Simi Valley City Council
January 13, 2025

HarmonyTerraceSubAgreementCCmtg1-13-25(klk)

CITY OF SIMI VALLEY

MEMORANDUM
Janu
ary 13, 2025
TO: Cit
y Council
FR
OM: Department of Environmental Services
SUBJ
ECT: ADOPTION OF A RESOLUTION AUTHORIZING THE EXECUTION OF

THE SUBORDINATION AGREEMENT - REGULATORY AGREEMENT
WITH HARMONY SIMI VALLEY AR, L.P. FOR THE HARMONY TERRACE

APARTMENTS

STAFF RECOMMENDATION
It is
recommended that the City Council adopt R esolution No. 2025-02 (page 3), authorizing the execution of the Subordination Agreement - Regulatory Agreement (Exhibit 1 to the resolution, page 5).

BACKGROUND AND OVERVIEW
The 13
6-unit Harmony Terrace Apartment complex is a 100% affordable senior rental project located at 941 Sunset Garden Lane. Sixty-seven of the units have been subject to an Affordable Housing Agreement with the City since 1998. The current Affordable Housing Agreement (AHA -2024-0004, Attachment B , page 34) was reviewed and approved by the City Council in September 2024, which transferred ownership, internally, to facilitate financial restructuring. All of the units in the complex, excluding the manager’s unit, are subject to a Regulatory Agreement with the California Tax Credit Allocation Committee (CTCAC), which restricts rental of the units to very -low- and low -income seniors and currently has a subordination agreement in place (Attachment A, page 20) .

Subsequent to the City Council’s approval of AHA-2024-0004, Harmony Simi Valley AR, L.P. contacted staff requesting the execution of a new Subordination Agreement related to changes in its financing.

FINDINGS AND ALTERNATIVES
On
September 9, 2024, the City Council approved the transfer of ownership and AHA - 2024-0004 between the City of Simi Valley and Harmony Simi Valley AR, L.P., which imposed current industry standards to the affordable agreement terms with no change to the period of affordability or the income levels served.

Har
mony Simi Valley contacted City staff on December 3, 2024, to request that the City execute a new Subordination Agreement (Exhibit 1 to the resolution), which reflects the change in the primary lender . Consistent with affordable housing financing, the new lender requires that the l oan documents be a lien on the p roperty superior to the City’s AHA-2024-0004; however, the City may continue to exercise the remedies of specific performance or injunctive relief governed by AHA-2024-0004. The subordination protects

AGENDA I

TEM NO.

Consent (3)
HarmonyTerraceSubAgreementCCmtg1-13-25(klk)
the lender’s financial interest and no loans will be issued unless the City and Harmony Simi Valley agree to subordinate their rights and obligations to the financial lien.

T
herefore, staff recommends the City Council adopt Resolution No. 2025- 01 authorizing the City Manager to execute the subordination agreement.

T
he following alternatives are available to the City Council:

1. A
dopt Resolution No. 2025-02 authorizing the City Manager to execut e the Subordination Agreement - Regulatory Agreement Only with Harmony Simi Valley AR, L.P. for the Harmony Terrace Apartments (Exhibit 1 to the resolution);

2. P
rovide staff with alternate direction.

S
taff recommends Alternative No. 1.

SUGGESTED CITY COUNCIL MOTION
I
move to adopt Resolution No. 2025-02 authorizing the City Manager to execute Subordination Agreement - Regulatory Agreement Only with Harmony Simi Valley AR, L.P. for the Harmony Terrace Apartments.

SUMMARY
Ha
rmony Simi Valley AR, L.P. contacted City staff on December 3, 2024, to request that the City approve the execution of a Subordination Agreement – Regulatory Agreement required by its new lender. Therefore, it is recommended that the City Council adopt the resolution authorizing the City Manager to execut e the Subordination Agreement - Regulatory Agreement Only with Harmony Simi Valley AR, L.P. for the Harmony Terrace Apartments.
___
________________________________
Stratis Perros
Environmental Services Director
P
repared by: Daniel Franco, Management Analyst
INDEX Page
Res
olution No. 2025-02 .................................................................................................. 3 Exhibit 1 to the Resolution – Subordination Agreement ................................................ 5 Attachment A – Existing Subordination Agreement ...................................................... 20 Attachment B – Amended and Restated Affordable Housing Agreement (AHA-2024-0004) ......................................................................................................... 34 2 HarmonyTerraceSubAgreementCCmtg1-13-25(klk)
RESOLUTION NO. 2025-02
A

RESOLUTION OF THE CITY COUNCIL OF THE CITY OF

SIMI VALLEY AUTHORIZING THE EXECUTION OF THE

SUBORDINATION AGREEMENT - REGULATORY

AGREEMENT ONLY WITH HARMONY SIMI VALLEY AR,
L.P. FOR THE HARMONY TERRACE APARTMENTS
W
HEREAS, the City of Simi Valley (CITY) and Simi Valley Housing Investors, L.P. entered into an Affordable Housing Agreement (AHA -R-32) dated June 15, 1998, recorded on June 22, 1998, as document number 98- 101018 (“Original Agreement); and
W
HEREAS, the Original Agreement was amended two times
(“Amendments”) with the First Amendment approved on March 15, 1999 and recorded on April 1, 1999, as document number 99-064046 and the second amendment approved on March 23, 2015, and recorded as document number 20150403-00049443-0; and W
HEREAS, the 1998 Original Agreement and First Amendment were entered into by and among the City, Agency, and Simi Valley Housing Investors, L.P., and resulted in Project Approvals GPA-42, Z-S-511, TT5124 and PD-S-883, requiring the construction of a 136-unit senior apartment project with 67 units reserved as affordable; and
W
HEREAS, the Developer received approval of a density bonus of 63 units on the Project Site; and
W
HEREAS, the former Simi Valley Community Development (Agency) provided the Developer a $6,700 grant from the Agency Affordable Housing Incentives Account to provide financial assistance in the payment of certain City plan check and permit fees required for the development of the proposed Project; and W
HEREAS, the CITY approved the transfer of ownership from Simi Valley Housing Investors, L.P. to Harmony Simi Valley AR, L.P. and consented to the Assignment and Assumption of Affordable Housing Agreement/Rental, on November 21, 2016, and recorded as document number 20161219-00187803; and W
HEREAS, the City entered into a Regulatory Agreement on November 21, 2016, and recorded on December 19, 2016 as document number 20161219- 00187814-0; and
W
HEREAS, on September 9, 2024, the CITY approved the Amended and Restated Affordable Housing Agreement (AHA-2024-0004) in order to effectuate certain organizational transfers within Owner; and
3 HarmonyTerraceSubAgreementCCmtg1-13-25(klk)
WHEREAS, the OWNER requests that the City approve the execution of the Subordination Agreement – Regulatory Agreement Only which reflects the ownership change that was approved at the September 9, 2024 as required by their lender; and

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SIMI VALLEY DOES HEREBY RESOLVE AS FOLLOWS:

SECTION 1. The City Council approves the Subordination Agreement - Regulatory Agreement Only (Exhibit 1), which repeals and replaces the Subordination Agreement entered into on November 21, 2016, and recorded on December 19, 2016 as document number 20161219-00187814-0.

SECTION 2. The City Manager is authorized to execute any amendments necessary to the Subordination Agreement – Regulatory Agreement Only to conform to facilitate the close of escrow.

SECTION 3. The City Clerk shall certify to the adoption of this resolution and shall cause a certified resolution to be filed in the Office of the City Clerk.

PASSED and ADOPTED this 13th day of January 2025.

Attest:

Lucy Blanco, City Clerk Fred D. Thomas, Mayor of the City of Simi Valley, California

Approved as to Form: Approved as to Content:

Algeria R. Ford, City Attorney Samantha C. Argabrite, City Manager

Stratis Perros
Environmental Services Director
4 RES. NO. 2025-02
EXHIBIT 1
Subordination Agreement – Regulatory Agreement Only Page 1 Freddie Mac Loan Number: 505039397
Property Name: Harmony Terrace Apartments

SUBORDINATION AGREEMENT - REGULATORY AGREEMENT ONLY

GOVERNMENTAL ENTITY
(NO SUBORDINATE DEBT)
(Revised 7-30-2024)
THIS SUBORDINATION AGREEMENT FOR REGULATORY AGREEMENT (“Agreement”) is effective as of the 13th day of January , 2025 by CITY OF SIMI VALLEY , a municipal corporation, acting as well in its capacity as the housing successor to the SIMI VALLEY COMMUNITY DEVELOPMENT AGENCY, a separate legal entity (“Governmental Entity”), and HARMONY SIMI VALLEY AR, L.P. , a California limited partnership (“Borrower”), for the benefit of WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, as trustee under the Trust Indenture, as hereinafter defined (“Trustee”).

RECITALS
A. The Golden State Finance Authority, a joint powers agency organized and existing under the laws of the State of California (“Issuer”) has previously issued its $6,900,000.00 Senior Housing Revenue Bonds (Harmony Terrace Apartments Project), 2016 Series I -1 (“Bonds”) in the principal amount of $6,900,000.00. The Bonds were issued pursuant to that certain Trust Indenture, dated as of December 1, 2016 (as amended, the “ Trust Indenture”), between the Issuer and the Trustee. The proceeds of the Bonds were used by the Issuer to fund a mortgage loan (“Bond Mortgage Loan”) to the Borrower pursuant to the terms of a Loan Agreement, dated as of December 1, 2016, between the Borrower and the Issuer (as amended, the “Loan Agreement”) for the purpose of financing a multifamily rental complex known as Harmony Terrace Apartments, located in Simi Valley, Ventura County, California, as more particularly described on Exhibit A attached hereto (the “Property”). The Bond Mortgage Loan is evidenced by that certa in Promissory Note – Series I-1, dated as of December 1, 2016 (the “Note”), from the Borrower to the Issuer and assigned to the Trustee, and secured by that certain Senior Deed of Trust, Assignment of Rents, Security Agreement, and Fixture Filing, dated as of December 1, 2016, from the Borrower to the Issuer, as assigned by the Issuer to the Trustee, encumbering the Mortgaged Property (as amended, the “ Bond Mortgage ”). The Trust Indenture, Loan Agreement, the Note, and Bond Mortgage, along with any other documents evidencing or securing the Bonds, are collectively referred to as the “Loan Documents.” B. The Federal Home Loan Mortgage Corporation (“Freddie Mac”) is the current holder and registered owner of the entire outstanding principal amount of the Bonds and the Bondholder Representative under the Loan Documents.
5 RES. NO. 2025-02

Subordination Agreement – Regulatory Agreement Only Page 2 C. The Trustee and Freddie Mac, as 100% owner of the Bonds and as Bondholder Representative, are collectively and individually referred to herein as the “Lender.” D. In connection with Bond Mortgage Loan, pursuant to an Assignment and Assumption of Affordable Housing Agreement/Rental, dated November 21, 2016, by and between Borrower, Simi Valley Housing Investors, LP, a California limited partnership (“ Prior Owner”), and Governmental Entity and recorded on title to the Property on December 19, 2016 as Document No. 20161219-00187803- 0 in the Ventura County Official Records (“Official Records”), Borrower assumed certain obligations under the City of Simi Valley Amended and Restated Affordable Housing Agreement/Rental, dated March 23, 2015, by and between Governmental Entity and Prior Owner (“ Affordable Housing Agreement/Rental”) and recorded on title to the Property on April 3, 2015 as Document No. 20150403-00049443-0 in the Official Records, pursuant to which the Property was subjected to certain restrictions by Governmental Entity in connection with the prior development or rehabilitation of the Property.

E. The Property is also subject to that certain Declaration of Conditions and Restrictions on the Transfer of Title or Interest in Real Property (Simi Valley Housing Investors, LP), dated August 19, 2016, by and between Governmental Entity and Prior Owner and recorded on title to the Property on November 19, 2016 as Document No. 20161129-00176888-0 in the Official Records (together with the Affordable Housing Agreement/Rental, collectively, the “Prior Regulatory Agreement”), which subjected the Property to certain restrictions by Governmental Entity in connection with the prior development or rehabilitation of the Property
F. The Prior Regulatory Agreement was subordinated to the Bond Mortgage Loan pursuant to that certain Subordination Agreement, dated November 21, 2016, by and among Borrower, Governmental Entity and Trustee and recorded on title to the Property on December 19, 2016 as Document No. 20161219-00187814-0 in the Official Records.

G. In connection with the Transfer, as defined in that certain Transfer of Interest Reaffirmation and Modification Agreement, dated October 29, 2024, by and between Borrower and Freddie Mac, Governmental Entity is requiring the Prior Regulatory Agreement be amended and restated pursuant to a (i) City of Simi Valley Amended and Restated Affordable Housing Agreement Harmony Terrace Apartments (Harmony Simi Valley AR, L.P.), dated on or about the date hereof, by and between Borrower and Governmental Entity and (ii) a Declaration of Conditions and Restrictions on the Transfer of Title or Interest in Real Property Harmony Terrace Apartments (Harmony Simi Valley AR, L.P.) , dated on or about the date hereof, by and between Borrower and Governmental Entity (collectively, the “Regulatory Agreement”).

H. Lender requires that the Loan Documents be a lien on the Property superior to the lien of the Regulatory Agreement and that the rights of Lender under the Loan Documents be superior to the rights of Governmental Entity and Borrower under the Regulatory Agreement. Lender will not make the Loan unless Governmental Entity and Borrower agree to subordinate their rights and obligations under the Regulatory Agreement. 6 RES. NO. 2025-02

Subordination Agreement – Regulatory Agreement Only Page 3 I. Borrower and Governmental Entity hereby agree to subordinate the Regulatory Agreement on and subject to the terms, conditions and requirements set forth in this Agreement.

AGREEMENT
NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

1. Recitals. The foregoing Recitals are hereby incorporated into this Agreement as agreements among the parties.

2. Subordination. The Governmental Entity hereby covenants and agrees that the Regulatory Agreement is and will at all times continue to be, subordinate, subject and inferior to the rights of Lender under the Loan Documents and that the liens, rights (including approval and consent rights), remedies, payment interests, priority interests, and security interests granted to Governmental Entity pursuant to or in connection with the Regulatory Agreement are hereby expressly acknowledged to be in all respects and at all times, subject, subordinate and inferior in all respects to the liens, rights (including approval and consent rights), remedies, payment, priority and security interests granted to Lender pursuant to the Loan Documents and the terms, covenants, conditions, operations and effects thereof.

Notwithstanding the above, Governmental Entity may exercise the remedies of specific performance or injunctive relief.

3. Financing, Encumbrance and Transfer Approval. Governmental Entity hereby approves the financing evidenced by the Mortgage. Governmental Entity further agrees that any transfer of the Property in connection with foreclosure or deed in lieu thereof will not require Governmental Entity’s consent.

4. Reserved.

5. Lender Notice of Default. In consideration of Governmental Entity’s agreements contained in this Agreement, Lender agrees that in the event of any default by Borrower under the Loan Documents, Governmental Entity will be entitled to receive a copy of any notice of default given by Lender to Borrower under the Loan Documents. Neither the giving nor the failure to give a notice to Governmental Entity pursuant to this Section 5 will affect the validity of any notice given by Lender to the Borrower.

6. Governmental Entity Notice of Default. Governmental Entity must give Lender a concurrent copy of each material notice (including without limitation each notice of default) given by Governmental Entity under or with respect to the Regulatory Agreement, and agrees that Lender, at Lender’s sole election, will have the right (but not the obligation) to cure any default by Borrower under the Regulatory Agreement on its and/or Borrower’s behalf. Governmental Entity hereby represents and warrants that, to the best of its knowledge, there is no current default under the Regulatory Agreement and that there are no outstanding IRS 8823 Reports of Non-Compliance.
7 RES. NO. 2025-02

Subordination Agreement – Regulatory Agreement Only Page 4

7. Governmental Entity’s Rights. Except as set forth in Sections 2 and 8 of this Agreement, nothing in this Agreement is intended to abridge or adversely affect any right or obligation of Borrower and/or Governmental Entity, respectively, under the Regulatory Agreement; provided that, (A) the Regulatory Agreement may not be modified, amended, changed or altered without the prior written consent of Lender so long as the Loan is secured by the Property and (B) for so long as the Loan is secured by the Property, notwithstanding the terms of the Regulatory Agreement to the contrary, neither Borrower nor Governmental Entity will, without Lender’s prior written consent, exercise or seek any right or remedy under the Regulatory Agreement or available at law or in equity which will or could result in (i) a transfer of possession of the Property or the control, operations or management thereof, (ii) collection or possession of rents or revenues from or with respect to the Property by any party other than Borrower or Lender; (iii) appointment of a receiver for the Property; (iv) application of insurance or condemnation proceeds other than as approved by Lender pursuant to the Loan Documents; (v) removal or replacement of the existing property manager of the Property; or (vi) a material adverse effect on Lender’s security for the Loan.

8. Foreclosure by Lender. In the event of foreclosure, deed in lieu of foreclosure, or similar disposition of the Property by Lender, (a) no consent will be required from Governmental Entity, and (b) the Regulatory Agreement will automatically terminate and (c) Lender will have no indemnification obligations to Governmental Entity for any period during which Lender does not own or is not in possession of the Property.

9. Refinancing. Governmental Entity agrees that its agreement to subordinate hereunder will extend to any new mortgage debt which is for the purpose of refinancing all or any part of the indebtedness evidenced by the Loan Documents (including reasonable and necessary costs associated with the closing and/or the refinancing, and any reasonable increase in proceeds for rehabilitation in the context of a preservation transaction). All terms and covenants of this Agreement will inure to the benefit of any holder of any such refinanced debt, and all references to the Loan Documents and Lender will mean, respectively, the refinance loan documents and the holder of such refinanced debt.

10. Miscellaneous Provisions.
(a) This Agreement represents the entire understanding and agreement between the parties with regard to the matters addressed herein, and will supersede and cancel any prior agreements with regard to such matters.
(b) If there is any conflict or inconsistency between the terms of the Regulatory Agreement and the terms of this Agreement, then the terms of this Agreement will control.
(c) This Agreement will be binding upon and will inure to the benefit of the respective legal successors and permitted assigns of the parties to this Agreement. Without prior notice to or the consent of the Governmental Entity or the Borrower, the Lender may freely transfer or assign the Loan and the Loan Documents, including this Agreement, in whole or in part, and the Governmental Entity acknowledges 8 RES. NO. 2025-02

Subordination Agreement – Regulatory Agreement Only Page 5 and agrees that any future legal holder of the Note will automatically be a legal successor and permitted assignee of Lender hereunder, without the necessity of any further action or instrument. No other party will be entitled to any benefits under this Agreement, whether as a third-party beneficiary or otherwise. (d) If any one or more of the provisions contained in this Agreement, or any application of any such provisions, is invalid, illegal, or unenforceable in any respect, the validity, legality, enforceability, and application of the remaining provisions contained in this Agreement will not in any way be affected or impaired. (e) Each notice, request, demand, consent, approval or other communication (collectively, “Notices,” and singly, a “ Notice”) which is required or permitted to be given pursuant to this Agreement will be in writing and will be deemed to have been duly and sufficiently given if (i) personally delivered with proof of delivery (any Notice so delivered will be deemed to have been received at the time so delivered), or (ii) sent by a national overnight courier service (such as FedEx) designating earliest available delivery (any Notice so delivered will be deemed to have been received on the next Business Day following receipt by the courier), or (iii) sent by United States registered or certified mail, return receipt requested, postage prepaid, at a post office regularly maintained by the United States Postal Service (any Notice so sent will be deemed to have been received on the date of delivery as confirmed by the return receipt), addressed to the respective parties as follows:

If to Governmental Entity:

City of Simi Valley
2929 Tapo Canyon Road
Simi Valley, CA 93063
Attention: Director of Environmental Services

If to Lender:

Freddie Mac
8200 Jones Branch Drive
McLean, VA 22102
Attention: Loan Servicing

If to Borrower:

Harmony Simi Valley AR, L.P.
c/o Standard Communities
31899 Del Obispo Street, Suite 150
San Juan Capistrano, CA 92675
Attention: Keith Dragoon

with a copy to:

9 RES. NO. 2025-02

Subordination Agreement – Regulatory Agreement Only Page 6 FFAH II Harmony Terrace, LLC
384 Forest Avenue, Suite 14
Laguna Beach, CA 92651
Attention: Thomas E. Willard

with a copy to:

Chernove & Associates, Inc.
16027 Ventura Boulevard, Suite 660
Encino, CA 91436
Attention: Sheldon B. Chernove

and

Fisher Broyles, LLP
203 North LaSalle Street, Suite 2100
Chicago, IL 60601
Attention: Tarun Chandran

Also with copies to:

c/o RBC Tax Credit Equity, LLC
600 Superior Avenue
Suite 2300
Cleveland, OH 44114
Attention: President and General Counsel

and

Bocarsly Emden Cowan Esmail & Arndt LLP
633 West Fifth Street, 64th Floor
Los Angeles, CA 90071
Attention: Rachel Rosner, Esq.

If to Trustee:

Wilmington Trust, National Association
650 Town Center Drive, Suite 600
Costa Mesa, CA 92626-7121
Attention: Corporate Trust Service

Any party, by Notice given pursuant to this Section, may change the person or persons and/or address or addresses, or designate an additional person or persons or an additional address or addresses, for its Notices, but Notice of a change of address will o nly be effective upon receipt. Neither party will refuse or reject delivery of any Notice given in accordance with this Section. 10 RES. NO. 2025-02

Subordination Agreement – Regulatory Agreement Only Page 7 (f) Each of the parties will, whenever and as often as they are requested to do so by the other, execute, acknowledge and deliver, or cause to be executed, acknowledged or delivered, any and all such further instruments and documents as may be reasonably necessary to carry out the intent and purpose of this Agreement, and to do any and all further acts reasonably necessary to carry out the intent and purpose of this Agreement.
(g) This Agreement will be governed by the laws of the State in which the Property is located.
(h) Each person executing this Agreement on behalf of a party hereto represents and warrants that such person is duly and validly authorized to do so on behalf of such party with full right and authority to execute this Agreement and to bind such party with respect to all of its obligations under this Agreement. (i) No failure or delay on the part of any party to this Agreement in exercising any right, power, or remedy under this Agreement will operate as a waiver of such right, power, or remedy, nor will any single or partial exercise of any such right, power or remedy preclude any other or further exercise of such right, power, or remedy or the exercise of any other right, power or remedy under this Agreement. (j) Each party to this Agreement acknowledges that if any party fails to comply with its obligations under this Agreement, the other parties will have all rights available at law and in equity, including the right to obtain specific performance of the obligations of such defaulting party and injunctive relief. (k) This Agreement may be assigned at any time by Lender to any subsequent holder of the Note.
(l) This Agreement may be amended, changed, modified, altered or terminated only by a written instrument signed by the parties to this Agreement or their successors or assigns.
(m) This Agreement may be executed in two or more counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument.
(n) Nothing in this Agreement is intended, nor will it be construed, to in any way limit the exercise by Governmental Entity of its governmental powers (including police, regulatory and taxing powers) with respect to Borrower or the Property to the same extent as if it were not a party to this Agreement or the transactions contemplated by this Agreement.

NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN THE REGULATORY

AGREEMENT BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF THE MORTGAGE.
11 RES. NO. 2025-02

Subordination Agreement – Regulatory Agreement Only Page 8 [SIGNATURE AND ACKNOWLEDGMENT PAGES FOLLOW]

12 RES. NO. 2025-02

Subordination Agreement – Regulatory Agreement Only Page S-1 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the day and year above written.

GOVERNMENTAL ENTITY

CITY OF SIMI VALLEY,
a municipal corporation
Attest

By: ______________________________
Name: ______________________________
Title: ______________________________
Approved as to Form:

By: _______________________
Name: _______________________
Title: _______________________

Approved as to Content:

By: _______________________
Name: _______________________
Title: _______________________

[Notary acknowledgment on the following page]

13 RES. NO. 2025-02

Subordination Agreement – Regulatory Agreement Only Page S-2

A Notary Public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

State of California )
County of ______________________ )
On _________________________, before me, ,
(insert name and title of the officer)
Notary Public, personally appeared _____________________________________, who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my hand and official seal.

Signature (Seal)

14 RES. NO. 2025-02

Subordination Agreement – Regulatory Agreement Only Page S-3 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the day and year above written.

BORROWER

HARMONY SIMI VALLEY AR, L.P.,
a California limited partnership

By: FFAH II Harmony Terrace, LLC,
a California limited liability company,
its Managing General Partner

By: Foundation for Affordable Housing II, Inc.,
a California nonprofit public benefit
corporation, its Sole Member

By: _________________________
Name: Tarun Chandran
Title: Vice President

By: Standard Harmony Simi Valley AGP LLC,
a Delaware limited liability company,
its Administrative General Partner

By: Standard HC YF SPE Manager LLC,
a Delaware limited liability company,
its Manager

By: ____________________________
Name: Christopher Cruz
Title: Authorized Representative

[Notary acknowledgment on the following pages]

15 RES. NO. 2025-02

Subordination Agreement – Regulatory Agreement Only Page S-4 A Notary Public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

State of California )
County of ______________________ )
On _________________________, before me, ,
(insert name and title of the officer)
Notary Public, personally appeared Tarun Chandran, who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my hand and official seal.

Signature (Seal)

16 RES. NO. 2025-02

Subordination Agreement – Regulatory Agreement Only Page S-5 A Notary Public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

State of California )
County of ______________________ )
On _________________________, before me, ,
(insert name and title of the officer)
Notary Public, personally appeared Christopher Cruz , who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my hand and official seal.

Signature (Seal)

17 RES. NO. 2025-02

Subordination Agreement – Regulatory Agreement Only Page S-6 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the day and year above written.

TRUSTEE:

WILMINGTON TRUST, NATIONAL
ASSOCIATION, a national banking association

By: _________________________________
Name: _________________________________
Title: _________________________________

ACKNOWLEDGMENT

STATE OF )
) ss:

COUNTY OF )
BEFORE ME, the undersigned, a Notary Public in and for said County and State, on this day personally appeared _________________________, the _______________ of Wilmington Trust, National Association, a national banking association, the national banking association that executed the foregoing instrument, known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that the same was the act of the said corporate instrumentality, and that he/she executed the same as the act of such corporate instrumentality for the purposes and consideration therein expressed and in the capacity therein stated.

GIVEN UNDER MY HAND AND SEAL OF OFFICE this _____ day of _________, 2024 _______________________________________________
Notary Public in and for _____________ County, _______
My Commission Expires: ___________________

18 RES. NO. 2025-02

Subordination Agreement – Regulatory Agreement Only Page A-1

EXHIBIT A

LEGAL DESCRIPTION

19 RES. NO. 2025-02
I
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.
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Order: 9176668
SPL

RECORDING REQUESTED BYFIDELITY NATIONAL TITLE
23o8' '3L-/fa/ � iv'

RECORDING REQUESTED BY AND
WHEN RECORDED RETURN TO:

CITY OF SIMI VALLEY

CITY CLERK'S OFFICE
2929 TAPO CANYON ROAD
SIMI VALLEY, CA 93063
20161219-00187814-0 1/14
Ventura County Clerk and Recorder
MARK A. LUNN
12/19/2016 11:53:33 AM
1145903 $.00 VA
Electronically Recorded in Official Records,
County of Ventura
(Space above for Recorder's Use) "No Fee Required"
(Gov't Code Sec 6103 & 27383)
Recorded For Toe Benefit Free Recording Requested
In Accordance with
Government Code 6103

SUBORDINATION AGREEMENT
0 The · Of Simi Valley
This SUBORDINATION AGREEMENT ("Agreement") is entered into as of NOVEMBER 21, 2016, by and among HARMONY SIMI VALLEY AR, L.P., a California limited partnership ("Borrower"), the CITY OF SIMI VALLEY, a municipal corporation, acting as well in its capacity as the housing successor to the SIMI VALLEY COMMUNITY DEVELOPMENT AGENCY, a separate legal entity ("City" or City/Agency"), and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association organized and existing under and by virtue of the laws of the United States of America, as "Trustee" under the Indenture (defined below) ("Trustee").

RECITALS
A Borrower is the owner of certain real property located m Ventura County, California, and described on the attached Exhibit A (the "Property").

B. The Property is subject to the City of Simi Valley Amended and Restated Affordable Housing Agreement/Rental dated March 23, 2015, and recorded on April 3, 2015, at Document No. 20150403-00049443-0, in the Official Records of Ventura County, California (the "Official Records"), between the Borrower's predecessor-in-interest Simi Valley Housing Investors, LP, and the City/ Agency (the "Affordable Housing Agreement").

C. The Property is also subject to the Declaration of Conditions and Restrictions on the Transfer of Title or Interest in Real Property, recorded on November 29, 2016, as Document No. 20161129-00176888-0, in the Official Records (the "Restrictions"). The Affordable Housing Agreement and the Restrictions are collectively referred to herein as, the "Subordinated Items".

D. Trustee, in its capacity as trustee for the holders (the " Series A-1 Bondholders") of the Senior Housing Revenue Bonds (Harmony Terrace Apartments Project) 2016 Series A-1 (the "Series A-1 Bonds"), the successor-in-interest to Golden State Finance Authority pursuant to the Trust Indenture (the "Indenture") and the Assignment of Notes, Liens, Security Interests,

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and Other Documents, each dated December 15, 2016, has made or is making a loan to Borrower in the original principal amount of $6,900,000 (the "Series A-1 Loan") upon the terms and conditions of the Loan Agreement, dated December 15, 2016, between Golden State Finance Authority and Borrower (the "Loan Agreement"), in connection with the Property. The Series A-1 Loan is secured by a Senior Deed of Trust, Assignment of Rents, Security Agreement, and Fixture Filing, dated as of December 15, 2016 (the "Series A-1 Deed of Trust") encumbering the Property.

E. Trustee, in its capacity as trustee for the holders (the " Series A-2 Bondholders") of the Subordinate Senior Housing Revenue Bonds (Harmony Terrace Apartments Project) 2016 Series A-2 (the "Series A-2 Bonds"), the successor-in-interest to Issuer pursuant to the Indenture and the Assignment of Notes, Liens, Security Interests, and Other Documents, each dated December 15, 2016, has made or is making a loan to Borrower in the original principal amount of $7,400,000 (the "Series A-2 Loan"; the Series A-1 Loan and the Series A-2 Loan are collectively, the "Loans") upon the terms and conditions of the Loan Agreement, in connection with the Property. The Series A-2 Loan is secured by a Subordinate Deed of Trust, Assignment of Rents, Security Agreement, and Fixture Filing, dated as of December 15, 2016 (the "Series A- 2 Deed of Trust"; the Series A-1 Deed of Trust and the Series A-2 Deed of Trust are collectively, the "Deeds of Trust") encumbering the Property. The Series A-2 Deed of Trust is subject and subordinate to the Series A-1 Deed of Trust.

F. The Indenture, Loan Agreement, Series A-1 Deed of Trust, Series A-2 Deed of Trust and all other loan documents evidencing and securing the Series A-1 Loan and the Series A-2 Loan are collectively referred to herein as, the "Loan Documents".

G. It is a condition precedent to the making of the Loans that the Deeds of Trust shall unconditionally be and remain at all times a lien or charge upon the Property, prior and superior to the Subordinated Items.

H. It is to the mutual benefit of the parties hereto that Issuer make the Loans to Borrower, and the parties hereto agree that the Deeds of Trust shall constitute (and continue to constitute) a lien or charge upon the Property which is unconditionally prior and superior to the Subordinated Items.

AGREEMENT
Therefore, in consideration of the mutual benefits accruing to the parties hereto and other valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, it is hereby declared, understood and agreed as follows:

1. The Subordinated Items shall, at all times and in all respects, be wholly subordinate and inferior in claim, right and interest to the lien and charge of the Deeds of Trust and any renewals or extensions thereof. The Deeds of Trust shall unconditionally be and remain at all times a lien or charge on the Property, prior and superior to the Subordinated Items.

2. This Agreement shall be the whole and only agreement with regard to the subordination of the Subordinated Items to the lien and charge of the Deeds of Trust and shall

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supersede and cancel any prior agreement among the parties hereto, or any of them, to subordinate the Subordinated Items to the Deeds of Trust.

3. Trustee declares, agrees and acknowledges that:
(a) Trustee shall deliver to City/Agency a copy of each written notice of delinquency/default under the Loans within forty-five ( 45) days after the delinquency/default occurs and contemporaneously with delivery to Borrower of such notice. Trustee shall deliver to City/Agency a copy of each statutory notice of default under the Loan Documents or foreclosure as provided by law. (b) City/ Agency shall have the right, but not the obligation, to cure any delinquency or default under the Loans within (subject to the proviso below) the same cure period of Borrower as provided under the Loan Documents. In addition to any time period allowed Borrower under the Loan Documents to cure any default under the Loan Documents, Trustee agrees that City/Agency, upon written request by City/Agency received by Trustee prior to the expiration of any such cure period, shall have one (1) additional period of thirty (30) days to exercise such right to cure prior to a foreclosure sale under the Deeds of Trust.
( c) Trustee agrees to negotiate with City/ Agency in good faith in the event that Borrower is delinquent or defaults under the Loan Documents; provided, however, that nothing in this Section 3 shall obligate the parties to reach an agreement upon the conclusion or termination of negotiations, or to extend the time granted to Borrower under the Loan Documents or otherwise under applicable law to cure any default under the Loan Documents.
( d) Upon written request of City/ Agency to Trustee, which written request can be made only after the recordation of a notice of sale of the Property in connection with a judicial or nonjudicial foreclosure under the Deed of Trust, Trustee agrees (if and only to the extent Trustee acquires title to the Property at the foreclosure sale) to give written notice to City/ Agency, at the same time Trustee first offers the Property for sale, of Trustee's intent to sell the Property.
(e) Borrower agrees for itself and any successor in interest that there shall be no discrimination against, or segregation of, any persons, or group of persons, on account of race, color, creed, religion, sex, marital status, ancestry, or national origin in the sale, lease, or rental, or in the use, occupancy, or enjoyment of the Property or any part thereof, nor shall 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 the tenants, lessees, subtenants, sublesees, or vendees of the Property or any portion thereof. To the extent applicable, Trustee shall further comply with all of the applicable requirements of the Americans with Disabilities Act of 1990, as the same may be amended from time to time ( 42 U S C Section 12101, et seq.).

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4. City/ Agency and Borrower declare, agree and acknowledge that:
(a) Each of them consents to and approves all provisions of the Deed of Trust and the Loan Documents in favor of Trustee.
(b) Trustee is under no obligation or duty to, nor has Trustee represented that it will, see to the application of any proceeds of the Loan. The terms and conditions of the Subordinated Items, or any of them, are of no concern to Trustee and Trustee shall be under no duty or obligation to assure compliance with any of the respective terms or conditions thereof. No action or inaction of Trustee shall defeat the subordination herein, in whole or in part, and Trustee shall be under no duty or obligation to take or refrain from any action because of any knowledge Trustee has or may have regarding any breach by Borrower of any agreement or other obligation, including any agreement with Trustee, with any other party to this Agreement, or otherwise.
(c) Each party hereto understands, acknowledges and agrees that, in reliance upon, and in consideration of, this subordination, Trustee is making the Loan, and, as part and parcel thereof, specific monetary and other obligations are being entered into which would not be made or entered into but for said reliance upon this subordination. (d) Borrower represents and warrants that as of the Effective Date a TCAC Regulatory Agreement is recorded on the title to the Property in the Official Records as Document Number 2001-0114343-00 which is senior to and will not be subordinated to any loan or deed of trust now or hereafter encumbering the Property. Borrower further represents and warrants that said TCAC Regulatory Agreement will not terminate with respect to foreclosure of any loan or deed of trust junior in recordation encumbering the Property, and that Borrower will not attempt to terminate, and will oppose in writing to TCAC and all other relevant parties that attempt to terminate, said TCAC Regulatory Agreement pursuant to Section 2(c) of that TCAC Regulatory Agreement due to any foreclosure or deed of trust junior in recordation.

5. All notices and communications to any party hereunder shall be in writing and shall be deemed properly given if delivered personally or sent by registered or certified mail, postage prepaid, or by Federal Express or similar generally recognized overnight carrier regularly providing proof of delivery to the following addresses or at such other address as such party may specify from time to time by notice to the other parties:

If to Borrower:
and
Harmony Simi Valley AR, L.P.

FF AH II Harmony Terrace. LLC
c/o Foundation for Affordable Housing II, Inc.
384 Forest Avenue, Suite 14
Laguna Beach, CA 92651

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HCHP Affordable Multi-Family, LLC
330 West Victoria Street
Gardena, CA 90248-3527
Attn: Legal Department
With copy to:

City/ Agency:

City of Simi Valley
2929 Tapo Canyon Road
Simi Valley, CA 93063
Attn: Director of Environmental Services
If to Trustee:

Wilmington Trust, N .A
650 Town Center Drive, Suite 600
Costa Mesa, CA 92626
Attn: Brian Buchanan

6. Miscellaneous.
(a) This Agreement may be executed in one or more counterparts, each of which shall be deemed an original. Said counterparts shall constitute but one and the same instrument and shall be binding upon each party hereto as fully and completely as if all had signed but one instrument.
(b) No provision of this Agreement may be changed, waived, discharged or terminated orally, by telephone or by any other means except by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought.
( c) This Agreement shall be governed by and construed in accordance with the laws of the State in which the Property is located, without regard to the choice of laws principles thereof.
(d) No delay or omission in exercising any right hereunder shall operate as a waiver of such right or any other right.
(e) This Agreement shall be binding upon, inure to the benefit of and be enforceable by and against the Borrower, City, Agency, and Trustee (or any of them), and their respective successors and assigns, including, without limitation, any assignee or purchaser of all or any portion of the Bonds (including, without limitation, Forward Purchaser (defined in the Indenture), an interest in the Loan, the Loan Documents or the Property.

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(f) As used herein, the neuter gender shall include the masculine and the feminine genders, and vice versa, as the case may be, and the singular includes the plural, and the plural includes the singular, as the context demands. (g) Time is of the essence in this Agreement.
(h) Each paragraph, provision, sentence and part thereof of this Agreement shall be deemed separate from each other paragraph, provision, sentence or part thereof and the invalidity or unenforceability, for any reason or to any extent, of any such portion of this Agreement shall not affect the enforceability of the remaining portions of this A, or of any other Loan Document, or the application of such paragraph, provision, sentence or part thereof to other, dissimilar facts or circumstances. (i) The provisions of this Agreement are in addition to, and shall in no way limit, the representations and indemnities given pursuant to the Loan Agreement and any Loan Documents.
[SIGN A TURES ON THE FOLLOWING PAGE]

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...

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BORROWER:

HARMONY SIMI VALLEY AR, L.P .,
a California limited partnership
By: FF AH II Harmony Terrace, LLC,
a California limited liability company,
its managing general partner
By: Foundation for Affordable Housing II,
Inc.,
a California non-profit public benefit
corporation,
i::ole�
Name: Thomas E. Willard
Title: President
By: HCHP Affordable Multi-Family, LLC, a
California limited liability company, its
Administrati Gener
Its: --=1..S'-=L-'-'i\='JU=R�V_,,_JC='E=P_._1""'u'-'-'·.,.'--'-----

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A notary public or other officer completing
this certificate verifies only the identity of the
individual who signed the document to which
this certificate is attached, and not the
truthfulness, accuracy, or validity of the
document.

STATE OF CALIFORNIA
COUNTYOF 0�
On 'Oec�-uc __1_, 20-.nt.__ before me,_--,--M_<._,, __ Lw.\ _________ Notary Public, personally appeared 1\.rw\tAS €· WI\\�
E
o proved to me on the basis of satisfactory evidence to be the person� whose name� subscr!.R.ed to the within instrument and acknowledged t�e that�sh0JU1oy executed ame in �h9f/their authorized capacity�, and that by�hef'l'tl 1eil signature� on the instrument the person�. or the entity upon 6ehalf of which the person� acted, executed the instrument.

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my hand and official seal.
(affix seal in above space)
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CALIFORNIA ACKNOWLEDGMENT
A notary public or other officer completing this
certificate verifies only the identity of the individual who signed the document to which this certificate is
attached, and not the truthfulness, accuracy, or
validity of that document.

State of California
County of Los Angeles
on December 9, 2016 before me, LaShon S. Gilbreath, Notary Public (insert name and title of the officer)
personally appeared Robert W. Tetrault
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

I certify under PENAL TY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my hand and official seal.

Signatur& 'A:b¢t>J &:. � (Seal)

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1 The parties hereto have executed this Agreement as of the day and date set forth above.

Attest
Approved as to Form:

By:�
Lonnie J. Eldridge, City Attorney
CITY/AGENCY:

CITY OF SIMI VALLEY, A Municipal
Corporation
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A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

ACKNOWLEDGMENT
State of California
County of Ventura
)
)
On ___ ---=D::;..;e::;...;c;;..a:e"'""m"""'b::;...;e;;;..;..r_1=2'""", =2 __ 0....;..16=--- before me, Julia Fritz, Notary Public (insert name and title of officer)
personally appeared -------=-R.:..::o:.=b:-=e�rt:.....:0:::.; . ....,H'-'-u::b:.:e:.:.r ____________ _ who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/Qf6 subscribed to the within instrument and acknowledged to me that he/&Re/� executed the same in his/�/� authorized capacity(ies), and that by his/�/tRe+f signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

I certify UNDER PENAL TY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my hand and official seal.

Signature �� (Seal)

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The parties hereto have executed this Agreement as of the day and date set forth above.

TRUSTEE:

WILMINGTON TRUST, NATIONAL

ASSOCIATION
By:cvw�Js
Name: Brian A. Buchanan
Title: Vice President

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A notary public or other officer completing
this certificate verifies only the identity of the
individual who signed the document to which
this certificate is attached, and not the
truthfulness, accuracy, or validity of the
document.

STATE OF CALIFORNIA
couNTY oF Or a��
On Pecem� 13 201\o before me �v,tV)il-t ceva"I
Notary Public, personally appe�red � 1'1"1 A-.' l he.( f1G4 n who proved to me on the basis of satisfactory evidence to be the person�hose nam$f {!j;are subscribed to the within instrument and acknowledged to me that@she/they executed the same in@,er/their authorized capacity�and that by �her/their signatur�on the instrument the person(*'15r the entity upon behalf of which the perso�ted, executed the instrument.

I certify under PENAL TY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my hand and official seal.

Signature: __ C _ _.Q ..... �-�-----

CYNTHIA CERDA
COMM. #2047861 z
Notary Public · California �
Los Angeles County -
My Comm. Ex ires Nov. 3, 2017
(affix seal in above space)
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EXHIBIT A

LEGAL DESCRIPTION

THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF SIMI VALLEY, COUNTY OF VENTURA, ST A TE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS:

LOT 76 OF TRACT NO. 5124, IN THE CITY OF SIMI VALLEY, COUNTY OF VENTURA, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 139, PAGES 62 THROUGH 73, INCLUSIVE OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.

APN: 635-0-220-025

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RECORDED MAIL TO:

CITY OF SIMI VALLEY
Attn: City Clerk
2929 Tapo Canyon Road
Simi Valley, CA 93063

ATTACHMENT B

SPACE ABOVE FOR RECORDER'S USE
ONLY
The Undersigned declares that this
document is recorded for the benef it of
the City of Simi Valley and therefore is
exempt from the payment of a recording
fee pursuant to Government Code
Section 6103 & 27383.

APN: 635-0-220-025

CITY OF SIMI VALLEY

AMENDED AND RESTATED

AFFORDABLE HOUSING AGREEMENT

HARMONY TERRACE APARTMENTS
(HARMONY SIMI VALLEY AR, L.P .)
The land referred to in this Affordable Housing Agreement (AHA-2024-0004) is situated in the City of Simi Valley, County of Ventura,State of California on a 5.4-acre portion of a parcel located on 941 Sunset Garden Lane, more particularly described in Exhibit "A", attached.

These Restrictions provide rights to the City of Simi Valley in regulating the rental of the subject 136-unit senior apartment project, containing sixty-seven (67) affordable units, for a period of sixty-five (65) years from the issuance of a Certificate of Occupancy. 34 AMENDED AND RESTATED AFFORDABLE HOUSING AGREEMENT

HARMONY TERRACE APARTMENTS
HARMONY SIMI VALLEY AR, L.P.

THIS AMENDED AND RESTATED AFFORDABLE HOUSING AGREEMENT (AHA- 2024-0004) ("Agreement") dated as of [Otr.b:> ], 2024 (the "Effective Date"), is entered into by and between the City of Simi Valley, California, a municipal corporation ("City") and Harmony Simi Valley AR, LP., a California limited partnership ("Project Owner", "Owner" or "Developer"). The City and Developer are sometimes referred to as the Parties.

RECITALS
A. The Project Site consists of approximately 5.45-acre portion of a property located in the City of Simi Valley, County of Ventura, State of California, as described in Exhibit "A", hereinafter referred to as the "Project Site".

B. The City and Simi Valley Housing Investors, LP. entered into that certain Amended and Restated Affordable Housing Agreement/Rental dated March 23, 2015, recorded on April 3, 2015 as document number 20150703-00049443-0 (the "Original Agreement"). Capitalized terms used herein without definition shall have the meanings ascribed to them in the Original Agreement.

C. The City approved the transfer of ownership of the Project Site from Simi Valley Housing Investors, LP. to Developer and consented to the Assignment and Assumption of Affordable Housing Agreement/Rental, on November 21, 2016 and recorded as document number 20161219-00187803.

D. The Original Agreement referenced Project Approvals GPA-42, Z-S-511, TT5124 & PD-S-883, requiring the construction of a 136-unit senior apartment project with 67 units reserved as affordable.

E. The Developer received approval of a density bonus of 63 units on the Project Site.

F. The former Simi Valley Community Development (Agency) provided the Developer a $6,700 grant from the Agency Affordable Housing Incentives Account to provide financial assistance in the payment of certain City plan check and permit fees required for the development of the proposed Project.

G. This Agreement amends and restates and rescinds the Original Agreement.

NOW THEREFORE, City and Project Owner (as owner of the real property interests described above) declare that the Project Site shall be held, transferred, encumbered, used, sold, conveyed, leased and occupied subject to the covenants, conditions and restrictions hereinafter set forth expressly and exclusively for the use and benefit of said property. Each and all of the restrictions, limitations, conditions, covenants, liens, reservations and charges herein contained shall run with the land and be recorded on the property title and shall be binding on Parties, their grantees, successors, heirs, executors, administrators, devisees or assigns, and all subsequent owners of all or any part of the Project Site, during the term of this Agreement. 35 In consideration of the mutual promises, obligations, and covenants herein contained, the City and Owner agree as follows:

1. DEFINITIONS

1.01 "Adjustment Date" shall have the meaning set forth in Paragraph 5.04(a) of this Agreement.

1.02 "Agency" shall mean the former Simi Valley Community Development Agency.

1.03 "AHU" or "Affordable Housing Unit" means each of the sixty-seven (67) units within the Project, which shall be reserved for rental to qualified senior households in accordance with the terms of this Agreement.

1.04 "Area Median Income" (AMI) means the annual median income, adjusted according to household size, for the County of Ventura, as most recently published and updated by the United States Department of Housing and Urban Development ("HUD"), and as set forth in Title 25, California Code of Regulations Section 6952, issued by the California Department of Housing and Community Development, or any other comparable source deemed appropriate by the City.

1.05 "Certificate of Occupancy" shall mean the Certificate of Occupancy or equivalent issued by the Building Official of the City of Simi Valley, which indicates that occupancy of the Project has been authorized, and which was issued on September 17, 1999.

1.06 "City" shall mean the City of Simi Valley.

1.07 "Current Rent" means the maximum amount charged to a Qualified Tenant as of May 29, 2024 and as set forth in Paragraph 5.02.

1.08 "Density Bonus Law" means California Government Code Section 65915 et seq., pertaining to Density Bonuses and Other Incentives.

1.09 "Director'' shall mean the Environmental Services Director of the City of Simi Valley.

1.10 "Gross Income" means all payments from all sources received by a person (together with the gross income of all persons of the age of 18 years or older who intend to reside with such person in one residential unit), whether in cash or in kind as calculated pursuant to the Department of Housing and Urban Development ("HUD") Regulations in effect as of the Date of this Agreement.

1.11 "HUD" means the U.S. Department of Housing and Urban Development or any successor agency.

1.12 "Income Limit Schedule" means the Schedule of Income Limits for the County of Ventura most recently published and updated by the United States Department of Housing and Urban Development ("HUD"), and as set 36 forth in Title 25, California Code of Regulations Section 6952, issued by the California Department of Housing and Community Development.

1.13 "Initial Rent" means the amount charged to a Qualified Tenant for first occupancy of an AHU immediately after the Certificate of Occupancy or equivalent is issued for the Project and as set forth in Paragraph 5.01.

1.14 "Initial Rent Date" means the first occupancy date of an AHU by a Qualified Senior Household immediately following the issuance of a Certificate of Occupancy or equivalent for the Project.

1.15 "Initial Tenant Costs" shall mean all deposits and fees, exclusive of the first month's rent, charged to a Qualified Tenant prior to occupying an AHU.

1.16 "Manager" shall mean that person (or persons) who resides within the Project and has been hired by Owner to provide on-site management duties.

1.17 "Project" shall mean the 136-unit senior apartment complex which has been developed on the 5.45-acre site described in Exhibit A, including approvals, conditions of approval, construction and all related improvements located on the Project Site.

1.18 "Project Site" shall have the meaning set forth in the Recitals herein.

1.19 "Qualified Tenant" means a renter household or rental applicant household who meets the income and age criteria herein for eligibility as a Very Low­ Income Household at the time of the initial tenancy (i.e., the date of initial occupancy as evidenced by execution by the tenant household of the initial Lease or Rental Agreement with the Owner).

1.20 "Restricted Rental Period" shall have the meaning set forth in Paragraph

3.02 of this Agreement.

1.21 "Restricted Rental Rate" means a rental payment regulated by the terms of this Agreement.

1.22 "Section 8 Program" or "HUD Section 8 Program" or "HUD Section 8 Certificate or Voucher Program" means the presently existing HUD Section 8 rental subsidy program, or any other similar local, regional, State or Federal program of rental subsidy that in the future either supplements or replaces the current programs.

1.23 "Senior" refers to a person 62 years of age or older.

1.24 "Senior Household" means a household in which at least one member is 62 years old or older and is a principal tenant in the unit.

1.25 "Tenant Recertification" shall have the meaning set forth in Paragraph 7.02 hereof.
37 2.

1.26 "Very Low Income" shall have the meaning set forth in Paragraph 7.01 of this Agreement.

1.27 "Very Low Income Unit" means each of the 67 AHUs rented at the Very Low Income Initial Rent or Adjusted Rent calculated per Paragraph 5.01 or Paragraph 5.03, or Paragraph 5.04 as applicable, and occupied by an eligible Very Low Income household as determined in accordance with Paragraph 7.01.

DESIGNATION OF AFFORDABLE HOUSING UNITS: REGULATORY

INCENTIVES

2.01 Designation of Affordable Housing Units. City and Owner agree that the provisions which require that 136 units be occupied exclusively by senior households, that 67 units are to be occupied by Qualified Renters, and that the provision of Section 15.01, the Indemnity, Defend and Hold Harmless section, are the primary considerations provided for by Owner to cause the City to enter into this Agreement. The parties hereto agree that any failure to rent any of the 136 units to senior households, failure to rent any of the 67 AHUs to Qualified Renters, or any failure to comply with the Indemnity, Defend and Hold Harmless section of this Agreement shall constitute a material breach of this Agreement.

2.02 Incentives and Waivers. Government Code Section 6591 S(d) requires that cities and counties provide a developer of a housing development that meets the requirements defined in subsection 6591 S(b) a specific number of "concessions or incentives" to Owner to assist with the feasibility of the affordable housing project. The number of concessions provided depends on the percentage of the housing development that will be reserved for households at a particular income level. In addition, Government Code Section 6591 S(e) provides that a city or county shall not apply development standards that will have the effect of physically precluding the construction of a development meeting the criteria of subdivision (b) at the densities or with the concessions or incentives permitted by Density Bonus Law. Owner hereby acknowledges receipt of at least one additional concession or incentive in exchange for Owner's agreement to restrict the rents of the Affordable Housing Units. Owner has requested, and City has granted, the following concession ("Concession") pursuant to Government Code Section 65915(d)(1 ), the State Density Bonus Law and Title 9 of the Simi Valley Municipal Code (SVMC):[Developer was granted a $6,700 grant from the City which was used for the payment of certain City plan check and permit fees for the Project].

3. TERM

3.01 Term of Agreement. The term of this Agreement will be for a period of sixty­ five (65) years from the issuance of the Certificate of Occupancy. In addition to any other available remedies, if Owner breaches this Agreement, this Agreement shall be extended beyond the stated term on each AHU which gives rise to the breach. The extension will be equal to the period of time that each unit was rented in violation of this Agreement. The City may 38 unilaterally execute and record in the office of the County Recorder an amendment so extending the term of this Agreement. Notwithstanding the above, this unilateral extension shall not apply unless and until the breach exceeds an aggregate total of thirty (30) days in any calendar year and unless the City reasonably and in good faith determines Owner's non­ compliance in accordance with the verification criteria in Paragraph 11.01.

City and Owner further agree that each unit in the Project shall be reserved for senior households for the term of this Agreement.

3.02 Restricted Rental Period. City and Owner agree that the Restricted Rental Period commenced on September 17, 1999 for the first unit rented under this Agreement and, except as provided in Section 3.01, shall terminate sixty-five (65) years after the issuance of a Certificate of Occupancy on September 17, 2064.

4. TIME CONSTRAINTS

4.01 Maintenance of Entitlements. Owner shall maintain compliance with PD-S- 2022-0001 including extensions and/or modifications. Any violation of PD­ S-2022-0001 may result in the City declaring this Agreement null and void.

5. RENTS

5.01 Initial Rents. The Initial Rent for each AHU in the Project shall not exceed the following limits:
"Very Low Income Units (50% of Median)"
22 - 1 bedroom/1 bathroom: $374/month
23 - 1 bedroom/1 bathroom: $433/month
10 - 1 bedroom/1 bathroom: $551/month
6 - 2 bedroom/1 bathroom: $447/month
6 - 2 bedroom/1 bathroom: $518/month

5.02 Current Rents. The Current Rent for each AHU in the Project as of May 29, 2024 shall not exceed a 2% rent increase from 2023 pursuant to the 2024 Maximum Rents and Income Limits letter:
"Very Low Income Units (50% of Median)"
22 - 1 bedroom/1 bathroom: $588/month
23 - 1 bedroom/1 bathroom: $680/month
10 - 1 bedroom/1 bathroom: $868/month
6 - 2 bedroom/1 bathroom: $702/month
6 - 2 bedroom/1 bathroom: $816/month

5.03 Security Deposits. Total deposits including security deposits and any other initial costs required of the Qualified Tenant occupying an AHU, other than the first month's rent, shall not exceed the tenant portion of one month's gross rent (without deduction of utility allowance) as determined under 39 Paragraphs 5.01, 5.04 or 5.05. If the security deposit exceeds $200, the tenant will be allowed to pay the deposit in equal monthly installments during the initial three months of occupancy of the unit as an addition to the rent. The security deposit shall not be increased as long as the tenant resides in the same unit.

5.04 Rent Adjustments.
(a) "Adjustment Date" means for each AHU, the first day of the calendar month immediately following the yearly anniversary of the Initial Rent Date for each unit. For example, if the Initial Rent Date is any date in November, then December 1, would be the first Adjustment Date for that AHU. (b) The annual rent increase for each of the 67 AH Us shall be as follows:
(i) On each Adjustment Date as of March 2015, the percentage increase in the Median Income Limit for Ventura County. (However, the minimum annual rent increase shall not be less than 1.0 percent, with a maximum of 3.0 percent);
(ii) On each Adjustment Date, as of March 2020, the minimum annual rent increase shall be 2.0 percent, with a maximum of 3.0 percent. On each Adjustment Date after March 2025, the annual rent increase shall be 3.0 percent.
(c) Notwithstanding Subparagraph 5.04(b), in no event shall the rent for any of the 28 Very Low Income Units at 35% AMI exceed 30 percent of 35 percent of 1/12 of the Area Median Income Figure adjusted for household size. In no event shall the rent for any of the 29 Very Low Income Units at 40% AMI exceed 30 percent of 40 percent of 1/12 of the Area Median Income Figure. In no event shall the rent for any of the 10 Very Low Income Units at 50% AMI exceed 30 percent of 50 percent of 1/12 of the Area Median Income Figure.
(d) Notwithstanding Subparagraph 5.04(b), in no event shall the rent for any Very Low Income Unit exceed the maximum restricted rent permitted by CTCAC.
(e) The Owner shall be entitled to rent the AHUs at the current Voucher Payment Standard Rent to tenants receiving Section 8 rental assistance payments from the Area Housing Authority of the County of Ventura, or its successor agency.
(f) AHU tenants shall not receive a rental adjustment more often than once every 12 months. For purposes of illustration and not limitation, if the Adjustment Date for an AHU is January 1 and that AHU is vacated on March 31 and is re-occupied on May 1 , May 1 would be the Revised Adjustment Date and there may be a second adjustment within a 12-month period.

5.05 Vacated AHU Rent Adjustments. Notwithstanding anything contained in this 40 Agreement, including, but not limited to Paragraphs 5.01 and 5.04 above, with respect to an AHU which becomes vacant during the term of this Agreement ( a "Vacated AHU"), as of the date that such Vacated AHU is first re-leased (the "Revised Adjustment Date"), Owner shall be entitled to increase the rent for such Vacated AHU to the maximum allowed under the rules and regulations of the CTCAC then in effect, and for that AHU the Adjustment Date shall be the first day of the calendar month immediately following the yearly anniversary of such Revised Adjustment Date and each yearly anniversary thereafter.

6. METHOD OF RENTAL

6.01 Classification. Any unit occupied by a Qualified Tenant as determined per Paragraph 7.01 shall be considered to have satisfied the occupancy requirements set forth above; therefore, must be subject to the affordable rent restrictions provided in this Agreement and shall continue to satisfy such requirements if the tenant is recertified as a Qualified Tenant in accordance with Paragraph 7.02.

7. DETERMINATION OF TENANT ELIGIBILITY

7.01 Qualification. Owner shall be responsible for determining, in accordance with the provisions of Title 25, California Code of Regulations, Section 6914, as it may be amended, the income eligibility of a potential AHU renter household, as well as the age eligibility of all tenants. On the date a Very Low Income Unit is leased, the gross annual income of a "Very Low Income Household" occupying a very low income unit shall not exceed 50 percent of the Area Median Income limit adjusted for household size. Owner shall determine the age and income qualifications of a willing renter household by obtaining and reviewing required age identification and income records from each member of such renter household, including, but not limited to, the most recent federal income tax return of each member of said renter household and Driver's License, or other documentation which verifies the person's age. Additionally, Owner shall obtain written certification of the anticipated income of the renter household for the 12-month period following the date of determination of income.

OWNER SHALL PROVIDE TO THE CITY FOR PURPOSES OF

VERIFICATION A COPY OF THE RENTAL AGREEMENT AND THE

RENTER'S INCOME CERTIFICATION TOGETHER WITH THE

DOCUMENTS IN SUPPORT THEREOF PRIOR TO THE INITIAL
OCCUPANCY OF ALL AHUs.

Subsequent to said Initial Rental of all AHUs, Owner shall make available such documentation to the City upon request. Each AHU rented to a Very Low Income renter must be occupied by that household.

7.02 Tenant Recertification. Tenant Recertification shall mean the Owner's annual verification of a Qualified Tenant's income conducted in accordance with Paragraph 7.01. At least 60 days prior to each Adjustment Date, Owner 41 shall provide written notice to AHU occupants to complete an Affordable Housing Program Tenant Recertification, Exhibit "C", and to provide supporting income verification documentation to the Owner prior to the Adjustment Date. All tenant recertifications will be conducted in accordance with Section 10337(b) of the CTCAC Regulations, as amended. Owner agrees to perform income recertifications if mandated by state or federal agencies having jurisdiction over the Project. In the event that the tenant fails to provide proof of income to Owner on or before the Adjustment Date, such tenant shall be deemed to have committed a material breach of the Lease Agreement and the Lease Agreement shall provide that such breach shall be cause for termination of tenancy. Owner shall not renew the tenant's lease without such proof of income. Subject to the limitations of State and Federal law, no tenant residing in an AHU shall be denied continued occupancy, solely because their household income has increased such that it exceeds the limits for a Very Low-Income Household for Ventura County, adjusted for household size pursuant to Section 7.01.

Owner shall keep copies of all AHU Tenant Recertification forms on file and make them available to City upon request.

7.03 Change In Household Composition/Income. Owner shall be responsible for, in accordance with the provisions of the HUD Multifamily Occupancy Handbook 4350.3 Chapter 7, annual recertification, interim recertification (change in household composition), unit transfers, and gross rent changes.

8. OUTREACH PROGRAM

8.01 Outreach and Affordable/Affirmative Marketing Program. Owner shall submit for approval a detailed Outreach and Affordable/Affirmative Marketing Program, which shall include, but is not limited to, advertising, publicity, and promotion, to the Director of Environmental Services (the "Director"), not less than ninety (90) days prior to the projected completion of the project. The purpose of the Outreach and Affordable/Affirmative Marketing Program shall be to solicit and obtain Very Low Income renters for occupancy of all AHUs, to establish a waiting list for units which may become available and to affirmatively further fair housing goals. Owner shall not commence any marketing of the AHUs that is not approved under the Outreach and Affordable/Affirmative Marketing program. The marketing program shall include all of the following:
(a) A print media schedule as shown on attached Exhibit "D" to be published in a newspaper of City-wide or regional circulation; (b) A broadcast media schedule, as shown on attached Exhibit "D" (Optional, at the discretion of the Director of Environmental Services or his/her designee);
(c) Noticing and listing the Project throughout the life of this Agreement with the Area Housing Authority of Ventura County, the Senior Center, City Hall, Simi Valley Public Library, and, as appropriate for market conditions, the Simi Valley-Moorpark Association of Realtors, 42 Simi Valley faith community, and such other similar agencies as the Director may designate;
(d) Notifying all persons on the Owner's waiting list for affordable rental housing;
(e) Establishment of a telephone number for the Project with message capabilities to receive inquiries on vacant units, including the AHUs throughout the life of this Agreement;
(f) Continuous display of the fair housing logo in the rental office and in advertising;
(g) Budget to adequately fund the reasonably necessary expenses of the foregoing.

The Parties hereto agree that, with the exception of Subparagraphs 8.01 (c) (d), and (e) above, the other items listed above shall be implemented only when vacant units are or will soon be available for rental and when there is no one on the Owner's waiting list for the AHUs.

8.02 Waiting List.
(a) Owner shall establish and maintain a waiting list of all qualified renters. The waiting list shall include the information requested in Exhibit "E". Prospective tenant households shall be considered on a "first come first served basis".
(b) Owner will not be obliged to rent an AHU to a potential renter on a waiting list unless such potential renter agrees to occupy such AHU no later than (a) forty-five (45) days after Owner notifies such potential renter that the AHU will be available for occupancy, or (b) thirty (30) days after such AHU is vacated by the prior tenant, whichever is later.

8.03 Initial Marketing Plan. The Outreach and Affordable/Affirmative Marketing Program shall be no less intensive in the City of Simi Valley as compared to any other region.

8.04 Awareness of the AHU Availability. Owner shall design the Outreach and Affordable/Affirmative Marketing Program to include provisions that create and build audience awareness of the availability of Affordable Housing Units and equal housing opportunity. In addition, all AHU advertising efforts shall incorporate the following copy in type face no smaller than the largest used in the advertisement:

This rental housing project has reserved Affordable Housing Units for rental by eligible senior households within a restricted income limit. For further information, please call:
or write to: --------- --------------
43 9.

Any and all marketing efforts shall be subject to prior approval pursuant to Paragraph 8.01.

8.05 Failure to Implement an Outreach Program. If Owner fails to submit for approval and implement an Outreach and Affordable/Affirmative Marketing Program, City shall have the right to implement a marketing program, at Owner expense, for the purpose of soliciting Qualified Tenants for Owner's AHUs.

NOTICES, DISCLOSURES. AND RECORDS

9.01 Notices. During the Restricted Rental Period, Owner shall provide the following notices to tenants at the inception of each AHU tenancy:
(a) Housing Information. Owner shall provide tenants and prospective tenants with information on fair housing regulations and the State and Federal agencies responsible for enforcing them.
(b) Adjustment Date. Owner shall inform each tenant, in writing at the time of occupancy of an AHU, the next Adjustment Date for that unit.

Owner shall be responsible for obtaining proof that these items were received by the tenants and shall keep such proof in the tenant files for inspection by City, if requested. This may be accomplished by having the tenants initial the lease that they have received the above information.

9.02 Expiration. Owner shall give two notices to tenants regarding the expiration of the Restricted Rental Period as follows: first notice to be provided not less than twelve (12) months nor more than thirteen (13) months prior to expiration of the Restricted Rental Period and the second notice to be provided not less than six (6) months nor more than seven (7) months prior to expiration of the Restricted Rental Period. Owner shall give written notice to all AHU tenants in the Project stating the date of expiration of the Restricted Rental Period and advising the tenants that upon expiration of the Restricted Rental Period: (i) the monthly rent charged for an AHU shall no longer be subject to the restrictions contained herein; and, (ii) the tenancies of tenants occupying an AHU may be terminated on thirty (30) days written notice unless such tenants accept any rental changes lawfully proposed by Owner. Any tenant moving into an AHU in the Project after any notice required under this Paragraph 9.02 has been given, shall be furnished a copy of such notice(s) upon execution of a rental agreement or upon occupancy of an AHU in the Project, whichever comes first

9.03 Right of First Refusal/Preservation Notices. During the term of this Agreement, there shall be no conversion to ownership interest of any AHU unit in the Project. One hundred and eighty (180) days before the expiration of the Restricted Rental Period of the last AHU hereunder, in addition to the rights set forth in California Government Code Section 66427.1, Owner shall provide each tenant with a ninety (90) day right of first refusal to purchase or lease/rent the unit occupied by such tenant should the Owner convert any AHU to an ownership interest. Each tenant shall also be offered a 5% 44 discount off the purchase price, if the units are converted to condominiums.

If tenant does not exercise this right, Owner shall provide the City with no less than a 90-day notice after the expiration of the aforementioned 90-day period in order to exercise the right to purchase the unit.

9.04 Subleasing Restricted. As part of every rental agreement, Owner shall provide a clause which, by its terms, shall prohibit the subject AHU tenant from assigning, subleasing or transferring any interest in the unit to another without obtaining the City's prior written approval. No such approval will be granted for any sublease which provides for rent or tenant income in excess of that authorized herein or to a non-senior household.

9.05 City Notification. Owner shall make available to City, copies of all notices and housing information delivered under Paragraphs 9.01 through 9.04 within three (3) business days of demand by City. All notices required by Paragraphs 9.01 through 9.04 must be set forth in bold-faced or capitalized letter, in a type face of at least 12 points, and shall be separately initialed by the tenants.

9.06 Notice of Non-Compliance. Upon City determination of a material breach by Owner of the terms of this Agreement, City shall within ten (10) working days after becoming aware of such material breach, provide written notice of the same to Owner in accordance with Paragraph 15.13 herein, describing the nature of said breach, and Owner shall have a reasonable period of time to cure such material breach prior to Owner being in default hereunder.

9.07 Records. Owner shall maintain complete, accurate, and current records pertaining to the Project, and shall permit any duly authorized representative of the City to inspect records, including records pertaining to income, age, and household size of residents. All Resident lists, applications, and waiting lists relating to the Project shall at all times be kept separate and identifiable from any other business of the Owner and shall be maintained as required by the City, using record-keeping forms provided by the City (Exhibits "B" through "F"), or on forms acceptable to the City, in a reasonable condition for proper audit and subject to examination during business hours by representatives of the City. The Owner shall retain copies of all materials obtained or produced with respect to occupancy of the AH Us from application to move-out and for a period of five (5) years thereof.

10. CONDITION AND MAINTENANCE OF UNITS/PROJECT

10.01 Project Architecture. All units in the Project shall have the same architectural, exterior, and interior treatments, with the exception of the units to be occupied by the Managers.

10.02 Project Maintenance. Owner shall ensure that sufficient revenues are reserved and expended for maintenance of the Project as required by all applicable laws, and so as to maintain all areas of the Project in a well-kept condition order and repair safe, attractive and continuously functional in accordance with all state and local codes and regulations. Owner further 45 agrees that such maintenance shall be performed in a workmanlike manner on a regular basis and/or as needed and at times which will minimize inconvenience to tenants.

10.03 Property Tax. Owner shall not apply for nor shall the Project obtain any ad valorem property tax exemption for the Project other than the exemptions granted pursuant to Sections 214(f) or (g) of the Revenue and Taxation Code.

11. COMPLIANCE VERIFICATION; REPORTING AND AUDIT REQUIREMENTS

11.01 Tenant Verification. Based on information supplied by Owner1 the following criteria shall be used to verify compliance with the rental and income and age restrictions imposed by this Agreement and to determine the unavailability of Very Low Income senior tenants.
(a) Owner's compliance, in good faith, with the requirements of an approved Outreach Program under Paragraph 8.01;
(b) Maintenance of an up-to-date waiting list of qualified tenants; (c) Owner has notified every person on the waiting and referral lists in the Outreach Program and in the Project;
(d) All prospective tenants responding to the Outreach Program and on the waiting list have failed to qualify pursuant to Paragraph 7.01; (e) There have been no violations by Owner of the terms of this Agreement or of the conditions of PD-S-883 within the last 12 months.

Fulfillment of the above criteria shall be verified through all applicable documentation requested under this Agreement.

11.02 Status Reports. Beginning on the first anniversary of the Initial Rent Date for the first AHU rented in the Project, and continuing on each such annual anniversary thereafter during the Restricted Rental Period, Owner shall submit the following written reports to the Director:
(a) a copy of the waiting list (Exhibit "E");
(b) a Unit Summary Report of all Affordable Housing Units (Exhibit "F").

11.03 Audit. Owner shall permit the City, with reasonable notice and during normal business hours, to inspect the Project Site to verify Owner's compliance with this Agreement. Owner shall make available to the City, during normal business hours such records as the City may reasonably request to verify such compliance. Should Owner fail to submit timely reports as required by Paragraph 11.01 above, City may cause an audit to be conducted at the sole expense of Owner, in addition to any other available legal remedies. Owner shall cooperate with any such audit and 46 further agrees to make available to the City all documents relative to rental of the AH Us to verify compliance with the terms of this Agreement.

12. ENFORCEMENT AND DAMAGES PROVISIONS

12.01 Enforcement. City has the authority to enforce all the provisions of this Agreement, including the Covenants and conditions contained herein. City may take any enforcement action permitted by law, including but not limited to, a civil action for specific performance of the restrictions and terms of this Agreement, damages for breach of contract, restitution and injunctive relief.

The remedies provided herein are cumulative and not exclusive and shall not preclude City from seeking any other remedy to which it otherwise would be entitled under law or equity, as set forth in Section 15.10.

12.02 Damages. If at any time during the Restricted Rental Period an AHU is rented at more than the Restricted Rental Rate, as calculated according to Paragraphs 5.01, 5.04, and 5.05 hereof, the Owner shall make a cash payment to the affected tenant in an amount equal to the dollar difference between the rent at which the unit is actually rented, and the Restricted Rental Rate for each month for which rent in excess of that authorized herein was charged. Said cash payment shall be made within 30 days of a written notice from the City that the Restricted Rental Rate has been exceeded. In the event that the tenant cannot be located, prior to December 3pt of each calendar year, Owner shall deposit the required cash payment into the Affordable Housing Fund. The Parties hereto each agree that it is the intent of this Agreement to provide affordable housing rents and housing exclusively to Very Low Income senior households. The provision of affordable rental housing to Very Low Income senior households is the Owner's consideration for the City grant. If any AHUs are rented in excess of the Restricted Rental Rate, or to non-qualifying households, the intent of this Agreement will be thwarted, even if the dollar difference is paid to the affected tenant or the City's Affordable Housing Fund, and will therefore constitute a failure of consideration on the Owner's part. Therefore, in any calendar month in which any of the AH Us are rented in any manner contrary to the terms of this Agreement, Owner shall pay to the City, an additional 50% of the positive dollar difference between the rent actually charged and the Restricted Rental Rate. Notwithstanding the above, the damages provision for renting the AH Us contrary to the terms of this Agreement shall not apply if the City determines, in its sole discretion, that there were no qualified tenants available on each of the days of non-compliance. City may use the verification provisions provided for in Paragraph 11.01 hereof, as well as any other source of information is deems appropriate, for determining the merits of Owner's claim for any such non-compliance and any such qualified tenant availability. City agrees that it will act reasonably and in good faith at all times with respect to such determination. 47 13. SUCCESSORS AND ASSIGNS

13.01 Successors and Assigns. The parties hereto each agree that the obligations and duties contained herein shall be binding upon the City and Owner, and their respective successors and assigns. Owner and its successors shall not assign its rights or delegate its duties or obligations, or sell, transfer, convey, encumber, assign or lease any of the AHUs (other than for individual tenant use as contemplated hereunder). City and its successors and assigns are deemed the beneficiary of the covenants contained herein, without regard to technical classification and designation.

The covenants shall run in favor of City, its successors and assigns without regard to whether City has been, remains, or is an owner of any land or interest thereon. Owner shall not assign its rights or delegate its duties or obligations contained herein without the written consent of the City which shall not unreasonably be withheld. Owner shall provide at least thirty (30) days' written notice to City before any proposed transfer to a successor or assign. The assignee or successor shall agree in writing to assume on behalf of itself and its successors and assigns, all the duties and obligations of the Owner under this Agreement, and any purported assignment will not be valid without such a written agreement.

13.02 Rights of Mortgage Holders. The provisions of this Agreement do not limit the right of the holder of any mortgage, deed of trust or other lien or encumbrance (collectively "Mortgage Holders") to exercise any of its remedies for the enforcement of any pledge or lien upon the Property, provided however, that the obligations under this Agreement shall survive the exercise of such right through the remainder of the term of this Agreement pursuant to Section 3.01.

14. RECORDATION OF AGREEMENT

14.01 Recording Agreement. This Agreement shall be recorded promptly following the approval and execution thereof. Owner shall also record, separate from this Agreement the Declaration of Conditions and Restrictions on the Transfer of Title or Interest in Real Property document in the form of Exhibit "G", stating that the conditions and obligations to which the subject Project is bound shall run with the land.

15. GENERAL PROVISIONS

15.01 Indemnity and Hold Harmless. Owner shall defend and provide legal defense with attorney(s) acceptable to the City, indemnify, and hold harmless the City, their agents, officials, officers, representatives and employees, from and against all claims, lawsuits, liabilities or damages of whatever nature arising out of or in connection with, or relating in any manner to any act or omission of Owner, its agents, employees, and subcontractors, and employees thereof, pursuant to the performance or non-performance of this Agreement. Owner shall thoroughly investigate any and all claims and indemnify the City and do whatever is commercially necessary to protect the City, its agents, officials, officers, representatives and employees as to any such claims, lawsuits, liabilities, expenses, or 48 damages arising out of this Agreement. Further, Owner shall not bring any claims, cross-claims, actions or cross-complaints against the City, its agents, employees or representatives, arising out of any disputes between Owner and third parties as to the City approvals or the issuance of building permits for this Project.

15.02 Time is of the Essence. The Parties hereto agree that time is of the essence in the performance of this Agreement. No waiver by any of the Parties to this Agreement or the non-performance or any breach of any term, provision or condition of this Agreement or any default hereunder shall be considered to be or operate as a waiver of any subsequent non-performance, breach or default.

15.03 Extension of Time Good Cause. The City may, in its sole discretion, extend one or more time deadlines for performance as referenced in this Agreement for good cause. "Good cause" shall include, but shall not be limited to, acts of God, labor strikes, war, riots, pandemics, etc., as shall be determined the City in its sole discretion.

15.04 Modifications. The Parties hereto each agree that no addition to or modification or waiver of any term or provision of this Agreement shall be effective unless set forth in writing, in the same manner and form as originally adopted and signed by both the City and Owner except that the City reserves the right to make minor amendments to this Agreement, which may become necessary due to changes in governmental regulations or other requirements affecting the parties involved in the arrangement of project financing so long as such amendments do not materially or substantially modify the terms contained in this Agreement and do not add to the costs to be incurred by the City. The parties hereto further agree that oral agreements or understandings shall be of no force or effect whatsoever.

15.05 Not for the Benefit of Third Parties. This Agreement does not create any enforceable right, cause of action, or claim in any third party. The Owner, the City or their successors in interest shall be the sole parties who shall have standing to enforce the terms or obligations or to bring suit for damages arising out of a breach of this Agreement.

15.06 Not a Partnership or Joint Venture. This Agreement does not create a partnership or joint venture.
49 15.07 Subordination. City agrees to subordinate this Agreement to all of the permanent and the developers' financing against the project subject to the following:
a. Any subordination agreement meets the requirements of Health and Safety Code Section 33334.14;
b. The subordination agreement is reasonably acceptable to the City;
c. The subordination agreement does not conflict with any of the terms contained in this Agreement or with the Conditions of Approval of the Project;
d. The lenders agree to provide the City with notification of any delinquency no less than 45 days from the delinquency date; e. The lenders agree to provide the City with the same
notification provided to the borrower of any loan default; and f. The developer and the lenders agree to grant the City a first right of refusal, regarding the Project in the event the property is foreclosed.

15.08 Non-Discrimination. All of the Units shall be available for occupancy on a continuous basis to members of the general public. Owner shall not give preference to any particular class or group of persons in renting the Units, except to the extent that sixty-seven (67) units are required to be leased to Qualified Tenants.

Owner covenants by and for itself and any successors in interest that there shall 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 Project nor shall Owner 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 in the Project. The foregoing covenants shall run with the land.

Owner shall accept as tenants on the same basis as all other prospective tenants, persons who are recipients of federal certificates for rent subsidies pursuant to the existing program under Section 8 of the United States Housing Act of 1937, or its successor. Owner shall not apply selection criteria to Section 8 certificate holders that are more burdensome than criteria applied to any other prospective tenants.
50 All leases or contracts made relative to the Project, the improvements thereon or any part thereof, shall contain or be subject to substantially the following nondiscrimination clause:
"There shall be no discrimination against or segregation of any person or group of persons on account of race, color, creed religion, sex, sexual orientation, source of income, marital status, physical or mental handicap, medical condition, national origin or ancestry in the sale, lease, sublease transfer, use occupancy, tenure or enjoyment of the Project nor shall lessee [or the contractor] or any person claiming under or through it, establish or permit any such practice or practices of discrimination or segregation with reference to the election location, number, use or occupancy of tenants, lessees, subtenants, sublessees or vendees in the Project."

15.09 Violation of Conditions of Approval. Any violation of the conditions of any of the Project Approvals will also constitute a violation of this Agreement and shall be enforceable as a breach hereof, as well as any other remedies.

15.10 Default. If Owner defaults in the performance or observation of any covenant, agreement or obligation set forth in this Agreement, and if such default remains uncured for a period of sixty (60) days after written notice thereof shall have been given by the City to Owner, then the City may declare an "Event of Default" to have occurred hereunder, and, at its option, may take any one or more of the following steps:
(a) By mandamus or other suit, action or proceeding at law or in equity, require the Owner to perform its obligations and covenants hereunder or enjoin any acts or things which may be unlawful or in violation of the rights of the City hereunder;
(b) Have access to and inspect, examine and make copies of all of the books and records of the Owner pertaining to the sixty-seven (67) AHUs;
(c) Take such other action at law or in equity a may appear necessary or desirable to enforce the obligations, covenants and agreements of the Owner.

15.11 Severability. The Parties hereto each agree that should any portion of this Agreement be held invalid or unenforceable for any reason, such determination shall not affect the validity of the remaining portions of this Agreement.

15.12 Covenants to Run with the Land. Owner hereby subjects the Project (including the Project Site) to the covenants, reservations and restrictions set forth in this Agreement. The City and Owner hereby declare their express intent that the covenants, reservations and restrictions set forth herein shall be deemed covenants running with the land and shall pass to and be binding upon Owner's successors in title to the Project; provided, 51 however, that on the termination of this Agreement, said covenants, reservations and restrictions shall expire. Each and every contract, deed or other instrument hereafter executed covering or conveying the Project or any portion thereof shall conclusively be held to have been executed delivered and accepted subject to such covenants, reservations and restrictions regardless of whether such covenants, reservations and restrictions are set forth in such contract deed or other instrument. Owner, by and for itself and each successor to any interest in the Project, hereby specifically acknowledges and agrees to be bound by the covenants contained herein.

15.13 Notices. The parties hereto each agree that all notices or other communications required or permitted hereunder shall be in writing, shall be either personally delivered or sent by United States certified mail or registered mail, return receipt requested, and shall be deemed received seventy-two (72) hours after deposited in the mail in the Counties of Ventura, Orange or Los Angeles, postage pre-paid, addressed to the persons to receive such notice, at the following address:

To City:

To Owner:

City of Simi Valley
Attn: Environmental Services Director
2929 Tapo Canyon Road
Simi Valley, CA 93063
Harmony Simi Valley AR, L.P.,
c/o Standard Communities
Attn: Keith Dragoon
1901 Avenue of the Stars, Suite 395
Los Angeles, CA 90067
Or to the owner of record or successor in title to the subject Project.

Notice of change of address is required and shall be given by written notice in the manner detailed in this Paragraph. Notices required under this Agreement to a Qualified Tenant of an AHU shall be deemed adequately given if transmitted in like fashion to the street address and apartment number of such a Qualified Tenant.

15.14 Attorney's Fees. The parties hereto each agree that if any party hereto institutes any legal proceedings to enforce any provision of this Agreement or for damages by reason of any alleged breach of this Agreement, the prevailing party shall be entitled to recover from the other party all costs of suit, including such amount as the court may award a reasonable attorney's fees for services rendered to the prevailing party in such proceeding. The parties hereto further agree that partial granting of the prayed for relief shall be sufficient to constitute "prevailing" in any such action. 52 15.15 Headings. The Parties hereto each agree that the paragraph headings herein are used only for the purpose of convenience and shall not be deemed to modify, explain or limit the subject of the paragraphs of this Agreement to be considered in their construction.

15.16 Incorporation of Recitals and Exhibits. Recitals A through G are incorporated herein by this reference and Exhibits "A" through "G" are attached and incorporated herein by this reference.

15.17 Compliance with Applicable Laws. Owner and City shall obey all Federal, State, local and special district laws, ordinances and regulations.

15.18 Entire Agreement. This Agreement, together with its attachments and writings expressly incorporated herein, constitutes the full and total understanding between the Parties hereto, construed according to the laws of the State of California, and supersedes all prior agreements between the Parties hereto.

15.19 Execution In Counterparts. This Agreement may be executed in any number of counterparts, each of which, when executed and delivered to City, will be deemed to be an original and all of which, taken together, will be deemed to be one and the same instrument.
53 IN WITNESS THEREOF, the Parties hereto have executed this instrument as of the date first above written.

Approved as to Form:

Approved as to Content:
�c�·L
Sama� City Mager
Stratis Perros, Environmental Services
Director
City of Simi Valley, a municipal
corporation
�of
Simi Valley, California
54 ACKNOWLEDGMENT
A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

State of California
County of Ventura
On October 30, 2024
)
)
before me, Lucy Blanco. Notary Public
(insert name and title of officer)
personally appeared ____ _.;;;S=a=m..;.;;a=n=thc..;.;a;;_;C...;.... a.-Aa.a...rg=a=b;..;..r=ite�---------- who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/afe subscribed to the within instrument and acknowledged to me that he/she/they executed the same in rus/her/tReif authorized capacity(ies), and that by rus/her/tl=leif signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

I certify UNDER PENAL TY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my hand and official seal.
(Seal)
55 HARMONY SIMI VALLEY AR, L.P.,
a California limited partnership
By: FFAH II Harmony Terrace, LLC,
a California limited liability company,
its Managing Gene.ral Partner
By:

By:

Foundation for Affordable Housing II, Inc.,
a California nonprofit public benefit
corporation, its sole member
By: Standard Harmony Simi Valley AGP LLC,
a Delaware limited liability company,
its Administrative General Partner
By: Standard HC YF SPE Manager LLC,
a Delaware limited liability company,
its Manager
By:

Brad Martinson, Authorized Signatory
56 CALIFORNIA ACKNOWLEDGMENT CIVIL CODE § 1189
A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

State of �y
forn
l
a\
}
·
County of �--n,1�
On� .1�7,Q'}),\ before me, \_l.,\W\ �I hlqb� ({,,b\1'(, Oat
" \ \,
Hflre Insert Nome and Tit/� the Officer
personally appeared t::r�:X"'C:.,--t);'.:> �'{(),,$
Name(s) of Signer(s)
who proved to me on the basis of satisfactory evidence to be the person{s) whose name(s}�/are subscribed to the within instrument and acknowledged to me th�he/they executed the same !�her/their authorized capacity�, and that by his/her/their signature(� on the instrument the person(s}, or the entity upon behalf of which the person�) acted, executed the instrument.

LUCY BLANCO
Notary Public · California
Ventura County f
�. · ,• Commission 112358519 '"0 My Comm. Expires May 22, 2025 Place Notary Seal and/or Stamp Above
I certify under PENAL TY OF PERJURY under the
laws of the State of California that the foregoing
paragraph is true and correct.

Completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document.

Description of Attached Document
Title or Type of Document��-cltu\ ot\}....��d-- i:\[t«t\Jo\.t. \..\Gu.�,1'1'( Document Dat� Number of Pages: ____ _
Signer(s) Other Than Named Above:-----------------------­ Capacity(ies) Claimed by Signer(s)
Signer's Name: -------------
0 Corporate Officer - Title(s): ______ _
D Partner - D Limited D General
D Individual o Attorney in Fact
o Trustee o Guardian or Conservator
D Other:

Signer is Representing:----------
Signer's Name: -------------
0 Corporate Officer - Title(s): ______ _
D Partner - D Limited D General
o Individual
D Trustee
D Other:

D Attorney in Fact
o Guardian or Conservator
Signer is Representing:----------
E BOO( 0 E D E J 1 0 6 J D BOOI 1105 D 00:!JOO=!J D D D !l@9'00181ki ©2018 National Notary Association
198111( E J J : J J ]:( l O 0
57 ACKNOWLEDGEMENT
A notary public or other officer completing this
certificate verifies only the identity of the individual who signed the document to which this certificate is
attached, and not the truthfulness, accuracy, or
validity of that document.

STATE OF ILLINOIS )
) ss.

COUNTY OF COOK )
On September 19th, 2024, before me, Rebecca Gertz, a notary public in said state, personably appeared Tarun Chandran, Vice President an.d Secretary of Foundation for Affordable Housing V, Inc., a California nonprofit public benefit corporation, personally known to me (or proved to me through satisfactory evidence) to be the person whose name is subscribe to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity on behalf of which the person acted, executed this instrument.
(NOT ARIAL SEAL)

REBECCA GERTZ
Official Seal
Notary Public - State of Illinois
My Commission Expires Jan 19, 2027
My Commission Expires: January 19, 2027
58 HARMONY SIMI VALLEY AR, LP.,
a California limited partnership
By: FFAH II Harmony Terrace, LLC,
a California limited liability company,
its Managing General Partner
By: Foundation for Affordable Housing II, Inc.,
a California nonprofit public benefit
corporation, its sole member
By:

Tarun Chandran, Vice President
By: Standard Harmony Simi Valley AGP LLC,
a Delaware limited liability company,
its Administrative General Partner
By: Standard HC YF SPE Manager LLC,
a Delaware limited liability company,
itsManag
�
�
By: /' y--
$rad Martinson, Authorized Signatory
59 A Notary Public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

State of California
County of Or-an5�
)
)
&�vveuJl 311,,Jte 2.,
, before me, fJ6�, '1)t..;b\t c... On Sok� hev- 19, 2o 2. c-J-' Onsert napie and title of the officer) Notary Public, personally appeared ,e C.. Hw,t,.� 'VII\ who provE;,Q to me on the basis of satisfactory evidence to be the person( whose ie� (s/are subscribed to the w_Rhin instrument and acknowledgE:d to me that he/they executed t9e same in �/her/their authorizfd capacity(.i.l?s), and that by her/their sign�tre� on the instrument the person�. or the entity upon behalf of which the person{f> acted, executed the instrument.

I certify under PENAL TY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my hand and official seal.

Signature� 4hLV � I
(Seal)
60 Exhibits List
Exhibit A: Legal Description
Exhibit B: Affordable Housing Program Tenant Certification Exhibit C: Affordable Housing Program Tenant Recertification Exhibit D: Affordable Housing Program Outreach Plan / Print Media Schedule Exhibit E: Affordable Housing Agreement Waiting List
Exhibit F: Affordable Housing Program Unit Summary Report Exhibit G: Declaration of Conditions and Restrictions
61 APN: 635-0-220-025
EXHIBIT "A"

LEGAL DESCRIPTION
Lot 76 of Tract No. 5124, in the City of Simi Valley, County of Ventura, State of California, as per map recorded in Book 139, pages 62 through 73 inclusive of Maps, in the office of the County Recorder of said County.
62 EXHIBIT "8"

CITY OF SIMI VALLEY

AFFORDABLE HOUSING PROGRAM TENANT CERTIFICATION

HARMONY TERRACE APARTMENTS, SIMI VALLEY
Manager:---------------­
Name: Date: ------------------ ------
Address: ----------------
Number of persons in household: __
List all persons who reside in unit:

Phone: ---------
I Name I Social Security Number I Age*
*Information on age only required for age restricted projects.

Total Household Income:
1) Previous Year Annual Gross Income (Attach Verification) Name Source
Total Gross Monthly Income:

Amount
I
63 2) Current Monthly Gross Income (Attach Verification) I Name I Source I Amount
Total Gross Monthly Income:

The information on this form is provided solely for the purpose of determining eligibility for the City of Simi Valley Affordable Housing Program. This information is confidential and, except as may be required by the City of Simi Valley or Owner, any use of this information is strictly prohibited without written consent of the applicant. Acknowledgment of this paragraph does not constitute written permission.

I/We certify that the foregoing is complete, true, and accurate to the best of my/our knowledge and is verifiable by the most recent federal tax return and other income documentation provided herewith. I/We are aware that any misrepresentation in this application will constitute a material breach of my/our agreement with the Owner to rent or lease the unit, and will entitle the Owner to prevent or terminate my/our occupancy of the unit.

Signed:-------------- Date:------------
Signed:

Date: ------------

FOR CITY OFFICE USE ONLY
Anticipated Income
Next 12 Months: --------- Household Size: ----
Income Level: ___ Very Low (50%) Comments:------------- Approved for Affordable Unit
Not Approved
Reviewed by: ___________ _
Date: -------------
I
64 EXHIBIT "C"

CITY OF SIMI VALLEY

AFFORDABLE HOUSING PROGRAM TENANT RECERTIFICATION

HARMONY TERRACE APARTMENTS, SIMI VALLEY
Manager:---------------­
Name: Date: ------------------ ------
Address: ---------------- Phone: ______ _
Number of persons in household: __
List all persons who reside in unit:

Name Social Security Number
*Information on age only required for senior-oriented projects.

Total Household Income:
1) Current Monthly Gross Income (Attach Verification)
Name Source
Total Gross Monthly Income:

Age*
Amount
65 The information on this form is provided solely for the purpose of determining eligibility for the City of Simi Valley Affordable Housing Program. This information is confidential and, except as may be required by the City of Simi Valley or Owner, any use of this information is strictly prohibited without written consent of the applicant. Acknowledgment of this paragraph does not constitute written permission.

I/We certify that the foregoing is complete, true, and accurate to the best of my/our knowledge and is verifiable by the most recent federal tax return and other income documentation provided herewith. I/We are aware that any misrepresentation in this application will constitute a material breach of my/our agreement with the Owner to rent or lease the unit, and will entitle the Owner to prevent or terminate my/our occupancy of the unit.

Signed:-------------- Date:------------
Signed:

Date:------------

FOR CITY OFFICE USE ONLY
Anticipated Income
Next 12 Months: _______ _
Income Level:
__ Very Low (50%)
Approved for Affordable Unit
Not Approved
Household Size: ----
Comments:-------------
Reviewed by:------------
Date: ____________ _
66 EXHIBIT "D"

CITY OF SIMI VALLEY

AFFORDABLE HOUSING AGREEMENT OUTREACH PLAN / PRINT MEDIA SCHEDULE

PUBLICATION NAME AND CITY
ATTACHMENTS:

HARMONY TERRACE APARTMENTS, SIMI VALLEY

DATES APPEARING

FROM TO

OFFICE USE ONLY
Certification of Publication
Sample Copy of Text

SIZE OF ADVERTISEMENT
67 EXHIBIT "E"

CITY OF SIMI VALLEY

AFFORDABLE HOUSING AGREEMENT WAITING LIST

HARMONY TERRACE APARTMENTS, SIMI VALLEY
PROJECT: DATE SUBMITTED: ----
MANAGER:
#OF HOUSE- VERY DATE NAME ADDRESS PHONE BEDROOMS DATE PLACED IN UNIT

PREFER HOLD SIZE LOW
68 PROJECT:

MANAGER:

UNIT RESIDENT
# NAME
EXHIBIT "F"

CITY OF SIMI VALLEY

AFFORDABLE HOUSING AGREEMENT

UNIT SUMMARY REPORT OF ALL AFFORDABLE HOUSING UNITS

HARMONY TERRACE APARTMENTS, SIMI VALLEY
DATE SUBMITTED: ----
DATE MOVE RENT RENT CURRENT TOTAL #IN
MOVED IN ADJUST. ADJUST. RENT HOUSE- HOUSE-

INTO RENT DATE AMOUNT HOLD HOLD

UNIT INCOME
# VERY

BDRMS LOW
69