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INSURANCE NOT REQUIRED ��O � � A••20I4-Bi9C <br />c WORK MAY PROCEED <br />CLERK OF COUNCIL. L <br />rvTr. JUN 1 9 2919 <br />NOTICE OF AFFORDABILITY RESTRICTIONS ON TRANSFER OF PROPERTY <br />C9 Nth <br />NOTICE IS HEREBY GIVEN that the Cf1Y OF SANTA ANA, a charter city and municipal <br />corporation organized and existing under the Constitution and laws of the State of California, <br />entered into an Inclusionary Housing Agreement with 1901 First Street Owner, LLC, a Delaware <br />limited liability company ("Property Owner"). The Inclusionary Housing Agreement imposes <br />income and affordability covenants on designated Inclusionary Units within the Project located at <br />1901 E. First Street, Santa Ana, Orange County, Assessor's Parcel Number 400-081-08, and <br />further described in the legal description provided in Exhibit 1 to the Inclusionary Housing <br />Agreement. <br />The Inclusionary Housing Agreement was recorded as Document/Instrument Number <br />2014000515125, and shall remain in effect until November 30, 2069, The Inclusionary Housing <br />Agreement imposes the following income and affordability restrictions on the Inclusionary Units: <br />Very -Low Income Low Income <br />Number of Bedrooms Households Households <br />One -Bedroom Units 0 5 <br />Two -Bedroom Units 0 5 <br />In the event the Property Owner wishes to sell or transfer the Project during the Affordability <br />Period, the City and the Property Owner shall execute and deposit into escrow this Notice of <br />Affordability Covenants on Transfer of the Property. The sale of transfer of the Property shall not <br />be effective unless and until the City and transferee execute the documents necessary to transfer <br />the Inclusionary Housing Agreement obligations from the Property Owner to the transferee. <br />This Notice of Affordability Covenants on Transfer of the Property in no way modifies the <br />provisions of the Inclusionary Housing Agreement. In the event of any conflict between this <br />Notice of Affordability Covenants on Transfer of the Property and the Inclusionary Housing <br />Agreement, the terms of the Inclusionary Housing Agreement shall prevail. <br />IN WITNESS WHEREOF, the Parties hereto have duly executed this Notice of Affordability <br />Restrictions on Transfer of Property as of the dates set forth below. <br />[Signatures on Following Pages] <br />1 <br />