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FREE RECORDING REQUESTED PURSUANT <br />TO GOVERNMENT CODE SECTION 6103 & 27383 <br />When Recorded Mail to: <br />City of Santa Ana <br />20 Civic Center Plaza, M-26 <br />P.O. Box 1988 <br />Santa Ana, California 92702 <br />Attention: Housing Manager <br />CITY OF SANTA ANA <br />HOMEBUYER DOWN PAYMENT ASSISTANCE LOAN PROGRAM <br />INCLUSIONARY HOUSING FUNDS ; • - <br />LOAN AGREEMENT <br />THIS LOAN AGREEMENT (the "Loan Agreement") is ;made as of <br />20_, by and between ' <br />(`Borrower") and the City of Santa Ana, a charter city and municipal corporation duly <br />organized and existing under the Constitution and laws"of the State of California ("City"). <br />RECITALS <br />A. City is a r6cipient of.._ Inclusionary Housing funds from the Housing <br />Opportunity Ordinance pursuant to,Santa,Ana Municipal Code Sec. 41-1900. <br />B. Borrower has`entere&into an agreement (the "Purchase Agreement') to <br />purchase residential property; located at <br />Santa Ana, California; as more -particularly described in the legal description, Exhibit A <br />attached hereto and" incorporated herein (the "Property"). Pursuant to the Purchase <br />Agreement; the price to be paid for the Property is $ (the <br />"Purchase, Price"). , <br />C. The City wishes to encourage a greater degree of owner -occupancy of <br />residences,in the neighborhoods of the City of Santa Ana. In order to promote this goal, <br />the City has established its Homebuyer Down Payment Assistance Loan Program (the <br />"Program"), under which the City will provide a subsidy in the form of a trust deed loan <br />in the, maximum amount of $40,000.00 for moderate income households and $80,000.00 <br />for low income households that are determined to be an "Eligible Person or Family" (as <br />defined elsewhere in this Agreement) toward the purchase of a residence within the City. <br />25C-7 <br />