shall be added to the definitions contained in Section 100 of the Agreement: "`Authority' shall mean the Santa Ana Housing Authority, a public body, corporate and politic, exercising governmental functions and powers and organized and existing under the California Housing Authority Law, Part 2 of Division 24, Section 34200, et seq. of the Health and Safety Code." "`Project Based Section 8' shall mean housing choice vouchers held by the City and/or Authority pursuant to annual and/or multi-year contribution contract(s) with HUD, which may be used to assist specific housing units as EXHIBIT 4 DOCSOC/1475220v4/200272-0004 C - 11