SANTA ANA ARTS COLLECTIVE, L.P. (META HOUSING PROJECT)

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(3) an Event of Default by Developer which is not timely cured after expiration of any applicable notice and cure periods pursuant to the terms of this Agreement. 6.17 Closing Costs and Fees. Developer shall pay (a) all escrow fees and charges, (b) all recording fees and charges on any document recorded pursuant to this Agreement, and (c) the premium for the title insurance required hereunder. 7. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE PROJECT 7.1 Use Covenants and Restrictions. Developer agrees and covenants, which covenants shall run with the land and bind Developer, its successors, its assign and every successor in interest to the Property that Developer will make all of the rental units on the Property available to extremely low, very low and low income households at rents affordable to such households for fifty-five (55) years (except for one unit for the onsite manager). The Project shall consist of approximately fifty-eight (58) residential units. Enforceability of restrictions on the fifty-seven (57) units shall be enforced until the date that is fifty-five (55) years after the date on which the Certificate of Occupancy is issued. 7.2 Affordability Levels/Unit Mix: The proposed unit mix, initial rents, and levels of affordability are as follows: The remaining unit will be a 2 -bedroom unit reserved for the onsite manager. The affordable rents charged at the Project must comply with the standards set forth by California Tax Credit Allocation Committee (TCAC). Notwithstanding anything to the contrary contained in this Agreement, the Affordability Restrictions on Transfer of Property, and other than HOME assisted units, restricted (as to both income and rent levels) at 30% of AM[, in the event of a foreclosure, or delivery of deed in lieu of foreclosure, of any Senior Loan, then the (1) the maximum qualifying tenant household income shall be increased to 60% of Area Median income adjusted for family size appropriate to the unit, and (2) the maximum annual affordable rent shall be increased to 30% of 60% of Area Median Income, as adjusted for family size appropriate to the unit. * Utility allowances must be deducted from the Maximum Gross Monthly Rent. The City of Santa Ana will provide the utility allowances based on the HUD Utility Schedule Model. 30% AMI 35% AMI 40% AMI 60% AMI Unit Size No. Units Rent No. Rent Units No. Rent Units No. Units Rent Total 1 Bedroom 14 $587 6 $685 6 $783 26 2 Bedroom 2 $704 --- --- --- 12 $1,408 14 3 Bedroom 4 $813 --- --- --- --- 13 $1,627 17 Total 20 6 6 25 57 The remaining unit will be a 2 -bedroom unit reserved for the onsite manager. The affordable rents charged at the Project must comply with the standards set forth by California Tax Credit Allocation Committee (TCAC). Notwithstanding anything to the contrary contained in this Agreement, the Affordability Restrictions on Transfer of Property, and other than HOME assisted units, restricted (as to both income and rent levels) at 30% of AM[, in the event of a foreclosure, or delivery of deed in lieu of foreclosure, of any Senior Loan, then the (1) the maximum qualifying tenant household income shall be increased to 60% of Area Median income adjusted for family size appropriate to the unit, and (2) the maximum annual affordable rent shall be increased to 30% of 60% of Area Median Income, as adjusted for family size appropriate to the unit. * Utility allowances must be deducted from the Maximum Gross Monthly Rent. The City of Santa Ana will provide the utility allowances based on the HUD Utility Schedule Model.