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AMCAL 1440 Santa Ana Fund, L.P. <br />December 20, 2016 <br />Page 4 <br />placed in service within the time set forth in the Project schedule approved <br />by the City/Agency. <br />e. Developer shall submit and obtain Executive Director of the Housing <br />Authority's approval of the construction contract, Developer's limited <br />partnership agreement for the limited partnership entity to be formed to own <br />and operate the Project, and management, marketing and tenant selection <br />plans for the Project. <br />6. The Agency's obligation to provide the Loan is and shall remain subject to all <br />covenants, conditions, and restrictions set forth in the Loan Agreement, and in <br />particular Agency's analysis of the available funding sources and development and <br />operating costs of the Project and the overall economic feasibility of the Project. <br />This pre -commitment letter for the project will expire two>(2) years from issuance of the letter to the <br />Developer. The Developer and the Agency agree in the Loan Agreement that the provision of any <br />funds to the Project is and shall be conditioned on the Agency's determination to proceed with, <br />modify or cancel the Agency Assistance based on the results of a subsequent CEQA environmental <br />review and the outcome of a Subsidy Layering Review. <br />If you have any questions or require additional information regarding this letter, please contact <br />Judson Brown, Housing Division Manager, by telephone at (714) 667-2241 or by e-mail at <br />ibrown(a,santa-ana.org. <br />Sincerely, <br />David Cavazos <br />City Manager <br />City of Santa Ana / <br />Housing Authority of the City of Santa Ana <br />