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ATTACHMENT NO.4 TO AFFORDABLE HOUSING RESALE RESTRICTION <br />REIMBURSEMENT AGREEMENT <br />This REIMBURSEMENT AGREEMENT, dated as of :?- ,_24 <br />("Reimbursement Agreement"), is hereby entered into by and between the COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITYOF SANTA ANA, a public body corporate <br />and politic ("Agency"), and' ("Homebuyer"). <br />RECITALS <br />A. Homebuyer is purchasing a condominium located at Santa <br />Ana, California ("Property"). <br />B. Agency and Homebuyer have executed an Affordable Housing Resale Restriction <br />("Restriction") which requires that for a forty-five (45) year period the Property be sold only to a <br />Moderate Income Household at an Affordable Housing Cost, which may result in purchase <br />prices which are substantially less than the current fair market value of the Property. <br />C. Homebuyer is obtaining a loan ("Loan" or "First Lien") from a private lender <br />("Lender") for a portion of the costs of acquisition of the Property. A description of the Loan is <br />set forth in Exhibit "A" hereto, which is incorporated herein. <br />D. Pursuant to the Restriction, Agency has the right to acquire the Property in the <br />event that it becomes subject to a foreclosure proceeding, and has the right to make payments to <br />cure a default or delinquency on the Loan. <br />E. The right to make payments to cure a default or delinquency on the Loan will be <br />of benefit to Agency by allowing Agency to prevent the foreclosure of the Property, which will <br />prevent the early termination of the Restriction. <br />F. Agency's right to make payments to cure a default or delinquency on the Loan is <br />also of benefit to Homebuyer, by allowing Homebuyer to retain ownership of the Property and to <br />avoid foreclosure. <br />G. Agency desires to obtain the authority to make payments to cure a default or <br />delinquency on the Loan, on the condition that Homebuyer agrees to reimburse Agency for any <br />payments made to cure a default or delinquency on the Loan. In order to induce Agency to <br />obtain the authority to make payments to cure a default or delinquency on the Loan, Homebuyer <br />is willing to agree to reimburse Agency for any payments made to cure a Loan default or <br />delinquency. Homebuyer understands and acknowledges that Agency would not make payments <br />to cure a Loan default or delinquency but for Homebuyer's agreement to make such <br />reimbursements to Agency, as provided herein. <br />ATTACHMENT NO. 4-1 TO ATTACHMENT NO. 11 <br />To Affordable Housing Resale Restriction <br />Reimbursement Agreement <br />DOCSOG 1400673v 141200272-0001