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RECORDING REQUESTED BY <br />AND WHEN RECORDED RETURN TO: <br />Community Redevelopment Agency of the City of Santa Ana <br />20 Civic Center Plaza <br />P.O. Box 1988 <br />Santa Ana, California 92702 <br />Attention: Executive Director <br />SPACE ABOVE THIS LINE FOR RECORDING USE <br />FREE RECORDING REQUESTED <br />[Government Code Section 6103] <br />AFFORDABILITY RESTRICTIONS <br />ON TRANSFER OF PROPERTY <br />(605-611 East Washington, Santa Ana, CA) <br />These AFFORDABILITY RESTRICTIONS ON TRANSFER OF PROPERTY <br />("Restrictions") are entered into as of the March 7, 2011, by and among SANTA ANA WBBB, L.P., <br />a California limited partnership ("Developer"), the CITY OF SANTA ANA, a California municipal <br />corporation and charter city ("City"), and the COMMUNITY REDEVELOPMENT AGENCY OF <br />THE CITY OF SANTA ANA, a public body, corporate and politic ("Agency"). <br />RECITALS: <br />A. Developer is the owner of that certain real property located at 605-611 East <br />Washington ("Property") located in the City of Santa Ana more particularly described in Attachment <br />No. 1, which is attached hereto and incorporated herein by this reference. <br />B. For the purpose of providing thirty-five (35) residential rental units of housing that <br />will be affordable to Extremely Low Income and Very Low Income households ("Affordable <br />Units"), Developer, City and Agency have entered into that certain Loan Agreement, dated <br />concurrently herewith ("Agreement"). The Agreement, along with all of the exhibits and <br />attachments attached thereto, are incorporated herein by this reference (any capitalized term that is <br />not otherwise defined in these Restrictions shall have the meaning ascribed to such term in the <br />Agreement). <br />C. The Agreement provides, among other things, for the use of the Property for <br />Affordable Housing and the restriction of the Affordable Units to rental to and occupancy by <br />Extremely Low Income and Very Low Income households, all at an Affordable Rent. <br />D. The Agreement contains certain provisions relating to the use, maintenance and <br />operation of the Property. <br />NOW, THEREFORE, DEVELOPER, CITY AND AGENCY COVENANT AND <br />AGREE AS FOLLOWS: <br />1. Developer covenants and agrees (for itself, its successors, its assigns, and every <br />successor in interest to the Property or any part thereof) that Developer, such successors, and such <br />I-6 <br />DOCSOC/ I469583v5/200272-0003