VISTA DEL RIO PARTNERS, L.P. - Laserfiche WebLink

Home Browse Search

RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: City of Santa Ana, acting as Successor Agency, to the Community Redevelopment Agency of the City of Santa Ana Housing Department M -37 20 Civic Center Plaza, 3rd Floor P.O. Box 1988 Santa Ana, California 92702 SPACE ABOVE THIS LINE FOR RECORDING USE FREE RECORDING REQUESTED [Government Code Section 6103] AFFORDABILITY RESTRICTIONS ON TRANSFER OF PROPERTY (1600 West Memory Lane, Santa Ana, CA) These AFFORDABILITY RESTRICTIONS ON TRANSFER OF PROPERTY (the "Restrictions ") are entered into as of March , 2012, by and among and Vista Del Rio Housing Partners LP, a California limited partnership (referred to herein as the "Vista Del Rid'), the City of Santa Ana, a charter city (the "City "), and the Housing Authority of the City of Santa Ana, a public body, corporate and politic (the "Authority ") and the City of Santa Ana, acting as successor agency to the Community Redevelopment Agency of the City of Santa Ana, a public body, corporate and politic (the "Successor Agency "). RECITALS: A. Vista Del Rio is the owner of that certain real property located at 1600 West Memory Lane (the "Property ") located in the City of Santa Ana more particularly described in Exhibit A, which is attached hereto and incorporated herein by this reference. B. For the purpose of providing forty -one (41) residential rental units of housing, forty (40) of which units will be affordable to Extremely Low Income and Very Low Income households (collectively, "Assisted Units "), Vista Del Rio and the City have entered into that certain Loan Agreement, dated and recorded against the Property concurrently herewith (the "Agreement') to which these Restrictions are attached as Exhibit B which, along with all of its attachments, is incorporated herein by this reference (any capitalized term that is not otherwise defined in these Restrictions shall have the meaning ascribed to such term in the Agreement). In addition, the Community Redevelopment Agency of the City of Santa Ana ( "Agency "), the predecessor in interest to the Authority with respect to the Property and Vista Del Rio have entered into that certain Disposition and Development Agreement dated July 20, 2009, the First Amendment to the Disposition and Development Agreement dated March 15, 2010, the Second Amendment to the Disposition and Development Agreement dated December 20, 2010, and the Third Amendment to the Disposition and Development Agreement dated March 21, 2011 (collectively, the "DDA "), which provides for the acquisition of the Property and construction and operation of the Project as Affordable Housing by Vista Del Rio. B -5 DOC SOC/ 1475221 v 10/200272 -0004