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ATTACHMENT NO. 11 <br />FORM OF HOMEBUYER LOAN AGREEMENT <br />THIS HOMEBUYER LOAN AGREEMENT (this "Agreement") is made as of <br />20 by and between <br />(the "Homebuyer") and the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY <br />OF SANTA ANA, a public body, corporate and politic (the "Agency"). <br />RECITALS <br />A. The Agency is a community redevelopment agency duly organized and existing <br />under the California Community Redevelopment Law, Health & Safety Code Section 33000, <br />et seq., ("CRL") and has been authorized to transact business and exercise the power of a <br />community redevelopment agency pursuant to action of the City Council ("City Council") of the <br />City of Santa Ana ("City"). <br />B. The Homebuyer has entered into a purchase and sale agreement (the "Purchase <br />Agreement") with (the "Seller" or "Developer") to purchase <br />certain real property improved with a single family house thereon. Such real property is <br />commonly known as , Santa Ana, California, and more particularly <br />described in Exhibit "A" attached hereto and incorporated herein (the "Property"). <br />C. The Agency is engaged in activities necessary and appropriate to carry out the <br />Redevelopment Plan (the "Redevelopment Plan") for the Merged Redevelopment Project (the <br />"Project Area") which was adopted by the City Council by Ordinance Nos. 2662-2667 adopted <br />by the City Council of the City of Santa Ana (the "City") on September 30, 2004. <br />D. Pursuant to Section 33334.2, et seq. of the CRL, the Agency has deposited funds <br />into its Low and Moderate Income Housing Fund (the "Housing Fund") for the purpose of <br />providing subsidies to, or for the benefit of, persons and families of Low and Moderate Income <br />in order to assist them in obtaining housing within the community. <br />E. The Property has been constructed pursuant to a "Disposition and Development <br />Agreement" between the Agency and 1, dated as of , 2010. <br />Developer has assumed the obligations under the Disposition and Development Agreement with <br />respect to the Phase FS (single family homes), as defined therein, pursuant to an Assignment and <br />Assumption Agreement with The Disposition and <br />Development Agreement requires the Developer to sell the Property to a "Moderate Income <br />Household" at an "Affordable Housing Cost," as those terms are defined in California Health & <br />Safety Code Sections 50052.5 and 50093 and the implementing regulations thereto in Title 25, <br />California Code of Regulations, Section 6910, et seq. <br />F. The Disposition and Development Agreement requires the Agency to enter into <br />this Agreement to establish a subordinate loan secured by a second trust deed to the Homebuyer, <br />ATTACHMENT NO. 11-1 <br />Form of Homebuyer Loan Agreement <br />DOCSOCJ1400673v141200272-000 f