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A- 2016 -033 <br />FREE RECORDING REQUESTED PURSUANT <br />TO GOVERNMENT CODE SECTION 27383 <br />When Recorded Mail to: <br />City of Santa Ana <br />20 Civic Center Plaza <br />P.O. Box 1988 (M -37) <br />Santa Ana, California 92702 <br />Attn: Housing Manager <br />. a <br />� CITY LOAN MODIFICATION AGREEMENT <br />City of Santa Ana and Depot At Santiago, L.P. <br />(Depot at Santiago, 923 N. Santiago Street, Santa Ana, California) <br />This LOAN MODIFICATION AGREEMENT (this "Agreement ") is dated as of <br />March 2, 2016 and is entered into by and between the City of Santa Ana, a charter city and <br />municipal corporation ( "City "), and Depot At Santiago, L.P., a California limited partnership (the <br />"Borrower "). The City and the Borrower shall collectively be referred to herein as 'Parties." <br />RECITALS <br />A. Pursuant to that Loan Agreement between the City and the Borrower, dated July 11, <br />2013, and recorded in the Official Records of the County of Orange (the "Official Records ") as <br />hrstrument No. 2013000476763 on August 9, 2013, as amended by the Amendment to Loan <br />Agreement between the City and the Borrower, dated June 18, 2014, and recorded in the Official <br />Records as Instrument No, 2014000255562 on June 27, 2014 (collectively, "Loan Agreement "), <br />the City made a loan to the Borrower in the amount of $3,000,000 (the "City Loan ") to assist <br />with the acquisition and development of certain real property, more particularly described in the <br />attached Exhibit A, for the development of an affordable housing development. <br />B. The City Loan is atso evidence by that: certain City Promissory Note, dated July <br />11, 2013, executed by the Borrower and payable to the City in the original principal amount of <br />$3,000,000 ( "City Note "), which is secured by that certain City Deed of Trust and Assignment of <br />Rents executed by Borrower in favor of City, dated July 11, 2013, and recorded in the Official <br />Records as Instrument No. 2013000476764 on August 9, 2013 ( "City Deed of Trust "). <br />G In connection with the City Loan, the City and Borrower entered into that certain <br />Affordability Restrictions on Transfer of Property, dated July 11, 2013, and recorded in the <br />Official Records as Instrument No. 2013000476766 on August 9, 2013, as amended by the <br />1076 \49 \1843311.2 <br />