2011-100 Housing - The Landings at Winmore, LLC - Crosland, LLC - Community Home Trust - Development Agreement $300,000

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WHEREAS, notwithstanding any provision of this Agreement, the County, The Landings, Crosland, and CHT hereto agree and acknowledge that this Agreement does not constitute a commitment of funds or site approval, and that such commitment of funds or approval may occur only upon satisfactory completion of an environmental review and receipt by Orange County of a Release of Funds from the U.S. Department of Housing and Urban Development under 24 CFR Part §58 if applicable. The parties further agree that the provision of such funds to the project is conditioned on Orange County's determination to proceed with, modify, or cancel the project based on the results of a subsequent environmental review. NOW, THEREFORE, in consideration of the mutual covenants, promises, and representations contained herein, it is agreed between the parties hereto as follows: I. USE OF HOME FUNDS/SUBSIDY TYPE 1. The Owner shall perform the projects or tasks related to its allocation of HOME funds as provided in Exhibit C and within the proposed budget outlined in Exhibit D. Exhibits C and D are hereby made a part of this Agreement and are incorporated by reference, as it now reads or as it maybe modified by the parties. 2. The Owner may not request disbursement of funds under this Agreement until the funds are needed for payment of eligible costs. The amount of each request must be limited to eligible costs as determined by Orange County staff. 3. Said funds shall be disbursed by check payable to the Owner. 4. HOME funds will be a fixed subsidy provided in the form of an amortized loan. IL AMOUNT OF HOME FUNDS/LOAN TERMS The County shall make available to the Owner up to Three Hundred Thousand Dollars ($300,000) at an interest rate of two percent (2%) pursuant to this Agreement. Said funds shall be disbursed by the County to the Owner for performance of the services described in Exhibit C. HOME funding will be provided in the form of an amortized loan with a 30 year term at 2% simple interest per annum. A Deed of Trust and Promissory Note will secure the loan funds. The loan repayment terms shall be a thirty (30) year period to commence on April 1, 2011. The Owner shall make consecutive monthly payments including principal and interest at the aforesaid rate to the County of $1,108.86 per month until paid in full. III. LIEN POSITION Orange County hereby acknowledges that the terms and conditions of its (i) HOME Program Development Agreement, (ii) Promissory Note, (iii) Deed of Trust and Security Agreement and (iv) Declaration of Restrictive Covenants (collectively referred to as "Orange County Loan