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SECOND AMENDMENT TO DISPOSITION AND <br />DEVELOPMENT AGREEMENT WITH <br />VISTA DEL RIO HOUSING PARTNERS, L.P. <br />THIS SECOND AMENDMENT TO DISPOSITION AND DEVELOPMENT <br />AGREEMENT (the "Amendment") is entered into as of this day of , 2010, <br />by and between the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF <br />SANTA ANA, a public body, corporate and politic (the "Agency"), and VISTA DEL RIO <br />HOUSING PARTNERS, L.P., a California limited partnership ("Vista Del Rio"). <br />RECITALS <br />A. The Parties entered into that certain agreement for the sale of certain real property located at 1600 <br />W. Memory Lane by the Agency to Vista del Rio based upon the terms and conditions contained in said <br />Agreement entitled "Disposition and Development Agreement" dated July 20, 2009, amended by that <br />certain First Amendment dated March _ , 2010, hereinafter collectively referred to as the "Agreement", <br />B. The Parties hereto now desire to further amend said Agreement to extend the Outside Date for close <br />of escrow due to unforeseen financial circumstances. <br />C. All other related exhibits, attachments and documents shall be amended accordingly. <br />WHEREFORE, in consideration of the mutual and respective covenants and promises hereinafter <br />contained and made, and subject to all of the terms and conditions of said Agreement as hereby amended, <br />the parties hereto do hereby agree as follows: <br />1. Section 202.4 Closing shall be amended to read as follows: <br />The Conveyance of the Site shall close (the "Closing") within five (5) business <br />days after the Parties' satisfaction (or written waiver, as the case maybe) of all <br />of the Agency's and Vista Del Rio's Conditions Precedent to Closing of the Site <br />as set forth in Section 205 hereof. In no event, however, shall the Closing occur <br />later than December 31, 2011 (the "Outside Date"). In the event that Closing <br />does not occur by the Outside Date, this Agreement maybe terminated by either <br />party pursuant to section 202.5 of this Agreement. The "Closing" shall mean the <br />time and day the Grant Deed is filed for record with the County Recorder. The <br />"Closing Date" shall mean the day on which the Closing occurs with respect to <br />the Site. <br />2. All other related exhibits, attachments and documents shall be amended accordingly, where <br />necessary to implement the intent of this Amendment. <br />EXHIBIT 1 <br />3-3 <br />