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<br />, , <br /> <br />e <br /> <br />e <br /> <br />A-2005-311 <br /> <br />CALHOME PROGRAM <br />REUSE ACCOUNT and LOAN SERVICING MONITORING AGREEMENT <br />Standard Agreement Number 05-CaIHome-147 <br /> <br />THIS MONITORING AGREEMENT (hereinafter the "Agreement"), dated June 23,2006, for <br />reference purposes only, is made and entered into by and between the Department of Housing and <br />Community Development, a public agency of the State of California (the "Department"), and City of <br />Santa Ana, a local public agency (the "Recipient"). <br /> <br />RECITALS <br /> <br />A. The Department and Recipient have entered into Standard Agreement No. 05-CaIHome-147, <br />dated June 19,2006 (the "Standard Agreement"), whereby the Department has made a <br />conditional commitment of $500,000.00 (the "Commitment") from the Department's <br />CalHome program (the "Program") to assist Recipient in the operation of a mortgage <br />assistance program and an owner-occupied rehabilitation program. The Program is established <br />by Chapter 6 (commencing with Section 50650 Part 2 of Division 31 of the Health and <br />Safety Code, the "CalHome Statutes") and is further governed by regulations issued by the <br />Department as further described in the Standard Agreement (the "Regulations"). <br /> <br />B. In executing the Standard Agreement, Recipient has agreed to abide by the provisions of the <br />CalHome Statutes and the Regulations. The Regulations provide that all revenue generated <br />from use of CalHome funds, including loan repayments if any, are to be deposited into a local <br />reuse account and used as provided for in the Regulations and as described in a local reuse <br />account plan approved by the Department. The Standard Agreement contains additional <br />requirements pertaining to the reuse account and plan, and specifically requires Recipient to <br />enter into this Agreement. The Department has reviewed and approved the Reuse Account <br />Plan and Loan Servicing Plan submitted to the Department and copies are attached. Any <br />changes to either of these plans must be submitted to the Department for review and approval <br />prior to implementation. <br /> <br />C. In executing the Standard Agreement, Recipient also has agreed to service loans made with <br />Program funds in accordance with a loan-servicing plan approved by the Department. <br /> <br />D. The purpose of this Agreement is to set forth Recipient's obligations with respect to long- <br />term loan servicing and the administration of the local reuse account. A separate agreement <br />is necessary because Recipient's obligations for loan servicing and administration of its <br />local reuse account extend beyond the term of the Standard Agreement. <br /> <br />NOW THEREFORE, THE PARTIES HERETO AGREE AS FOLLOWS: <br /> <br />1. Recipient's execution of this Agreement is given in further consideration for receipt of <br />the Commitment. <br /> <br />2. The term of this Agreement shall commence on the Date of the Standard Agreement <br />June 19,2006, and remain in full force and effect for a period of twenty (20) years <br />unless terminated earlier by the Department. <br /> <br />3. Recipient shall administer its local reuse account in conformance with the reuse account <br /> <br />plan approved by the Department. The reuse account plan approved by the Department <br />Monitoring Agreement (April 2004) <br />