CA DEPT HOUSING & C.D. 2 - 2004 - Laserfiche WebLink

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~ A-2004-276A CALHOME PROGRAM REUSE ACCOUNT and LOAN SERVICING MONITORING AGREEMENT Standard Agreement Number 04-CalHome-087 THIS MONITORING AGREEMENT (hereinafter the "Agreement"), dated April 27, 2005, for reference purposes only, is made and entered into by and between the Department of Housing and Community Development, a public agency of the State of California (the "Department"), and City of Santa Ana, a Local Public Agency (the "Recipient"). RECITALS A. The Department and Recipient have entered into Standard Agreement No. 04-CalHome-087, dated March 25, 2005 (the "Standard Agreement"), whereby the Department has made a conditional commitment of $500,000.00 (the "Commitment") from the Department's CalHome program (the "Program") to assist Recipient in the operation of an owner-occupied rehabilitation program. The Program is established by Chapter 6 (commencing with Section 50650 Part 2 of Division 31 of the Health and Safety Code, the "CalHome Statutes") and is further governed by regulations issued by the Department as further described in the Standard Agreement (the "Regulations"). B. In executing the Standard Agreement, Recipient has agreed to abide by the provisions of the CalHome Statutes and the Regulations. The Regulations provide that all revenue generated from use of CalHome funds, including loan repayments if any, are to be deposited into a local reuse account and used as provided for in the Regulations and as described in a local reuse account plan approved by the Department. The Standard Agreement contains additional requirements pertaining to the reuse account and plan, and specifically requires Recipient to enter into this Agreement. The Department has reviewed and approved the Reuse Account Plan and Loan Servicing Plan submitted to the Department and copies are attached. Any changes to either of these plans must be submitted to the Department for review and approval prior to implementation. C. In executing the Standard Agreement, Recipient also has agreed to service loans made with Program funds in accordance with a loan-servicing plan approved by the Department. D. The purpose of this Agreement is to set forth Recipient's obligations with respect to long- term loan servicing and the administration of the local reuse account. A separate agreement is necessary because Recipient's obligations for loan servicing and administration of its local reuse account extend beyond the term of the Standard Agreement. NOW THEREFORE, THE PARTIES HERETO AGREE AS FOLLOWS: 1. Recipient's execution of this Agreement is given in further consideration for receipt of the Commitment. 2. The term of this Agreement shall commence on the Date of the Agreement April 27, 2005, and remain in full force and effect for a period of twenty (20) years unless terminated earlier by the Department. 3. Recipient shall administer its local reuse account in conformance with the reuse account plan approved by the Department. The reuse account plan approved by the Department Monitoring Agreement (April 2004)