Orange City Council
January 23, 2024

AFFORDABLE HOUSING AGREEMENT
(Orion Senior Apartments – 1800 E. La Veta Avenue)
THIS AFFORDABLE HOUSING AGREEMENT (this “ Agreement”), dated as of ____________ __, 2023, is entered into by and between the CITY OF ORANGE, a municipal corporation of the State of California (“ City”) and ORANGE 702, L.P., a California limited partnership (“Developer”). City and Developer agree as follows:

ARTICLE I. SUBJECT OF AGREEMENT
Section 1.01 Purpose of the Agreement
The purpose of this Agreement is to provide for the City’s assistance in financing the development and operation of one hundred sixty-four (164) affordable rental housing units for Extremely Low Income and Lower Income Senior Citizen Households, and two (2) manager’s units, on the Property in which Developer has acquired a long-term leasehold interest for that purpose. The development and use of the Property (as defined below) pursuant to this Agreement, and the fulfillment generally of this Agreement, are in the vital and best interests of the City of Orange and the health, safety, morals, and welfare of its residents, and in accord with the public purposes and provisions of applicable federal, state, and local laws and requirements. City and Developer have entered into that certain Density Bonus Agreement pertaining to the Project dated as of ___________, 20__ and recorded or to be recorded at the Construction Financing Event against the fee title of the Property in accordance with the Method of Financing (Attachment No. 3) (the “Density Bonus Agreement”). City will assist Developer in paying a portion of the cost of acquiring the long-term leasehold interest in the Property and constructing, developing and operating the Improvements (as defined below) and the Developer will construct, develop and operate the Improvements on the Property, all in accordance with the terms and conditions of this Agreement and the Density Bonus Agreement.

Section 1.02 Definitions
For purposes of this Agreement, the following capitalized terms will have the following meanings:
“Acquisition and Development Costs ” means the total cost of acquiring a long-term leasehold interest in the Property pursuant to the Ground Lease and constructing and developing the Improvements on the Property, as set forth in the Project Budget. “Administrative General Partner ” means USA Orange 702, Inc., a California corporation, and its successors and assigns permitted under the terms of this Agreement. “Affiliate” means any Person directly or indirectly controlling, controlled by or under common control with another Person. The term “control” as used in the immediately preceding sentence, means the power to direct the management or the power to control election of the board 369
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of directors. It will be a presumption that control with respect to a corporation or limited liability company is the right to exercise or control, directly or indirectly, more than fifty percent (50%) of the voting rights attributable to the controlled corporation or limited liability company, and, with respect to any individual, partnership, trust, other entity or association, control is the possession, indirectly or directly, of the power to direct or cause the direction of the management or policies of the controlled entity. For purposes of this definition, each general partner will be considered an “Affiliate” of Developer.
“Affordable Rent” has the meaning set forth in California Health and Safety Code Section 50053. Rents for the Units will not exceed the respective amounts set forth in the Agreement Containing Covenants for each of the Units designated therein for occupancy by Extremely Low Income and Lower Income Senior Citizen Households.
“Agreement Containing Covenants ” means the Agreement Containing Covenants (Including Rental Restrictions for each of the Units designated therein for occupancy by Extremely Low Income and Lower Income Senior Citizen Households), substantially in the form attached to this Agreement as Attachment No. 7, to be recorded against the fee title of the Property in accordance with the Method of Financing.
“Anti-Terrorism Laws ” means all laws relating to terrorism or money laundering, including, without limitation, the Currency and Foreign Transactions Reporting Act of 1970, Pub.

L. No. 91-508, 84 Stat. 1305 (1970), as amended from time to time. “Annual Project Budget” has the meaning given in paragraph b. of Section 5.02. “Approved Title Conditions ” means title that is subject to current property taxes and assessments, Senior Loan, any City approved Secondary Loan and easements, covenants and other encumbrances specifically approved by the City Manager. “Assignment of Agreements” means a document substantially in the form attached to this Agreement as Attachment No. 14, which is incorporated herein by this reference. “Assignment of Rents and Leases” means a document substantially in the form attached to this Agreement as Attachment No. 13, which is incorporated herein by this reference. “City” means the City of Orange, California, a municipal corporation of the State of California, and any assignee of or successor to its rights, powers and responsibilities. “City Deed of Trust ” means the Subordinated Deed of Trust, Security Agreement and Fixture Filing (With Assignment of Rents), in which Developer is the Trustor and City is the Beneficiary, which secures the LMIHAF Loan, substantially in the form attached to this Agreement as Attachment No. 12.
“Completion” means the point in time when all of the following will have occurred:
(1) issuance of a permanent certificate of occupancy by the City of Orange; (2) recordation of a 370
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Notice of Completion by Developer or its contractor; (3) certification by the project architect that construction of the Improvements (with the exception of minor “punch list” items) has been completed substantially in accordance with the approved Plans; (4) payment, settlement or other extinguishment, discharge, release, waiver, bonding or insuring against any mechanic’s liens that have been recorded or stop notices that have been delivered; and (5) the time for Developer’s contractor, suppliers and subcontractors to file a claim pursuant to Civil Code Sections 3115-3117 has expired.
“Conditions” means, with respect to the Property, the condition of the soil, geology, improvements, the presence of known or unknown faults or defects, or Hazardous Substances, the suitability of the Property for its intended uses, or the condition of any related public improvements.
“Construction Financing Event ” means the point in time when (i) all conditions precedent to the Construction Financing Event as set forth in the Method of Financing (Attachment No. 3) have been satisfied; and (ii) the Construction Loan Deed of Trust and other Construction Loan documents are recorded.
“Construction Financing Event Date ” means the date on which the Construction Financing Event is scheduled to take place.
“Construction Loan” means the Construction Period loan to be made to Developer by an institutional lender reasonably acceptable to the City (“ Construction Lender”) at the time of the Construction Financing Event, secured by the Construction Loan Deed of Trust. The Construction Loan is proposed to be made to Developer from the proceeds of certain tax-exempt and taxable bonds as further described in the Method of Financing. “Construction Loan Deed of Trust ” means the first priority deed of trust securing the Construction Loan.
“Construction Period ” means the period of time commencing upon the Construction Financing Event and ending at Conversion.
“Conversion” means the point in time when the Permanent Financing has been funded, the additional Limited Partner Capital Contribution has been funded (subject to adjustment as provided in the Limited Partnership Agreement and less that portion, not to exceed 10% of the Limited Partner Capital Contribution that will be funded upon receipt of Form(s) 8609), and the Construction Loan has been repaid in full.
“Density Bonus Agreement” has the meaning set forth in Section 1.01. “Developer Equity” means funds provided by Developer for payment of Acquisition and Development Costs and does not include the Construction Loan, the Permanent Financing, the LMIHAF Loan or any other borrowed funds, and includes the Deferred Developer Fee (as defined 371
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in the Method of Financing), the Limited Partner Capital Contribution and other funds of the Developer or the General Partners.
“Environmental Indemnity” means an instrument substantially in the form attached to this Agreement as Attachment No. 15.
“Escrow Agent” means First American Title Insurance Company or another escrow agent mutually acceptable to City and Developer.
“Extremely Low Income” means household income that does not exceed the maximum income set forth in California Health and Safety Code Section 50106. “Force Majeure” or “Force Majeure Event” means the following events, provided that they actually delay and interfere with the timely performance of the matter to which it would apply and despite the exercise of diligence and good business practices are or would be beyond the reasonable control of the party claiming such interference: War; insurrection; strikes; lock-outs; riots; floods; earthquakes; fires; casualties; acts of God; acts of the public enemy; acts of terrorism, epidemics; pandemics; quarantine restrictions; freight embargoes; lack of transportation; governmental restrictions or priority; litigation including litigation challenging the validity of this transaction or any element thereof; unusually severe weather; inability to secure necessary labor, materials or tools; delays of any contractor, subcontractor, or suppliers; acts of the other party; acts or failure to act of any Governmental Authority (except acts or failure to act of the City will not excuse performance by the City); the imposition of any applicable moratorium by a Governmental Authority; or any other causes which despite the exercise of diligence and good business practices are or would be beyond the reasonable control of the party claiming such delay and interference.

Notwithstanding the foregoing, none of the foregoing events will constitute a Force Majeure Event unless and until the party claiming such delay and interference delivers to the other party written notice describing the event, its cause, when and how such party obtained knowledge, the date the event commenced, and the estimated delay resulting therefrom. Any party claiming a Force Majeure Delay will deliver such written notice within thirty (30) days after it obtains actual knowledge of the event.
“Force Majeure Delay” means any delay in taking any action required by this Agreement, proximately caused by the occurrence of any Force Majeure Event. “Governmental Approvals” means and includes any and all general plan amendments, zoning approvals or changes, required approvals and certifications under the California Environmental Quality Act, tentative and final tract maps, variances, conditional use permits, demolition permits, excavation/foundation permits, grading permits, building permits, inspection reports and approvals, certificates of occupancy, and other approvals, permits, certificates, authorizations, consents, orders, entitlements, filings or registrations, and actions of any nature whatsoever required from any Governmental Authority in order to commence and complete the construction of the Project.
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“Governmental Authority” means the United States, the State of California, the County of Orange, the City of Orange or any other political subdivision in which the Property is located, and any court or political subdivision, City or instrumentality having jurisdiction over the Property. “Ground Lease” has the meaning set forth in Section 1.03, shall have a minimum initial term of fifty-five (55) years after the date of the Conversion, and shall be subject to the reasonable prior written approval of the City for consistency with this Agreement and its attachments. “Ground Lessor ” means the owner of the fee interest in the Property and the lessor pursuant to the Ground Lease.
“Hazardous Substances” has the meaning set forth in the Environmental Indemnity. “HUD” means the United States Department of Housing and Urban Development. “Improvements” means the residential development to be constructed on the Property, consisting of 111 one-bedroom units, 53 two-bedroom units and 2 two-bedroom manager’s unit, and ancillary facilities, as described in the Plans and in the Governmental Approvals issued or to be issued by the City, including without limitation all public and private improvements required for the development of the Project by any Governmental Authority. “Investor Limited Partner” means a Person reasonably acceptable to Developer and City who will be a limited partner in the Limited Partnership pursuant to the Limited Partnership Agreement and who will be allocated the Low Income Housing Tax Credits and own an approximately 99.99% interest in the Developer, and any successor and assign thereof as permitted by the Limited Partnership Agreement.
“Legal Description ” means the legal description of the Property attached to this Agreement as Attachment No. 2.
“Limited Partner Capital Contribution” means the Developer Equity provided from the allocation of the Low Income Housing Tax Credits as set forth in the Method of Financing. “Limited Partnership” means the single purpose entity referred to herein as “Developer”, formed for the syndication of the Low Income Housing Tax Credits and ownership of the Project.

Administrative General Partner and Managing General Partner are the sole general partners of Developer.
“Limited Partnership Agreement ” means the limited partnership agreement governing the Limited Partnership and includes the Limited Partnership Agreement as amended and restated on the admission of the Investor Limited Partner.
“LMIHAF” means the Low and Moderate Income Housing Asset Fund, established and maintained by the City pursuant to California Health and Safety Code Sections 34176 and 34176.1. 373
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“LMIHAF Loan ” means the loan made by the City to Developer pursuant to this Agreement, in the amount set forth in the final approved Project Budget, not to exceed the amount of Two Million Two Hundred Thousand Dollars ($2,200,000) which is evidenced by the LMIHAF Note and secured by the City Deed of Trust and the other LMIHAF Loan Documents having a lien on the Property that is junior in priority to the lien of the Senior Loan Deed of Trust. “LMIHAF Loan Documents” means the instruments described as such in the Method of Financing.
“LMIHAF Note” means the Promissory Note evidencing the LMIHAF Loan, substantially in the form attached to this Agreement as Attachment No. 9. “Lower Income” means the maximum income given to “lower income” households in California Health and Safety Code Section 50079.5.
“Low Income Housing Tax Credits” means tax credits authorized by the Tax Reform Act of 1986 and governed by Section 42 of the Internal Revenue Code. “Maintenance Program” has the meaning given in Section 5.03. “Management Plan” has the meaning given in paragraph a. of Section 5.02. “Managing General Partner ” means Riverside Charitable Corporation, a California nonprofit public benefit corporation, and its successors and assigns permitted under the terms of this Agreement.
“Method of Financing” means Attachment No. 3 to this Agreement. “Notice of Affordability Restrictions” means the Notice of Affordability Restrictions on Transfer of Real Property, substantially in the form attached to this Agreement as Attachment No.

6. “Permanent Financing ” means the loans and other sources of permanent financing identified in the Method of Financing (Attachment No. 3). “Permanent Financing Deed of Trust ” means the first priority leasehold deed of trust securing the Permanent Financing.
“Permanent Period” means the period of time commencing at Conversion. “Permitted Transfer” means any of the following, provided (except for clause f below) Developer or a general partner of Developer, or an Affiliate of such general partner, retains day- to-day control over management and operations of the Property and the Improvements and further provided that such transfer is not to a Prohibited Person or would otherwise violate Anti-Terrorism Laws:
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a. An assignment of this Agreement and Developer’s interests in the Property to an Affiliate or a conveyance back from the Affiliate to Developer; b. A conveyance of a security interest in the Property or any portion thereof or interest therein, in connection with any Loan approved by the City; c. The inclusion of equity participation in the Project by addition of limited partners to the Limited Partnership or similar mechanism, and any direct or indirect transfers of limited partnership interests in Developer;
d. The lease for occupancy of any part of the Improvements on the Property in accordance with this Agreement;
e. The granting of easements or permits to facilitate the development of the Property in accordance with this Agreement;
f. The withdrawal, removal and/or replacement of a general partner of the Limited Partnership pursuant to the terms of the Limited Partnership Agreement, or a conveyance of Developer’s interest in the Property and the Improvements and a transfer of limited partnership interests to a general partner or affiliate thereof pursuant to the option provided to that partner in Developer’s partnership agreement, will not constitute a default under this Agreement or any of the City Loan Documents, nor will such actions accelerate the maturity of the LMIHAF Loan, provided that, unless the substitute general partner is an entity directly or indirectly controlled by the Limited Partner, any required substitute general partner is reasonably acceptable to the City, as evidenced by the City’s written consent, and is selected with reasonable promptness; and
g. Any transfer approved in writing by City Manager or designee, at his or her sole discretion.

Transfers described in clauses a, b, or c will be subject to the reasonable approval of the City Manager or designee; provided that, the City approves the direct or indirect transfer of limited partner interests in Developer, so long as such transfer is not a result of a resyndication of the Low Income Housing Tax Credits, and further provided that such transfer is not to a Prohibited Person or would otherwise violate Anti-Terrorism Laws.
“Person” means an individual, partnership, limited partnership, trust, estate, association, corporation, limited liability company, or other entity, domestic or foreign. “Plans” means the architectural and construction plans and drawings prepared by Developer for the Project in accordance with this Agreement and approved by Governmental Authorities, as may be modified from time to time, including the City. “Prohibited Person” means any of the following:
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a. A Person that is listed in or is otherwise subject to the prohibitions of, any Executive Order relating to money laundering or anti-terrorism;
b. A Person owned or controlled by, or acting for or on behalf of, any Person that is listed in or is otherwise subject to the prohibitions of, any Executive Order relating to money laundering or anti-terrorism;
c. A Person or entity with whom Developer or Investor Limited Partner is prohibited from dealing or otherwise engaging in any transaction by Anti-Terrorism Laws; d. A Person that is named as a “specially designated national and blocked person” on the most current list published by the Office of Foreign Asset Control of the U.S.

Treasury Department.
“Project” means the financing, planning, construction, development, operation and use of the Property and the Improvements as provided in this Agreement. “Project Budget” means the schedule of sources and uses attached to this Agreement as Attachment No. 5.
“Property” means the real property described in the legal description attached to this Agreement as Attachment No. 2.
“Quarterly Report” has the meaning given in paragraph c. of Section 5.02. “Release of Construction Covenants ” means the certificate to be issued by the City in accordance with Section 4.16 of this Agreement.
“Restricted Period ” means the period commencing at recordation of the Agreement Containing Covenants and continuing until the date that is fifty-five (55) years after Conversion. “Schedule of Performance ” means the document attached to this Agreement as Attachment No. 4.
“Secondary Lender” means the lender of the Secondary Loan. “Secondary Loan” means any loan made by the Secondary Lender to Borrower as may be reasonably be approved by the City.
“Secondary Loan Deed of Trust ” means the second priority leasehold deed of trust securing the Secondary Loan.
“Senior Citizen Household” means a household where at least one person in residence is at least 55 years of age and/or otherwise qualifies for occupancy under the California Tax Credit Allocation Committee’s regulations applicable to the Project and intends to reside in the unit as his or her primary residence on a permanent basis, and where any other person residing in the unit 376
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is a “qualified permanent resident” or a “permitted health care resident” as provided in the Unruh Civil Rights Act, California Civil Code Section 51et seq., or the Federal Fair Housing Act 42 USC Section 3607, and such household’s occupancy is in compliance with all applicable federal, state and local laws and regulations governing the use and occupancy of the Project. All of the units other than the managers’ units shall be rented to Senior Citizen Households. “Senior Lender” means the maker of a Senior Loan, and an approved construction lender, credit enhancer or construction period guaranty facility. “Senior Loan Deed of Trust ” means, during the Construction Period, the Construction Loan Deed of Trust, and during the Permanent Period, the Permanent Financing Deed of Trust. “Senior Loan” means, during the Construction Period, the Construction Loan, and during the Permanent Period, the Permanent Financing.
“Senior Loan Documents ” means, as applicable, the Construction Loan Deed of Trust, the Permanent Financing Deed of Trust, loan agreements, promissory notes, financing statements, guaranties, security agreements, assignments, and similar documents and instruments to be executed by Developer in connection with a Senior Loan. “Site Map” means the document which is attached to this Agreement as Attachment No.

1. “Subordination Agreement ” means an instrument in a form agreed to by the City Manager or designee and Senior Lender, which subordinates the LMIHAF Loan, but not the Agreement Containing Covenants or the Density Bonus Agreement, to a Senior Loan and to any City approved Secondary Loan.
“Title Company ” means First American Title Insurance Company or another title insurance company mutually acceptable to City and Developer. “Title Insurance Policies ” means and include the following ALTA extended coverage policies of title insurance issued by the Title Company, subject to the Approved Title Conditions:
a. A lender’s policy of title insurance in favor of the Construction Lender, together with such endorsements as the Construction Lender may reasonably require, insuring the lien of the Construction Loan, in the amount of the Construction Loan (the “Construction Lender’s Title Policy”); and
b. A lender’s policy or policies of title insurance in favor of City, together with such endorsements as City may reasonably require, insuring the lien of the City Deed of Trust in the amount of the LMIHAF Loan (the “City’s Title Policy”).
“Transfer” means:
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a. The assignment, sublease, lease, sale, agreement to sell, transfer or conveyance of the Developer’s long-term leasehold interest in the Property under the Ground Lease, the Project, or any portion thereof or interest therein (including, without limitation, a beneficial interest), whether voluntary, involuntary, by operation of law or otherwise, the execution of any installment sale or lease assignment contract or similar instrument affecting all or a portion of the Property or Project.
b. “Transfer” also includes the transfer, assignment, hypothecation or conveyance of legal or beneficial ownership of an interest in Developer, or a conversion of Developer to an entity form other than that of Developer at the time of execution of this Agreement, except that, a cumulative change in ownership interest of a general partner of the Developer of forty-nine percent (49%) or less will not be deemed a “Transfer” for purposes of this Agreement. “UCC-1” means a UCC-1 Financing Agreement naming the City as creditor and Developer as debtor.
“Unit” means each of the rental housing units to be developed as part of the Project in accordance with this Agreement.

Section 1.03 The Property
The “Property” is that real property in the City of Orange as illustrated on the “Site Map” (attached hereto as Attachment No. 1) and as described in the “Legal Description of the Property” (attached hereto as Attachment No. 2). Developer is the owner of a long-term leasehold interest in the Property pursuant to a Ground Lease first approved in writing by City Manager for consistency with this Agreement and its attachments.

Section 1.04 The City
a. The City is a municipal corporation of the State of California. b. The address of the City for purposes of receiving notices pursuant to this Agreement is as follows: 300 E. Chapman Avenue, Orange, California 92866, Attn: City Manager. c. “City” as used in this Agreement includes the City of Orange and any assignee or successor to its rights, powers and responsibilities.

Section 1.05 The Developer
a. Developer is Orange 702 L.P., a California limited partnership. The address of Developer for purposes of receiving notices pursuant to this Agreement is as follows:
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c/o USA Properties Fund, Inc.
3200 Douglas Blvd., Suite 200
Roseville, CA 95661
Attn: President
And
c/o Riverside Charitable Corporation
14131 Yorba Street, Suite 204
Tustin, CA 9270
Attn: Executive Director
Copies of notices to Developer will be delivered at the same time to the Investor Limited Partner at the address provided in the LMIHAF Note.
b. Whenever the term “Developer” is used herein, such term means and includes: (1) the Developer as of the date hereof; and (2) any assignee of or successor to its rights, powers and responsibilities approved by the City or permitted by this Agreement.

Section 1.06 Assignments and Transfers
a. The qualifications and identity of the Developer are of particular concern to the City. It is because of those qualifications and identity that the City has entered into this Agreement with the Developer. No voluntary or involuntary successor in interest of the Developer will acquire any rights or powers under this Agreement except as expressly set forth herein. b. The Developer will not assign all or any part of this Agreement without the prior written approval of the City. The City agrees to reasonably give such approval if, in the reasonable determination of the City, the proposed assignee is comparable in all material respects (including experience, character and financial capability) to the Developer. Any such change (or assignment of this Agreement in connection therewith) will be by instruments satisfactory to the City Manager (or designee), and be subject to the approval by the City Manager (or designee) of evidence of the proposed assignee’s qualifications to meet the obligations of the Developer under this Agreement. c. For the reasons cited above, except for any Permitted Transfer as set forth in subsection f. in the definition of “Permitted Transfer” above, Developer represents and agrees for itself and any successor in interest that without the prior written approval of the City, which will not be unreasonably withheld, there will be no cumulative change in ownership interest of any general partner of greater than 49%, by any method or means. d. Developer will promptly notify the City of any and all changes whatsoever in the identity of the parties in control of Developer or the degree thereof, of which it or any of its officers have been notified or otherwise have knowledge or information. This Agreement may be terminated by the City, and the City may exercise its remedies pursuant to the City Loan 379
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Documents, if there is any significant change (voluntary or involuntary) in membership, executive management or control of Developer (other than such changes occasioned by the death or incapacity of any individual or a Permitted Transfer). “Significant change” as used in the preceding sentence is any change that results (directly or indirectly) in a change of the day-to-day management of Developer following the date of this Agreement but shall not include routine changes in officers and/or board members.
e. The Developer will not, except for Permitted Transfers or as permitted by this Agreement, make or attempt to make a Transfer, without prior written approval of the City, except as expressly permitted by this Agreement and the other City Loan Documents. Consent to one such transaction will not be deemed to be a waiver of the right to require consent to future or successive transactions. Proposed transferees must have the qualifications and financial responsibility necessary and adequate as may be reasonably determined by the City, to fulfill Developer’s obligations undertaken in this Agreement. A proposed transferee, by instrument in writing satisfactory to the City and in form recordable among the land records, for itself and its successors and assigns, and for the benefit of the City must expressly assume all of Developer’s obligations under this Agreement and agree to be subject to all conditions and restrictions applicable to the Developer in this Agreement. There must be submitted to the City for review all instruments and other legal documents proposed to affect any such transfer; and if approved by the City its approval will be indicated to Developer in writing.
f. In the absence of specific written agreement by the City, no Transfer, or approval thereof by the City, will be deemed to relieve Developer or any other party from any obligations under this Agreement.
g. Notwithstanding section 1.06.b., Developer will have the right to execute deeds of trust and other instruments granting a security interest in the Property for the purposes of financing the Acquisition and Development Costs, as described in Article III of this Agreement and the Method of Financing attached hereto as Attachment No. 3.

ARTICLE II. ACQUISITION OF THE PROPERTY BY DEVELOPER
Section 2.01 Condition of the Property
a. No person acting on behalf of the City is authorized to make, and by execution of this Agreement, Developer acknowledges that neither the City nor any person acting on behalf of the City has made any representation, agreement, statement, warranty, guarantee or promise regarding the zoning, construction, the geologic or physical condition, soils conditions or other status or Condition of the Property.
b. Developer acknowledges and agrees that the City makes no representations and warranties, express or implied, as to the Property, the geologic or physical condition of the Property, and any Condition which may exist on, in or under the Property. Other than the representations and warranties set forth in this Agreement, Developer hereby expressly acknowledges and agrees that it is relying solely upon its inspections, examination, and evaluation 380
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of the Property.
c. It will be the sole responsibility of Developer, at Developer’s expense, to investigate and determine all conditions of the Property and its suitability for the uses to which the Property is to be put in accordance with this Agreement. If the conditions of the Property are not in all respects entirely suitable for the use or uses to which the Property will be put, then it is the responsibility and obligation of Developer, without cost to the City, to take such action or cause such action to be taken, as may be necessary to place the Property in all respects in a condition entirely suitable for its development and use in accordance with this Agreement.

Section 2.02 Acquisition of the Property by Developer
a. The Developer has acquired a long-term leasehold interest in the Property and all improvements, buildings, fixtures and appurtenances pertaining to the Property pursuant to the Ground Lease and agrees to retain ownership of such long-term leasehold interest in the Property for the development, construction and operation of the Project, subject only to the Approved Title Conditions.
b. The continued retention by Developer of its long-term leasehold interest in the Property pursuant to the Ground Lease subject only to the Approved Title Conditions shall be a condition precedent to the performance by City of any of its obligations in this Agreement.

ARTICLE III. FINANCING
Section 3.01 Method of Financing
The Acquisition and Development Costs will be financed with a combination of sources of financing as provided in the Method of Financing, attached to this Agreement as Attachment No.

3. Section 3.02 City Assistance
a. LMIHAF Loan. In accordance with and subject to the terms and conditions of this Agreement, including the Method of Financing, the City agrees to lend to the Developer, and the Developer agrees to borrow from the City the LMIHAF Loan, as described in the Method of Financing attached hereto as Attachment No. 3. At or prior to the Construction Loan Closing, the City and Developer will execute and deliver such instruments and documents as may be necessary to evidence and secure the LMIHAF Loan, consistent with the terms of this Agreement and the Method of Financing, and each in a form that is acceptable to the City Manager or designee. b. Gap Assistance. The parties acknowledge that the LMIHAF Loan is intended to be “gap” financing, not to exceed the amount needed to bridge the gap between the total Development Costs (as further described in the Method of Financing) and the maximum loans obtainable by Developer plus an agreed amount of Developer’s Equity, but in no event greater than the amounts set forth in this Agreement and the approved final Project Budget. The proceeds of the LMIHAF 381
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Loan will be used exclusively to pay Acquisition and Development Costs identified in the Project Budget (which is attached to this Agreement as Attachment No. 5 and incorporated herein by this reference). The LMIHAF Loan is subject to the terms and provisions of the LMIHAF Loan Documents, including but not limited to the LMIHAF Note and the City Deed of Trust. c. Senior Loan and Tax Credits. City agrees that the lien of the City Deed of Trust will be subordinate to the lien of the Construction Loan Deed of Trust, the lien of any Secondary Lender obtained by the Developer and reasonably approved by City and recorded in the order required by the Method of Financing, and the Permanent Financing Deed of Trust. City agrees to not unreasonably withhold approval of such modifications to this Agreement, and the City Manager will execute such estoppel certificates, as may reasonably be requested by the Construction Lender, the Secondary Lender, the Permanent Lender and the Investor Limited Partner, provided that such modifications or certificates are consistent with the terms of this Agreement and do not materially adversely affect the receipt of any material benefit by City hereunder. The City Manager will execute such subordination agreements regarding the LMIHAF Loan, but not the Agreement Containing Covenants or the Notice of Affordability Restrictions or the Density Bonus Agreement, as may reasonably be requested by the Construction Lender, any Secondary Lender and Permanent Lender, provided that such subordination agreements will provide the City with all rights under California Civil Code Section 2924b and 2924c and Health and Safety Code Section 33334.14(a)(4).
d. Subordination and Non-Disturbance Agreement. City agrees that the lien of the City Deed of Trust will encumber Developer’s leasehold interest in the Property and will not encumber Ground Lessor’s fee interest in the Property. City Manager will execute such estoppel certificates and subordination and non-disturbance agreements, as may reasonably be requested by the Ground Lessor, provided that such certificates and agreements are consistent with the terms of this Agreement and do not materially adversely affect the receipt of any material benefit by City hereunder.
e. Affordability Covenants Recorded Against Fee Title. The Density Bonus Agreement and the Agreement Containing Covenants shall be recorded against the fee title of the Property in accordance with the Method of Financing. Developer and Ground Lessor will both join in the execution of the Density Bonus Agreement and the Agreement Containing Covenants to effect the recordation of the documents and the affordability covenants contained therein against the fee title of the Property.

Section 3.03 Evidence of Financing
a. Not later than thirty (30) days prior to the scheduled Construction Financing Event Date, Developer will submit to the City initial draft documents containing evidence satisfactory to the City that Developer has obtained the financing necessary for the development of the Property in accordance with this Agreement. Developer shall submit substantially final documents containing such evidence no later than seven (7) days (or such later date as City Manager may 382
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consent to) prior to the scheduled Construction Financing Event Date. Such evidence of financing will include the following:

1. A copy of all loan documents relating to the Construction Loan, including a final project budget approved by the Construction Lender, certified by the Developer to be a true and correct copy or copies thereof;

2. Documentation acceptable to the City Manager or designee of sources of capital sufficient to demonstrate that the Developer has adequate equity funds committed to provide the amount of Developer Equity required by the Method of Financing;

3. A copy of the Permanent Financing commitment or commitments (if applicable, or if required by Senior Lender or to avoid a Senior Loan default); and

4. A copy of the contract between the Developer and the general contractor for the construction of the Improvements, certified by the Developer to be a true and correct copy thereof.
b. The City will approve or disapprove such evidence of financing within the time established in the Schedule of Performance. Such approval will not be unreasonably withheld or delayed. If the City will disapprove any such evidence of financing, the City will do so by written notice to the Developer stating the reason(s) for such disapproval.

ARTICLE IV. DEVELOPMENT OF THE PROPERTY
Section 4.01 Land Use Approvals
a. It is the responsibility of the Developer, without cost to City, to ensure that zoning of the Property and all applicable City land use requirements will be such as to permit development of the Property and construction of the Improvements and the use, operation and maintenance of such Improvements in accordance with the provisions of this Agreement. b. The following will be conditions of the Construction Financing Event: (A) Developer will obtain all required Governmental Authority approvals of one hundred percent (100%) complete construction drawings; and (B) Developer will obtain all entitlements, approvals, variances and permits necessary for the construction of the Improvements. c. The City makes no warranties of any kind as to the entitlements and disclaims all liability arising from use thereof by Developer or any third party. The City expressly disclaims and Developer hereby expressly waives all warranties express or implied, including warranties of merchantability and fitness for a particular purpose. Any use or modification by Developer of the entitlements, including use by Developer’s builders and other employees, contractors, or agents, shall be at Developer’s own risk. Developer and its architect, engineer, and general contractor, are responsible to obtain all building permits and to ensure that all work performed in the development of the Project is in accordance with of all applicable federal, state, and local building codes as well 383
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as applicable construction standards, fire department standards, utility company standards and best practices. Developer hereby waives, to the fullest extent permitted by law, any right it may have to hold the City liable, or recover from the City, or any of their officers, agents, or employees, for any claims or damages which shall or might occur or arise, in whole or in part, in connection with or arising out of Developer’s use of the entitlements.
d. Nothing contained herein will be deemed to entitle Developer to any City of Orange permit or other City approval necessary for the development of the Property, or waive any applicable City requirements relating thereto. This Agreement does not (a) grant any land use entitlement to Developer, (b) supersede, nullify or amend any condition which may be imposed by the City of Orange in connection with approval of the development described herein, (c) guarantee to Developer or any other party any profits from the development of the Property, or (d) amend any City laws, codes, rules or regulations. This is not a Development Agreement under Government Code Section 65864.

Section 4.02 Hazardous Materials
Prior to the Construction Financing Event Date, Developer will deliver to the City a true and complete copy of any environmental assessments Developer has made of the Property and the existing improvements. Developer agrees to perform, or cause to be performed, the clean-up of any Hazardous Substances on, in, under or within the Property, without cost or expense to the City.

Developer will defend, indemnify and hold harmless the City and its officers, agents, employees, contractors and attorneys from any claims, liability, injury, damages, costs and expenses (including, without limiting the generality of the foregoing, the cost of any required cleanup of hazardous substances, and the cost of reasonable attorneys’ fees) which may be sustained as the result of Hazardous Materials relating to the Property. As a condition precedent to the making of any of the LMIHAF Loan, Developer will execute and deliver to the City the Environmental Indemnity (Attachment No. 15).

Section 4.03 Plans; Construction Contract
The Property will be developed in accordance with Plans approved by Governmental Authorities for the development of the Project by Developer pursuant to this Agreement and permits issued by Governmental Authorities. It is anticipated that Developer will contract for performance of specific activities, including but not limited to activities such as relocation services (if necessary), site inspections, and management of the Units. Such contracts will not in any way diminish or waive Developer’s obligations under this Agreement. The identity and qualifications of the general contractor must be approved by the City, provided, however, City hereby approves USA Construction Management, Inc. as a general contractor for purposes of compliance with the specific purposes of this Agreement. Developer must also submit to the City for approval copies of the proposed contract with the general contractor, which approval will not be unreasonably withheld or delayed.
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Section 4.04 Construction Drawings and Related Documents a. Developer will prepare and submit construction drawings and related documents for the development of the Property to the City for review (including, but not limited to, architectural review) and written approval at the times established in the Schedule of Performance.

The construction drawings and related documents shall include but not be limited to, preliminary and final drawings, plans and specifications. Final drawings, plans, and specifications are hereby defined as those in sufficient detail to obtain a building permit. b. In the event of the disapproval by the City of any plans submitted by Developer, City will promptly communicate in writing to Developer all reasons for such disapproval and all requirements for subsequent approval of revised plans.
c. During the preparation of all drawings and plans, the City staff and Developer will hold regular progress meetings to coordinate the preparation of, submission to, and review of construction plans and related documents by the City. The City staff and Developer will communicate and consult informally as frequently as is necessary to ensure that the formal submittal of any documents to the City can receive appropriate consideration. d. If any revisions or corrections of plans approved by the City will be required by a governmental official, authority, department or bureau having jurisdiction over the development of the Property, Developer and the City will cooperate in efforts to obtain waiver of such requirements or to develop a mutually acceptable alternative.

Section 4.05 City Approval of Plans, Drawings and Related Documents As provided in Section 4.04, the City will have the right of reasonable review (including, but not limited to, architectural review) and approval of all plans, drawings and related documents for the development of the Property, including any proposed changes therein. The City will approve or disapprove such plans, drawings, and related documents referred to in this Agreement (and any proposed changes therein), in writing, within the times established in the Schedule of Performance. Any disapproval will state, in writing, the reasons for disapproval. Developer, upon receipt of the City’s disapproval will revise such portions of the plans, drawings or related documents in a manner that satisfies the reasons for disapproval and resubmit such revised portions to the City as soon as possible after receipt of the notice of disapproval. The City will approve or disapprove such revised portions in the same manner and within the same times as provided in this Section 4.05 for approval or disapproval of plans, drawings, and related documents initially submitted to the City.

Section 4.06 Cost of Construction
a. The cost of acquiring the Property and developing and constructing the Improvements thereon will be the responsibility of the Developer, as provided in the Method of Financing. The Acquisition and Development Costs are set forth in the Project Budget (Attachment No. 5), which will be subject to change from time-to-time as provided in the Method 385
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of Financing. Developer will establish procurement procedures to ensure that materials and services are obtained in a cost-effective manner. Construction will include all work required by the Plans and Governmental Authorities for the demolition and removal of existing buildings, improvements, fixtures and equipment currently located on the Property, and all excavation, filling and grading required by the Plans and Governmental Authorities for the development of the Property consistent with this Agreement.
b. Developer has proposed, and the City has approved, the Project Budget appended to this Agreement as Attachment No. 5. Developer acknowledges that the City is relying on Developer’s experience and expertise in establishing the Acquisition and Development Costs for the Project and Developer represents and warrants that the Project Budget is based on Developer’s best, good faith estimate of the costs to be incurred.

Section 4.07 Schedule of Performance
a. Developer and City will perform all acts respectively required of each party in this Agreement within the times provided in the Schedule of Performance (Attachment No. 4). The Schedule of Performance is subject to revision from time to time as mutually agreed upon in writing by Developer and the City Manager, and such revision approval may be denied by either party in its sole discretion.
b. After the Construction Financing Event, Developer will promptly begin and thereafter diligently prosecute to completion the construction of the Improvements as required by this Agreement. Developer will begin and complete all construction and development within the times specified in the Schedule of Performance.
c. During periods of construction, Developer will submit to the City a written report of the progress of the construction when and as requested by the City. The report will be in such form and detail as may be reasonably required by the City and will include a reasonable number of construction photographs (if requested) taken since the last report by Developer. Developer will meet with the City as requested during construction to discuss the resolution of any concerns the City might have. Representatives of the City will have the right to participate in monthly construction meetings.

Section 4.08 Local, State and Federal Laws
a. Developer will carry out development and construction (as defined by applicable law) of the Improvements on the Property, including, without limitation, any and all public works (as defined by applicable law), in conformity with all applicable local, state and federal laws, including, without limitation, all applicable federal and state labor laws (including, without limitation, the requirement to pay state or federal prevailing wages, if applicable). Developer further warrants and agrees to include or cause to be included the criteria and requirements of this paragraph in every non-exempt contract in excess of One Hundred Thousand Dollars ($100,000). 386
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b. Developer hereby expressly acknowledges and agrees that the City of Orange has not ever previously affirmatively represented to the Developer or its contractor(s) for the Improvements in writing or otherwise, in a call for bids or otherwise, that the work to be covered by the bid or contract is not a “public work,” as defined in Section 1720 of the Labor Code.

Developer hereby agrees that Developer will have the obligation to provide any and all disclosures or identifications required by Labor Code Section 1781, as the same may be enacted, adopted or amended from time to time, or any other similar law, if and to the extent applicable to the Project.

Developer will indemnify, protect, defend and hold harmless the City, and its officers, employees, contractors and agents, with counsel reasonably acceptable to City, from and against any and all loss, liability, damage, claim, cost, expense, and/or “increased costs” (including reasonable attorneys’ fees, court and litigation costs, and fees of expert witnesses) (collectively, the “Claims”) which, in connection with the development and/or construction (as defined by applicable law) of the Improvements, including, without limitation, any and all public works (as defined by applicable law), results or arises in any way from any of the following: (1) the noncompliance by Developer of any applicable local, state and/or federal law, including, without limitation, any applicable federal and/or state labor laws (including, without limitation, the requirement to pay state prevailing wages); (2) the implementation of Section 1781 of the Labor Code, as the same may be enacted, adopted or amended from time to time, or any other similar law; and/or (3) failure by Developer to provide any required disclosure or identification as required by Labor Code Section 1781, as the same may be enacted, adopted or amended from time to time, or any other similar law.
c. It is agreed by the parties that, in connection with the development and construction (as defined by applicable law) of the Improvements, including, without limitation, any and all public works (as defined by applicable law), Developer will bear all risks of payment or non- payment of state prevailing wages and/or Labor Code Section 1781, as the same may be enacted, adopted or amended from time to time, and/or any other similar law. “Increased costs” as used in this Section 4.08 will have the meaning ascribed to it in Labor Code Section 1781, as the same may be enacted, adopted or amended from time to time.
d. The foregoing indemnity will survive termination of this Agreement and will continue after Completion.

Section 4.09 Nondiscrimination During Construction
Developer, for itself and its successors and assigns, agrees that during the construction of the Improvements provided for in the Agreement, Developer will not discriminate on the basis of race, gender, religion, national origin, ethnicity, sexual orientation, age or disability or any other basis prohibited by applicable law in the solicitation, selection, hiring or treatment of any employees, contractors or consultants. Developer understands and agrees that violation of this clause will be considered a material breach of this Agreement and may result in termination, debarment or other sanctions. This language must be incorporated into all contracts between Developer and any contractor or consultant, and all contracts with any subcontractor, sub- consultant, vendor or supplier.
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Section 4.10 Indemnification and Insurance
a. Developer agrees to and will, to the fullest extent permitted by law, defend, indemnify and hold the City of Orange and its officers, employees, contractors and agents harmless from and against all claims, liability, loss, damage, costs or expenses (including reasonable attorneys’ fees and court costs) arising from or as a result of, in whole or in part, any of the following: (1) any act or omission of Developer or its architect, engineer, contractors, suppliers, or vendors, of any contracting tier, or anyone directly or indirectly employed by any of them, or anyone for whose acts Developer may be liable, in connection with the performance or nonperformance of this Agreement, including but not limited to the construction, development, marketing or use of the Property in any way, and any plans or designs for improvements prepared by or on behalf of Developer, including without limitation any errors or omissions with respect to such plans or designs; (2) the breach of any obligations of Developer hereunder; (3) the use of any products, material or equipment furnished by Developer or its contractors, suppliers, or vendors, of any contracting tier; and (4) any relocation payments and/or relocation assistance required to be provided by applicable law as a result of this Agreement and/or the development of the Property by Developer other than resulting from the gross negligence or willful misconduct of City. Such obligation to indemnify will not be construed to negate, abridge, or otherwise reduce other rights or obligations of indemnity which would otherwise exist as to a party or person described in this Section 4.10. The foregoing indemnification will apply, without limitation, to active or passive negligence, strict liability, breach of contract, or intentional or willful misconduct, by Developer or its architect, contractors, suppliers, or vendors, of any contracting tier, or anyone directly or indirectly employed by any of them, or anyone for whose acts Developer may be liable. Indemnitees will be entitled to recovery of attorney’s fees incurred as a result of Developer’s failure to provide the defense and indemnity required by this Section 4.10. This Section 4.10 will survive the expiration or termination of this Agreement.
b. Prior to the Construction Financing Event Date (except as provided in the next sentence or as otherwise noted herein), Developer will furnish or cause to be furnished to the City evidence of the following policies of insurance, naming Developer as insured and the City as certificate holder and, except as to the insurance described in paragraph b(v), below, the City as additional insureds. The insurance requirements set forth in this subsection b. are subject to reasonable change prior to the Construction Financing Event Date, as needed to satisfy City’s then- applicable requirements. Evidence of insurance must include additional insured endorsements naming the City as additional insureds and including a primary insurance and waiver of contribution clause, a separation of insureds clause and a cancellation notice clause, in the form approved by the City. The insurance described in paragraph (ii) will be obtained prior to the initial rent-up of the apartments.
(i) Fire Policies: Developer will maintain or cause to be maintained a policy or policies of insurance against loss or damage to the Property or the Improvements and all property of an insurable nature located upon the Property, resulting from fire, lightning, vandalism, malicious mischief, riot and civil commotion, and such other perils ordinarily included in extended coverage fire insurance policies. Such insurance will be maintained in an amount not less than 388
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one hundred percent (100%) of the full insurable value of the Improvements, as defined herein in paragraph d.
(ii) Rental Income Insurance: Prior to occupancy of the Project, Developer will maintain or cause to be maintained use and occupancy or business interruption or rental income insurance against the perils of fire, lightning, vandalism, malicious mischief, riot and civil commotion, and such other perils ordinarily included in extended coverage fire insurance policies, in an amount that is acceptable to Developer and the City. (iii) Liability Insurance: Developer will maintain or cause to be maintained public liability insurance, to protect against loss from liability imposed by law for damages on account of personal injury, including death therefrom, suffered or alleged to be suffered by any person or persons whomsoever on or about the Property and the business of the Developer on the Property, or in connection with the operation thereof, resulting directly or indirectly from any acts or activities of Developer or its tenants, or any person acting for Developer, or under its respective control or direction, and also to protect against loss from liability imposed by law for damages to any property of any person occurring on or about the Property, or in connection with the operation thereof, caused directly or indirectly by or from acts or activities of Developer or its tenants, or any person acting for Developer, or under its control or direction. Such property damage and personal injury insurance will also provide for and protect City against incurring any reasonable legal cost in defending claims for alleged loss. Such personal injury and property damage insurance will be maintained in full force and effect during the term of the LMIHAF Loan in the following amounts: commercial general liability in a general aggregate amount of not less than Five Million Dollars ($5,000,000); and not less than One Million Five Hundred Thousand Dollars ($1,500,000) of bodily injury and property damage insurance. It is the mutual intent of the parties that the levels of insurance coverage described herein will be and remain comparable to the level of insurance coverage that is customary with comparable operations in Orange County. At any time during the term of the LMIHAF Loan, and from time to time, either party may provide notice to the other party that the level of insurance being maintained by Developer is no longer comparable to the level of insurance coverage that is customary with comparable operations in Orange County, and request that the minimum limit hereinabove designated will be changed (either increased or decreased) accordingly. The party receiving such request will not unreasonably withhold its consent to such change. Developer agrees that provisions of this paragraph as to maintenance of insurance will not be construed as limiting in any way the extent to which Developer may be held responsible for the indemnification of City or the payment of damages to persons or property resulting from Developer’s activities, activities of its tenants or the activities of any other person or persons for which Developer is otherwise responsible.

Developer will require its insurer to waive its subrogation rights against the City and will provide endorsements evidencing same.
(iv) Boiler and Machinery Insurance: Prior to occupancy of the Project, boiler and machinery insurance covering the HVAC system for one hundred percent (100%) of the full insurable value of the HVAC system, issued on an all risk basis, with a deductible no greater than One Hundred Thousand Dollars ($100,000).
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(v) Workers’ Compensation Insurance: Developer will maintain or cause to be maintained workers’ compensation insurance issued by a responsible carrier authorized under the laws of the State of California to insure employers against liability for compensation under the workers’ compensation laws now in force in California, or any laws hereafter enacted as an amendment or supplement thereto or in lieu thereof. Such workers’ compensation insurance will cover all persons employed by Developer in connection with the Property and will cover liability within statutory limits for compensation under any such act aforesaid, based upon death or bodily injury claims made by, for or on behalf of any person incurring or suffering injury or death in connection with the Property or the operation thereof by Developer. Notwithstanding the forego- ing, Developer may, in compliance with the laws of the State of California and in lieu of maintaining such insurance, self-insure for workers’ compensation in which event Developer will deliver to City evidence that such self-insurance has been approved by the appropriate State authorities. If Developer is required to maintain Workers’ Compensation Insurance under this paragraph, Developer will furnish the City with a certificate of waiver of subrogation under the terms of the Workers’ Compensation Insurance. Developer will require its general contractor to waive subrogation and will require that its subcontractors waive subrogation to the extent that such a waiver is commercially available.
c. All policies hereunder will not be subject to cancellation, reduction in coverage, or non-renewal except after notice in writing will have been sent by registered mail addressed to the City and the City not less than thirty (30) days in advance of the effective date, except for cancellation for nonpayment of premium, in which event notice will be given not less than ten (10) days in advance of the effective date. All policies will name the City, Developer and/or any general contractor as insureds, additional insureds, and/or loss payable parties as their interests may appear.
d. The term “full insurable value” as used in this Section 4.10 means the actual replacement cost (excluding the cost of excavation, foundation and footings below the lowest floor and without deduction for depreciation) of the Improvements on the Property immediately before such casualty or other loss, including the cost of construction, architectural and engineering fees, and inspection and supervision. To ascertain the amount of coverage required, Developer will cause the full insurable value to be determined from time to time by appraisal by the insurer, by the insurer’s automatic inflationary measure if acceptable to the Developer and the City, by agreement between Developer and City or by an appraiser mutually acceptable to City and Developer, not less often than once every three years. Notwithstanding the foregoing, Developer shall not be required to obtain earthquake or terrorism insurance unless required by Senior Lender. e. All insurance provided under this Section 4.10 will be for the benefit of Developer and City. Developer agrees to timely pay all premiums for such insurance and, at its sole cost and expense, to comply and secure compliance with all insurance requirements necessary for the maintenance of such insurance. Developer agrees to submit policies of all insurance required by this Section 4.10, or certificates and endorsements evidencing the existence thereof, to City within thirty (30) days prior to the Construction Financing Event Date, indicating full coverage of the contractual liability imposed hereby. Within thirty (30) days, if practicable, but in any event prior 390
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to expiration of any such policy, copies of renewal policies, or certificates evidencing the existence thereof, will be submitted to City. All insurance herein provided for under this Section 4.10 will be effected under policies issued by insurers of recognized responsibility, licensed or permitted to do business in the State of California reasonably approved by City. f. Developer must cause all contractors and subcontractors performing work relating to the Project to maintain, at a minimum, the liability insurance and workers compensation insurance described in this Section 4.10, provided, however, City agrees and acknowledges that certain subcontracts will not carry $5,000,000 of liability insurance. Developer must also cause its architects and engineers to maintain Architects and Engineers Professional Liability (Errors and Omissions) insurance on a “claims made basis” in an amount of not less than One Million Dollars ($1,000,000). When coverage is provided on a “claims made basis”, Developer must cause all contractors and subcontractors to continue to renew the insurance for a period of ten (10) years after the end of the Construction Period. Such insurance must have the same coverage and limits as the policy that was in effect during the Construction Period, and cover Developer for all claims made by the City arising out of any acts or omissions of Developer, or its officers, employees or agents during the Construction Period. In the alternative, Developer, its contractors and subcontractors may provide the City with evidence of insurance covering claims made at any time after the policy expires for acts or omissions which occurred while the policy was in effect, subject to any applicable statute of limitations.
g. If Developer fails or refuses to procure or maintain insurance as required by this Agreement, City will have the right, at City’s election, and upon ten (10) days prior notice to Developer, to procure and maintain such insurance. The premiums paid by City will be treated as a loan, due from Developer, to be paid on the first day of the month following the date on which the premiums were paid. City will give prompt notice of the payment of such premiums, stating the amounts paid and the name of the insured(s).

Section 4.11 Disclaimer of City Responsibility
Except as provided in this Agreement, the City neither undertakes nor assumes nor will have any responsibility or duty to Developer or to any third party to review, inspect, supervise, pass judgment upon or inform Developer or any third party of any matter in connection with the Property, whether with respect to the quality, adequacy or suitability of the plans, any labor, service, equipment or material furnished to the Project, any person furnishing the same or otherwise. Developer and all third parties will rely upon its or their own judgment regarding such matters, and any review, inspection, supervision, exercise of judgment or information supplied to Developer or to any third party by the City in connection with such matter is for the public purpose of providing affordable housing, and neither Developer (except for the purposes set forth in this Agreement) nor any third party is entitled to rely thereon. Neither may Developer or any third party assert such review, inspection, supervision, exercise of judgment or information supplied to Developer or to any third party as a defense to the indemnification obligation set forth in Section

4.10 of this Agreement.
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Section 4.12 Permits
Before commencement of construction or development of any buildings, structures or other work of improvement upon any portion of the Property, Developer will, at its own expense, secure or cause to be secured, any and all permits which may be required by any Governmental Authority affected by such construction, development or work.

Section 4.13 Rights of Access
Commencing upon the Construction Financing Event Date, representatives of the City will have the reasonable right of access to the Property, upon two (2) business days’ written notice to Developer (except in the case of an emergency, in which case City will provide such notice, if any, as may be practical under the circumstances), without charges or fees, at normal construction hours during the period of construction for the purposes of this Agreement, including, but not limited to, the inspection of the work being performed in constructing the improvements, subject to reasonable safety rules and procedures as may be imposed by Developer. Such representatives of the City will be those who are so identified in writing by the City Manager.

Section 4.14 Taxes, Assessments, Encumbrances and Liens Commencing upon the Construction Financing Event Date, Developer will pay prior to delinquency all real estate taxes and assessments assessed and levied on or against the Property.

Prior to Completion, Developer will not place, or allow to be placed, on title to the Property or any portion thereof, any mortgage, trust deed, encumbrance or lien not authorized by this Agreement.

In addition, Developer will remove, or will have removed, any levy or attachment made on title to the Property (or any portion thereof), or will assure the satisfaction thereof within a reasonable time but in any event prior to a sale thereunder. Nothing herein contained will be deemed to (i) prohibit the Developer from contesting the validity or amount of any tax assessment, encumbrance or lien, or to limit the remedies available to the Developer in respect thereto, or (ii) seek an exemption from real property taxes for the Project.

Section 4.15 Rights to Plans
a. Subject to the rights of the beneficiary of the Construction Loan Deed of Trust, all work product prepared pursuant to this Agreement, including (but not limited to), all Plans, construction documents, soils tests and similar reports, permits and other entitlements are hereby assigned to the City as security for Developer’s obligations hereunder. In the event that this Agreement is terminated by the City, Developer will, within ten (10) business days of such termination, transmit all such work product to the City. b. To effectuate the assignment described in paragraph a., concurrently with executing a contract with the project architect, Developer will execute and deliver to the City an Assignment of Agreements (the “Assignment”), substantially in the form attached to this Agreement as Attachment No. 14 in a form that is acceptable to the City Manager, granting to the City all of Developer’s rights to: (1) the Plans prepared pursuant to this Agreement; (2) the contract between 392
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Developer and its architect; (3) all permits relating to the Project; (4) studies and reports concerning the Property; and similar rights and property interests.

Section 4.16 Release of Construction Covenants
a. Promptly after Completion of the Improvements, as generally and specifically required by this Agreement, the City will furnish Developer with a Release of Construction Covenants upon written request therefor by Developer. The City will not unreasonably withhold such Release of Construction Covenants and such Release of Construction Covenants will be issued so long as Developer has constructed and developed the Property in accordance with this Agreement and substantially in accordance with the Plans approved by the City pursuant hereto.

Such Release of Construction Covenants will be, and will so state, conclusive determination of satisfactory completion of all of the construction required by this Agreement. b. The Release of Construction Covenants will be in such form as to permit it to be recorded in the official records of Orange County. No Release of Construction Covenants will be recorded for less than the completed Improvements and development of the entire Property. c. If the City refuses or fails to furnish a Release of Construction Covenants for the Property after written request from Developer, the City will, within thirty (30) days of the written request, provide Developer with a written statement of the reasons the City refused or failed to furnish a Release of Construction Covenants. The statement will also contain the City’s opinion of the action Developer must take to obtain a Release of Construction Covenants. If the reason for such refusal is confined to the immediate availability of specific items or materials for landscaping, and/or minor items, the City will issue its Release of Construction Covenants upon the posting of a bond by Developer with the City in an amount representing a fair value of the work not yet completed. If the City will have failed to provide such written statement within said 30-day period, Developer will be deemed to have received the Release of Construction Covenants. d. The Release of Construction Covenants will not constitute evidence of compliance with or satisfaction of any obligation of Developer to the beneficiary of the Construction Loan Deed of Trust or any other Person. The Release of Construction Covenants is not a notice of completion as referred to in Section 3093 of the California Civil Code.

ARTICLE V. USE OF THE PROPERTY
Section 5.01 Use As Affordable Housing
a. Developer covenants and agrees (for itself, its successors, its assigns, and every successor in interest to the Property or any part thereof) that Developer, its successors and assigns will use the Property pursuant to the Ground Lease exclusively to provide affordable housing for Extremely Low Income and Lower Income Senior Citizen Households (except for two staff/manager’s units), in conformance with the Agreement Containing Covenants and the Density Bonus Agreement, including common areas associated therewith. No change in the use of the 393
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Property will be permitted without the prior written approval of the City, exercised in the sole discretion of the City.
b. The City and its successors and assigns will have the right to monitor and enforce the covenants contained in this Section 5.01. Developer covenants that it will comply with the monitoring program established by the City to enforce said covenants. In complying with such monitoring program, Developer or its agent will prepare and submit to the City an annual occupancy report, financial information and income verification documents for each tenant and all supporting documentation, on forms provided by the City, setting forth the required information for the preceding year. On an annual basis, Developer or its agent will additionally submit to the City evidence of each tenant’s continuing eligibility to occupy the unit (which may include a tenant self certification). The City will review such reports for certification of continuing affordability of Units and eligibility of tenants.

Section 5.02 Management Plan; Annual Project Budget; Quarterly Report a. Within the time set forth therefor in the Schedule of Performance, Developer will submit to the City Manager a Management Plan reasonably acceptable to the City Manager, describing the proposed plan for managing and operating the Property, including policies and procedures to assure accessibility to persons with disabilities. The City will provide Developer a draft Management Plan which Developer shall use to prepare the final Management Plan submitted to the City. Developer will manage and operate the Property in accordance with the approved Management Plan, including such amendments as may be approved in writing from time to time by the Developer and the City Manager or designee, for the entire Restricted Period. b. In addition, the Developer will submit on or before the first day of each fiscal year of the Restricted Period an estimated annual budget for management of the Property (the “Annual Project Budget ”) in accordance with the Management Plan. The Annual Project Budget will include all necessary operating expenses, current maintenance charges, expenses of reasonable upkeep and repairs, taxes and special assessment levies, prorated amount required for insurance and all other expenses incident to the operation of the Project; and will show the expected revenues to pay such expenses, including annual debt service requirements and reserve fund deposits and balances. The Annual Project Budget, including any amendments for discretionary expenses proposed by the Developer, will be subject to the approval of the City Manager, which approval will not be unreasonably withheld or delayed.
c. Beginning on the date of first occupancy, for each fiscal year of the Restricted Period, Developer will also submit on a quarterly basis a quarterly report for the management of the Property (the “Quarterly Report”) in a form that is reasonably acceptable to the City Manager.

The Quarterly Report will include a profit and loss statement, budget to date figures, and occupancy report. Developer’s failure to timely submit the Quarterly Reports, after the City has provided written notice to Developer and at least fifteen (15) business days to cure such failure, will cause the imposition of a monetary penalty of Five Hundred Dollars ($500) to be paid to the City. The City Manager, in his or her sole discretion may waive the requirement of the Quarterly 394
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Report for one or more quarterly reporting periods. However, such waiver will not operate to waive any subsequent requirement of the Quarterly Report for the Restricted Period upon written notice to Developer by the City Manager.
d. The Agreement Containing Covenants will contain appropriate provisions implementing this Section 5.02.

Section 5.03 Property Maintenance
a. Within the time set forth therefor in the Schedule of Performance, the Developer will prepare and submit to the City Manager or designee for review and approval a program (the “Maintenance Program ”) for the exterior and interior maintenance of the Property and the Improvements. The City will provide Developer a draft Maintenance Program which Developer shall use to prepare the final Maintenance Program submitted to the City. b. The Maintenance Program will describe in reasonable detail the standards to be followed in maintaining the interior and exterior of the Improvements, including a schedule indicating the proposed frequency of each element of maintenance, and will include, at a minimum, the following: periodic cleaning of the interior and exterior of the Improvements, including windows; removing graffiti; removing debris and waste materials and otherwise maintaining indoor and outdoor areas of the Property; maintaining any lawns, plants, shrubs and trees or other landscaping planted on the Property; performing inspections of all exterior features to determine whether repairs are required; conducting periodic protective treatments such as rust removal and caulking; conducting repairs to facades, roof, doors, windows and other exterior features; maintaining fencing and other security devices and systems; periodic repainting of the exterior; periodic repainting of the interior units and common areas; periodic replacing of the interior unit carpets; checking building systems, including, but not limited to the heating and cooling systems, smoke alarms and water heaters; checking interior unit appliances; and monitoring interior unit bathrooms for mold/mildew. The Maintenance Program, including any amendments proposed by the Developer, will be subject to the reasonable approval of the City Manager. c. At all times during the Restricted Period, the Developer will maintain the Property and the Improvements in accordance with the approved Maintenance Program. To implement this requirement, Developer agrees to budget sufficient funds to pay for all reasonably anticipated costs (as indicated in the Annual Project Budget). In the event the Developer fails to maintain the Property and the Improvements in accordance with the approved Maintenance Program, and does not cure such failure within thirty (30) days following notice from the City, with such additional time as may be reasonably necessary to cure such default provided that Developer has commenced to cure within such 30-day period and is diligently prosecuting the cure to completion, the City will have the right, but not the obligation, to enter the Property, correct any violation, and hold the Developer responsible for the cost thereof, and such cost, until paid, will constitute a lien on the Property junior to all other financing. Prior to undertaking any work to correct any such maintenance deficiency, the City will provide written notice that the Developer must correct the 395
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deficiency within a reasonable time. The Developer will have a reasonable time in which to comply following such notice from the City.
d. The Agreement Containing Covenants will contain appropriate provisions implementing this Section 5.03.

Section 5.04 Obligation to Refrain from Discrimination
a. Developer covenants and agrees for itself, its successors and its assigns in interest to the Property or any part thereof, that there will be no discrimination against or segregation of any person, or group of persons, on account of race, color, creed, religion, sex, sexual orientation, marital status, national origin, or ancestry or any other basis prohibited by applicable law in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the Property, nor will Developer itself or any person claiming under or through it establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees, or vendees of the Property. b. All deeds, leases or contracts will contain or be subject to substantially the following nondiscrimination or nonsegregation clauses:

1. In deeds: “The grantee herein covenants by and for himself or herself, his or her heirs, executors, administrators, and assigns, and all persons claiming under or through them, that there will be no discrimination against or segregation of, any person or group of persons on account of any basis listed in subdivision (a) or (d) of Section 12955 of the Government Code, as those bases are defined in Sections 12926, 12926.1, subdivision (m) and paragraph (1) of subdivision (p) of Section 12955, and Section 12955.2 of the Government Code, in the sale, lease, sublease, transfer, use, occupancy, tenure, or enjoyment of the premises herein conveyed, nor will the grantee or any person claiming under or through him or her, establish or permit any practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees, or vendees in the premises herein conveyed.

The foregoing covenants will run with the land.”
Notwithstanding the preceding paragraph, the provisions relating to discrimination on the basis of familial status will not be construed to apply to housing for older persons, as defined in Section 12955.9 of the Government Code nor be construed to affect Sections 51.2, 51.3, 51.4,

51.10, 51.11, and 799.5 of the Civil Code, relating to housing for senior citizens. Subdivision (d) of Section 51 and Section 1360 of the Civil Code and subdivisions (n), (o), and (p) of Section 12955 of the Government Code will also apply to the preceding paragraph.

2. In leases: “The lessee herein covenants by and for himself or herself, his or her heirs, executors, administrators, and assigns, and all persons claiming under or through him or her, and this lease is made and accepted upon and subject to the following conditions:

That there will be no discrimination against or segregation of any person or group of persons, on account of any basis listed in subdivision (a) or (d) of Section 12955 of the 396
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Government Code, as those bases are defined in Sections 12926, 12926.1, subdivision (m) and paragraph (1) of subdivision (p) of Section 12955, and Section 12955.2 of the Government Code, in the leasing, subleasing, transferring, use, occupancy, tenure, or enjoyment of the premises herein leased nor will the lessee himself or herself, or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use, or occupancy, of tenants, lessees, sublessees, subtenants, or vendees in the premises herein leased.”
Notwithstanding the preceding paragraph, the provisions relating to discrimination on the basis of familial status will not be construed to apply to housing for older persons, as defined in Section 12955.9 of the Government Code nor be construed to affect Sections 51.2, 51.3, 51.4,

51.10, 51.11, and 799.5 of the Civil Code, relating to housing for senior citizens. Subdivision (d) of Section 51 and Section 1360 of the Civil Code and subdivisions (n), (o), and (p) of Section 12955 of the Government Code will also apply to the preceding paragraph.

3. In contracts: There will be no discrimination against or segregation of any person or group of persons, on account of any basis listed in subdivision (a) or (d) of Section 12955 of the Government Code, as those bases are defined in Sections 12926, 12926.1, subdivision (m) and paragraph (1) of subdivision (p) of Section 12955, and Section 12955.2 of the Government Code, in the sale, lease, sublease, transfer, use, occupancy, tenure, or enjoyment of the land, nor will the transferee itself or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use, or occupancy, of tenants, lessees, sublessees, subtenants, or vendees of the land.”
Section 5.05 Equal Employment Opportunity
During the term of this Agreement, Developer agrees as follows:
a. Developer will not discriminate against any employee or applicant for employment because of race, color, religion, sex, or national origin(s) or any other basis prohibited by applicable law. Developer will take affirmative action to ensure the applicants are employed, and that employees are treated during employment, without regard to their race, color, religion, sex or national origin(s) or any other basis prohibited by applicable law. Such action shall include, but not be limited to, the following: employment, upgrading, demotion, or transfer, recruitment or recruitment advertising; layoff or termination; rates of pay or other forms of compensation; and selection for training, including apprenticeship. Developer agrees to post in conspicuous places, available to employees and applicants for employment, notices setting forth the provisions of this nondiscrimination clause.
b. Developer will, in all solicitations or advertisements for employees placed by or on behalf of Developer, state that all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, or national origin or any other basis prohibited by applicable law.
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c. If Developer is found to be in noncompliance with the nondiscrimination clauses of this Agreement or with any of such rules, regulations or orders, this Agreement may be canceled, terminated or suspended in whole or in part and Developer may be declared ineligible for further Government contracts in accordance with procedures authorized in applicable provisions of law, and such other sanctions may be imposed and remedies invoked as otherwise provided by law. d. Developer will include the provisions of paragraphs (a) through (c) of this Section

5.05 in every contract or purchase order related to the Project so that such provisions will be binding upon each contractor or vendor providing services related to the Project. Developer will take such action with respect to any contract or purchase order as the City may direct as a means of enforcing such provisions, including sanctions for noncompliance.

Section 5.06 Effect and Duration of Covenants
The covenants established in this Agreement will run with the land and will burden Developer’s interest in the Ground Lease, without regard to technical classification and designation, and will be for the benefit and in favor of City and its successors and assigns. The covenants relating to the Density Bonus Agreement will burden the fee title to the Property. The covenants described in this Part 5 will commence upon the Construction Financing Event Date and will be set forth in the Agreement Containing Covenants and Density Bonus Agreement and will remain in effect for the respective periods specified therein.

Section 5.07 Enforcement of Covenants
The City is deemed to be the beneficiary of the terms and provisions of this Agreement and the covenants herein, both for and in its own right and for the purposes of protecting the interests of the community and the public, for whose benefit this Agreement and the covenants running with the land have been provided. The City will have the right if the covenants contained in this Agreement are breached and such breach is not cured within the time periods set forth in Section

6.01, to exercise all rights and remedies, and to maintain any actions or suits at law or in equity or other proper proceedings, including but not limited to an action for specific performance, to enforce the curing of such breaches to which it or any other beneficiaries of this Agreement and covenants are entitled.

Section 5.08 Monitoring
The parties acknowledge that, due to the City’s use of Low and Moderate Income Housing Asset Fund, this Agreement is subject to the provisions of Health and Safety Code section 33418, which provides for the City to monitor, on an ongoing basis, any housing affordable to persons and families of low or moderate income developed or otherwise made available pursuant to any provisions of applicable statute. As part of this monitoring, City will require Developer to submit an annual report to the City. The annual reports will include for each rental unit the rental rate and the income and family size of the occupants. The income information required by this section will be supplied by the tenant in a certified statement of a form reasonably acceptable to Developer provided by the City.
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Developer will submit to the City on an annual basis the report required by Section 33418.

Developer will provide for the submission of such information in its lease or occupancy agreement with tenants.

Section 5.09 Agreement Containing Covenants
Concurrently with the Construction Financing Event Date, Developer and City will execute and deposit with the Escrow Agent an Agreement Containing Covenants substantially in the form attached to this Agreement as Attachment No. 7.

ARTICLE VI. DEFAULTS AND REMEDIES
Section 6.01 Defaults - General
a. Subject to the Force Majeure Delay, as provided in Section 7.04 and the cure periods provided herein, failure or delay by either party to perform any term or provision of this Agreement constitutes a default under this Agreement. The party who fails or delays must immediately commence to cure, correct or remedy such failure or delay and will complete such cure, correction or remedy with reasonable diligence.
b. The injured party will give written notice of default to the party in default, specifying the default complained of by the injured party. Failure or delay in giving such notice will not constitute a waiver of any default, nor will it change the time of default. Except as otherwise expressly provided in this Agreement, any failures or delays by either party in asserting any of its rights and remedies as to any default will not operate as a waiver of any default or of any such rights or remedies. Delays by either party in asserting any of its rights and remedies will not deprive either party of its right to institute and maintain any actions or proceedings which it may deem necessary to protect, assert or enforce any such rights or remedies. c. If a monetary event of default occurs, prior to exercising any remedies hereunder, the injured party will give the party in default written notice of such default. The party in default will have a period of ten (10) days after such notice is given within which to cure the default prior to exercise of remedies by the injured party.
d. If a non-monetary event of default occurs, prior to exercising any remedies hereunder, the injured party will give the party in default notice of such default. If the default is reasonably capable of being cured within thirty (30) days, the party in default will have such period to effect a cure prior to exercise of remedies by the injured party. If the default is such that it is not reasonably capable of being cured within thirty (30) days, and the party in default (i) initiates corrective action within said period, and (ii) diligently, continually, and in good faith works to effect a cure as soon as possible, then the party in default will have such additional time as is reasonably necessary to cure the default prior to exercise of any remedies by the injured party, but in no event to exceed a period of ninety (90) days after such notice is given. 399
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e. If Developer fails to take corrective action or cure the default within the times required by this Section 6.01, the City will give the Senior Lender and, as provided in paragraph f., below, the Investor Limited Partner notice thereof. Subject to the terms of the Limited Partnership Agreement, the Investor Limited Partner may take such action, including removing and replacing the general partner or managing member of the Developer with a substitute general partner or member, who will effect a cure within a reasonable time thereafter in accordance with the foregoing provisions. The City agrees to accept cures tendered by any Senior Lender or Investor Limited Partner within the cure periods provided herein. Additionally, in the event the Senior Lender or Investor Limited Partner is precluded from curing a non-monetary default due to a bankruptcy, injunction, or similar proceeding by or against Developer or the general partner of Developer, the City agrees to forbear from completing a foreclosure (judicial or nonjudicial) during the period during which the Senior Lender or Investor Limited Partner is so precluded from acting, not to exceed ninety (90) days, provided such Investor Limited Partner and Senior Lender are otherwise in compliance with the foregoing provisions. In no event will the City be precluded from exercising remedies if its rights become or are about to become materially jeopardized by any failure to cure a default or the default is not cured within one hundred eighty (180) days after the first notice of default is given.
f. City will send to the Investor Limited Partner a copy of all notices of default and all other notices that City sends to Developer, at the address for the Investor Limited Partner provided in the LMIHAF Note. The City agrees to accept cure by the Investor Limited Partner on behalf of Developer of any default hereunder on the same terms as cure by Developer.

Section 6.02 Institution of Legal Actions
Subject to the notice and cure provisions of Section 6.01, in addition to any other rights or remedies (and except as otherwise provided in this Agreement), either party may institute legal action to cure, correct or remedy any default, to recover damages for any default, or to obtain any other remedy consistent with the purpose of this Agreement. Such legal actions must be instituted in the Superior Court of the County of Orange, State of California, in any other appropriate court of that county, or in the United States District Court for the Central District of California.

Section 6.03 Applicable Law
The laws of the State of California will govern the interpretation and enforcement of this Agreement, without reference to the principles relating to conflicts of laws.

Section 6.04 Acceptance of Service of Process
a. If legal action is commenced by the Developer against the City, service of process on the City will be made by personal service upon the City Manager, or in such other manner as may be provided by law.
b. If legal action is commenced by the City against the Developer, service of process on the Developer will be made by personal service upon the Developer (or upon a general partner, 400
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managing member or officer of the Developer) and will be valid whether made within or without the State of California, or in such manner as may be provided by law.

Section 6.05 Rights and Remedies are Cumulative
Except with respect to rights and remedies expressly declared to be exclusive in this Agreement, the rights and remedies of the parties are cumulative, and the exercise by either party of one or more of such rights or remedies will not preclude the exercise by it, at the same or different times, of any other rights or remedies for the same default or any other default by the other party.

Section 6.06 Damages
If either party defaults with regard to any of the provisions of this Agreement, subject to the notice and cure provisions of Section 6.01, the defaulting party will be liable to the non- defaulting party for any damages caused by such default, and the non-defaulting party may, after such notice and opportunity to cure (but not before) commence an action for damages against the defaulting party with respect to such default.

Section 6.07 Specific Performance
If either party defaults with regard to any of the provisions of this Agreement, subject to the notice and cure provisions of Section 6.01, the non-defaulting party, at its option, may, after such notice and opportunity to cure (but not before) commence an action for specific performance of the terms of this Agreement pertaining to such default.

Section 6.08 Termination by Either Party
Prior to the Construction Financing Event Date, either party will have the right to terminate this Agreement in the event (i) the other party is in default of any material term or provision of this Agreement after the expiration of all applicable notice and cure periods, and, following notice, fails to cure such default within the time provided in Section 6.01 or (ii) the parties mutually determine that, despite using good faith commercially reasonable efforts, Developer will be unable to obtain the necessary financing for the Project.

Section 6.09 Termination by Developer
Prior to the Construction Financing Event Date, subject to the notice and cure provisions of Section 6.01, Developer will have the right to terminate this Agreement, by providing written notice to the City, in the event of a default by City pursuant to this Agreement.

Section 6.10 Termination by City
a. Subject to the notice and cure provisions of Section 6.01, the City will have the right, prior to the Construction Financing Event Date, to terminate this Agreement, by providing 401
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written notice to Developer, in the event of a default by Developer or failure of any condition precedent to the occurrence of the Construction Financing Event which is in the control of Developer, including but not limited to the following:

1. Developer fails to submit to the City evidence of financing or fails to satisfy any other condition precedent to the occurrence of the Construction Financing Event as provided in the Method of Financing within the time established therefor in the Schedule of Performance; or

2. Developer (or any successor in interest) assigns or attempts to assign any of Developer’s rights in and to the Property or any portion thereof or interest therein, or this Agreement or any portion hereof, except as permitted by this Agreement; or

3. Except for a Permitted Transfer, there is substantial change in the ownership of the Developer, or with respect to the identity of the parties in control of Developer, or the degree thereof contrary to the provisions of Section 1.06.b. of this Agreement; or

4. Developer fails to submit any of the reports, plans, drawings and related documents required by this Agreement by the respective dates provided in this Agreement. b. After the Construction Financing Event, but before Completion, City will have the additional right to terminate this Agreement in the event any of the following defaults will occur:

1. Developer fails to commence construction of the Improvements as required by this Agreement and such breach is not cured within the time provided in Section 6.01 of this Agreement; or

2. Developer abandons or substantially suspends construction of the improvements and such breach is not cured within the time provided in Section 6.01 of this Agreement; or

3. Developer assigns or attempts to assign this Agreement, or any rights herein, or transfer, or suffer any involuntary transfer of the Property, or any part thereof, in violation of this Agreement, and such breach is not cured within the time provided in Section 6.01 of this Agreement; or

4. Developer otherwise materially breaches this Agreement, and such breach is not cured within the time provided in Section 6.01 of this Agreement. d. Notwithstanding the foregoing, the City will have the right to terminate this Agreement upon a final determination by state or federal court or the California Fair Political Practices Commission, subject to cure rights or appeal, of a criminal, material, and/or repeated violation of local, state, or federal campaign finance laws by Developer or a general partner of Developer or a member of such general partner or an officer or other Person exercising management or control over such member.
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ARTICLE VII. GENERAL PROVISIONS
Section 7.01 Notices
Formal notices, demands and communications between the City and the Developer and Investor Limited Partner will be sufficiently given if dispatched by registered or certified mail, postage prepaid, return receipt requested, to the principal offices of the City and the Developer, as designated in Section 1.04 and Section 1.05 hereof, and to the Investor Limited Partner at the address given in the LMIHAF Note. Such written notices, demands and communications may be sent in the same manner to such other addresses as either party may from time to time designate by mail as provided in this Section 7.01. Any notice that is transmitted by electronic facsimile transmission followed by delivery of a “hard” copy, will be deemed delivered upon its transmission; any notice that is personally delivered (including by means of professional messenger service, courier service such as United Parcel Service or Federal Express, or by U.S.

Postal Service), will be deemed received on the documented date of receipt by the recipient; and any notice that is sent by registered or certified mail, postage prepaid, return receipt required will be deemed received on the date of receipt thereof.

Section 7.02 Conflicts of Interest
a. No member, official or employee of the City will have any personal interest, direct or indirect, in this Agreement nor will any such member, official or employee participate in any decision relating to the Agreement which affects his or her personal interests or the interests of any corporation, partnership or association in which he or she is, directly or indirectly, interested. b. Developer warrants that it has not paid or given, and will not pay or give, any third party any money or other consideration for obtaining this Agreement.

Section 7.03 Nonliability of City Officials and Employees No member, official, employee or consultant of the City will be personally liable to the Developer, or any successor in interest, in the event of any default or breach by the City or for any amount which may become due to the Developer or to its successor, or on any obligations under the terms of this Agreement.

Section 7.04 Force Majeure
In addition to specific provisions of this Agreement, performance by either party hereunder will not be deemed to be in default where delays or defaults are due to Force Majeure Events.

Section 7.05 Inspection of Books and Records
a. Developer will maintain complete, accurate, and current records pertaining to the Property for a period of five (5) years after the creation of such records, and shall permit any duly 403
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authorized representative of the City to inspect and copy records, during regular business hours upon reasonable advance notice. Records must be kept accurate and current. b. The City reserves the right to inspect, monitors, and observe work and services performed by Developer at any and all reasonable times upon reasonable prior written notice to Developer.
c. The City reserves the right to audit the records of Developer any time during the performance of this Agreement and for a period of five years after final payment is made under this Agreement.
d. If required, Developer will provide the City with a certified audit of Developer’s records representing the January 1 – December 31 fiscal year during which the Project becomes Complete, pursuant to the requirements of OMB Circular A-133. e. Access will be granted to the City, or any of its duly authorized representatives, upon reasonable prior written notice to Developer, to any books, documents, papers, and records of Developer or its contractors for the purpose of performing audits and examinations or making copies and transcriptions. This requirement must be included in all contracts and subcontracts.

Section 7.06 Approvals
a. Except as otherwise expressly provided in this Agreement, approvals required of City or Developer in this Agreement, including the attachments hereto, will not be unreasonably withheld or delayed. All approvals will be in writing. Except as otherwise expressly provided in this Agreement, failure by either party to approve a matter within the time provided for approval of the matter will not be deemed a disapproval, and failure by either party to disapprove a matter within the time provided for approval of the matter will not be deemed an approval. b. Except as otherwise expressly provided in this Agreement, approvals required of the City will be deemed granted upon the written approval of the City Manager or designee. The City Manager shall have authority to make interpretations of the provisions of this Agreement, waive provisions on behalf of the City, extend deadlines required by this Agreement provided City Manager reasonably determines that Developer is performing its obligations hereunder in a diligent good faith manner, and make any amendments to this Agreement on behalf of the City that do not materially adversely affect the interests of the City hereunder. City agrees to provide notice to Developer of the name of the City Manager’s designee on a timely basis, and to provide updates from time to time. Notwithstanding the foregoing, the City Manager or designee may, in his or her sole discretion, refer to the governing body of the City any item requiring City approval; otherwise, “City approval” means and refer to approval by the City Manager or designee.

Section 7.07 Real Estate Commissions
Neither the City nor the Developer will be liable for any real estate commissions, brokerage fees or finder fees which may arise from this transaction. The City and the Developer each 404
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represent to the other that it has employed no broker, agent, or finder in connection with this transaction.

Section 7.08 No Third Party Beneficiaries
This Agreement is made solely and specifically between the City and Developer and their respective successors and assigns; and, except as expressly provided otherwise in this Agreement, no other person will have any rights, interest or claims under this Agreement or be entitled to any benefits under or on account of this Agreement as a third party beneficiary or otherwise.

Section 7.09 Authority to Sign
Developer hereby represents that each person executing this Agreement on behalf of Developer has full authority to do so and to bind Developer to perform pursuant to the terms and conditions of this Agreement.

Section 7.10 No Partnership
Nothing contained in this Agreement will be deemed or construed to create a partnership, joint venture, or any other similar relationship between the parties hereto or cause City to be responsible in any way for the debts or obligations of Developer or any other Person.

Section 7.11 Compliance With Law
Developer agrees to comply with all the requirements now in force, or which may hereafter be in force, of all municipal, county, state and federal authorities, pertaining to the development and use of the Property and the Improvements, as well as operations conducted thereon. The judgment of any court of competent jurisdiction, or the admission of Developer in any action or proceeding, whether City be a party thereto or not, that Developer has violated any such ordinance or statute in the development and use of the Property will be conclusive of that fact as between City and Developer.

Section 7.12 Binding Effect
This Agreement, and the terms, provisions, promises, covenants and conditions hereof, will be binding upon and will inure to the benefit of the parties hereto and their respective heirs, legal representatives, successors and assigns.

Section 7.13 Incorporation by Reference
Each of the attachments and exhibits attached hereto is incorporated herein by this reference.
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Section 7.14 Counterparts
This Agreement may be executed by each party on a separate signature page, and when the executed signature pages are combined, will constitute one single instrument.

Section 7.15 Construction and Interpretation of Agreement a. The language in all parts of this Agreement will in all cases be construed simply, as a whole and in accordance with its fair meaning and not strictly for or against any party. The parties hereto acknowledge and agree that this Agreement has been prepared jointly by the parties and has been the subject of arm’s length and careful negotiation over a considerable period of time, that each party has been given the opportunity to independently review this Agreement with legal counsel, and that each party has the requisite experience and sophistication to understand, interpret, and agree to the particular language of the provisions hereof. Accordingly, in the event of an ambiguity in or dispute regarding the interpretation of this Agreement, this Agreement will not be interpreted or construed against the party preparing it, and instead other rules of interpretation and construction will be utilized.
b. If any term or provision of this Agreement, the deletion of which would not adversely affect the receipt of any material benefit by any party hereunder, will be held by a court of competent jurisdiction to be invalid or unenforceable, the remainder of this Agreement will not be affected thereby and each other term and provision of this Agreement will be valid and enforceable to the fullest extent permitted by law. It is the intention of the parties hereto that in lieu of each clause or provision of this Agreement that is illegal, invalid, or unenforceable, there be added as a part of this Agreement an enforceable clause or provision as similar in terms to such illegal, invalid, or unenforceable clause or provision as may be possible. c. The captions of the articles, sections and subsections herein are inserted solely for convenience and under no circumstances are they or any of them to be treated or construed as part of this instrument.
d. References in this instrument to this “Agreement” mean, refer to and include this instrument as well as any riders, exhibits, addenda and attachments hereto (which are hereby incorporated herein by this reference) or other documents expressly incorporated by reference in this instrument. Any references to any covenant, condition, obligation, and/or undertaking “herein,” “hereunder,” or “pursuant hereto” (or language of like import) means, refer to, and include the covenants, obligations, and undertakings existing pursuant to this instrument and any riders, exhibits, addenda, and attachments or other documents affixed to or expressly incorporated by reference in this instrument.
e. As used in this Agreement, and as the context may require, the singular includes the plural and vice versa, and the masculine gender includes the feminine and vice versa. 406
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Section 7.16 Entire Agreement, Waivers and Amendments
a. This Agreement will be executed in three duplicate originals each of which is deemed to be an original. This Agreement will constitute the entire understanding and agreement of the parties.
b. This Agreement integrates all of the terms and conditions mentioned herein or incidental hereto, and supersedes all negotiations or previous agreements between the parties with respect to all or any part of the Property.
c. All waivers of the provisions of this Agreement must be in writing and signed by the appropriate authorities of the City or the Developer, and all amendments hereto must be in writing and signed by the appropriate authorities of the City and the Developer. This Agreement and any provisions hereof may be amended by mutual written agreement by the Developer and the City.

Section 7.17 Time for Acceptance of Agreement by City
This Agreement, when executed by Developer and delivered to City, must be authorized, executed and delivered by City within sixty (60) days after date of signature by Developer or this Agreement may be terminated by Developer upon written notice to City. The effective date of this Agreement will be the date when this Agreement has been executed by City. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
[SIGNATURES ON FOLLOWING PAGE]
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Page S-1
IN WITNESS WHEREOF, City and Developer have signed this Agreement as of the date first written above.
“CITY”
CITY OF ORANGE, a municipal corporation of the
State of California
By: ___________________
Daniel R. Slater, Mayor
ATTEST:
_______________________
Pamela Coleman, City Clerk
APPROVED AS TO FORM:

By:_______________________________
Michael J. Vigliotta, City Attorney
[SIGNATURES CONTINUE ON NEXT PAGE]
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Page S-2
“DEVELOPER”
ORANGE 702, L.P., a California limited partnership
By: USA Orange 702, Inc., a California corporation,
Administrative General Partner
By: ______________________________
Name:

Title:

By: Riverside Charitable Corporation, a California
nonprofit public benefit corporation,
Managing General Partner
By: _______________________________
Name:

Title:
409
ATTACHMENT “1”

SITE MAP
410
ATTACHMENT "2"

LEGAL DESCRIPTION
APN: 390-322-15
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ATTACHMENT NO. 3

METHOD OF FINANCING
This is the Method of Financing attached to the Affordable Housing Agreement between the City of Orange (the “ City”) and Orange 702, L.P., a California limited partnership (“Developer”), relating to Developer’s acquisition of a leasehold interest in the Property and construction and development on the Property of a 166-unit (including two manager’s units) senior residential rental project, to be rented at Affordable Rents to Extremely Low Income and Low Income Senior Citizen Households as set forth in the Agreement Containing Covenants.

The Project will be financed by a combination of construction and permanent loans, the Secondary Loan, a LMIHAF Loan, and Developer Equity derived from the syndication of Four Percent and/or State Low Income Housing Tax Credits.

1. Definitions. Unless otherwise defined herein, capitalized terms will have the meanings ascribed to them in the Affordable Housing Agreement.

2. Acquisition and Development Costs . The parties estimate that the total Acquisition and Development Costs will be approximately $ ___________. The LMIHAF Loan consists of a loan of construction to permanent funds in the amount of $2,200,000. The final Acquisition and Development Costs will be as set forth in the Project Budget as approved from time to time by the City Manager pursuant to Section 5 of this Method of Financing.

3. Sources of Construction Financing . The parties anticipate that the Acquisition and Development Costs will be financed during the Construction Period with the following combinations of funds:
a. The Construction Loan, in the approximate original principal total amount of $23,610,000, with holdbacks in accordance with the applicable loan documents, to be secured by a first priority leasehold deed of trust. b. A second priority Secondary Loan reasonably approved by City Manager for consistency with the Agreement and its attachments, in the approximate original amount of $____________, to be secured by a second priority leasehold deed of trust.
c. A third priority LMIHAF Loan in the original principal amount of $2,200,000, less a $220,000 hold-back, equal to ten percent (10%) of disbursements during construction, to be secured by a third priority leasehold deed of trust.
d. A fourth priority RCC Loan in the original principal amount of $4,000,000 to be secured by a fourth priority leasehold deed of trust. 412
Orion Senior Apartments – 1800 E. La Veta Avenue
Method of Financing

e. A fifth priority County Loan in the original principal amount of $921,150 to be secured by a fifth priority leasehold deed of trust. f. A sixth priority Trust Fund Loan in the original principal amount of $503,502 to be secured by a sixth priority leasehold deed of trust. g. An improvement allowance of $__________ from Ground Lessor. h. Costs deferred to Conversion in the amount of approximately $_________. i. Developer Equity consisting of: (i) advances and capital contributions made by Developer’s Limited Partner, in the approximate amount of $_________; (ii) net operating income during construction in the amount of approximately $2,626,568; and (iii) the deferral of a portion of the Developer Fee in the amount of approximately $4,500,200 (“ Deferred Developer Fee”), which will be paid from the net cash flow of the Project.

Developer’s right to pay the theretofore unpaid balance of the Deferred Developer Fee from the net cash flow of the Project will be prior to the City’s right to receive Residual Receipts payments.
j. Developer will be responsible during the Construction Period to provide funds if and as needed to pay for cost overruns and contingencies not otherwise funded by the sources of funds as described herein.

4. Sources of Permanent Financing. Developer must make every reasonable effort to structure the terms of the permanent financing in a way that will minimize the amount of the City Loans needed to fill the financing gap. The parties anticipate that the Acquisition and Development Costs will be financed during the Permanent Period with the following combinations of funds:
a. The Permanent Loan, in the approximate original principal total amount of $__________, to be secured by a first priority leasehold deed of trust. b. The Secondary Loan in the original principal amount of $_______, to be secured by a second priority leasehold deed of trust.
c. The LMIHAF Loan described in paragraph 3.c above in the original principal amount of $2,200,000, secured by a third priority leasehold deed of trust.
d. The RCC Loan in the original principal amount of $4,000,000, secured by a fourth priority leasehold deed of trust.
e. The County of Orange Loan in the original principal amount of $921,150, secured by a fifth priority leasehold deed of trust.
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Orion Senior Apartments – 1800 E. La Veta Avenue
Method of Financing

f. The Orange County Housing Trust Fund Loan in the original principal amount of $502,502, secured by a sixth priority leasehold deed of trust. g. An improvement allowance of $__________ from Ground Lessor. h. Developer Equity, consisting of (1) the Deferred Developer Fee described in paragraph 3.g above in the approximate amount of $4,500,200 (to be paid to the extent contractually and financially available from the net cash flow of the Project), plus (2) an additional Limited Partner’s Capital Contribution in the approximate amount of approximately $16,471,590, (subject to modification consistent with the Agreement and its attachments as set forth in Developer’s organizational documents).

5. Project Budget. The parties anticipate that all Acquisition and Development Costs will be as set forth in the Project Budget attached to the Affordable Housing Agreement as Attachment No. 5, which is incorporated herein by this reference (the “ Project Budget ”). The Project Budget will be subject to change from time-to-time, subject to the prior written approval of the City Manager or designee (which approval will not be unreasonably withheld, conditioned or delayed), upon which approval, the Project Budget will be replaced by the approved revised Project Budget, and the corresponding amounts set forth herein will be deemed replaced consistent therewith. Within the respective times provided therefor in the Schedule of Performance, the Developer will obtain all approvals needed for the Construction Loan and demonstrate, to the satisfaction of the City Manager, that all Developer Equity will be available for payment or refinancing of Development Costs when and as required by this Method of Financing. Pursuant to Section 3.02.c of the Affordable Housing Agreement, the City Manager is authorized to approve additional subordination agreements to be executed by the City.

6. Evidence of Financing . The sum of the sources of financing identified in paragraph 3 above will, at all times, be sufficient to pay all Acquisition and Development Costs as set forth in the most recently approved Project Budget. Prior to the Construction Financing Event, Developer will submit for City review and approval evidence of such financing, including: (a) copies of all documents required by the Construction Lender and the Secondary Lender to obtain construction financing; (b) firm commitments for the Permanent Financing and copies of all documents that will be required to obtain the Permanent Financing; and (c) the amended and restated limited partnership agreement upon inclusion of the Investor Limited Partner, including all exhibits thereto, and other documentation evidencing the availability of the Limited Partner Capital Contribution, and such other documentation as may be appropriate to evidence other Developer Equity. The City will not unreasonably withhold, condition or delay its approval.

7. LMIHAF Loan.
a. In accordance with and subject to the terms and conditions of the Affordable Housing Agreement and this Method of Financing, the City agrees to make the LMIHAF Loan to Developer and Developer agrees to borrow such funds for the purpose of paying Acquisition and Development Costs.
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Orion Senior Apartments – 1800 E. La Veta Avenue
Method of Financing

b. Developer hereby acknowledges that the LMIHAF Loan is intended to be “gap” financing, not to exceed the amount needed to bridge the gap between the total Acquisition and Development Costs and the maximum Senior Loan obtainable by Developer plus the maximum amount of Developer’s Equity set forth above but in any event not to exceed the dollar amount set forth above. If at any time Developer obtains additional financial assistance, Developer must promptly notify the City. The City will determine if such additional assistance would result in an over-subsidy of the Project, in which case, the City and Developer will mutually agree upon appropriate procedures for reducing the City Loan to eliminate the over-subsidy, subject to the repayment to Developer from the Project of the Deferred Developer Fee and the Secondary Loan. c. The LMIHAF Loan will be used exclusively to pay Acquisition and Development Costs identified in the Project Budget.
d. At the Construction Financing Event, the City and Developer will execute and deliver such instruments and documents as may be necessary to evidence and secure the LMIHAF Loan, consistent with the terms of the Affordable Housing Agreement and this Method of Financing, and each in a form that is acceptable to the City Manager or designee, including the following documents, as applicable, which are referred to as the “LMIHAF Loan Documents”:

1. Agreement Containing Covenants (to be recorded against the fee title of the Property and Developer’s leasehold interest);

2. Density Bonus Agreement (to be recorded against the fee title of the Property and Developer’s leasehold interest);

3. Notice of Affordability Restrictions on Transfer of Property;

4. Promissory Note evidencing the LMIHAF Loan;

5. City Deed of Trust securing the LMIHAF Loan;

6. Assignment of Rents and Leases;

7. Assignment of Agreements;

8. Environmental Indemnity; and

9. UCC-1 Financing Statement.

8. Subordination.
a. The lien of the City Deed of Trust, but not the Agreement Containing Covenants or the Density Bonus Agreement, will be subordinate to the lien created by the Construction Loan Deed of Trust and the Secondary Loan Deed of Trust, and, during the Permanent Period, the Permanent Financing Deed of Trust and any other of the Senior Loan Documents and all of the terms and conditions contained in the Senior Loan Documents. The City 415
Orion Senior Apartments – 1800 E. La Veta Avenue
Method of Financing

Deed of Trust shall encumber Developer’s leasehold interest and not Ground Lessor’s fee interest in the Property. The Density Bonus Agreement and the Agreement Containing Covenants shall encumber the fee interest in the Property and Developer’s leasehold interest. b. Prior to the Construction Financing Event, the City Manager or designee will execute Subordination Agreements that are consistent with applicable laws and regulations governing subordination of the LMIHAF Loan and are mutually acceptable to the City Manager or designee, the Construction Lender, the Secondary Lender =and Developer. The Subordination Agreement will subordinate the City Deed of Trust, but not the Agreement Containing Covenants or the Density Bonus Agreement, to the Construction Loan Deed of Trust and the Secondary Loan Deed of Trust, and, during the Permanent Period, the Permanent Financing Deed of Trust and other Senior Loan Documents. The subordination agreement must provide the City with all rights under California Civil Code Section 2924b and 2924c and must contain written commitments reasonably designed to protect the City’s investment in the event of a default, such as: (i) a right to cure a default on the Senior Loan deed of trust; (ii) a right to negotiate with Senior Lender after notice of default and prior to Senior Lender commencing foreclosure proceedings; (iii) a right to purchase Developer’s interest in the Property at any time after a default on the Senior Loan; and (iv) an agreement that if prior to foreclosure of the Senior Loan, the City takes title to the Developer’s leasehold interest in the Property and cures the default on the Senior Loan, the Senior Lender will not exercise any right it may have to accelerate the Senior Loan by reason of the transfer of title to the City.

9. Recordation. Upon the Construction Financing Event, the Title Company will record the recordable City Loan Documents in accordance with instructions provided by the City, and will be prepared to issue to the City an ALTA policy of title insurance, insuring the City Deed of Trust as a second priority lien on the Property, in amounts and with endorsements as the City may determine is appropriate. The Agreement Containing Covenants and the Density Bonus Agreement will be recorded against the fee title of the Property prior to the recordation of the Memorandum of Ground Lease and the effectiveness of the Ground Lease). Ground Lessor shall join in the execution of the Agreement Containing Covenants and the Density Bonus Agreement to effectuate the purposes of this paragraph.

10. Disbursement of LMIHAF Loan.
a. Ninety percent (90%) of the LMIHAF Loan will be disbursed at Construction Loan Closing for the payment of Acquisition and Development Costs in accordance with the Evidence of Financing approved by the City.
b. The LMIHAF Loan will be disbursed based on vouchers for actual expenses incurred or paid, accompanied by contractor/subcontractor invoices and other information and documentation (e.g., lien releases) requested or required by the City. The City will have the right to condition any disbursement upon receipt and approval of such documentation, evidence or information that it may request, including, but not limited to, vouchers, invoices, and architect’s, inspector’s and/or engineer’s periodic certifications of the percentage and/or stage of construction that has been completed. City will have the right to review and audit all records of Developer 416
Orion Senior Apartments – 1800 E. La Veta Avenue
Method of Financing

pertaining to disbursement of the LMIHAF Loan. Developer must maintain such records for a period of not less than five years after Completion.
c. Disbursements upon Applications for Payment will be subject to a ten percent (10%) retention. Developer may submit a final invoice upon Completion. Final payment, including retention previously withheld, will be made in accordance with the Affordable Housing Agreement and this Method of Financing.
d. Designated representatives of the City will have the right to participate in monthly construction meetings during the construction of the Improvements without additional cost to Developer.

11. Repayment Terms. The repayment terms of the City Loans will be as set forth in the LMIHAF Note attached to the Affordable Housing Agreement as Attachment No. 9.

12. Conditions Precedent to Construction Financing Event The Construction Financing Event is conditioned upon each of the following occurring to the satisfaction of, and in a form approved by, the City Manager prior to the time for the Construction Financing Event set forth in the Schedule of Performance:
a. Developer submits evidence that the final working drawings have been approved by the City;
b. Developer submits a copy of the general construction contract between the Developer and a licensed general contractor approved by the City Manager or designee, covering all construction required by the Affordable Housing Agreement and the approved final working drawings;
c. Developer submits for City approval copies of contracts with the architect, the property manager (which must contain a provision allowing Developer’s termination of the management agreement without cause, upon thirty (30) days prior written notice), and other consultants and service providers identified by the City; d. Developer submits a final Project Budget, current as of the Construction Financing Event date, demonstrating to the satisfaction of the City Manager or designee the availability of sufficient funds to pay all Acquisition and Development Costs; e. Developer submits the Ground Lease (and a memorandum of ground lease in recordable form) for approval of the City Manager for consistency with the Agreement and its attachments;
f. Developer submits evidence satisfactory to the City Manager or designee that the Developer has financing commitments sufficient to pay all Acquisition and Development Costs in accordance with the Affordable Housing Agreement, including the Construction Loan, the Secondary Loan, the RCC Loan, the County Loan, the Orange County Trust Fund Loan, the 417
Orion Senior Apartments – 1800 E. La Veta Avenue
Method of Financing

Improvement Allowance and Developer’s Equity (including the Limited Partner Capital Contribution) in the respective amounts set forth in this Method of Financing; g. Developer submits copies of final Construction Loan Documents and final Secondary Loan documents;
h. Developer submits copies of Amended and Restated Limited Partnership Agreement (admitting Investor Limited Partner) or other final limited partnership agreement and related documents;
i. Developer submits the evidence of insurance policies and the endorsements required by the Affordable Housing Agreement;
j. Developer submits evidence satisfactory to the City Manager or designee that Developer has satisfied all conditions precedent to the issuance of all Permits necessary for the construction of the Improvements, other than payment of fees (for which funds have been budgeted in the Project Budget);
k. Developer submits, if requested by the City, and City approves, an estimated draw schedule for the LMIHAF Loan;
l. Developer submits the Annual Project Budget for the first year of operation, as required by the Affordable Housing Agreement;
m. Developer, Senior Lender, Secondary Lender and City agree on Subordination Agreements;
n. Title Insurance Company is prepared to issue the title insurance policies required by the Affordable Housing Agreement;
o. Developer duly executes and delivers to the City or into escrow the LMIHAF Loan Documents, and Ground Lessor joins in the execution of the Agreement Containing Covenants and the Density Bonus Agreement as required herein; and p. City Manager determines that Developer is not in default of its obligations to the City under the Affordable Housing Agreement.

Notwithstanding the foregoing, the City, in the sole discretion of the City Manager, may waive in writing any of the foregoing conditions precedent to the Construction Financing Event.

A waiver of any of the foregoing conditions will not operate in any way as a waiver, or estoppel with respect to, any subsequent or other failure to comply with such condition, or any other condition contained in the Affordable Housing Agreement, this Method of Financing, or any of the other LMIHAF Loan Documents. The City’s approval to record the City Deed of Trust will confirm the City’s approval or waiver of the conditions set forth in this Section 12. 418
Orion Senior Apartments – 1800 E. La Veta Avenue
Schedule of Performance

ATTACHMENT NO. 4

SCHEDULE OF PERFORMANCE

1. Submittal - Management Plan and Maintenance
Program. Developer will submit to the City for
approval the Management Plan (including a
Tenant Selection and Eligibility Plan) and the
Maintenance Program.

Prior to the initial lease-up of
the Project.

2. Submittal – Affirmative Marketing Plan.

Developer will prepare and submit to the City for
approval the Affirmative Marketing Plan
described in paragraph b.9 of Section 5.01 of the
Agreement.

Prior to the initial lease-up of
the Project.

3. Submittal - Annual Project Budget.

Developer will submit to the City for approval a
current Annual Project Budget for the first year of
operation.

Prior to the scheduled date for
the Construction Financing
Event.

4. Approval of Affordable Housing Agreement by
the City Council. The City will review and
consider approval of the Affordable Housing
Agreement, and consider authorizing the
execution and delivery of the Affordable Housing
Agreement to the Developer.

Within sixty (60) days after
submission to City of the
Affordable Housing
Agreement executed by
Developer.
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Orion Senior Apartments – 1800 E. La Veta Avenue
Schedule of Performance

5. Submittal - Final Construction Drawings and
Specifications. Developer will prepare and
submit to the City for approval the Final
Construction Drawings and Specifications.

Within ninety (90) days after
execution of the Affordable
Housing Agreement by the
City.

6. Approval - Final Construction Drawings and
Specifications. The City will approve or disap-
prove the Final Construction Drawings and
Specifications.

Within sixty (60) days after
Developer submits for City
approval the complete Final
Construction Drawings and
Specifications.

7. Submittal – Environmental Assessments.

Developer will deliver to the City copies of
environmental assessments as required by Section

4.02 of the Agreement.

Two weeks prior to the
scheduled date for the
Construction Financing Event.

8. Submittal - Evidence of Financing.

Developer will submit to the City substantially
final Construction Loan documents, tax credit
documents, and documentation of Developer
Equity, as described in the Method of Financing.

Three (3) days prior to the
scheduled date for the
Construction Financing Event.

9. Approval of Financing. The City will approve or
disapprove the evidence of financing.

Within three (3) days after
receipt of each such submittal
of evidence of financing to the
City.

10. Construction Financing Event. All conditions
precedent to the Construction Financing Event
will have been satisfied.

Within eighteen (18) months
after execution of the
Affordable Housing
Agreement by the City.

11. Submittal - Tenant Lease Form. Developer will
prepare and submit to the City for approval the
tenant lease form with the lease provisions
described in the Agreement Containing
Covenants.

Prior to the initial lease-up of
the Project.
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Orion Senior Apartments – 1800 E. La Veta Avenue
Schedule of Performance

12. Approval – Management Plan, Tenant Selection
and Eligibility Plan, Maintenance Program,
Affirmative Marketing Plan, Tenant Lease Form.

The City will approve or disapprove Developer’s
proposed Management Plan, Tenant Selection and
Eligibility Plan, Maintenance Program,
Affirmative Marketing Plan, and Tenant Lease
Form.

Prior to the initial lease-up of
the Project.

13. Commencement of Construction. Developer will
commence construction and rehabilitation of the
Improvements on the Property.

Within sixty (60) days after the
Construction Financing Event,
but no later than twenty-four
(24) months after execution of
the Affordable Housing
Agreement by the City.

14. Completion of Construction. Developer will
complete construction and rehabilitation of the
Improvements on the Property.

Not later than twenty-four (24)
months after the
commencement of
construction or such later date
as may be approved by the
City.

15. Submittal – Rent Schedule. Developer will submit
its proposed rent schedule and utility allowance to
the City for confirmation that said rent schedule
and utility allowance is in accordance with the
terms and conditions of the Agreement.

Thirty (30) days prior to initial
rental of the units and on an
annual basis thereafter.

Note: The City Manager may approve in writing extensions of time for the performance of any item required of Developer in this Schedule of Performance provided the City Manager is reasonably satisfied that Developer is diligently proceeding in good faith to perform the actions required, and further provided that the time for the occurrence of the Construction Financing Event Date shall not be extended for more than an aggregate total period of eighteen (18) months. Nothing herein is intended to alter or modify any extension(s) of time that may occur as a result of a Force Majeure Event allowed under the Affordable Housing Agreement.
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Schedule of Performance

422
Summary Orion
Number of Units:

Property Name: Orion Project #: 702 Total Rentable Sq.Ft.:

Street Address: 1800 E La Veta APNs: Net Acreage:

State: California County: Orange Bedrooms per Net Acre:

City: Orange TCAC Region: Orange County SDDA/QCT:

Zip Code: 92866 CDLAC Region: Coastal Region TCAC #: Opportunity Map:

Project Type: Senior Census tract: 0 CDLAC#: Prevailing Wage:

Project Finance Structure: 4% TC / Bonds Elevator: Elevator Cum.

Income Avg: Yes Land Acquisition Date: Months
Senior Lender: Citi Const. LC: BofA Finance Closing Date: 0 Other Debt: City of Orange Construction Start: 1
Bond Issuer: CMFA Federal State Construction Period: 20 Months 21 TC Investor: BofA 0.950$ - $ Rent-up Period: 7 Months 28 1st Yr. Credit Delivery: 1st Yr. Credits: Stabilization Period: 5 Months 33 Sources (Permanent) Total Per Unit Rate Fixed/Floa t Term Amort YM Period DSCR LTV LTC Senior Loan: 19,000,00 0$ 114,458 $ 6.100% Fixed 40 40 16.5 1.15 80% 80% NOI During Construction: 2,461,92 3$ 14,831 $
Tax Credit Equity: 21,719,97 6$ 130,843 $ Interest Rate Repa y Term S/P Developer's Fee Note: 60%USA/40%RCC 3,822,16 5$ 23,025$ 0.00% Y 55 S Subsidy Loans: OCHTF 503,502 $ 3,033$ 3.00% Y 55 P Subsidy Loans: City of Orange 2,200,000$ 13,253$ 3.00% Y 55 P Other Subsidy: RCC Loan 4,000,000$ 24,096$ 2.61% Y 55 P Other Subsidy: Orange County 921,150$ 5,549$ 3.00% Y 55 P Other Subsidy: Safehold 7,000,000$ 42,169$ N9 9 Total 61,628,71 6$ 371,257$
Uses Total Per Unit
Property Acquisition: 1,626,20 5$ 9,796 $ Land + Depreciable Basis:

Construction (incl. Bonds): 30,570,50 0$ 184,160 $ 50% of Land + Dep. Basis:

Construction General Conditions: 1,320,000 $ 7,952 $ Permanent TE Loan:

Contractor Overhead & Profit: 3,087,67 3$ 18,600 $ Const. Period TE Loan:

Construction Contingency: 1,748,90 9$ 10,536 $ Surplus/(Gap) to Meet 50%:

Financing Costs: 6,160,78 5$ 37,113 $
Other Transaction Costs: 9,712,33 3$ 58,508 $
Developer's Fee/Overhead: 7,402,312 $ 44,592 $ Max. Allowed per TCAC 51.1% Total 61,628,71 7$ 371,257$ Minimum Amount to Defe r OK due to GP loan Over/(Short) (0)$ Additional Cash Avail/(Def. Req) Unit Mix & Affordability 0 Bedroom 1 Bedroom 2 Bedroom 3 Bedroom 30% TCAC 0 11 6 0
50% TCAC 0 22 10 0 19.5%
60% TCAC 0 22 10 0 19.5%
70% TCAC 0 56 27 0 50.6%
Aff. Sub-total 0 111 53 0
Employee 0 0 2 0
Total Units 0 111 55 0
3,780,000
0 0
0 3,622,312
199,853
100%
100%
100%
100%

3.3%

14.4%

26.2%

6.04%
% of CF to Pay Sub Pro-rata Share
166
32 83
0 0
0 85%
32 0
100%
166
56,761,427
164
2 % of Affordable

10.4%
100.0%
Total Units
17 6.35%
33 Months
85%
85%
19,000,000
11,000,000
1,619,287

52.85%
4 Bedroom
106,679

3.85 57.4
No
TCAC Cash Developer Fee Limits
Moderate
None
9/30/2022
5/15/2024
6/1/2024
2/1/2026
Construction Period Loans
Const. Period TE Loan: Bridge Loan (Taxable):

Floating
9/1/2026
28,380,713 Floating

6.35%
33 Months
85%
2/1/2027
50% Test
USA Properties Fund, Inc.

Summary
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423
Unit Mix and Rent Schedule Orion
Unit Type Affordability
Number
of Units Net SF Ttl SF
Max Gross
TC Rent
Max Gross
Other
Utility
Allow.

Max Net
Rent
Max Acheivable
Rent
Net Monthly
Rent Total Rent Market Rent
% Below Market
Rents
Subsidy
Units
Subsidy
Rent Difference
Total Rent
Subsidy
Overhang:
1 Bedroom 30% TCAC 11 584 6,424 807 $ 81 $ 726 $ 726$ 7,986$ 8 2,113 $ 1,387$ 11,096 $ 1 Bedroom 50% TCAC 22 584 12,848 1,345 $ $1,534 81$ 1,264$ 1,264$ 27,808$ 1 Bedroom 60% TCAC 22 584 12,848 1,614 $ 81 $ 1,533$ 1,533$ 33,726$ 1 Bedroom 70% TCAC 56 584 32,704 1,883 $ 81 $ 1,802$ 1,802$ 100,912$ 2 Bedroom 30% TCAC 6 761 4,566 969 $ 110 $ 859 $ 859$ 5,154$ 2 Bedroom 50% TCAC 10 761 7,610 1,615 $ $1,725 110$ 1,505$ 1,505$ 15,050$ 2 Bedroom 60% TCAC 10 761 7,610 1,938 $ 110 $ 1,828$ 1,828$ 18,280$ 2 Bedroom 70% TCAC 27 761 20,547 2,261 $ 110 $ 2,151$ 2,151$ 58,077$ Subtotal 164 641 105,157 1,628 $ 266,993$ 8 11,096 $ 2 Bedroom Employee 2 761 1,522 2,332$ 110 $ 2,222$ 2,222$ 4,444$ Totals/Averages 166 643 106,679 1,635$ 271,437$ 8 11,096 $ Rent and Utility Allowances Escalator: 0.00% Unit Mix / Affordability Program 0 Bed 1 Bed 2 Bed 3 Bed 4 Bed 0 Bed 1 Bed 2 Bed 3 Bed 4 Bed Total Units Aff. % Total SqFt Aff % Total Bdrms Avg. Inc. 30% TCAC 753$ 807 $ 969 $ 1,119$ 1,248 $ 30% TCAC 0 11 6 0 0 17 10.4% 10,990 10.5% 23 510.0% 50% TCAC 1,256$ 1,345 $ 1,615 $ 1,865 $ 2,081 $ 50% TCAC 0 22 10 0 0 32 19.5% 20,458 19.5% 42 1600.0% 60% TCAC 1,507$ 1,614 $ 1,938 $ 2,238 $ 2,497 $ 60% TCAC 0 22 10 0 0 32 19.5% 20,458 19.5% 42 1920.0% 70% TCAC 1,758$ 1,883 $ 2,261 $ 2,611 $ 2,913 $ 70% TCAC 0 56 27 0 0 83 50.6% 53,251 50.6% 110 5810.0% Aff. Sub-total 0 111 53 0 0 164 100.0% 105,157 100.0% 217 60.0% OCRC UA Eff Date: 10/1/2022 Unit % By Bed 0.0% 67.7% 32.3% 0.0% 0.0% 100.0% Employee 0 0 2 0 0 2 - 4
Utility Fuel Type 0 Bed 1 Bed 2 Bed 3 Bed 4 Bed Total Units 0 111 55 0 0 166 221 Heating Electric 22 $ 25 $
Cooking Electric 11 $ 17 $ Income Limits 2023 Orange Other Electric 35$ 49 $ HH Size 1 2 3 4 5 6 7 8 A/C #VALUE! 13$ 19 $ 20% Income 20,100$ 22,960 $ 25,840 $ 28,700 $ 31,000 $ 33,300 $ 35,600 $ 37,900 $ Water Heating 30% Income 30,150$ 34,440 $ 38,760 $ 43,050 $ 46,500 $ 49,950 $ 53,400 $ 56,850 $ Water 35% Income 35,175$ 40,180 $ 45,220 $ 50,225 $ 54,250 $ 58,275 $ 62,300 $ 66,325 $ Sewer 40% Income 40,200$ 45,920 $ 51,680 $ 57,400 $ 62,000 $ 66,600 $ 71,200 $ 75,800 $ Trash 45% Income 45,225$ 51,660 $ 58,140 $ 64,575 $ 69,750 $ 74,925 $ 80,100 $ 85,275 $ Other (Specify) 50% Income 50,250$ 57,400 $ 64,600 $ 71,750 $ 77,500 $ 83,250 $ 89,000 $ 94,750 $ Total - $ 81 $ 110 $ - $ - $ 55% Income 55,275$ 63,140 $ 71,060 $ 78,925 $ 85,250 $ 91,575 $ 97,900 $ 104,225 $ 60% Income 60,300$ 68,880 $ 77,520 $ 86,100 $ 93,000 $ 99,900 $ 106,800 $ 113,700 $ Project Unit Number & Units Sq. Ft. 70% Income 70,350$ 80,360 $ 90,440 $ 100,450 $ 108,500 $ 116,550 $ 124,600 $ 132,650 $ Market Total non-Tax Credit Un 00 80% Income 80,400$ 91,840 $ 103,360 $ 114,800 $ 124,000 $ 133,200 $ 142,400 $ 151,600 $ Employee Total units (excluding m 164 105,157 90% Income 90,450$ 103,320 $ 116,280 $ 129,150 $ 139,500 $ 149,850 $ 160,200 $ 170,550 $ Total Low Income Units 164 105,157 100% Income 100,500$ 114,800 $ 129,200 $ 143,500 $ 155,000 $ 166,500 $ 178,000 $ 189,500 $ Ratio of Low Income 100.00% 100.00% 110% Income 110,550$ 126,280 $ 142,120 $ 157,850 $ 170,500 $ 183,150 $ 195,800 $ 208,450 $ 120% Income 120,600$ 137,760 $ 155,040 $ 172,200 $ 186,000 $ 199,800 $ 213,600 $ 227,400 $ Rent Subsidy CalculationRent Advantage
Notes
20% at HSC Low Income
20% at HSC Low Income
USA Properties Fund, Inc.

Unit Mix
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Uses of Funds - Basis Determination Orion
166 Units
Amortized and/or Acquisition Const/Rehab
Property Acquisition: Per Unit Total Costs Expensed Basis Basis Land: 0 $ 1$ 1 $ Land/Bridge Loan: 1,380,125 $ -$ 1,380,125$ Holding Costs: 235,715$ - $ 235,715$ Land Closing: Title/Escrow 10,364 $ 10,364 $ -$ Total Acquisition: 9,796$ 1,626,205$ 10,365$ - $ 1,615,840$ Construction Costs:

Off-site Improvements: 1,162,500$ - $ 1,162,500$ On-site Improvements: 5,442,500$ - $ 5,442,500$ Common Area: 582,500$ 582,500$
Clubhouse: 891,000$ 891,000$
Residential: 132,181$ 21,942,000$ - $ 21,942,000$ Solar: 550,000$ - $ 550,000$ General Conditions: 66,000$ 1,320,000$ 4.32% - $ 1,320,000 $ Overhead & Profit: 3,087,673 $ 9.68% - $ 3,087,673 $ Hard Cost Contingency: 5.00% 1,748,909$ -$ 1,748,909$ Sub-Total Construction: 221,247$ 36,727,082$ -$ Insurance / OCIP: 27.50$ 1,009,995$ -$ 1,009,995$ Total Construction: 227,332$ 37,737,077$ - $ 37,737,077$ Financing Costs:

Senior Loan: 664,000 $ 392,125 $ 271,875 $ Bridge Loan (Taxable): 10,000 $ 3,940 $ 6,060 $ Other Subsidy:Safehold 2,339,207 $ 1,591,528 $ 747,679 $ Interest During Construction: 1,372,352 $ 1,372,352 $ Interest Prior to Conversion: 1,627,726 $ 1,627,726 $ Cost of Issuance: 147,500 $ 147,500$ -$ Total Financing Costs: 6,160,785 $ 3,762,819$ 2,397,966 $ Other Transaction Costs:

Market Study: 31,500$ - $ 31,500$ Appraisal: 10,000$ - $ - $ 10,000$ Development: 346,616$ - $ 346,616$ Planning & Impact Fees: 23,253$ 3,860,062$ - $ 3,860,062$ Building Permits: 3,816$ 633,473$ -$ 633,473$ Architecture: 1,449,304$ - $ 1,449,304$ Engineering: 405,937$ - $ 405,937$ Developer Legal: 100,000 $ 100,000$ - $ -$ Title / Escrow / Organizational Costs: 110,000 $ -$ 110,000$ Property Taxes During Const: 56,586 $ -$ 56,586$ Audit / Accounting / Cost Cert: 25,000$ - $ 25,000$ Office / Common Area / FF&E: 245,800$ - $ 245,800$ TCAC App/Allocation/Monitoring Fees: 90,941 $ 90,941 $ Operating Reserves: 3.00 mos. 766,030$ 766,030 $ Construction Inspections: 1,500$ 30,000$ -$ 30,000$ Promotion/Marketing: 889$ 147,500$ 147,500$ Other: NEPA 20,000 $ - $ 20,000$ Soft Cost Contingency: 373,589 $ 5.00% 373,589$ Total Other Transaction Costs: 1300000.0% 8,702,338$ 1,104,471$ - $ 7,597,867$ Total Development Costs: 54,226,405 $ 4,877,655 $ - $ 49,348,750$ Developer's Fee/Overhead: 7,402,312 $ - $ 7,402,312$ Total Development Costs: 371,257$ 61,628,717$ 4,877,655$ - $ 56,751,062$ Tax Credit Equity Calculation
Tax Credit Basis: 56,751,062 $ - $ 56,751,062$ Voluntarily Basis Reduction: -$ -$
Total Requested adjusted Eligible Basis: 56,751,062 $ 56,751,062 $ DDA/QCT: 100% 56,751,062$ - $ 56,751,062$ Percent of Units Tax Credit Eligible: 100% 56,751,062$ Max. Credit/Award - $ 56,751,062$ Fed. Annual Credits: 4.00% 2,270,042$ 75,000,000$ -$ 2,270,042$ Total Fed. Credits: 10 22,700,420$
LP Investor's Percentage Share: 99.99% 22,698,149$ Max Eligible Basis: 97,967,446 $ Tax Credit Equity Contribution @: 0.9500$ 21,563,242$ OK USA Properties Fund, Inc.

Uses of Fund-Basis Deter.
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Cost of Issuance Orion
Orig. Fee Legal Fees 3rd Party/Misc Total Ineligible Eligible Senior Loan - Construction 30,000,000 1.00% 300,000 85,000 50,000 435,000 163,125 271,875 Senior Loan - Permanent 19,000,000 0.50% 95,000 94,000 40,000 229,000 229,000 Bridge Loan (Taxable): Const 1,000,000 1.00% 10,000 - - 10,000 3,940 6,060 B Bond Loan (TE): - - - - - - - Subsidy Loans: B Bond/USA Loan - 0.00% - - - - - - Subsidy Loans: City of Orange 2,200,000 - - - - - - Other Subsidy: RCC Loan 4,000,000 0.00% - - - - - - Other Subsidy: Safehold Const/Perm 7,000,000 - 210,000 2,129,207 2,339,207 1,591,528 747,679 Bond Related Costs Issuer: CMFA
Issuer Bond Application Fee: 2,500 $
Up-Front Issuer's Fee: 40,000 $
1st Installment of Issuer's Annual Fee: 7,500 $ 6 Months pro-rated Issuer's Counsel: -$
Bond Counsel: 62,000$
CDIAC Fee 0.025% 5,000 $
CDLAC Allocation Fee: 0.035% 10,500$
Underwriter's Fee: 0.000% -$
Const. Inspections ($500/month): 10,000$
Trustee incl legal
137,500$
Other Issuance Costs
Developer Legal: 100,000$
MGP Startup Fee: 10,000$ Only PTE filing due to 60/40 split Tax Credit Origination Fee: -$
Organizational Costs: 10,000$
Title and Escrow: 100,000$
Other: -$
Contingency: -$
220,000$
USA Properties Fund, Inc.

Cost of Issuance
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Operations Proforma & Loan Sizing 166 Units Orion
INCOME Per Unit Annual
Gross Rental Income: 1,635 $ 3,257,244$ Laundry Income: 25.00$ 49,800$ Income Details Total Income 3,440,196$ $0 $0
Less Vacancy and Collection Loss (172,010)$ 5.00% Net Rental Income 3,268,186 $

EXPENSES
Utilities: 850$ 141,100$
Advertising: 9$ 1,494$ Payroll Detail Number Total Payroll: 2,201$ 365,332$ Community Manager: 1 113,262$ Repairs and Maintenance: 310$ 51,460$ Asst Community Mgr: 1 73,008$ Turnover: 45$ 7,470$ Leasing Agent: 0 -$ Grounds, Pool and Contract: 130$ 21,580$ Maintenance Tech 1 102,310$ Security: 90$ 14,940$ Maintenance Tech 1 62,192$ Management Fees: 689 $ 114,387$ Porter 0 -$ Admin: 250$ 41,500$ Compliance 1 14,560$ Tax Prep/Audit: 60$ 9,960$ 5 365,332 $ Tenant Relations: 30$ 4,980$
Business License & Permits: 88$ 14,608$ Employee Units Included in Payroll Yes Insurance: 522$ 86,652$ Mgmt Fee Total 5.0% Social Services: 136 $ 22,500$ Below the Line 1.5% Property Taxes: 101 $ 16,766$ Above the Line 3.5% Annual Monitoring Fees: 24 $ 3,949$ Ad Valorem Rate: CFD/Assess Per Unit:

Annual Transit Passes: - $ -$ 1.0466% $101 WiFi / Internet Expense: - $ -$ Lease Amount Rate (%) Ground Lease Payment: 4,819 $ 800,000$ $16,000,000 5.00% Replacement Reserves 500$ 83,000$ TCAC OPEX Minimum Reduction Adjusted OPEX Min.

Total Expenses 10,853$ 1,801,678$ $4,600 15% 3,910$ Net Operating Income 1,466,509 $ Ttl Exp less SS, Tax, Monitor, Trans, WiFi, GL, RR: 5,274$ CONSTRUCTION PERIOD Senior Loan: Rent Subsidy Loan: Recycled TE Bonds: Other Loan-Hard: B Bond Loan (TE):
30,000,000$ - $ 1,000,000$ - $ - $

96.77% 0.00% 3.23% 0.00% 0.00%
Index Rate: 4.000% 4.000% 8.000%
Spread: 2.300% 2.300%
Bond Issuer Fee: 0.050% 0.050%
Total Annual Ongoing Fees 2.350% 0.000% 2.350% 0.000% 0.000% Estimated Pay Rate: 6.350% 0.000% 6.350% 0.000% 8.000%
Underwriting Cushion: 0.000% 0.000% 0.000% 0.000%
All-In Rate: 6.350% 0.000% 6.350% 0.000% 8.000%
PERMANENT DEBT Senior Loan: Rent Subsid y Loan: Rec ycled TE Bonds: Other Loan-Hard: B Bond Loan (TE):
19,000,000$ - $ - $ - $ -$ 100.00% 0.00% 0.00% 0.00% 0.00%
Index Rate: 3.650% 8.000%
Spread: 2.400%
Bond Issuer Fee: 0.050%
Total Annual Ongoing Fees 2.450% 0.000% 0.000% 0.000% 0.000% Projected Note Rate: 6.100% 0.000% 0.000% 0.000% 8.000% Underwriting Cushion: 0.000% 0.000%
All-In Rate: 6.100% 0.000% 0.000% 0.000% 8.000%0
LOAN SIZING Senior Loan: Rent Subsidy Loan: Taxable Loan: Other Loan-Hard: B Bond Loan (TE):

Underwriting Interest Rate: 6.100% 0.000% 0.000% 0.000% 8.000% NOI Available for DSC Test: 1,275,225$ 3,282 $ 3,282 $ 3,282 $ Maximum Mortgage per LTC Constraint: 49,300,000$ - $ 49,300,000$ - $ Maximum Mortgage per LTV Constraint: 26,064,000$ - $ 26,064,000$ - $ Maximum Mortgage per DSC Test: 19,070,000$ - $ 130,000$ 50,000 $ Max Loan per LTV/DSC/LTC Constraints: 19,070,000$ - $ 130,000$ - $ USA Properties Fund, Inc.

Opex & Loan Sizing
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30-Year Cash Flow - Orion
2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Year: 1234 56789 1 0 1 1 1 2 1 3 1 4 1 5
Income Escalation yrs: 2
Affordable Rental Income: 2.0% 3,388,837$ 3,456,613 $ 3,525,746 $ 3,596,261 $ 3,668,186 $ 3,741,549 $ 3,816,380 $ 3,892,708 $ 3,970,562 $ 4,049,974 $ 4,130,973 $ 4,213,592 $ 4,297,864 $ 4,383,822 $ 4,471,498 $ Other Income: 2.0% 51,812$ 52,848 $ 53,905 $ 54,983 $ 56,083 $ 57,205 $ 58,349 $ 59,516 $ 60,706 $ 61,920 $ 63,158 $ 64,422 $ 65,710 $ 67,024 $ 68,365 $ Gross Potential Income: 3,573,801 $ 3,645,277 $ 3,718,182 $ 3,792,546 $ 3,868,397 $ 3,945,765 $ 4,024,680 $ 4,105,174 $ 4,187,277 $ 4,271,023 $ 4,356,443 $ 4,443,572 $ 4,532,443 $ 4,623,092 $ 4,715,554 $ Vacancy/Collection Loss: 5.00% 178,690 $ 182,264 $ 185,909 $ 189,627 $ 193,420 $ 197,288 $ 201,234 $ 205,259 $ 209,364 $ 213,551 $ 217,822 $ 222,179 $ 226,622 $ 231,155 $ 235,778 $ Net Rental Income: 3,395,111 $ 3,463,013 $ 3,532,273 $ 3,602,918 $ 3,674,977 $ 3,748,476 $ 3,823,446 $ 3,899,915 $ 3,977,913 $ 4,057,471 $ 4,138,621 $ 4,221,393 $ 4,305,821 $ 4,391,938 $ 4,479,776 $ Operating Expenses Escalation yrs: 2
Operating Expenses: 5,595 $ 3.0% 928,778$ 956,642 $ 985,341 $ 1,014,901$ 1,045,348 $ 1,076,708 $ 1,109,010 $ 1,142,280 $ 1,176,548 $ 1,211,845 $ 1,248,200 $ 1,285,646 $ 1,324,216 $ 1,363,942 $ 1,404,860 $ Resident Services: 3.0% 22,500$ 23,175 $ 23,870 $ 24,586 $ 25,324 $ 26,084 $ 26,866 $ 27,672 $ 28,502 $ 29,357 $ 30,238 $ 31,145 $ 32,080 $ 33,042 $ 34,033 $ Property Taxes/Assessments: 105 $ 2.0% 17,443$ 17,792 $ 18,148 $ 18,511 $ 18,881 $ 19,259 $ 19,644 $ 20,037 $ 20,438 $ 20,846 $ 21,263 $ 21,689 $ 22,122 $ 22,565 $ 23,016 $ Ground Lease Payment: 5,014 $ 2.0% 832,320$ 848,966 $ 865,946 $ 883,265 $ 900,930 $ 918,949 $ 937,328 $ 956,074 $ 975,196 $ 994,699 $ 1,014,593$ 1,034,885 $ 1,055,583 $ 1,076,695 $ 1,098,229 $ Capital Replacement Reserves: 500 $ 3.0% 83,000$ 85,490 $ 88,055 $ 90,696 $ 93,417 $ 96,220 $ 99,106 $ 102,080$ 105,142 $ 108,296 $ 111,545 $ 114,891 $ 118,338 $ 121,888 $ 125,545 $ Total Operating Expenses: 1,888,150 $ 1,936,256 $ 1,985,634 $ 2,036,319 $ 2,088,348 $ 2,141,755 $ 2,196,581 $ 2,252,862 $ 2,310,640 $ 2,369,954 $ 2,430,848 $ 2,493,365 $ 2,557,549 $ 2,623,447 $ 2,691,104 $ Net Operating Income: 1,506,960 $ 1,526,757 $ 1,546,639 $ 1,566,599 $ 1,586,629 $ 1,606,721 $ 1,626,865 $ 1,647,053 $ 1,667,273 $ 1,687,517 $ 1,707,772 $ 1,728,028 $ 1,748,272 $ 1,768,491 $ 1,788,672 $ Amortizing Loan Payments and Financing Fees
Senior Loan: 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ Issuer Administration Fee: 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ After Amortizing Loan Payments and Financing Fees: 235,017$ 254,814 $ 274,696 $ 294,656 $ 314,686 $ 334,778 $ 354,922 $ 375,110 $ 395,330 $ 415,574 $ 435,829 $ 456,085 $ 476,329 $ 496,548 $ 516,729 $ DCR 1.18 1.20 1.22 1.23 1.25 1.26 1.28 1.29 1.31 1.33 1.34 1.36 1.37 1.39 1.41 25% Debt Service Test 18.5% 20.0% 21.6% 23.2% 24.7% 26.3% 27.9% 29.5% 31.1% 32.7% 34.3% 35.9% 37.4% 39.0% 40.6% Priority Distributions
Asset Management Fee (TC Investor): 7,500$ 3.0% 7,500$ 7,725 $ 7,957 $ 8,195 $ 8,441 $ 8,695 $ 8,955 $ 9,224 $ 9,501 $ 9,786 $ 10,079$ 10,382 $ 10,693 $ 11,014 $ 11,344 $ City of Orange Monitoring Fee: 500$ 3.0% 500$ 515 $ 530 $ 546 $ 563 $ 580 $ 597 $ 615 $ 633 $ 652 $ 672 $ 692 $ 713 $ 734 $ 756 $ Managing General Partner Fee: 11 $ 2,500$ 2.0% 2,500$ 2,550 $ 2,601 $ 2,653 $ 2,706 $ 2,760 $ 2,815 $ 2,872 $ 2,929 $ 2,988 $ 3,047 $ 3,108 $ 3,171 $ 3,234 $ 3,299 $ Administrative General Partner Fee: 3,750$ 2.0% 3,750$ 3,825 $ 3,902 $ 3,980 $ 4,059 $ 4,140 $ 4,223 $ 4,308 $ 4,394 $ 4,482 $ 4,571 $ 4,663 $ 4,756 $ 4,851 $ 4,948 $ Net Cash After Priority Distributions: 220,767 $ 240,199 $ 259,706 $ 279,282 $ 298,917 $ 318,603 $ 338,331 $ 358,091 $ 377,873 $ 397,666 $ 417,459 $ 437,240 $ 456,996 $ 476,714 $ 496,381 $ Residual PM Fee & Loan Payments
Developer's Fee Note: 60%USA/40%RCC 3,822,165$ 220,767 $ 240,199 $ 259,706 $ 279,282 $ 298,917 $ 318,603 $ 338,331 $ 358,091 $ 377,873 $ 397,666 $ 417,459 $ 315,269 $ - $ - $ - $ Subsidy Loans: OCHTF - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 4,027$ 15,089$ 15,740 $ 16,390 $ Subsidy Loans: City of Orange 2,200,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 63,080$ 65,930 $ 68,775 $ 71,612 $ Other Subsidy: RCC Loan 4,000,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 54,863$ 119,873$ 125,046 $ 130,204 $ Other Subsidy: Orange County 921,150 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 27,605$ 28,796 $ 29,984 $ Net Cash After Residual PM Fee & Loan Payments: - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 228,498$ 238,357 $ 248,191 $ Other Partnership Fee Distributions
Net Cash Split to Developer (USA): 54.0% -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 123,389$ 128,713 $ 134,023 $ Net Cash Split to Developer (RCC): 36.0% -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 82,259$ 85,809 $ 89,349 $ Balance to Partnership based on Percentage Interest: -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 105,109$ 109,644 $ 114,168 $ Developer's Fee Note: 60%USA/40%RCC Repay: Yes
Beginning Balance: 3,822,165 $ 3,601,398 $ 3,361,199 $ 3,101,493 $ 2,822,211 $ 2,523,294 $ 2,204,691 $ 1,866,360 $ 1,508,268 $ 1,130,395 $ 732,729 $ 315,269 $ - $ - $ - $ Interest in Period: 0.00% Compounding - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Payment: 220,767 $ 240,199 $ 259,706 $ 279,282 $ 298,917 $ 318,603 $ 338,331 $ 358,091 $ 377,873 $ 397,666 $ 417,459 $ 315,269 $ - $ - $ - $ Ending Balance: 3,601,398 $ 3,361,199 $ 3,101,493 $ 2,822,211 $ 2,523,294 $ 2,204,691 $ 1,866,360 $ 1,508,268 $ 1,130,395 $ 732,729 $ 315,269 $ - $ - $ - $ - $ Net Cash After Developer Fee Payments: - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 121,971$ 456,996 $ 476,714 $ 496,381 $ Subsidy Loans: OCHTF Repay: Yes
Beginning Principal Balance: 503,502 $ 555,447 $ 608,431 $ 662,475 $ 717,600 $ 773,827 $ 831,179 $ 889,677 $ 949,346 $ 1,010,208$ 1,072,287 $ 1,135,608 $ 1,200,196 $ 1,266,075 $ 1,333,271 $ Interest in Period: 3.00% Simple 15,105 $ 16,663 $ 18,253 $ 19,874 $ 21,528 $ 23,215 $ 24,935 $ 26,690 $ 28,480 $ 30,306 $ 32,169 $ 34,068 $ 36,006 $ 37,982 $ 39,998 $ Payment: - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 4,027$ 15,089$ 15,740 $ 16,390 $ Accrued Interest: 15,105 $ 31,768 $ 50,021 $ 69,896 $ 91,424 $ 114,638$ 139,574 $ 166,264 $ 194,745 $ 225,051 $ 257,219 $ 287,260 $ 308,177 $ 330,419 $ 354,028 $ Ending Principal Balance: 503,502 $ 555,447 $ 608,431 $ 662,475 $ 717,600 $ 773,827 $ 831,179 $ 889,677 $ 949,346 $ 1,010,208$ 1,072,287 $ 1,135,608 $ 1,200,196 $ 1,266,075 $ 1,333,271 $ Net Cash After Loan Payments: - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 117,943$ 441,907 $ 460,974 $ 479,992 $ Subsidy Loans: City of Orange Repay: Yes
Beginning Principal Balance: 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ Interest in Period: 3.00% Simple 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ Payment: - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 63,080$ 65,930 $ 68,775 $ 71,612 $ Accrued Interest: 66,000 $ 132,000 $ 198,000 $ 264,000 $ 330,000 $ 396,000 $ 462,000 $ 528,000 $ 594,000 $ 660,000 $ 726,000 $ 728,920 $ 728,990 $ 726,215 $ 720,602 $ Ending Principal Balance: 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ Net Cash After Loan Payments: - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 54,863$ 375,977$ 392,199 $ 408,379 $ Other Subsidy: RCC Loan Repay: Yes
Beginning Principal Balance: 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ Interest in Period: 2.61% Simple 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ Payment: - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 54,863$ 119,873$ 125,046 $ 130,204 $ Accrued Interest: 104,400 $ 208,800 $ 313,200 $ 417,600 $ 522,000 $ 626,400 $ 730,800 $ 835,200 $ 939,600 $ 1,044,000$ 1,148,400 $ 1,197,937 $ 1,182,464 $ 1,161,818 $ 1,136,014 $ Ending Principal Balance: 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ Net Cash After Loan Payments: - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 256,103$ 267,154 $ 278,175 $ Other Subsidy: Orange County Repay: Yes
Beginning Principal Balance: 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ Interest in Period: 3.00% Simple 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ Payment: - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 27,605$ 28,796 $ 29,984 $ Accrued Interest: 27,635 $ 55,269 $ 82,904 $ 110,538 $ 138,173 $ 165,807 $ 193,442 $ 221,076 $ 248,711 $ 276,345 $ 303,980 $ 331,614 $ 331,643 $ 330,481 $ 328,131 $ Ending Principal Balance: 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ Net Cash After Loan Payments: - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 228,498$ 238,357 $ 248,191 $ USA Properties Fund, Inc.

Cash Flow
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30-Year Cash Flow - Orion
Year:

Income Escalation yrs: 2
Affordable Rental Income: 2.0%
Other Income: 2.0%
Gross Potential Income:

Vacancy/Collection Loss: 5.00%
Net Rental Income:

Operating Expenses Escalation yrs: 2
Operating Expenses: 5,595 $ 3.0%
Resident Services: 3.0%
Property Taxes/Assessments: 105 $ 2.0% Ground Lease Payment: 5,014 $ 2.0%
Capital Replacement Reserves: 500 $ 3.0% Total Operating Expenses:

Net Operating Income:

Amortizing Loan Payments and Financing Fees
Senior Loan:

Issuer Administration Fee: 9,500 $
After Amortizing Loan Payments and Financing Fees:

DCR
25% Debt Service Test
Priority Distributions
Asset Management Fee (TC Investor): 7,500$ 3.0% City of Orange Monitoring Fee: 500$ 3.0% Managing General Partner Fee: 11 $ 2,500$ 2.0% Administrative General Partner Fee: 3,750$ 2.0% Net Cash After Priority Distributions:

Residual PM Fee & Loan Payments
Developer's Fee Note: 60%USA/40%RCC 3,822,165$
Subsidy Loans: OCHTF
Subsidy Loans: City of Orange 2,200,000 $
Other Subsidy: RCC Loan 4,000,000 $
Other Subsidy: Orange County 921,150 $
Net Cash After Residual PM Fee & Loan Payments:

Other Partnership Fee Distributions
Net Cash Split to Developer (USA): 54.0%
Net Cash Split to Developer (RCC): 36.0%
Balance to Partnership based on Percentage Interest: -$ Developer's Fee Note: 60%USA/40%RCC Repay: Yes
Beginning Balance:

Interest in Period: 0.00% Compounding
Payment:

Ending Balance:

Net Cash After Developer Fee Payments:

Subsidy Loans: OCHTF Repay: Yes
Beginning Principal Balance:

Interest in Period: 3.00% Simple
Payment:

Accrued Interest:

Ending Principal Balance:

Net Cash After Loan Payments:

Subsidy Loans: City of Orange Repay: Yes
Beginning Principal Balance:

Interest in Period: 3.00% Simple
Payment:

Accrued Interest:

Ending Principal Balance:

Net Cash After Loan Payments:

Other Subsidy: RCC Loan Repay: Yes
Beginning Principal Balance:

Interest in Period: 2.61% Simple
Payment:

Accrued Interest:

Ending Principal Balance:

Net Cash After Loan Payments:

Other Subsidy: Orange County Repay: Yes
Beginning Principal Balance:

Interest in Period: 3.00% Simple
Payment:

Accrued Interest:

Ending Principal Balance:

Net Cash After Loan Payments:
2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
4,560,928$ 4,652,147 $ 4,745,189 $ 4,840,093 $ 4,936,895 $ 5,035,633 $ 5,136,346 $ 5,239,073 $ 5,343,854 $ 5,450,731 $ 5,559,746 $ 5,670,941 $ 5,784,359 $ 5,900,047 $ 6,018,048 $ 69,732$ 71,127 $ 72,549 $ 74,000 $ 75,480 $ 76,990 $ 78,530 $ 80,100 $ 81,702 $ 83,336 $ 85,003 $ 86,703 $ 88,437 $ 90,206 $ 92,010 $ 4,809,865$ 4,906,062 $ 5,004,184 $ 5,104,267 $ 5,206,353 $ 5,310,480 $ 5,416,689 $ 5,525,023 $ 5,635,524 $ 5,748,234 $ 5,863,199 $ 5,980,463 $ 6,100,072 $ 6,222,073 $ 6,346,515 $ 240,493$ 245,303 $ 250,209 $ 255,213 $ 260,318 $ 265,524 $ 270,834 $ 276,251 $ 281,776 $ 287,412 $ 293,160 $ 299,023 $ 305,004 $ 311,104 $ 317,326 $ 4,569,372$ 4,660,759 $ 4,753,974 $ 4,849,054 $ 4,946,035 $ 5,044,956 $ 5,145,855 $ 5,248,772 $ 5,353,747 $ 5,460,822 $ 5,570,039 $ 5,681,439 $ 5,795,068 $ 5,910,970 $ 6,029,189 $ 1,447,006$ 1,490,416 $ 1,535,129 $ 1,581,183 $ 1,628,618 $ 1,677,477 $ 1,727,801 $ 1,779,635 $ 1,833,024 $ 1,888,015 $ 1,944,655 $ 2,002,995 $ 2,063,085 $ 2,124,977 $ 2,188,727 $ 35,054$ 36,106 $ 37,189 $ 38,305 $ 39,454 $ 40,638 $ 41,857 $ 43,112 $ 44,406 $ 45,738 $ 47,110 $ 48,523 $ 49,979 $ 51,478 $ 53,023 $ 23,476$ 23,946 $ 24,425 $ 24,913 $ 25,412 $ 25,920 $ 26,438 $ 26,967 $ 27,506 $ 28,057 $ 28,618 $ 29,190 $ 29,774 $ 30,369 $ 30,977 $ 1,120,193$ 1,142,597 $ 1,165,449 $ 1,188,758 $ 1,212,533 $ 1,236,784 $ 1,261,519 $ 1,286,750 $ 1,312,485 $ 1,338,734 $ 1,365,509 $ 1,392,819 $ 1,420,676 $ 1,449,089 $ 1,478,071 $ 129,311$ 133,191 $ 137,186 $ 141,302 $ 145,541 $ 149,907 $ 154,404 $ 159,037 $ 163,808 $ 168,722 $ 173,784 $ 178,997 $ 184,367 $ 189,898 $ 195,595 $ 2,760,571$ 2,831,896 $ 2,905,131 $ 2,980,329 $ 3,057,543 $ 3,136,830 $ 3,218,247 $ 3,301,853 $ 3,387,707 $ 3,475,874 $ 3,566,416 $ 3,659,400 $ 3,754,893 $ 3,852,965 $ 3,953,688 $ 1,808,801$ 1,828,863 $ 1,848,843 $ 1,868,725 $ 1,888,492 $ 1,908,126 $ 1,927,608 $ 1,946,919 $ 1,966,040 $ 1,984,948 $ 2,003,623 $ 2,022,040 $ 2,040,175 $ 2,058,004 $ 2,075,501 $ 1,262,443$ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 9,500$ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 536,858$ 556,920 $ 576,900 $ 596,782 $ 616,549 $ 636,182 $ 655,665 $ 674,976 $ 694,097 $ 713,005 $ 731,679 $ 750,096 $ 768,232 $ 786,061 $ 803,558 $

1.42 1.44 1.45 1.47 1.48 1.50 1.52 1.53 1.55 1.56 1.58 1.59 1.60 1.62 1.63 11,685$ 12,035 $ 12,396 $ 12,768 $ 13,151 $ 13,546 $ 13,952 $ 14,371 $ 14,802 $ 15,246 $ 15,703 $ 16,174 $ 16,660 $ 17,159 $ 17,674 $ 779$ 802 $ 826 $ 851 $ 877 $ 903 $ 930 $ 958 $ 987 $ 1,016$ 1,047 $ 1,078 $ 1,111 $ 1,144 $ 1,178 $ 3,365$ 3,432 $ 3,501 $ 3,571 $ 3,642 $ 3,715 $ 3,789 $ 3,865 $ 3,942 $ 4,021 $ 4,102 $ 4,184 $ 4,267 $ 4,353 $ 4,440 $ 5,047$ 5,148 $ 5,251 $ 5,356 $ 5,463 $ 5,572 $ 5,684 $ 5,797 $ 5,913 $ 6,032 $ 6,152 $ 6,275 $ 6,401 $ 6,529 $ 6,659 $ 515,982$ 535,503 $ 554,926 $ 574,236 $ 593,416 $ 612,446 $ 631,309 $ 649,985 $ 668,453 $ 686,690 $ 704,675 $ 722,385 $ 739,794 $ 756,876 $ 773,606 $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 17,037$ 17,681 $ 18,323 $ 18,960 $ 19,593 $ 20,222 $ 20,845 $ 21,461 $ 22,071 $ 22,673 $ 23,267 $ 23,852 $ 24,427 $ 24,991 $ 25,543 $ 74,440$ 77,256 $ 80,059 $ 82,844 $ 85,611 $ 88,357 $ 91,078 $ 93,773 $ 96,437 $ 99,068 $ 101,663$ 104,218 $ 106,729 $ 109,194 $ 111,607 $ 135,346$ 140,466 $ 145,561 $ 150,626 $ 155,657 $ 160,649 $ 165,597 $ 170,496 $ 175,340 $ 180,124 $ 184,841 $ 189,487 $ 194,053 $ 198,534 $ 202,922 $ 31,168$ 32,348 $ 33,521 $ 34,687 $ 35,846 $ 36,995 $ 38,135 $ 39,263 $ 40,379 $ 41,480 $ 42,567 $ 43,636 $ 44,688 $ 45,720 $ 46,730 $ 257,991$ 267,751 $ 277,463 $ 287,118 $ 296,708 $ 306,223 $ 315,655 $ 324,993 $ 334,226 $ 343,345 $ 352,338 $ 361,192 $ 369,897 $ 378,438 $ 386,803 $ 139,315$ 144,586 $ 149,830 $ 155,044 $ 160,222 $ 165,361 $ 170,454 $ 175,496 $ 180,482 $ 185,406 $ 190,262 $ 195,044 $ 199,744 $ 204,357 $ 208,874 $ 92,877$ 96,390 $ 99,887 $ 103,363$ 106,815 $ 110,240 $ 113,636 $ 116,997 $ 120,321 $ 123,604 $ 126,842 $ 130,029 $ 133,163 $ 136,238 $ 139,249 $ 118,676$ 123,166 $ 127,633 $ 132,074 $ 136,486 $ 140,863 $ 145,201 $ 149,497 $ 153,744 $ 157,939 $ 162,075 $ 166,149 $ 170,153 $ 174,082 $ 177,929 $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 515,982$ 535,503 $ 554,926 $ 574,236 $ 593,416 $ 612,446 $ 631,309 $ 649,985 $ 668,453 $ 686,690 $ 704,675 $ 722,385 $ 739,794 $ 756,876 $ 773,606 $ 1,401,812$ 1,471,723 $ 1,543,033 $ 1,615,769 $ 1,689,959 $ 1,765,634 $ 1,842,821 $ 1,921,553 $ 2,001,859 $ 2,083,771 $ 2,167,322 $ 2,252,544 $ 2,339,470 $ 2,428,134 $ 2,518,572 $ 42,054$ 44,152 $ 46,291 $ 48,473 $ 50,699 $ 52,969 $ 55,285 $ 57,647 $ 60,056 $ 62,513 $ 65,020 $ 67,576 $ 70,184 $ 72,844 $ 75,557 $ 17,037$ 17,681 $ 18,323 $ 18,960 $ 19,593 $ 20,222 $ 20,845 $ 21,461 $ 22,071 $ 22,673 $ 23,267 $ 23,852 $ 24,427 $ 24,991 $ 25,543 $ 379,045$ 405,516 $ 433,484 $ 462,997 $ 494,103 $ 526,850 $ 561,290 $ 597,475 $ 635,460 $ 675,300 $ 717,053 $ 760,777 $ 806,535 $ 854,388 $ 904,402 $ 1,401,812$ 1,471,723 $ 1,543,033 $ 1,615,769 $ 1,689,959 $ 1,765,634 $ 1,842,821 $ 1,921,553 $ 2,001,859 $ 2,083,771 $ 2,167,322 $ 2,252,544 $ 2,339,470 $ 2,428,134 $ 2,518,572 $ 498,946$ 517,821 $ 536,603 $ 555,276 $ 573,822 $ 592,225 $ 610,465 $ 628,524 $ 646,382 $ 664,017 $ 681,408 $ 698,533 $ 715,367 $ 731,886 $ 748,063 $ 2,200,000$ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 66,000$ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 74,440$ 77,256 $ 80,059 $ 82,844 $ 85,611 $ 88,357 $ 91,078 $ 93,773 $ 96,437 $ 99,068 $ 101,663$ 104,218 $ 106,729 $ 109,194 $ 111,607 $ 712,162$ 700,906 $ 686,847 $ 670,003 $ 650,391 $ 628,034 $ 602,956 $ 575,183 $ 544,746 $ 511,678 $ 476,016 $ 437,798 $ 397,069 $ 353,875 $ 308,268 $ 2,200,000$ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 424,506$ 440,565 $ 456,545 $ 472,432 $ 488,211 $ 503,868 $ 519,387 $ 534,751 $ 549,945 $ 564,949 $ 579,746 $ 594,315 $ 608,638 $ 622,692 $ 636,456 $ 4,000,000$ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 104,400$ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 135,346$ 140,466 $ 145,561 $ 150,626 $ 155,657 $ 160,649 $ 165,597 $ 170,496 $ 175,340 $ 180,124 $ 184,841 $ 189,487 $ 194,053 $ 198,534 $ 202,922 $ 1,105,068$ 1,069,002 $ 1,027,841 $ 981,615 $ 930,357 $ 874,108 $ 812,912 $ 746,816 $ 675,876 $ 600,152 $ 519,711 $ 434,624 $ 344,971 $ 250,837 $ 152,315 $ 4,000,000$ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 289,160$ 300,099 $ 310,984 $ 321,805 $ 332,554 $ 343,219 $ 353,790 $ 364,256 $ 374,605 $ 384,825 $ 394,904 $ 404,829 $ 414,585 $ 424,158 $ 433,534 $ 921,150$ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 27,635$ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 31,168$ 32,348 $ 33,521 $ 34,687 $ 35,846 $ 36,995 $ 38,135 $ 39,263 $ 40,379 $ 41,480 $ 42,567 $ 43,636 $ 44,688 $ 45,720 $ 46,730 $ 324,597$ 319,884 $ 313,998 $ 306,945 $ 298,734 $ 289,373 $ 278,872 $ 267,244 $ 254,500 $ 240,654 $ 225,722 $ 209,720 $ 192,666 $ 174,581 $ 155,485 $ 921,150$ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 257,991$ 267,751 $ 277,463 $ 287,118 $ 296,708 $ 306,223 $ 315,655 $ 324,993 $ 334,226 $ 343,345 $ 352,338 $ 361,192 $ 369,897 $ 378,438 $ 386,803 $ USA Properties Fund, Inc.

Cash Flow
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Flow of Funds
Closing May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Property Acquisition: Total Costs Month 0 Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Month 13 Land: 1 $ 1 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Land/Bridge Loan: 1,380,125 $ 1,380,125 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Land Closing: Title/Escrow 10,364 $ 10,364 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Total Acquisition: - 1,626,205$ 1,626,205 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Construction Costs:

Off-site Improvements: 1,162,500 $ - $ - $ - $ - $ 193,750$ 193,750 $ 193,750 $ 193,750 $ 193,750 $ 193,750 $ - $ - $ - $ - $ On-site Improvements: 5,442,500 $ - $ - $ - $ - $ - $ 544,250$ 544,250 $ 544,250 $ 544,250 $ 544,250 $ 544,250 $ 544,250 $ 544,250 $ 544,250 $ Common Area: 582,500 $ - $ - $ - $ - $ - $ - $ - $ - $ 38,833$ 38,833 $ 38,833 $ 38,833 $ 38,833 $ 38,833 $ Clubhouse: 891,000 $ - $ - $ - $ - $ - $ - $ - $ - $ 59,400$ 59,400 $ 59,400 $ 59,400 $ 59,400 $ 59,400 $ Residential: 21,942,000 $ - $ - $ - $ - $ - $ - $ - $ - $ 1,462,800$ 1,462,800 $ 1,462,800 $ 1,462,800 $ 1,462,800 $ 1,462,800 $ Solar: 550,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ General Conditions: 1,320,000 $ - $ - $ - $ - $ - $ - $ 77,647$ 77,647 $ 77,647 $ 77,647 $ 77,647 $ 77,647 $ 77,647 $ 77,647 $ Overhead & Profit: 3,087,673 $ - $ - $ - $ - $ - $ - $ 181,628$ 181,628 $ 181,628 $ 181,628 $ 181,628 $ 181,628 $ 181,628 $ 181,628 $ Hard Cost Contingency: 1,748,909 $ - $ - $ - $ - $ 116,594$ 116,594 $ 116,594 $ 116,594 $ 116,594 $ 116,594 $ 116,594 $ 116,594 $ 116,594 $ 116,594 $ Insurance / OCIP: 1,009,995 $ 1,009,995 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Total Construction: - 37,737,077$ 1,009,995 $ - $ - $ - $ 310,344$ 854,594 $ 1,113,869$ 1,113,869 $ 2,674,902 $ 2,674,902 $ 2,481,152 $ 2,481,152 $ 2,481,152 $ 2,481,152 $ Financing Costs:

Senior Loan: 664,000 $ 664,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Bridge Loan (Taxable): 10,000 $ 10,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Other Subsidy:Safehold 2,339,207 $ 2,339,207 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Interest During Construction: 1,372,352 $ - $ - $ - $ - $ - $ - $ - $ 835 $ 15,078$ 29,396 $ 42,759 $ 56,194 $ 69,700 $ 83,278 $ Interest Prior to Conversion: 1,627,726 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Cost of Issuance: 147,500 $ 147,500 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Total Financing Costs: - 6,160,785$ 3,160,707 $ - $ - $ - $ - $ - $ - $ 835 $ 15,078$ 29,396 $ 42,759 $ 56,194 $ 69,700 $ 83,278 $ -$
Other Transaction Costs: -$
Market Study: 31,500 $ 31,500 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Appraisal: 10,000 $ 10,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Development: 346,616 $ 346,616 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Planning & Impact Fees: 3,860,062 $ 3,860,062 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Building Permits: 633,473 $ 633,473 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Architecture: 1,449,304 $ 1,449,304 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Developer Legal: 100,000 $ 100,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Title / Escrow / Organizational Costs: 110,000 $ 110,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Property Taxes During Const: 56,586 $ 56,586 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Audit / Accounting / Cost Cert: 25,000 $ 25,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Office / Common Area / FF&E: 245,800 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ TCAC App/Allocation/Monitoring Fees: 90,941 $ 23,701 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Operating Reserves: 766,030 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Construction Inspections: 30,000 $ - $ - $ 1,500$ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ Promotion/Marketing: 147,500 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Soft Cost Contingency: 373,589 $ 373,589 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Total Other Transaction Costs: - 8,702,338$ 7,445,768 $ - $ 1,500$ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ Total Development Costs: 54,226,405 $ 13,242,675 $ - $ 1,500$ 1,500 $ 311,844$ 856,094 $ 1,115,369$ 1,116,204 $ 2,691,480 $ 2,705,798 $ 2,525,411 $ 2,538,846 $ 2,552,352 $ 2,565,930 $ Developer's Fee (PAID) 3,580,147$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Construction Period Loan - REPAYMENT 11,000,000$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Taxable Bridge Loan - REPAYMENT 1,000,000$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Total Development Costs: 69,806,552$ 13,242,675 $ - $ 1,500$ 1,500 $ 311,844$ 856,094 $ 1,115,369$ 1,116,204 $ 2,691,480 $ 2,705,798 $ 2,525,411 $ 2,538,846 $ 2,552,352 $ 2,565,930 $ Other Subsidy: RCC Loan 4,000,000 $ 4,000,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Other Subsidy: Orange County 921,150 $ 124,263 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Other Subsidy: Safehold 7,000,000 $ 4,208,387 $ - $ - $ - $ - $ 717,786$ 1,115,369$ 958,458 $ - $ - $ - $ - $ - $ - $ Subsidy Loans: OCHTF 503,502 $ 453,152 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Subsidy Loans: City of Orange 2,200,000 $ 1,980,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Tax Credit Equity: 21,719,976 $ 2,930,025 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ NOI During Construction: 2,461,923 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Senior Loan: 19,000,000 $ - $ - $ - $ - $ - $ - $ - $ 157,746$ 2,691,480$ 2,705,798 $ 2,525,411 $ 2,538,846 $ 2,552,352 $ 2,565,930 $ Const. Period TE Loan: 11,000,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Bridge Loan (Taxable): 1,000,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 69,806,551$ 13,695,827 $ - $ - $ - $ - $ 717,786$ 1,115,369$ 1,116,204 $ 2,691,480 $ 2,705,798 $ 2,525,411 $ 2,538,846 $ 2,552,352 $ 2,565,930 $ Fund Balance 453,152$ 453,152 $ 451,652 $ 450,152 $ 138,308 $ (0) $ (0) $ (0) $ (0) $ (0) $ (0) $ (0) $ (0) $ (0) $ USA Properties Fund, Inc.

Flow of Funds
8:15 AM 1/8/2024
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Flow of Funds
Property Acquisition: Total Costs
Land: 1 $
Land/Bridge Loan: 1,380,125 $
Land Closing: Title/Escrow 10,364 $
Total Acquisition: - 1,626,205$
Construction Costs:

Off-site Improvements: 1,162,500 $
On-site Improvements: 5,442,500 $
Common Area: 582,500 $
Clubhouse: 891,000 $
Residential: 21,942,000 $
Solar: 550,000 $
General Conditions: 1,320,000 $
Overhead & Profit: 3,087,673 $
Hard Cost Contingency: 1,748,909 $
Insurance / OCIP: 1,009,995 $
Total Construction: - 37,737,077$
Financing Costs:

Senior Loan: 664,000 $
Bridge Loan (Taxable): 10,000 $
Other Subsidy:Safehold 2,339,207 $
Interest During Construction: 1,372,352 $
Interest Prior to Conversion: 1,627,726 $
Cost of Issuance: 147,500 $
Total Financing Costs: - 6,160,785$
Other Transaction Costs:

Market Study: 31,500 $
Appraisal: 10,000 $
Development: 346,616 $
Planning & Impact Fees: 3,860,062 $
Building Permits: 633,473 $
Architecture: 1,449,304 $
Developer Legal: 100,000 $
Title / Escrow / Organizational Costs: 110,000 $
Property Taxes During Const: 56,586 $
Audit / Accounting / Cost Cert: 25,000 $
Office / Common Area / FF&E: 245,800 $
TCAC App/Allocation/Monitoring Fees: 90,941 $
Operating Reserves: 766,030 $
Construction Inspections: 30,000 $
Promotion/Marketing: 147,500 $
Soft Cost Contingency: 373,589 $
Total Other Transaction Costs: - 8,702,338$ Total Development Costs: 54,226,405 $
Developer's Fee (PAID) 3,580,147$
Construction Period Loan - REPAYMENT 11,000,000$
Taxable Bridge Loan - REPAYMENT 1,000,000$
Total Development Costs: 69,806,552$
Other Subsidy: RCC Loan 4,000,000 $
Other Subsidy: Orange County 921,150 $
Other Subsidy: Safehold 7,000,000 $
Subsidy Loans: OCHTF 503,502 $
Subsidy Loans: City of Orange 2,200,000 $
Tax Credit Equity: 21,719,976 $
NOI During Construction: 2,461,923 $
Senior Loan: 19,000,000 $
Const. Period TE Loan: 11,000,000 $
Bridge Loan (Taxable): 1,000,000 $
69,806,551$
Fund Balance
Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Month 14 Month 15 Month 16 Month 17 Month 18 Month 19 Month 20 Month 21 Month 22 Month 23 Month 24 Month 25 Month 26 -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 544,250$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 38,833$ 38,833 $ 38,833 $ 38,833 $ 38,833 $ 38,833 $ 38,833 $ 38,833 $ 38,833 $ - $ - $ - $ - $ 59,400$ 59,400 $ 59,400 $ 59,400 $ 59,400 $ 59,400 $ 59,400 $ 59,400 $ 59,400 $ - $ - $ - $ - $ 1,462,800$ 1,462,800 $ 1,462,800 $ 1,462,800 $ 1,462,800 $ 1,462,800 $ 1,462,800 $ 1,462,800 $ 1,462,800 $ - $ - $ - $ - $ -$ - $ - $ 91,667$ 91,667 $ 91,667 $ 91,667 $ 91,667 $ 91,667 $ - $ - $ - $ - $ 77,647$ 77,647 $ 77,647 $ 77,647 $ 77,647 $ 77,647 $ 77,647 $ 77,647 $ 77,647 $ - $ - $ - $ - $ 181,628$ 181,628 $ 181,628 $ 181,628 $ 181,628 $ 181,628 $ 181,628 $ 181,628 $ 181,628 $ - $ - $ - $ - $ 116,594$ 116,594 $ 116,594 $ 116,594 $ 116,594 $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 2,481,152$ 1,936,902 $ 1,936,902 $ 2,028,569 $ 2,028,569 $ 1,911,975 $ 1,911,975 $ 1,911,975 $ 1,911,975 $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 98,236$ 109,071 $ 119,963 $ 131,473 $ 142,928 $ 153,823 $ 164,042 $ 155,576 $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ 155,576$ 155,576 $ 155,576 $ 155,576 $ 155,576 $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 98,236$ 109,071 $ 119,963 $ 131,473 $ 142,928 $ 153,823 $ 164,042 $ 155,576 $ 155,576 $ 155,576 $ 155,576 $ 155,576 $ 155,576 $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 245,800$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 1,500$ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ - $ - $ - $ - $ - $ -$ - $ - $ - $ 13,409$ 13,409 $ 13,409 $ 13,409 $ 13,409 $ 13,409 $ 13,409 $ 13,409 $ 13,409 $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 247,300$ 1,500 $ 1,500 $ 1,500 $ 14,909 $ 14,909 $ 14,909 $ 14,909 $ 13,409 $ 13,409 $ 13,409 $ 13,409 $ 13,409 $ 2,826,688$ 2,047,473 $ 2,058,365 $ 2,161,542 $ 2,186,406 $ 2,080,707 $ 2,090,926 $ 2,082,460 $ 2,080,960 $ 168,985 $ 168,985 $ 168,985 $ 168,985 $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ 1,600,000$ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 2,826,688$ 2,047,473 $ 2,058,365 $ 2,161,542 $ 2,186,406 $ 2,080,707 $ 2,090,926 $ 3,682,460 $ 2,080,960 $ 168,985 $ 168,985 $ 168,985 $ 168,985 $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ 230,288$ - $ - $ - $ - $ 230,288$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ 5,429,994$ - $ - $ - $ - $ 5,429,994$ -$ - $ - $ (13,512)$ 21,719 $ 21,719 $ 21,719 $ 81,948 $ 125,987 $ 155,933 $ 185,879 $ 206,726 $ 206,726 $ 2,826,688$ 435,748 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ 1,611,725$ 2,058,365 $ 2,175,054 $ 2,164,687 $ 2,058,988 $ 931,182 $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ 1,000,000$ - $ - $ - $ - $ - $ - $ 2,826,688$ 2,047,473 $ 2,058,365 $ 2,161,542 $ 2,186,406 $ 2,080,707 $ 1,952,901 $ 5,742,230 $ 125,987 $ 155,933 $ 185,879 $ 206,726 $ 5,867,007$ (0)$ (0) $ (0) $ (0) $ (0) $ (0) $ (138,025)$ 1,921,745 $ (33,228) $ (46,280) $ (29,386) $ 8,355 $ 5,706,377$ USA Properties Fund, Inc.

Flow of Funds
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Flow of Funds
Property Acquisition: Total Costs
Land: 1 $
Land/Bridge Loan: 1,380,125 $
Land Closing: Title/Escrow 10,364 $
Total Acquisition: - 1,626,205$
Construction Costs:

Off-site Improvements: 1,162,500 $
On-site Improvements: 5,442,500 $
Common Area: 582,500 $
Clubhouse: 891,000 $
Residential: 21,942,000 $
Solar: 550,000 $
General Conditions: 1,320,000 $
Overhead & Profit: 3,087,673 $
Hard Cost Contingency: 1,748,909 $
Insurance / OCIP: 1,009,995 $
Total Construction: - 37,737,077$
Financing Costs:

Senior Loan: 664,000 $
Bridge Loan (Taxable): 10,000 $
Other Subsidy:Safehold 2,339,207 $
Interest During Construction: 1,372,352 $
Interest Prior to Conversion: 1,627,726 $
Cost of Issuance: 147,500 $
Total Financing Costs: - 6,160,785$
Other Transaction Costs:

Market Study: 31,500 $
Appraisal: 10,000 $
Development: 346,616 $
Planning & Impact Fees: 3,860,062 $
Building Permits: 633,473 $
Architecture: 1,449,304 $
Developer Legal: 100,000 $
Title / Escrow / Organizational Costs: 110,000 $
Property Taxes During Const: 56,586 $
Audit / Accounting / Cost Cert: 25,000 $
Office / Common Area / FF&E: 245,800 $
TCAC App/Allocation/Monitoring Fees: 90,941 $
Operating Reserves: 766,030 $
Construction Inspections: 30,000 $
Promotion/Marketing: 147,500 $
Soft Cost Contingency: 373,589 $
Total Other Transaction Costs: - 8,702,338$ Total Development Costs: 54,226,405 $
Developer's Fee (PAID) 3,580,147$
Construction Period Loan - REPAYMENT 11,000,000$
Taxable Bridge Loan - REPAYMENT 1,000,000$
Total Development Costs: 69,806,552$
Other Subsidy: RCC Loan 4,000,000 $
Other Subsidy: Orange County 921,150 $
Other Subsidy: Safehold 7,000,000 $
Subsidy Loans: OCHTF 503,502 $
Subsidy Loans: City of Orange 2,200,000 $
Tax Credit Equity: 21,719,976 $
NOI During Construction: 2,461,923 $
Senior Loan: 19,000,000 $
Const. Period TE Loan: 11,000,000 $
Bridge Loan (Taxable): 1,000,000 $
69,806,551$
Fund Balance
Orion
Jul-26 Aug-26 Sep-26 Oct-26 Nov-26 Dec-26 Jan-27
Month 27 Month 28 Month 29 Month 30 Month 31 Month 32 Month 33 -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ 124,884$ 124,884 $ 124,884 $ 124,884 $ 124,884 $ 124,884 $ 100,542 $ -$ - $ - $ - $ - $ - $ - $ 124,884$ 124,884 $ 124,884 $ 124,884 $ 124,884 $ 124,884 $ 100,542 $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ 67,240$ -$ - $ - $ - $ - $ - $ 766,030$ -$ - $ - $ - $ - $ - $ - $ 13,409$ 13,409 $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ 13,409$ 13,409 $ - $ - $ - $ - $ 833,270$ 138,293$ 138,293 $ 124,884 $ 124,884 $ 124,884 $ 124,884 $ 933,812 $ -$ - $ - $ - $ - $ - $ 3,580,147$ 5,800,000$ - $ - $ - $ - $ - $ 3,600,000$ -$ - $ - $ - $ - $ - $ 1,000,000$ 5,938,293$ 138,293 $ 124,884 $ 124,884 $ 124,884 $ 124,884 $ 9,113,959$ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ 324,982$ 11,330 $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ 50,350$ - $ -$ - $ - $ - $ - $ 220,000$ - $ -$ - $ - $ - $ - $ 7,662,808$ 267,156 $ 206,726$ 206,726 $ 206,726 $ 206,726 $ 206,726 $ 206,726 $ 206,726 $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ 206,726$ 206,726 $ 206,726 $ 206,726 $ 206,726 $ 8,464,865$ 485,211 $ (25,191)$ 43,242 $ 125,083 $ 206,925 $ 288,766 $ 8,628,747$ (0) $ USA Properties Fund, Inc.

Flow of Funds
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Construction Delivery Schedule
Construction Period (Months) 20 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Month 15 Month 16 Month 17 Month 18 Month 19 Month 20 Month 21 Month 22 Month 23 Month 24 Month 25 Month 26 Month 27 Building #1 55 55
Building #2 111 111
Building #3
Building #4
Building #5
Building #6
Building #7
Building #8
Building #9
Building #10
Building #11
Building #12
Building #13
Building #14
Building #15
Units Delivered 166 0 55 0 0 0 111 0 0 0 0 0 0 0
Cumulative Units Delivered 166 0 55 55 55 55 166 166 166 166 166 166 166 166 Rent Up and Credit Delivery Schedule
Units Occupied in Period 35 20 35 25 17 17 17 0 0
Total Units Occupied 166 0 0 35 55 55 55 90 115 132 149 166 166 166 Percent Units Occupied 100% 0.0% 0.0% 21.1% 33.1% 33.1% 33.1% 54.2% 69.3% 79.5% 89.8% 100.0% 100.0% 100.0% Period Unit Move-In Begins 0.0% 0.0% 1.8% 2.8% 2.8% 2.8% 4.5% 5.8% 6.6% 7.5% 8.3% 8.3% 8.3% First Year Credit Delivery Percentage 10.04%
NOI During Construction
Additional Vacancy 100% 100% 79% 67% 67% 67% 46% 31% 20% 10% 5% 5% 5% Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Income Month 15 Month 16 Month 17 Month 18 Month 19 Month 20 Month 21 Month 22 Month 23 Month 24 Month 25 Month 26 Month 27 Affordable Rental Income: 276,866 $ 276,866 $ 276,866 $ 276,866 $ 276,866 $ 276,866 $ 276,866 $ 276,866 $ 276,866 $ 276,866 $ 282,403 $ 282,403 $ 282,403 $ Housing Choice Voucher Income: 11,318 $ 11,318 $ 11,318 $ 11,318 $ 11,318 $ 11,318 $ 11,318 $ 11,318 $ 11,318 $ 11,318 $ 11,544 $ 11,544 $ 11,544 $ Other Income: 4,233 $ 4,233 $ 4,233 $ 4,233 $ 4,233 $ 4,233 $ 4,233 $ 4,233 $ 4,233 $ 4,233 $ 4,318 $ 4,318 $ 4,318 $ Gross Potential Income: 292,417 $ 292,417 $ 292,417 $ 292,417 $ 292,417 $ 292,417 $ 292,417 $ 292,417 $ 292,417 $ 292,417 $ 298,265 $ 298,265 $ 298,265 $ Vacancy/Collection Loss: 292,417 $ 292,417 $ 230,763 $ 195,532 $ 195,532 $ 195,532 $ 133,878 $ 89,839 $ 59,893 $ 29,946 $ 14,913 $ 14,913 $ 14,913 $ Net Rental Income: - $ - $ 61,654$ 96,885 $ 96,885 $ 96,885 $ 158,539 $ 202,578 $ 232,524 $ 262,470 $ 283,352 $ 283,352 $ 283,352 $ Operating Expenses Include Exp in NOI:

Operating Expenses: Yes - $ - $ 72,955$ 72,955 $ 72,955 $ 72,955 $ 72,955 $ 72,955 $ 72,955 $ 72,955 $ 72,955 $ 72,955 $ 72,955 $ Resident Services: Yes - $ - $ 1,875 $ 1,875 $ 1,875 $ 1,875 $ 1,875 $ 1,875 $ 1,875 $ 1,875 $ 1,875 $ 1,875 $ 1,875 $ Property Taxes/Assessments: Yes - $ - $ - $ - $ - $ - $ 1,425 $ 1,425 $ 1,425 $ 1,425 $ 1,454 $ 1,454 $ 1,454 $ Annual Monitoring Fees: Yes - $ - $ 336 $ 336 $ 336 $ 336 $ 336 $ 336 $ 336 $ 336 $ 342 $ 342 $ 342 $ Annual Transit Passes: Yes - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ WiFi / Internet Expense: Yes - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Ground Lease Payment: No - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Capital Replacement Reserves: No - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Total Operating Expenses: - $ - $ 75,166$ 75,166 $ 75,166 $ 75,166 $ 76,591 $ 76,591 $ 76,591 $ 76,591 $ 76,626 $ 76,626 $ 76,626 $ Net Operating Income: -$ - $ (13,512)$ 21,719 $ 21,719 $ 21,719 $ 81,948 $ 125,987 $ 155,933 $ 185,879 $ 206,726 $ 206,726 $ 206,726 $ Cumulative NOI: - $ - $ (13,512)$ 8,207 $ 29,927 $ 51,646 $ 133,594 $ 259,581 $ 415,514 $ 601,393 $ 808,119 $ 1,014,844$ 1,221,570 $ USA Properties Fund, Inc.

Credit Del-NOI Const
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Construction Delivery Schedule
Construction Period (Months) 20
Building #1 55
Building #2 111
Building #3
Building #4
Building #5
Building #6
Building #7
Building #8
Building #9
Building #10
Building #11
Building #12
Building #13
Building #14
Building #15
Units Delivered 166
Cumulative Units Delivered 166
Rent Up and Credit Delivery Schedule
Units Occupied in Period
Total Units Occupied 166
Percent Units Occupied 100%
Period Unit Move-In Begins
First Year Credit Delivery Percentage
NOI During Construction
Additional Vacancy
Income
Affordable Rental Income:

Housing Choice Voucher Income:

Other Income:

Gross Potential Income:

Vacancy/Collection Loss:

Net Rental Income:

Operating Expenses Include Exp in NOI:

Operating Expenses: Yes
Resident Services: Yes
Property Taxes/Assessments: Yes
Annual Monitoring Fees: Yes
Annual Transit Passes: Yes
WiFi / Internet Expense: Yes
Ground Lease Payment: No
Capital Replacement Reserves: No
Total Operating Expenses:

Net Operating Income:

Cumulative NOI:

Orion
Aug-26 Sep-26 Oct-26 Nov-26 Dec-26 Jan-27 Feb-27 Mar-27 Apr-27 Month 28 Month 29 Month 30 Month 31 Month 32 Month 33 Month 34 Month 35 Month 36 000000000
166 166 166 166 166 166 166 166 166
000000000
166 166 166 166 166 166 166 166 166
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

8.3% 8.3% 8.3% 8.3% 8.3% 8.3% 8.3% 8.3% 8.3%
5% 5% 5% 5% 5% 5% 5% 5% 5%
Aug-26 Sep-26 Oct-26 Nov-26 Dec-26 Jan-27 Feb-27 Mar-27 Apr-27 Month 28 Month 29 Month 30 Month 31 Month 32 Month 33 Month 34 Month 35 Month 36 282,403$ 282,403 $ 282,403 $ 282,403 $ 282,403 $ 282,403 $ - $ - $ - $ 11,544$ 11,544 $ 11,544 $ 11,544 $ 11,544 $ 11,544 $ - $ - $ - $ 4,318$ 4,318 $ 4,318 $ 4,318 $ 4,318 $ 4,318 $ - $ - $ - $ 298,265$ 298,265 $ 298,265 $ 298,265 $ 298,265 $ 298,265 $ - $ - $ - $ 14,913$ 14,913 $ 14,913 $ 14,913 $ 14,913 $ 14,913 $ - $ - $ - $ 283,352$ 283,352 $ 283,352 $ 283,352 $ 283,352 $ 283,352 $ - $ - $ - $ 72,955$ 72,955 $ 72,955 $ 72,955 $ 72,955 $ 72,955 $ - $ - $ - $ 1,875$ 1,875 $ 1,875 $ 1,875 $ 1,875 $ 1,875 $ - $ - $ - $ 1,454$ 1,454 $ 1,454 $ 1,454 $ 1,454 $ 1,454 $ - $ - $ - $ 342$ 342 $ 342 $ 342 $ 342 $ 342 $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ 76,626$ 76,626 $ 76,626 $ 76,626 $ 76,626 $ 76,626 $ - $ - $ - $ 206,726$ 206,726 $ 206,726 $ 206,726 $ 206,726 $ 206,726 $ - $ - $ - $ 1,428,295$ 1,635,021 $ 1,841,746 $ 2,048,472 $ 2,255,198 $ 2,461,923 $ 2,461,923 $ 2,461,923 $ 2,461,923 $ USA Properties Fund, Inc.

Credit Del-NOI Const
8:15 AM 1/8/2024
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Summary Orion
Number of Units:

Property Name: Orion Project #: 702 Total Rentable Sq.Ft.:

Street Address: 1800 E La Veta APNs: Net Acreage:

State: California County: Orange Bedrooms per Net Acre:

City: Orange TCAC Region: Orange County SDDA/QCT:

Zip Code: 92866 CDLAC Region: Coastal Region TCAC #: Opportunity Map:

Project Type: Senior Census tract: 0 CDLAC#: Prevailing Wage:

Project Finance Structure: 4% TC / Bonds Elevator: Elevator Cum.

Income Avg: Yes Land Acquisition Date: Months
Senior Lender: Citi Const. LC: BofA Finance Closing Date: 0 Other Debt: City of Orange Construction Start: 1
Bond Issuer: CMFA Federal State Construction Period: 20 Months 21 TC Investor: BofA 0.950$ - $ Rent-up Period: 7 Months 28 1st Yr. Credit Delivery: 1st Yr. Credits: Stabilization Period: 5 Months 33 Sources (Permanent) Total Per Unit Rate Fixed/Floa t Term Amort YM Period DSCR LTV LTC Senior Loan: 19,000,00 0$ 114,458 $ 6.100% Fixed 40 40 16.5 1.15 80% 80% NOI During Construction: 2,461,92 3$ 14,831 $
Tax Credit Equity: 21,719,97 6$ 130,843 $ Interest Rate Repa y Term S/P Developer's Fee Note: 60%USA/40%RCC 3,822,16 5$ 23,025$ 0.00% Y 55 S Subsidy Loans: OCHTF 503,502 $ 3,033$ 3.00% Y 55 P Subsidy Loans: City of Orange 2,200,000$ 13,253$ 3.00% Y 55 P Other Subsidy: RCC Loan 4,000,000$ 24,096$ 2.61% Y 55 P Other Subsidy: Orange County 921,150$ 5,549$ 3.00% Y 55 P Other Subsidy: Safehold 7,000,000$ 42,169$ N9 9 Total 61,628,71 6$ 371,257$
Uses Total Per Unit
Property Acquisition: 1,626,20 5$ 9,796 $ Land + Depreciable Basis:

Construction (incl. Bonds): 30,570,50 0$ 184,160 $ 50% of Land + Dep. Basis:

Construction General Conditions: 1,320,000 $ 7,952 $ Permanent TE Loan:

Contractor Overhead & Profit: 3,087,67 3$ 18,600 $ Const. Period TE Loan:

Construction Contingency: 1,748,90 9$ 10,536 $ Surplus/(Gap) to Meet 50%:

Financing Costs: 6,160,78 5$ 37,113 $
Other Transaction Costs: 9,712,33 3$ 58,508 $
Developer's Fee/Overhead: 7,402,312 $ 44,592 $ Max. Allowed per TCAC 51.1% Total 61,628,71 7$ 371,257$ Minimum Amount to Defe r OK due to GP loan Over/(Short) (0)$ Additional Cash Avail/(Def. Req) Unit Mix & Affordability 0 Bedroom 1 Bedroom 2 Bedroom 3 Bedroom 30% TCAC 0 11 6 0
50% TCAC 0 22 10 0 19.5%
60% TCAC 0 22 10 0 19.5%
70% TCAC 0 56 27 0 50.6%
Aff. Sub-total 0 111 53 0
Employee 0 0 2 0
Total Units 0 111 55 0
3,780,000
0 0
0 3,622,312
199,853
100%
100%
100%
100%

3.3%

14.4%

26.2%

6.04%
% of CF to Pay Sub Pro-rata Share
166
32 83
0 0
0 85%
32 0
100%
166
56,761,427
164
2 % of Affordable

10.4%
100.0%
Total Units
17 6.35%
33 Months
85%
85%
19,000,000
11,000,000
1,619,287

52.85%
4 Bedroom
106,679

3.85 57.4
No
TCAC Cash Developer Fee Limits
Moderate
None
9/30/2022
5/15/2024
6/1/2024
2/1/2026
Construction Period Loans
Const. Period TE Loan: Bridge Loan (Taxable):

Floating
9/1/2026
28,380,713 Floating

6.35%
33 Months
85%
2/1/2027
50% Test
USA Properties Fund, Inc.

Summary
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435
Unit Mix and Rent Schedule Orion
Unit Type Affordability
Number
of Units Net SF Ttl SF
Max Gross
TC Rent
Max Gross
Other
Utility
Allow.

Max Net
Rent
Max Acheivable
Rent
Net Monthly
Rent Total Rent Market Rent
% Below Market
Rents
Subsidy
Units
Subsidy
Rent Difference
Total Rent
Subsidy
Overhang:
1 Bedroom 30% TCAC 11 584 6,424 807 $ 81 $ 726 $ 726$ 7,986$ 8 2,113 $ 1,387$ 11,096 $ 1 Bedroom 50% TCAC 22 584 12,848 1,345 $ $1,534 81$ 1,264$ 1,264$ 27,808$ 1 Bedroom 60% TCAC 22 584 12,848 1,614 $ 81 $ 1,533$ 1,533$ 33,726$ 1 Bedroom 70% TCAC 56 584 32,704 1,883 $ 81 $ 1,802$ 1,802$ 100,912$ 2 Bedroom 30% TCAC 6 761 4,566 969 $ 110 $ 859 $ 859$ 5,154$ 2 Bedroom 50% TCAC 10 761 7,610 1,615 $ $1,725 110$ 1,505$ 1,505$ 15,050$ 2 Bedroom 60% TCAC 10 761 7,610 1,938 $ 110 $ 1,828$ 1,828$ 18,280$ 2 Bedroom 70% TCAC 27 761 20,547 2,261 $ 110 $ 2,151$ 2,151$ 58,077$ Subtotal 164 641 105,157 1,628 $ 266,993$ 8 11,096 $ 2 Bedroom Employee 2 761 1,522 2,332$ 110 $ 2,222$ 2,222$ 4,444$ Totals/Averages 166 643 106,679 1,635$ 271,437$ 8 11,096 $ Rent and Utility Allowances Escalator: 0.00% Unit Mix / Affordability Program 0 Bed 1 Bed 2 Bed 3 Bed 4 Bed 0 Bed 1 Bed 2 Bed 3 Bed 4 Bed Total Units Aff. % Total SqFt Aff % Total Bdrms Avg. Inc. 30% TCAC 753$ 807 $ 969 $ 1,119$ 1,248 $ 30% TCAC 0 11 6 0 0 17 10.4% 10,990 10.5% 23 510.0% 50% TCAC 1,256$ 1,345 $ 1,615 $ 1,865 $ 2,081 $ 50% TCAC 0 22 10 0 0 32 19.5% 20,458 19.5% 42 1600.0% 60% TCAC 1,507$ 1,614 $ 1,938 $ 2,238 $ 2,497 $ 60% TCAC 0 22 10 0 0 32 19.5% 20,458 19.5% 42 1920.0% 70% TCAC 1,758$ 1,883 $ 2,261 $ 2,611 $ 2,913 $ 70% TCAC 0 56 27 0 0 83 50.6% 53,251 50.6% 110 5810.0% Aff. Sub-total 0 111 53 0 0 164 100.0% 105,157 100.0% 217 60.0% OCRC UA Eff Date: 10/1/2022 Unit % By Bed 0.0% 67.7% 32.3% 0.0% 0.0% 100.0% Employee 0 0 2 0 0 2 - 4
Utility Fuel Type 0 Bed 1 Bed 2 Bed 3 Bed 4 Bed Total Units 0 111 55 0 0 166 221 Heating Electric 22 $ 25 $
Cooking Electric 11 $ 17 $ Income Limits 2023 Orange Other Electric 35$ 49 $ HH Size 1 2 3 4 5 6 7 8 A/C #VALUE! 13$ 19 $ 20% Income 20,100$ 22,960 $ 25,840 $ 28,700 $ 31,000 $ 33,300 $ 35,600 $ 37,900 $ Water Heating 30% Income 30,150$ 34,440 $ 38,760 $ 43,050 $ 46,500 $ 49,950 $ 53,400 $ 56,850 $ Water 35% Income 35,175$ 40,180 $ 45,220 $ 50,225 $ 54,250 $ 58,275 $ 62,300 $ 66,325 $ Sewer 40% Income 40,200$ 45,920 $ 51,680 $ 57,400 $ 62,000 $ 66,600 $ 71,200 $ 75,800 $ Trash 45% Income 45,225$ 51,660 $ 58,140 $ 64,575 $ 69,750 $ 74,925 $ 80,100 $ 85,275 $ Other (Specify) 50% Income 50,250$ 57,400 $ 64,600 $ 71,750 $ 77,500 $ 83,250 $ 89,000 $ 94,750 $ Total - $ 81 $ 110 $ - $ - $ 55% Income 55,275$ 63,140 $ 71,060 $ 78,925 $ 85,250 $ 91,575 $ 97,900 $ 104,225 $ 60% Income 60,300$ 68,880 $ 77,520 $ 86,100 $ 93,000 $ 99,900 $ 106,800 $ 113,700 $ Project Unit Number & Units Sq. Ft. 70% Income 70,350$ 80,360 $ 90,440 $ 100,450 $ 108,500 $ 116,550 $ 124,600 $ 132,650 $ Market Total non-Tax Credit Un 00 80% Income 80,400$ 91,840 $ 103,360 $ 114,800 $ 124,000 $ 133,200 $ 142,400 $ 151,600 $ Employee Total units (excluding m 164 105,157 90% Income 90,450$ 103,320 $ 116,280 $ 129,150 $ 139,500 $ 149,850 $ 160,200 $ 170,550 $ Total Low Income Units 164 105,157 100% Income 100,500$ 114,800 $ 129,200 $ 143,500 $ 155,000 $ 166,500 $ 178,000 $ 189,500 $ Ratio of Low Income 100.00% 100.00% 110% Income 110,550$ 126,280 $ 142,120 $ 157,850 $ 170,500 $ 183,150 $ 195,800 $ 208,450 $ 120% Income 120,600$ 137,760 $ 155,040 $ 172,200 $ 186,000 $ 199,800 $ 213,600 $ 227,400 $ Rent Subsidy CalculationRent Advantage
Notes
20% at HSC Low Income
20% at HSC Low Income
USA Properties Fund, Inc.

Unit Mix
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Uses of Funds - Basis Determination Orion
166 Units
Amortized and/or Acquisition Const/Rehab
Property Acquisition: Per Unit Total Costs Expensed Basis Basis Land: 0 $ 1$ 1 $ Land/Bridge Loan: 1,380,125 $ -$ 1,380,125$ Holding Costs: 235,715$ - $ 235,715$ Land Closing: Title/Escrow 10,364 $ 10,364 $ -$ Total Acquisition: 9,796$ 1,626,205$ 10,365$ - $ 1,615,840$ Construction Costs:

Off-site Improvements: 1,162,500$ - $ 1,162,500$ On-site Improvements: 5,442,500$ - $ 5,442,500$ Common Area: 582,500$ 582,500$
Clubhouse: 891,000$ 891,000$
Residential: 132,181$ 21,942,000$ - $ 21,942,000$ Solar: 550,000$ - $ 550,000$ General Conditions: 66,000$ 1,320,000$ 4.32% - $ 1,320,000 $ Overhead & Profit: 3,087,673 $ 9.68% - $ 3,087,673 $ Hard Cost Contingency: 5.00% 1,748,909$ -$ 1,748,909$ Sub-Total Construction: 221,247$ 36,727,082$ -$ Insurance / OCIP: 27.50$ 1,009,995$ -$ 1,009,995$ Total Construction: 227,332$ 37,737,077$ - $ 37,737,077$ Financing Costs:

Senior Loan: 664,000 $ 392,125 $ 271,875 $ Bridge Loan (Taxable): 10,000 $ 3,940 $ 6,060 $ Other Subsidy:Safehold 2,339,207 $ 1,591,528 $ 747,679 $ Interest During Construction: 1,372,352 $ 1,372,352 $ Interest Prior to Conversion: 1,627,726 $ 1,627,726 $ Cost of Issuance: 147,500 $ 147,500$ -$ Total Financing Costs: 6,160,785 $ 3,762,819$ 2,397,966 $ Other Transaction Costs:

Market Study: 31,500$ - $ 31,500$ Appraisal: 10,000$ - $ - $ 10,000$ Development: 346,616$ - $ 346,616$ Planning & Impact Fees: 23,253$ 3,860,062$ - $ 3,860,062$ Building Permits: 3,816$ 633,473$ -$ 633,473$ Architecture: 1,449,304$ - $ 1,449,304$ Engineering: 405,937$ - $ 405,937$ Developer Legal: 100,000 $ 100,000$ - $ -$ Title / Escrow / Organizational Costs: 110,000 $ -$ 110,000$ Property Taxes During Const: 56,586 $ -$ 56,586$ Audit / Accounting / Cost Cert: 25,000$ - $ 25,000$ Office / Common Area / FF&E: 245,800$ - $ 245,800$ TCAC App/Allocation/Monitoring Fees: 90,941 $ 90,941 $ Operating Reserves: 3.00 mos. 766,030$ 766,030 $ Construction Inspections: 1,500$ 30,000$ -$ 30,000$ Promotion/Marketing: 889$ 147,500$ 147,500$ Other: NEPA 20,000 $ - $ 20,000$ Soft Cost Contingency: 373,589 $ 5.00% 373,589$ Total Other Transaction Costs: 1300000.0% 8,702,338$ 1,104,471$ - $ 7,597,867$ Total Development Costs: 54,226,405 $ 4,877,655 $ - $ 49,348,750$ Developer's Fee/Overhead: 7,402,312 $ - $ 7,402,312$ Total Development Costs: 371,257$ 61,628,717$ 4,877,655$ - $ 56,751,062$ Tax Credit Equity Calculation
Tax Credit Basis: 56,751,062 $ - $ 56,751,062$ Voluntarily Basis Reduction: -$ -$
Total Requested adjusted Eligible Basis: 56,751,062 $ 56,751,062 $ DDA/QCT: 100% 56,751,062$ - $ 56,751,062$ Percent of Units Tax Credit Eligible: 100% 56,751,062$ Max. Credit/Award - $ 56,751,062$ Fed. Annual Credits: 4.00% 2,270,042$ 75,000,000$ -$ 2,270,042$ Total Fed. Credits: 10 22,700,420$
LP Investor's Percentage Share: 99.99% 22,698,149$ Max Eligible Basis: 97,967,446 $ Tax Credit Equity Contribution @: 0.9500$ 21,563,242$ OK USA Properties Fund, Inc.

Uses of Fund-Basis Deter.
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Cost of Issuance Orion
Orig. Fee Legal Fees 3rd Party/Misc Total Ineligible Eligible Senior Loan - Construction 30,000,000 1.00% 300,000 85,000 50,000 435,000 163,125 271,875 Senior Loan - Permanent 19,000,000 0.50% 95,000 94,000 40,000 229,000 229,000 Bridge Loan (Taxable): Const 1,000,000 1.00% 10,000 - - 10,000 3,940 6,060 B Bond Loan (TE): - - - - - - - Subsidy Loans: B Bond/USA Loan - 0.00% - - - - - - Subsidy Loans: City of Orange 2,200,000 - - - - - - Other Subsidy: RCC Loan 4,000,000 0.00% - - - - - - Other Subsidy: Safehold Const/Perm 7,000,000 - 210,000 2,129,207 2,339,207 1,591,528 747,679 Bond Related Costs Issuer: CMFA
Issuer Bond Application Fee: 2,500 $
Up-Front Issuer's Fee: 40,000 $
1st Installment of Issuer's Annual Fee: 7,500 $ 6 Months pro-rated Issuer's Counsel: -$
Bond Counsel: 62,000$
CDIAC Fee 0.025% 5,000 $
CDLAC Allocation Fee: 0.035% 10,500$
Underwriter's Fee: 0.000% -$
Const. Inspections ($500/month): 10,000$
Trustee incl legal
137,500$
Other Issuance Costs
Developer Legal: 100,000$
MGP Startup Fee: 10,000$ Only PTE filing due to 60/40 split Tax Credit Origination Fee: -$
Organizational Costs: 10,000$
Title and Escrow: 100,000$
Other: -$
Contingency: -$
220,000$
USA Properties Fund, Inc.

Cost of Issuance
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Operations Proforma & Loan Sizing 166 Units Orion
INCOME Per Unit Annual
Gross Rental Income: 1,635 $ 3,257,244$ Laundry Income: 25.00$ 49,800$ Income Details Total Income 3,440,196$ $0 $0
Less Vacancy and Collection Loss (172,010)$ 5.00% Net Rental Income 3,268,186 $

EXPENSES
Utilities: 850$ 141,100$
Advertising: 9$ 1,494$ Payroll Detail Number Total Payroll: 2,201$ 365,332$ Community Manager: 1 113,262$ Repairs and Maintenance: 310$ 51,460$ Asst Community Mgr: 1 73,008$ Turnover: 45$ 7,470$ Leasing Agent: 0 -$ Grounds, Pool and Contract: 130$ 21,580$ Maintenance Tech 1 102,310$ Security: 90$ 14,940$ Maintenance Tech 1 62,192$ Management Fees: 689 $ 114,387$ Porter 0 -$ Admin: 250$ 41,500$ Compliance 1 14,560$ Tax Prep/Audit: 60$ 9,960$ 5 365,332 $ Tenant Relations: 30$ 4,980$
Business License & Permits: 88$ 14,608$ Employee Units Included in Payroll Yes Insurance: 522$ 86,652$ Mgmt Fee Total 5.0% Social Services: 136 $ 22,500$ Below the Line 1.5% Property Taxes: 101 $ 16,766$ Above the Line 3.5% Annual Monitoring Fees: 24 $ 3,949$ Ad Valorem Rate: CFD/Assess Per Unit:

Annual Transit Passes: - $ -$ 1.0466% $101 WiFi / Internet Expense: - $ -$ Lease Amount Rate (%) Ground Lease Payment: 4,819 $ 800,000$ $16,000,000 5.00% Replacement Reserves 500$ 83,000$ TCAC OPEX Minimum Reduction Adjusted OPEX Min.

Total Expenses 10,853$ 1,801,678$ $4,600 15% 3,910$ Net Operating Income 1,466,509 $ Ttl Exp less SS, Tax, Monitor, Trans, WiFi, GL, RR: 5,274$ CONSTRUCTION PERIOD Senior Loan: Rent Subsidy Loan: Recycled TE Bonds: Other Loan-Hard: B Bond Loan (TE):
30,000,000$ - $ 1,000,000$ - $ - $

96.77% 0.00% 3.23% 0.00% 0.00%
Index Rate: 4.000% 4.000% 8.000%
Spread: 2.300% 2.300%
Bond Issuer Fee: 0.050% 0.050%
Total Annual Ongoing Fees 2.350% 0.000% 2.350% 0.000% 0.000% Estimated Pay Rate: 6.350% 0.000% 6.350% 0.000% 8.000%
Underwriting Cushion: 0.000% 0.000% 0.000% 0.000%
All-In Rate: 6.350% 0.000% 6.350% 0.000% 8.000%
PERMANENT DEBT Senior Loan: Rent Subsid y Loan: Rec ycled TE Bonds: Other Loan-Hard: B Bond Loan (TE):
19,000,000$ - $ - $ - $ -$ 100.00% 0.00% 0.00% 0.00% 0.00%
Index Rate: 3.650% 8.000%
Spread: 2.400%
Bond Issuer Fee: 0.050%
Total Annual Ongoing Fees 2.450% 0.000% 0.000% 0.000% 0.000% Projected Note Rate: 6.100% 0.000% 0.000% 0.000% 8.000% Underwriting Cushion: 0.000% 0.000%
All-In Rate: 6.100% 0.000% 0.000% 0.000% 8.000%0
LOAN SIZING Senior Loan: Rent Subsidy Loan: Taxable Loan: Other Loan-Hard: B Bond Loan (TE):

Underwriting Interest Rate: 6.100% 0.000% 0.000% 0.000% 8.000% NOI Available for DSC Test: 1,275,225$ 3,282 $ 3,282 $ 3,282 $ Maximum Mortgage per LTC Constraint: 49,300,000$ - $ 49,300,000$ - $ Maximum Mortgage per LTV Constraint: 26,064,000$ - $ 26,064,000$ - $ Maximum Mortgage per DSC Test: 19,070,000$ - $ 130,000$ 50,000 $ Max Loan per LTV/DSC/LTC Constraints: 19,070,000$ - $ 130,000$ - $ USA Properties Fund, Inc.

Opex & Loan Sizing
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30-Year Cash Flow - Orion
2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Year: 1234 56789 1 0 1 1 1 2 1 3 1 4 1 5
Income Escalation yrs: 2
Affordable Rental Income: 2.0% 3,388,837$ 3,456,613 $ 3,525,746 $ 3,596,261 $ 3,668,186 $ 3,741,549 $ 3,816,380 $ 3,892,708 $ 3,970,562 $ 4,049,974 $ 4,130,973 $ 4,213,592 $ 4,297,864 $ 4,383,822 $ 4,471,498 $ Other Income: 2.0% 51,812$ 52,848 $ 53,905 $ 54,983 $ 56,083 $ 57,205 $ 58,349 $ 59,516 $ 60,706 $ 61,920 $ 63,158 $ 64,422 $ 65,710 $ 67,024 $ 68,365 $ Gross Potential Income: 3,573,801 $ 3,645,277 $ 3,718,182 $ 3,792,546 $ 3,868,397 $ 3,945,765 $ 4,024,680 $ 4,105,174 $ 4,187,277 $ 4,271,023 $ 4,356,443 $ 4,443,572 $ 4,532,443 $ 4,623,092 $ 4,715,554 $ Vacancy/Collection Loss: 5.00% 178,690 $ 182,264 $ 185,909 $ 189,627 $ 193,420 $ 197,288 $ 201,234 $ 205,259 $ 209,364 $ 213,551 $ 217,822 $ 222,179 $ 226,622 $ 231,155 $ 235,778 $ Net Rental Income: 3,395,111 $ 3,463,013 $ 3,532,273 $ 3,602,918 $ 3,674,977 $ 3,748,476 $ 3,823,446 $ 3,899,915 $ 3,977,913 $ 4,057,471 $ 4,138,621 $ 4,221,393 $ 4,305,821 $ 4,391,938 $ 4,479,776 $ Operating Expenses Escalation yrs: 2
Operating Expenses: 5,595 $ 3.0% 928,778$ 956,642 $ 985,341 $ 1,014,901$ 1,045,348 $ 1,076,708 $ 1,109,010 $ 1,142,280 $ 1,176,548 $ 1,211,845 $ 1,248,200 $ 1,285,646 $ 1,324,216 $ 1,363,942 $ 1,404,860 $ Resident Services: 3.0% 22,500$ 23,175 $ 23,870 $ 24,586 $ 25,324 $ 26,084 $ 26,866 $ 27,672 $ 28,502 $ 29,357 $ 30,238 $ 31,145 $ 32,080 $ 33,042 $ 34,033 $ Property Taxes/Assessments: 105 $ 2.0% 17,443$ 17,792 $ 18,148 $ 18,511 $ 18,881 $ 19,259 $ 19,644 $ 20,037 $ 20,438 $ 20,846 $ 21,263 $ 21,689 $ 22,122 $ 22,565 $ 23,016 $ Ground Lease Payment: 5,014 $ 2.0% 832,320$ 848,966 $ 865,946 $ 883,265 $ 900,930 $ 918,949 $ 937,328 $ 956,074 $ 975,196 $ 994,699 $ 1,014,593$ 1,034,885 $ 1,055,583 $ 1,076,695 $ 1,098,229 $ Capital Replacement Reserves: 500 $ 3.0% 83,000$ 85,490 $ 88,055 $ 90,696 $ 93,417 $ 96,220 $ 99,106 $ 102,080$ 105,142 $ 108,296 $ 111,545 $ 114,891 $ 118,338 $ 121,888 $ 125,545 $ Total Operating Expenses: 1,888,150 $ 1,936,256 $ 1,985,634 $ 2,036,319 $ 2,088,348 $ 2,141,755 $ 2,196,581 $ 2,252,862 $ 2,310,640 $ 2,369,954 $ 2,430,848 $ 2,493,365 $ 2,557,549 $ 2,623,447 $ 2,691,104 $ Net Operating Income: 1,506,960 $ 1,526,757 $ 1,546,639 $ 1,566,599 $ 1,586,629 $ 1,606,721 $ 1,626,865 $ 1,647,053 $ 1,667,273 $ 1,687,517 $ 1,707,772 $ 1,728,028 $ 1,748,272 $ 1,768,491 $ 1,788,672 $ Amortizing Loan Payments and Financing Fees
Senior Loan: 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ Issuer Administration Fee: 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ After Amortizing Loan Payments and Financing Fees: 235,017$ 254,814 $ 274,696 $ 294,656 $ 314,686 $ 334,778 $ 354,922 $ 375,110 $ 395,330 $ 415,574 $ 435,829 $ 456,085 $ 476,329 $ 496,548 $ 516,729 $ DCR 1.18 1.20 1.22 1.23 1.25 1.26 1.28 1.29 1.31 1.33 1.34 1.36 1.37 1.39 1.41 25% Debt Service Test 18.5% 20.0% 21.6% 23.2% 24.7% 26.3% 27.9% 29.5% 31.1% 32.7% 34.3% 35.9% 37.4% 39.0% 40.6% Priority Distributions
Asset Management Fee (TC Investor): 7,500$ 3.0% 7,500$ 7,725 $ 7,957 $ 8,195 $ 8,441 $ 8,695 $ 8,955 $ 9,224 $ 9,501 $ 9,786 $ 10,079$ 10,382 $ 10,693 $ 11,014 $ 11,344 $ City of Orange Monitoring Fee: 500$ 3.0% 500$ 515 $ 530 $ 546 $ 563 $ 580 $ 597 $ 615 $ 633 $ 652 $ 672 $ 692 $ 713 $ 734 $ 756 $ Managing General Partner Fee: 11 $ 2,500$ 2.0% 2,500$ 2,550 $ 2,601 $ 2,653 $ 2,706 $ 2,760 $ 2,815 $ 2,872 $ 2,929 $ 2,988 $ 3,047 $ 3,108 $ 3,171 $ 3,234 $ 3,299 $ Administrative General Partner Fee: 3,750$ 2.0% 3,750$ 3,825 $ 3,902 $ 3,980 $ 4,059 $ 4,140 $ 4,223 $ 4,308 $ 4,394 $ 4,482 $ 4,571 $ 4,663 $ 4,756 $ 4,851 $ 4,948 $ Net Cash After Priority Distributions: 220,767 $ 240,199 $ 259,706 $ 279,282 $ 298,917 $ 318,603 $ 338,331 $ 358,091 $ 377,873 $ 397,666 $ 417,459 $ 437,240 $ 456,996 $ 476,714 $ 496,381 $ Residual PM Fee & Loan Payments
Developer's Fee Note: 60%USA/40%RCC 3,822,165$ 220,767 $ 240,199 $ 259,706 $ 279,282 $ 298,917 $ 318,603 $ 338,331 $ 358,091 $ 377,873 $ 397,666 $ 417,459 $ 315,269 $ - $ - $ - $ Subsidy Loans: OCHTF - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 4,027$ 15,089$ 15,740 $ 16,390 $ Subsidy Loans: City of Orange 2,200,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 63,080$ 65,930 $ 68,775 $ 71,612 $ Other Subsidy: RCC Loan 4,000,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 54,863$ 119,873$ 125,046 $ 130,204 $ Other Subsidy: Orange County 921,150 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 27,605$ 28,796 $ 29,984 $ Net Cash After Residual PM Fee & Loan Payments: - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 228,498$ 238,357 $ 248,191 $ Other Partnership Fee Distributions
Net Cash Split to Developer (USA): 54.0% -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 123,389$ 128,713 $ 134,023 $ Net Cash Split to Developer (RCC): 36.0% -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 82,259$ 85,809 $ 89,349 $ Balance to Partnership based on Percentage Interest: -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 105,109$ 109,644 $ 114,168 $ Developer's Fee Note: 60%USA/40%RCC Repay: Yes
Beginning Balance: 3,822,165 $ 3,601,398 $ 3,361,199 $ 3,101,493 $ 2,822,211 $ 2,523,294 $ 2,204,691 $ 1,866,360 $ 1,508,268 $ 1,130,395 $ 732,729 $ 315,269 $ - $ - $ - $ Interest in Period: 0.00% Compounding - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Payment: 220,767 $ 240,199 $ 259,706 $ 279,282 $ 298,917 $ 318,603 $ 338,331 $ 358,091 $ 377,873 $ 397,666 $ 417,459 $ 315,269 $ - $ - $ - $ Ending Balance: 3,601,398 $ 3,361,199 $ 3,101,493 $ 2,822,211 $ 2,523,294 $ 2,204,691 $ 1,866,360 $ 1,508,268 $ 1,130,395 $ 732,729 $ 315,269 $ - $ - $ - $ - $ Net Cash After Developer Fee Payments: - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 121,971$ 456,996 $ 476,714 $ 496,381 $ Subsidy Loans: OCHTF Repay: Yes
Beginning Principal Balance: 503,502 $ 555,447 $ 608,431 $ 662,475 $ 717,600 $ 773,827 $ 831,179 $ 889,677 $ 949,346 $ 1,010,208$ 1,072,287 $ 1,135,608 $ 1,200,196 $ 1,266,075 $ 1,333,271 $ Interest in Period: 3.00% Simple 15,105 $ 16,663 $ 18,253 $ 19,874 $ 21,528 $ 23,215 $ 24,935 $ 26,690 $ 28,480 $ 30,306 $ 32,169 $ 34,068 $ 36,006 $ 37,982 $ 39,998 $ Payment: - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 4,027$ 15,089$ 15,740 $ 16,390 $ Accrued Interest: 15,105 $ 31,768 $ 50,021 $ 69,896 $ 91,424 $ 114,638$ 139,574 $ 166,264 $ 194,745 $ 225,051 $ 257,219 $ 287,260 $ 308,177 $ 330,419 $ 354,028 $ Ending Principal Balance: 503,502 $ 555,447 $ 608,431 $ 662,475 $ 717,600 $ 773,827 $ 831,179 $ 889,677 $ 949,346 $ 1,010,208$ 1,072,287 $ 1,135,608 $ 1,200,196 $ 1,266,075 $ 1,333,271 $ Net Cash After Loan Payments: - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 117,943$ 441,907 $ 460,974 $ 479,992 $ Subsidy Loans: City of Orange Repay: Yes
Beginning Principal Balance: 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ Interest in Period: 3.00% Simple 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ Payment: - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 63,080$ 65,930 $ 68,775 $ 71,612 $ Accrued Interest: 66,000 $ 132,000 $ 198,000 $ 264,000 $ 330,000 $ 396,000 $ 462,000 $ 528,000 $ 594,000 $ 660,000 $ 726,000 $ 728,920 $ 728,990 $ 726,215 $ 720,602 $ Ending Principal Balance: 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ Net Cash After Loan Payments: - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 54,863$ 375,977$ 392,199 $ 408,379 $ Other Subsidy: RCC Loan Repay: Yes
Beginning Principal Balance: 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ Interest in Period: 2.61% Simple 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ Payment: - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 54,863$ 119,873$ 125,046 $ 130,204 $ Accrued Interest: 104,400 $ 208,800 $ 313,200 $ 417,600 $ 522,000 $ 626,400 $ 730,800 $ 835,200 $ 939,600 $ 1,044,000$ 1,148,400 $ 1,197,937 $ 1,182,464 $ 1,161,818 $ 1,136,014 $ Ending Principal Balance: 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ Net Cash After Loan Payments: - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 256,103$ 267,154 $ 278,175 $ Other Subsidy: Orange County Repay: Yes
Beginning Principal Balance: 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ Interest in Period: 3.00% Simple 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ Payment: - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 27,605$ 28,796 $ 29,984 $ Accrued Interest: 27,635 $ 55,269 $ 82,904 $ 110,538 $ 138,173 $ 165,807 $ 193,442 $ 221,076 $ 248,711 $ 276,345 $ 303,980 $ 331,614 $ 331,643 $ 330,481 $ 328,131 $ Ending Principal Balance: 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ Net Cash After Loan Payments: - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 228,498$ 238,357 $ 248,191 $ USA Properties Fund, Inc.

Cash Flow
8:15 AM 1/8/2024
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30-Year Cash Flow - Orion
Year:

Income Escalation yrs: 2
Affordable Rental Income: 2.0%
Other Income: 2.0%
Gross Potential Income:

Vacancy/Collection Loss: 5.00%
Net Rental Income:

Operating Expenses Escalation yrs: 2
Operating Expenses: 5,595 $ 3.0%
Resident Services: 3.0%
Property Taxes/Assessments: 105 $ 2.0% Ground Lease Payment: 5,014 $ 2.0%
Capital Replacement Reserves: 500 $ 3.0% Total Operating Expenses:

Net Operating Income:

Amortizing Loan Payments and Financing Fees
Senior Loan:

Issuer Administration Fee: 9,500 $
After Amortizing Loan Payments and Financing Fees:

DCR
25% Debt Service Test
Priority Distributions
Asset Management Fee (TC Investor): 7,500$ 3.0% City of Orange Monitoring Fee: 500$ 3.0% Managing General Partner Fee: 11 $ 2,500$ 2.0% Administrative General Partner Fee: 3,750$ 2.0% Net Cash After Priority Distributions:

Residual PM Fee & Loan Payments
Developer's Fee Note: 60%USA/40%RCC 3,822,165$
Subsidy Loans: OCHTF
Subsidy Loans: City of Orange 2,200,000 $
Other Subsidy: RCC Loan 4,000,000 $
Other Subsidy: Orange County 921,150 $
Net Cash After Residual PM Fee & Loan Payments:

Other Partnership Fee Distributions
Net Cash Split to Developer (USA): 54.0%
Net Cash Split to Developer (RCC): 36.0%
Balance to Partnership based on Percentage Interest: -$ Developer's Fee Note: 60%USA/40%RCC Repay: Yes
Beginning Balance:

Interest in Period: 0.00% Compounding
Payment:

Ending Balance:

Net Cash After Developer Fee Payments:

Subsidy Loans: OCHTF Repay: Yes
Beginning Principal Balance:

Interest in Period: 3.00% Simple
Payment:

Accrued Interest:

Ending Principal Balance:

Net Cash After Loan Payments:

Subsidy Loans: City of Orange Repay: Yes
Beginning Principal Balance:

Interest in Period: 3.00% Simple
Payment:

Accrued Interest:

Ending Principal Balance:

Net Cash After Loan Payments:

Other Subsidy: RCC Loan Repay: Yes
Beginning Principal Balance:

Interest in Period: 2.61% Simple
Payment:

Accrued Interest:

Ending Principal Balance:

Net Cash After Loan Payments:

Other Subsidy: Orange County Repay: Yes
Beginning Principal Balance:

Interest in Period: 3.00% Simple
Payment:

Accrued Interest:

Ending Principal Balance:

Net Cash After Loan Payments:
2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
4,560,928$ 4,652,147 $ 4,745,189 $ 4,840,093 $ 4,936,895 $ 5,035,633 $ 5,136,346 $ 5,239,073 $ 5,343,854 $ 5,450,731 $ 5,559,746 $ 5,670,941 $ 5,784,359 $ 5,900,047 $ 6,018,048 $ 69,732$ 71,127 $ 72,549 $ 74,000 $ 75,480 $ 76,990 $ 78,530 $ 80,100 $ 81,702 $ 83,336 $ 85,003 $ 86,703 $ 88,437 $ 90,206 $ 92,010 $ 4,809,865$ 4,906,062 $ 5,004,184 $ 5,104,267 $ 5,206,353 $ 5,310,480 $ 5,416,689 $ 5,525,023 $ 5,635,524 $ 5,748,234 $ 5,863,199 $ 5,980,463 $ 6,100,072 $ 6,222,073 $ 6,346,515 $ 240,493$ 245,303 $ 250,209 $ 255,213 $ 260,318 $ 265,524 $ 270,834 $ 276,251 $ 281,776 $ 287,412 $ 293,160 $ 299,023 $ 305,004 $ 311,104 $ 317,326 $ 4,569,372$ 4,660,759 $ 4,753,974 $ 4,849,054 $ 4,946,035 $ 5,044,956 $ 5,145,855 $ 5,248,772 $ 5,353,747 $ 5,460,822 $ 5,570,039 $ 5,681,439 $ 5,795,068 $ 5,910,970 $ 6,029,189 $ 1,447,006$ 1,490,416 $ 1,535,129 $ 1,581,183 $ 1,628,618 $ 1,677,477 $ 1,727,801 $ 1,779,635 $ 1,833,024 $ 1,888,015 $ 1,944,655 $ 2,002,995 $ 2,063,085 $ 2,124,977 $ 2,188,727 $ 35,054$ 36,106 $ 37,189 $ 38,305 $ 39,454 $ 40,638 $ 41,857 $ 43,112 $ 44,406 $ 45,738 $ 47,110 $ 48,523 $ 49,979 $ 51,478 $ 53,023 $ 23,476$ 23,946 $ 24,425 $ 24,913 $ 25,412 $ 25,920 $ 26,438 $ 26,967 $ 27,506 $ 28,057 $ 28,618 $ 29,190 $ 29,774 $ 30,369 $ 30,977 $ 1,120,193$ 1,142,597 $ 1,165,449 $ 1,188,758 $ 1,212,533 $ 1,236,784 $ 1,261,519 $ 1,286,750 $ 1,312,485 $ 1,338,734 $ 1,365,509 $ 1,392,819 $ 1,420,676 $ 1,449,089 $ 1,478,071 $ 129,311$ 133,191 $ 137,186 $ 141,302 $ 145,541 $ 149,907 $ 154,404 $ 159,037 $ 163,808 $ 168,722 $ 173,784 $ 178,997 $ 184,367 $ 189,898 $ 195,595 $ 2,760,571$ 2,831,896 $ 2,905,131 $ 2,980,329 $ 3,057,543 $ 3,136,830 $ 3,218,247 $ 3,301,853 $ 3,387,707 $ 3,475,874 $ 3,566,416 $ 3,659,400 $ 3,754,893 $ 3,852,965 $ 3,953,688 $ 1,808,801$ 1,828,863 $ 1,848,843 $ 1,868,725 $ 1,888,492 $ 1,908,126 $ 1,927,608 $ 1,946,919 $ 1,966,040 $ 1,984,948 $ 2,003,623 $ 2,022,040 $ 2,040,175 $ 2,058,004 $ 2,075,501 $ 1,262,443$ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 1,262,443 $ 9,500$ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 9,500 $ 536,858$ 556,920 $ 576,900 $ 596,782 $ 616,549 $ 636,182 $ 655,665 $ 674,976 $ 694,097 $ 713,005 $ 731,679 $ 750,096 $ 768,232 $ 786,061 $ 803,558 $

1.42 1.44 1.45 1.47 1.48 1.50 1.52 1.53 1.55 1.56 1.58 1.59 1.60 1.62 1.63 11,685$ 12,035 $ 12,396 $ 12,768 $ 13,151 $ 13,546 $ 13,952 $ 14,371 $ 14,802 $ 15,246 $ 15,703 $ 16,174 $ 16,660 $ 17,159 $ 17,674 $ 779$ 802 $ 826 $ 851 $ 877 $ 903 $ 930 $ 958 $ 987 $ 1,016$ 1,047 $ 1,078 $ 1,111 $ 1,144 $ 1,178 $ 3,365$ 3,432 $ 3,501 $ 3,571 $ 3,642 $ 3,715 $ 3,789 $ 3,865 $ 3,942 $ 4,021 $ 4,102 $ 4,184 $ 4,267 $ 4,353 $ 4,440 $ 5,047$ 5,148 $ 5,251 $ 5,356 $ 5,463 $ 5,572 $ 5,684 $ 5,797 $ 5,913 $ 6,032 $ 6,152 $ 6,275 $ 6,401 $ 6,529 $ 6,659 $ 515,982$ 535,503 $ 554,926 $ 574,236 $ 593,416 $ 612,446 $ 631,309 $ 649,985 $ 668,453 $ 686,690 $ 704,675 $ 722,385 $ 739,794 $ 756,876 $ 773,606 $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 17,037$ 17,681 $ 18,323 $ 18,960 $ 19,593 $ 20,222 $ 20,845 $ 21,461 $ 22,071 $ 22,673 $ 23,267 $ 23,852 $ 24,427 $ 24,991 $ 25,543 $ 74,440$ 77,256 $ 80,059 $ 82,844 $ 85,611 $ 88,357 $ 91,078 $ 93,773 $ 96,437 $ 99,068 $ 101,663$ 104,218 $ 106,729 $ 109,194 $ 111,607 $ 135,346$ 140,466 $ 145,561 $ 150,626 $ 155,657 $ 160,649 $ 165,597 $ 170,496 $ 175,340 $ 180,124 $ 184,841 $ 189,487 $ 194,053 $ 198,534 $ 202,922 $ 31,168$ 32,348 $ 33,521 $ 34,687 $ 35,846 $ 36,995 $ 38,135 $ 39,263 $ 40,379 $ 41,480 $ 42,567 $ 43,636 $ 44,688 $ 45,720 $ 46,730 $ 257,991$ 267,751 $ 277,463 $ 287,118 $ 296,708 $ 306,223 $ 315,655 $ 324,993 $ 334,226 $ 343,345 $ 352,338 $ 361,192 $ 369,897 $ 378,438 $ 386,803 $ 139,315$ 144,586 $ 149,830 $ 155,044 $ 160,222 $ 165,361 $ 170,454 $ 175,496 $ 180,482 $ 185,406 $ 190,262 $ 195,044 $ 199,744 $ 204,357 $ 208,874 $ 92,877$ 96,390 $ 99,887 $ 103,363$ 106,815 $ 110,240 $ 113,636 $ 116,997 $ 120,321 $ 123,604 $ 126,842 $ 130,029 $ 133,163 $ 136,238 $ 139,249 $ 118,676$ 123,166 $ 127,633 $ 132,074 $ 136,486 $ 140,863 $ 145,201 $ 149,497 $ 153,744 $ 157,939 $ 162,075 $ 166,149 $ 170,153 $ 174,082 $ 177,929 $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 515,982$ 535,503 $ 554,926 $ 574,236 $ 593,416 $ 612,446 $ 631,309 $ 649,985 $ 668,453 $ 686,690 $ 704,675 $ 722,385 $ 739,794 $ 756,876 $ 773,606 $ 1,401,812$ 1,471,723 $ 1,543,033 $ 1,615,769 $ 1,689,959 $ 1,765,634 $ 1,842,821 $ 1,921,553 $ 2,001,859 $ 2,083,771 $ 2,167,322 $ 2,252,544 $ 2,339,470 $ 2,428,134 $ 2,518,572 $ 42,054$ 44,152 $ 46,291 $ 48,473 $ 50,699 $ 52,969 $ 55,285 $ 57,647 $ 60,056 $ 62,513 $ 65,020 $ 67,576 $ 70,184 $ 72,844 $ 75,557 $ 17,037$ 17,681 $ 18,323 $ 18,960 $ 19,593 $ 20,222 $ 20,845 $ 21,461 $ 22,071 $ 22,673 $ 23,267 $ 23,852 $ 24,427 $ 24,991 $ 25,543 $ 379,045$ 405,516 $ 433,484 $ 462,997 $ 494,103 $ 526,850 $ 561,290 $ 597,475 $ 635,460 $ 675,300 $ 717,053 $ 760,777 $ 806,535 $ 854,388 $ 904,402 $ 1,401,812$ 1,471,723 $ 1,543,033 $ 1,615,769 $ 1,689,959 $ 1,765,634 $ 1,842,821 $ 1,921,553 $ 2,001,859 $ 2,083,771 $ 2,167,322 $ 2,252,544 $ 2,339,470 $ 2,428,134 $ 2,518,572 $ 498,946$ 517,821 $ 536,603 $ 555,276 $ 573,822 $ 592,225 $ 610,465 $ 628,524 $ 646,382 $ 664,017 $ 681,408 $ 698,533 $ 715,367 $ 731,886 $ 748,063 $ 2,200,000$ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 66,000$ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 66,000 $ 74,440$ 77,256 $ 80,059 $ 82,844 $ 85,611 $ 88,357 $ 91,078 $ 93,773 $ 96,437 $ 99,068 $ 101,663$ 104,218 $ 106,729 $ 109,194 $ 111,607 $ 712,162$ 700,906 $ 686,847 $ 670,003 $ 650,391 $ 628,034 $ 602,956 $ 575,183 $ 544,746 $ 511,678 $ 476,016 $ 437,798 $ 397,069 $ 353,875 $ 308,268 $ 2,200,000$ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 2,200,000 $ 424,506$ 440,565 $ 456,545 $ 472,432 $ 488,211 $ 503,868 $ 519,387 $ 534,751 $ 549,945 $ 564,949 $ 579,746 $ 594,315 $ 608,638 $ 622,692 $ 636,456 $ 4,000,000$ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 104,400$ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 104,400 $ 135,346$ 140,466 $ 145,561 $ 150,626 $ 155,657 $ 160,649 $ 165,597 $ 170,496 $ 175,340 $ 180,124 $ 184,841 $ 189,487 $ 194,053 $ 198,534 $ 202,922 $ 1,105,068$ 1,069,002 $ 1,027,841 $ 981,615 $ 930,357 $ 874,108 $ 812,912 $ 746,816 $ 675,876 $ 600,152 $ 519,711 $ 434,624 $ 344,971 $ 250,837 $ 152,315 $ 4,000,000$ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 4,000,000 $ 289,160$ 300,099 $ 310,984 $ 321,805 $ 332,554 $ 343,219 $ 353,790 $ 364,256 $ 374,605 $ 384,825 $ 394,904 $ 404,829 $ 414,585 $ 424,158 $ 433,534 $ 921,150$ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 27,635$ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 27,635 $ 31,168$ 32,348 $ 33,521 $ 34,687 $ 35,846 $ 36,995 $ 38,135 $ 39,263 $ 40,379 $ 41,480 $ 42,567 $ 43,636 $ 44,688 $ 45,720 $ 46,730 $ 324,597$ 319,884 $ 313,998 $ 306,945 $ 298,734 $ 289,373 $ 278,872 $ 267,244 $ 254,500 $ 240,654 $ 225,722 $ 209,720 $ 192,666 $ 174,581 $ 155,485 $ 921,150$ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 921,150 $ 257,991$ 267,751 $ 277,463 $ 287,118 $ 296,708 $ 306,223 $ 315,655 $ 324,993 $ 334,226 $ 343,345 $ 352,338 $ 361,192 $ 369,897 $ 378,438 $ 386,803 $ USA Properties Fund, Inc.

Cash Flow
8:15 AM 1/8/2024
https://usapropfund.sharepoint.com/sites/ProjDocLib/702 Orion Orange/05. Financial Feasibility/1. Proforma/24-0105_702_PF_Plan A_Orion.xlsm 441
Flow of Funds
Closing May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Property Acquisition: Total Costs Month 0 Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Month 13 Land: 1 $ 1 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Land/Bridge Loan: 1,380,125 $ 1,380,125 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Land Closing: Title/Escrow 10,364 $ 10,364 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Total Acquisition: - 1,626,205$ 1,626,205 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Construction Costs:

Off-site Improvements: 1,162,500 $ - $ - $ - $ - $ 193,750$ 193,750 $ 193,750 $ 193,750 $ 193,750 $ 193,750 $ - $ - $ - $ - $ On-site Improvements: 5,442,500 $ - $ - $ - $ - $ - $ 544,250$ 544,250 $ 544,250 $ 544,250 $ 544,250 $ 544,250 $ 544,250 $ 544,250 $ 544,250 $ Common Area: 582,500 $ - $ - $ - $ - $ - $ - $ - $ - $ 38,833$ 38,833 $ 38,833 $ 38,833 $ 38,833 $ 38,833 $ Clubhouse: 891,000 $ - $ - $ - $ - $ - $ - $ - $ - $ 59,400$ 59,400 $ 59,400 $ 59,400 $ 59,400 $ 59,400 $ Residential: 21,942,000 $ - $ - $ - $ - $ - $ - $ - $ - $ 1,462,800$ 1,462,800 $ 1,462,800 $ 1,462,800 $ 1,462,800 $ 1,462,800 $ Solar: 550,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ General Conditions: 1,320,000 $ - $ - $ - $ - $ - $ - $ 77,647$ 77,647 $ 77,647 $ 77,647 $ 77,647 $ 77,647 $ 77,647 $ 77,647 $ Overhead & Profit: 3,087,673 $ - $ - $ - $ - $ - $ - $ 181,628$ 181,628 $ 181,628 $ 181,628 $ 181,628 $ 181,628 $ 181,628 $ 181,628 $ Hard Cost Contingency: 1,748,909 $ - $ - $ - $ - $ 116,594$ 116,594 $ 116,594 $ 116,594 $ 116,594 $ 116,594 $ 116,594 $ 116,594 $ 116,594 $ 116,594 $ Insurance / OCIP: 1,009,995 $ 1,009,995 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Total Construction: - 37,737,077$ 1,009,995 $ - $ - $ - $ 310,344$ 854,594 $ 1,113,869$ 1,113,869 $ 2,674,902 $ 2,674,902 $ 2,481,152 $ 2,481,152 $ 2,481,152 $ 2,481,152 $ Financing Costs:

Senior Loan: 664,000 $ 664,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Bridge Loan (Taxable): 10,000 $ 10,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Other Subsidy:Safehold 2,339,207 $ 2,339,207 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Interest During Construction: 1,372,352 $ - $ - $ - $ - $ - $ - $ - $ 835 $ 15,078$ 29,396 $ 42,759 $ 56,194 $ 69,700 $ 83,278 $ Interest Prior to Conversion: 1,627,726 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Cost of Issuance: 147,500 $ 147,500 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Total Financing Costs: - 6,160,785$ 3,160,707 $ - $ - $ - $ - $ - $ - $ 835 $ 15,078$ 29,396 $ 42,759 $ 56,194 $ 69,700 $ 83,278 $ -$
Other Transaction Costs: -$
Market Study: 31,500 $ 31,500 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Appraisal: 10,000 $ 10,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Development: 346,616 $ 346,616 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Planning & Impact Fees: 3,860,062 $ 3,860,062 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Building Permits: 633,473 $ 633,473 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Architecture: 1,449,304 $ 1,449,304 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Developer Legal: 100,000 $ 100,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Title / Escrow / Organizational Costs: 110,000 $ 110,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Property Taxes During Const: 56,586 $ 56,586 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Audit / Accounting / Cost Cert: 25,000 $ 25,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Office / Common Area / FF&E: 245,800 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ TCAC App/Allocation/Monitoring Fees: 90,941 $ 23,701 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Operating Reserves: 766,030 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Construction Inspections: 30,000 $ - $ - $ 1,500$ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ Promotion/Marketing: 147,500 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Soft Cost Contingency: 373,589 $ 373,589 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Total Other Transaction Costs: - 8,702,338$ 7,445,768 $ - $ 1,500$ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ Total Development Costs: 54,226,405 $ 13,242,675 $ - $ 1,500$ 1,500 $ 311,844$ 856,094 $ 1,115,369$ 1,116,204 $ 2,691,480 $ 2,705,798 $ 2,525,411 $ 2,538,846 $ 2,552,352 $ 2,565,930 $ Developer's Fee (PAID) 3,580,147$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Construction Period Loan - REPAYMENT 11,000,000$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Taxable Bridge Loan - REPAYMENT 1,000,000$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Total Development Costs: 69,806,552$ 13,242,675 $ - $ 1,500$ 1,500 $ 311,844$ 856,094 $ 1,115,369$ 1,116,204 $ 2,691,480 $ 2,705,798 $ 2,525,411 $ 2,538,846 $ 2,552,352 $ 2,565,930 $ Other Subsidy: RCC Loan 4,000,000 $ 4,000,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Other Subsidy: Orange County 921,150 $ 124,263 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Other Subsidy: Safehold 7,000,000 $ 4,208,387 $ - $ - $ - $ - $ 717,786$ 1,115,369$ 958,458 $ - $ - $ - $ - $ - $ - $ Subsidy Loans: OCHTF 503,502 $ 453,152 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Subsidy Loans: City of Orange 2,200,000 $ 1,980,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Tax Credit Equity: 21,719,976 $ 2,930,025 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ NOI During Construction: 2,461,923 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Senior Loan: 19,000,000 $ - $ - $ - $ - $ - $ - $ - $ 157,746$ 2,691,480$ 2,705,798 $ 2,525,411 $ 2,538,846 $ 2,552,352 $ 2,565,930 $ Const. Period TE Loan: 11,000,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Bridge Loan (Taxable): 1,000,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 69,806,551$ 13,695,827 $ - $ - $ - $ - $ 717,786$ 1,115,369$ 1,116,204 $ 2,691,480 $ 2,705,798 $ 2,525,411 $ 2,538,846 $ 2,552,352 $ 2,565,930 $ Fund Balance 453,152$ 453,152 $ 451,652 $ 450,152 $ 138,308 $ (0) $ (0) $ (0) $ (0) $ (0) $ (0) $ (0) $ (0) $ (0) $ USA Properties Fund, Inc.

Flow of Funds
8:15 AM 1/8/2024
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Flow of Funds
Property Acquisition: Total Costs
Land: 1 $
Land/Bridge Loan: 1,380,125 $
Land Closing: Title/Escrow 10,364 $
Total Acquisition: - 1,626,205$
Construction Costs:

Off-site Improvements: 1,162,500 $
On-site Improvements: 5,442,500 $
Common Area: 582,500 $
Clubhouse: 891,000 $
Residential: 21,942,000 $
Solar: 550,000 $
General Conditions: 1,320,000 $
Overhead & Profit: 3,087,673 $
Hard Cost Contingency: 1,748,909 $
Insurance / OCIP: 1,009,995 $
Total Construction: - 37,737,077$
Financing Costs:

Senior Loan: 664,000 $
Bridge Loan (Taxable): 10,000 $
Other Subsidy:Safehold 2,339,207 $
Interest During Construction: 1,372,352 $
Interest Prior to Conversion: 1,627,726 $
Cost of Issuance: 147,500 $
Total Financing Costs: - 6,160,785$
Other Transaction Costs:

Market Study: 31,500 $
Appraisal: 10,000 $
Development: 346,616 $
Planning & Impact Fees: 3,860,062 $
Building Permits: 633,473 $
Architecture: 1,449,304 $
Developer Legal: 100,000 $
Title / Escrow / Organizational Costs: 110,000 $
Property Taxes During Const: 56,586 $
Audit / Accounting / Cost Cert: 25,000 $
Office / Common Area / FF&E: 245,800 $
TCAC App/Allocation/Monitoring Fees: 90,941 $
Operating Reserves: 766,030 $
Construction Inspections: 30,000 $
Promotion/Marketing: 147,500 $
Soft Cost Contingency: 373,589 $
Total Other Transaction Costs: - 8,702,338$ Total Development Costs: 54,226,405 $
Developer's Fee (PAID) 3,580,147$
Construction Period Loan - REPAYMENT 11,000,000$
Taxable Bridge Loan - REPAYMENT 1,000,000$
Total Development Costs: 69,806,552$
Other Subsidy: RCC Loan 4,000,000 $
Other Subsidy: Orange County 921,150 $
Other Subsidy: Safehold 7,000,000 $
Subsidy Loans: OCHTF 503,502 $
Subsidy Loans: City of Orange 2,200,000 $
Tax Credit Equity: 21,719,976 $
NOI During Construction: 2,461,923 $
Senior Loan: 19,000,000 $
Const. Period TE Loan: 11,000,000 $
Bridge Loan (Taxable): 1,000,000 $
69,806,551$
Fund Balance
Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Month 14 Month 15 Month 16 Month 17 Month 18 Month 19 Month 20 Month 21 Month 22 Month 23 Month 24 Month 25 Month 26 -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 544,250$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 38,833$ 38,833 $ 38,833 $ 38,833 $ 38,833 $ 38,833 $ 38,833 $ 38,833 $ 38,833 $ - $ - $ - $ - $ 59,400$ 59,400 $ 59,400 $ 59,400 $ 59,400 $ 59,400 $ 59,400 $ 59,400 $ 59,400 $ - $ - $ - $ - $ 1,462,800$ 1,462,800 $ 1,462,800 $ 1,462,800 $ 1,462,800 $ 1,462,800 $ 1,462,800 $ 1,462,800 $ 1,462,800 $ - $ - $ - $ - $ -$ - $ - $ 91,667$ 91,667 $ 91,667 $ 91,667 $ 91,667 $ 91,667 $ - $ - $ - $ - $ 77,647$ 77,647 $ 77,647 $ 77,647 $ 77,647 $ 77,647 $ 77,647 $ 77,647 $ 77,647 $ - $ - $ - $ - $ 181,628$ 181,628 $ 181,628 $ 181,628 $ 181,628 $ 181,628 $ 181,628 $ 181,628 $ 181,628 $ - $ - $ - $ - $ 116,594$ 116,594 $ 116,594 $ 116,594 $ 116,594 $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 2,481,152$ 1,936,902 $ 1,936,902 $ 2,028,569 $ 2,028,569 $ 1,911,975 $ 1,911,975 $ 1,911,975 $ 1,911,975 $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 98,236$ 109,071 $ 119,963 $ 131,473 $ 142,928 $ 153,823 $ 164,042 $ 155,576 $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ 155,576$ 155,576 $ 155,576 $ 155,576 $ 155,576 $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 98,236$ 109,071 $ 119,963 $ 131,473 $ 142,928 $ 153,823 $ 164,042 $ 155,576 $ 155,576 $ 155,576 $ 155,576 $ 155,576 $ 155,576 $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 245,800$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 1,500$ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ 1,500 $ - $ - $ - $ - $ - $ -$ - $ - $ - $ 13,409$ 13,409 $ 13,409 $ 13,409 $ 13,409 $ 13,409 $ 13,409 $ 13,409 $ 13,409 $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 247,300$ 1,500 $ 1,500 $ 1,500 $ 14,909 $ 14,909 $ 14,909 $ 14,909 $ 13,409 $ 13,409 $ 13,409 $ 13,409 $ 13,409 $ 2,826,688$ 2,047,473 $ 2,058,365 $ 2,161,542 $ 2,186,406 $ 2,080,707 $ 2,090,926 $ 2,082,460 $ 2,080,960 $ 168,985 $ 168,985 $ 168,985 $ 168,985 $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ 1,600,000$ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 2,826,688$ 2,047,473 $ 2,058,365 $ 2,161,542 $ 2,186,406 $ 2,080,707 $ 2,090,926 $ 3,682,460 $ 2,080,960 $ 168,985 $ 168,985 $ 168,985 $ 168,985 $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ 230,288$ - $ - $ - $ - $ 230,288$ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ 5,429,994$ - $ - $ - $ - $ 5,429,994$ -$ - $ - $ (13,512)$ 21,719 $ 21,719 $ 21,719 $ 81,948 $ 125,987 $ 155,933 $ 185,879 $ 206,726 $ 206,726 $ 2,826,688$ 435,748 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -$ 1,611,725$ 2,058,365 $ 2,175,054 $ 2,164,687 $ 2,058,988 $ 931,182 $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ 1,000,000$ - $ - $ - $ - $ - $ - $ 2,826,688$ 2,047,473 $ 2,058,365 $ 2,161,542 $ 2,186,406 $ 2,080,707 $ 1,952,901 $ 5,742,230 $ 125,987 $ 155,933 $ 185,879 $ 206,726 $ 5,867,007$ (0)$ (0) $ (0) $ (0) $ (0) $ (0) $ (138,025)$ 1,921,745 $ (33,228) $ (46,280) $ (29,386) $ 8,355 $ 5,706,377$ USA Properties Fund, Inc.

Flow of Funds
8:15 AM 1/8/2024
https://usapropfund.sharepoint.com/sites/ProjDocLib/702 Orion Orange/05. Financial Feasibility/1. Proforma/24-0105_702_PF_Plan A_Orion.xlsm 443
Flow of Funds
Property Acquisition: Total Costs
Land: 1 $
Land/Bridge Loan: 1,380,125 $
Land Closing: Title/Escrow 10,364 $
Total Acquisition: - 1,626,205$
Construction Costs:

Off-site Improvements: 1,162,500 $
On-site Improvements: 5,442,500 $
Common Area: 582,500 $
Clubhouse: 891,000 $
Residential: 21,942,000 $
Solar: 550,000 $
General Conditions: 1,320,000 $
Overhead & Profit: 3,087,673 $
Hard Cost Contingency: 1,748,909 $
Insurance / OCIP: 1,009,995 $
Total Construction: - 37,737,077$
Financing Costs:

Senior Loan: 664,000 $
Bridge Loan (Taxable): 10,000 $
Other Subsidy:Safehold 2,339,207 $
Interest During Construction: 1,372,352 $
Interest Prior to Conversion: 1,627,726 $
Cost of Issuance: 147,500 $
Total Financing Costs: - 6,160,785$
Other Transaction Costs:

Market Study: 31,500 $
Appraisal: 10,000 $
Development: 346,616 $
Planning & Impact Fees: 3,860,062 $
Building Permits: 633,473 $
Architecture: 1,449,304 $
Developer Legal: 100,000 $
Title / Escrow / Organizational Costs: 110,000 $
Property Taxes During Const: 56,586 $
Audit / Accounting / Cost Cert: 25,000 $
Office / Common Area / FF&E: 245,800 $
TCAC App/Allocation/Monitoring Fees: 90,941 $
Operating Reserves: 766,030 $
Construction Inspections: 30,000 $
Promotion/Marketing: 147,500 $
Soft Cost Contingency: 373,589 $
Total Other Transaction Costs: - 8,702,338$ Total Development Costs: 54,226,405 $
Developer's Fee (PAID) 3,580,147$
Construction Period Loan - REPAYMENT 11,000,000$
Taxable Bridge Loan - REPAYMENT 1,000,000$
Total Development Costs: 69,806,552$
Other Subsidy: RCC Loan 4,000,000 $
Other Subsidy: Orange County 921,150 $
Other Subsidy: Safehold 7,000,000 $
Subsidy Loans: OCHTF 503,502 $
Subsidy Loans: City of Orange 2,200,000 $
Tax Credit Equity: 21,719,976 $
NOI During Construction: 2,461,923 $
Senior Loan: 19,000,000 $
Const. Period TE Loan: 11,000,000 $
Bridge Loan (Taxable): 1,000,000 $
69,806,551$
Fund Balance
Orion
Jul-26 Aug-26 Sep-26 Oct-26 Nov-26 Dec-26 Jan-27
Month 27 Month 28 Month 29 Month 30 Month 31 Month 32 Month 33 -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ 124,884$ 124,884 $ 124,884 $ 124,884 $ 124,884 $ 124,884 $ 100,542 $ -$ - $ - $ - $ - $ - $ - $ 124,884$ 124,884 $ 124,884 $ 124,884 $ 124,884 $ 124,884 $ 100,542 $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ 67,240$ -$ - $ - $ - $ - $ - $ 766,030$ -$ - $ - $ - $ - $ - $ - $ 13,409$ 13,409 $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ 13,409$ 13,409 $ - $ - $ - $ - $ 833,270$ 138,293$ 138,293 $ 124,884 $ 124,884 $ 124,884 $ 124,884 $ 933,812 $ -$ - $ - $ - $ - $ - $ 3,580,147$ 5,800,000$ - $ - $ - $ - $ - $ 3,600,000$ -$ - $ - $ - $ - $ - $ 1,000,000$ 5,938,293$ 138,293 $ 124,884 $ 124,884 $ 124,884 $ 124,884 $ 9,113,959$ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ 324,982$ 11,330 $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ 50,350$ - $ -$ - $ - $ - $ - $ 220,000$ - $ -$ - $ - $ - $ - $ 7,662,808$ 267,156 $ 206,726$ 206,726 $ 206,726 $ 206,726 $ 206,726 $ 206,726 $ 206,726 $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ 206,726$ 206,726 $ 206,726 $ 206,726 $ 206,726 $ 8,464,865$ 485,211 $ (25,191)$ 43,242 $ 125,083 $ 206,925 $ 288,766 $ 8,628,747$ (0) $ USA Properties Fund, Inc.

Flow of Funds
8:15 AM 1/8/2024
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Construction Delivery Schedule
Construction Period (Months) 20 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Month 15 Month 16 Month 17 Month 18 Month 19 Month 20 Month 21 Month 22 Month 23 Month 24 Month 25 Month 26 Month 27 Building #1 55 55
Building #2 111 111
Building #3
Building #4
Building #5
Building #6
Building #7
Building #8
Building #9
Building #10
Building #11
Building #12
Building #13
Building #14
Building #15
Units Delivered 166 0 55 0 0 0 111 0 0 0 0 0 0 0
Cumulative Units Delivered 166 0 55 55 55 55 166 166 166 166 166 166 166 166 Rent Up and Credit Delivery Schedule
Units Occupied in Period 35 20 35 25 17 17 17 0 0
Total Units Occupied 166 0 0 35 55 55 55 90 115 132 149 166 166 166 Percent Units Occupied 100% 0.0% 0.0% 21.1% 33.1% 33.1% 33.1% 54.2% 69.3% 79.5% 89.8% 100.0% 100.0% 100.0% Period Unit Move-In Begins 0.0% 0.0% 1.8% 2.8% 2.8% 2.8% 4.5% 5.8% 6.6% 7.5% 8.3% 8.3% 8.3% First Year Credit Delivery Percentage 10.04%
NOI During Construction
Additional Vacancy 100% 100% 79% 67% 67% 67% 46% 31% 20% 10% 5% 5% 5% Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Income Month 15 Month 16 Month 17 Month 18 Month 19 Month 20 Month 21 Month 22 Month 23 Month 24 Month 25 Month 26 Month 27 Affordable Rental Income: 276,866 $ 276,866 $ 276,866 $ 276,866 $ 276,866 $ 276,866 $ 276,866 $ 276,866 $ 276,866 $ 276,866 $ 282,403 $ 282,403 $ 282,403 $ Housing Choice Voucher Income: 11,318 $ 11,318 $ 11,318 $ 11,318 $ 11,318 $ 11,318 $ 11,318 $ 11,318 $ 11,318 $ 11,318 $ 11,544 $ 11,544 $ 11,544 $ Other Income: 4,233 $ 4,233 $ 4,233 $ 4,233 $ 4,233 $ 4,233 $ 4,233 $ 4,233 $ 4,233 $ 4,233 $ 4,318 $ 4,318 $ 4,318 $ Gross Potential Income: 292,417 $ 292,417 $ 292,417 $ 292,417 $ 292,417 $ 292,417 $ 292,417 $ 292,417 $ 292,417 $ 292,417 $ 298,265 $ 298,265 $ 298,265 $ Vacancy/Collection Loss: 292,417 $ 292,417 $ 230,763 $ 195,532 $ 195,532 $ 195,532 $ 133,878 $ 89,839 $ 59,893 $ 29,946 $ 14,913 $ 14,913 $ 14,913 $ Net Rental Income: - $ - $ 61,654$ 96,885 $ 96,885 $ 96,885 $ 158,539 $ 202,578 $ 232,524 $ 262,470 $ 283,352 $ 283,352 $ 283,352 $ Operating Expenses Include Exp in NOI:

Operating Expenses: Yes - $ - $ 72,955$ 72,955 $ 72,955 $ 72,955 $ 72,955 $ 72,955 $ 72,955 $ 72,955 $ 72,955 $ 72,955 $ 72,955 $ Resident Services: Yes - $ - $ 1,875 $ 1,875 $ 1,875 $ 1,875 $ 1,875 $ 1,875 $ 1,875 $ 1,875 $ 1,875 $ 1,875 $ 1,875 $ Property Taxes/Assessments: Yes - $ - $ - $ - $ - $ - $ 1,425 $ 1,425 $ 1,425 $ 1,425 $ 1,454 $ 1,454 $ 1,454 $ Annual Monitoring Fees: Yes - $ - $ 336 $ 336 $ 336 $ 336 $ 336 $ 336 $ 336 $ 336 $ 342 $ 342 $ 342 $ Annual Transit Passes: Yes - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ WiFi / Internet Expense: Yes - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Ground Lease Payment: No - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Capital Replacement Reserves: No - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Total Operating Expenses: - $ - $ 75,166$ 75,166 $ 75,166 $ 75,166 $ 76,591 $ 76,591 $ 76,591 $ 76,591 $ 76,626 $ 76,626 $ 76,626 $ Net Operating Income: -$ - $ (13,512)$ 21,719 $ 21,719 $ 21,719 $ 81,948 $ 125,987 $ 155,933 $ 185,879 $ 206,726 $ 206,726 $ 206,726 $ Cumulative NOI: - $ - $ (13,512)$ 8,207 $ 29,927 $ 51,646 $ 133,594 $ 259,581 $ 415,514 $ 601,393 $ 808,119 $ 1,014,844$ 1,221,570 $ USA Properties Fund, Inc.

Credit Del-NOI Const
8:15 AM 1/8/2024
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Construction Delivery Schedule
Construction Period (Months) 20
Building #1 55
Building #2 111
Building #3
Building #4
Building #5
Building #6
Building #7
Building #8
Building #9
Building #10
Building #11
Building #12
Building #13
Building #14
Building #15
Units Delivered 166
Cumulative Units Delivered 166
Rent Up and Credit Delivery Schedule
Units Occupied in Period
Total Units Occupied 166
Percent Units Occupied 100%
Period Unit Move-In Begins
First Year Credit Delivery Percentage
NOI During Construction
Additional Vacancy
Income
Affordable Rental Income:

Housing Choice Voucher Income:

Other Income:

Gross Potential Income:

Vacancy/Collection Loss:

Net Rental Income:

Operating Expenses Include Exp in NOI:

Operating Expenses: Yes
Resident Services: Yes
Property Taxes/Assessments: Yes
Annual Monitoring Fees: Yes
Annual Transit Passes: Yes
WiFi / Internet Expense: Yes
Ground Lease Payment: No
Capital Replacement Reserves: No
Total Operating Expenses:

Net Operating Income:

Cumulative NOI:

Orion
Aug-26 Sep-26 Oct-26 Nov-26 Dec-26 Jan-27 Feb-27 Mar-27 Apr-27 Month 28 Month 29 Month 30 Month 31 Month 32 Month 33 Month 34 Month 35 Month 36 000000000
166 166 166 166 166 166 166 166 166
000000000
166 166 166 166 166 166 166 166 166
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

8.3% 8.3% 8.3% 8.3% 8.3% 8.3% 8.3% 8.3% 8.3%
5% 5% 5% 5% 5% 5% 5% 5% 5%
Aug-26 Sep-26 Oct-26 Nov-26 Dec-26 Jan-27 Feb-27 Mar-27 Apr-27 Month 28 Month 29 Month 30 Month 31 Month 32 Month 33 Month 34 Month 35 Month 36 282,403$ 282,403 $ 282,403 $ 282,403 $ 282,403 $ 282,403 $ - $ - $ - $ 11,544$ 11,544 $ 11,544 $ 11,544 $ 11,544 $ 11,544 $ - $ - $ - $ 4,318$ 4,318 $ 4,318 $ 4,318 $ 4,318 $ 4,318 $ - $ - $ - $ 298,265$ 298,265 $ 298,265 $ 298,265 $ 298,265 $ 298,265 $ - $ - $ - $ 14,913$ 14,913 $ 14,913 $ 14,913 $ 14,913 $ 14,913 $ - $ - $ - $ 283,352$ 283,352 $ 283,352 $ 283,352 $ 283,352 $ 283,352 $ - $ - $ - $ 72,955$ 72,955 $ 72,955 $ 72,955 $ 72,955 $ 72,955 $ - $ - $ - $ 1,875$ 1,875 $ 1,875 $ 1,875 $ 1,875 $ 1,875 $ - $ - $ - $ 1,454$ 1,454 $ 1,454 $ 1,454 $ 1,454 $ 1,454 $ - $ - $ - $ 342$ 342 $ 342 $ 342 $ 342 $ 342 $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ -$ - $ - $ - $ - $ - $ - $ - $ - $ 76,626$ 76,626 $ 76,626 $ 76,626 $ 76,626 $ 76,626 $ - $ - $ - $ 206,726$ 206,726 $ 206,726 $ 206,726 $ 206,726 $ 206,726 $ - $ - $ - $ 1,428,295$ 1,635,021 $ 1,841,746 $ 2,048,472 $ 2,255,198 $ 2,461,923 $ 2,461,923 $ 2,461,923 $ 2,461,923 $ USA Properties Fund, Inc.

Credit Del-NOI Const
8:15 AM 1/8/2024
https://usapropfund.sharepoint.com/sites/ProjDocLib/702 Orion Orange/05. Financial Feasibility/1. Proforma/24-0105_702_PF_Plan A_Orion.xlsm 446
1800 E. La Veta Avenue
Notice of Affordability Restrictions