Vista City Council
January 10, 2023

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Section 34. "Monitoring Fee"means an annual fee to be paid by Developer to Commission to assist in defraying the Commission's cost to monitor performance of Developer hereunder. The initial Monitoring Fee shall be One Thousand Dollars($1,000.00);the Monitoring Fee shall be adjusted annually by the City to reflect increases in the consumer price index for San Diego County.

Section 35. "Notice"means a notice in the form prescribed by Article VI, Section 7 hereof.

Section 36. "Operating Expenses"means actual, reasonable and customary costs, fees and expenses directly incurred and for which payment has been made and which are attributable to the operation, maintenance, and management of the Development, and consisting of only the following (and such additional items, if any, as to which the prior written approval of the Executive Director is first obtained. Such approval shall be granted, granted subject to conditions, or refused at the sole and absolute discretion of the Executive Director): painting,cleaning,repairs and alterations; landscaping; utilities; rubbish removal; sewer charges; costs incurred to third parties in connection with generating laundry charges (but in no event to exceed the laundry charges); real and personal property taxes and assessments; insurance premiums; security; advertising, promotion and publicity; office, janitorial, cleaning and building supplies; actual and customary salary payable to an on-site manager which directly and exclusively benefits residents of the Development; the actual and customary salary paid for one on-site property manager,one on-site maintenance manager and such other on-site management personnel, if any, which directly and exclusively benefit residents of the Development, subject to the prior written approval of the Executive Director who must act reasonably with regard to such written approval; a management fee ("Management Fee") (excluding any on-site management personnel) equal to the greater of(iv)seventy dollars($70.00)per Unit per month which amount shall be increased at two percent(2%)per annum for any automatic renewal of the agreement or(ii) six percent(6%) of the monthly gross revenue collections from all revenue generating operations conducted on the Site; purchase, repairs, servicing and installation of appliances, equipment, fixtures and furnishings; reasonable and customary fees and expenses of accountants, attorneys, consultants and other professionals as incurred commencing after the completion of the Improvements (as evidenced by the issuance by City of a certificate of occupancy for the corresponding building developed as part of the Improvements) in connection with the operation of the Development by Developer; repayment of loans, if any, made by one or more of the Limited Partners in accordance with the Partnership Agreement;the Limited Partner Fee;the General Partner Fee;tax credit shortfall payments,if any; any unpaid portion of the Developer Fee; on-site service provider fees for tenant social services to the extent approved in writing by the Executive Director, who shall act reasonably, prior to the incurring of such provider fees (and provided that the cost for social services shall not exceed One Hundred Eighty Eight Thousand Dollars ($188,000.00) in any Regulatory Agreement Year, as such amount is adjusted for inflation based upon a three percent 3.0%amount applied per Regulatory Agreement Year measured against the Commencement Date); payments of deductibles in connection with casualty insurance claims not normally paid from reserves; the amount of uninsured losses actually replaced, repaired or restored and not paid from reserves;tenant improvements that are not included in the costs of the Improvements, and payments made by the Developer to satisfy indemnity obligations and other payments by the Developer pursuant to this Agreement other than to the Developer, partners or other related persons; provided, however, that payments to parties related to Developer for Operating Expenses must not exceed market rates. The Operating Expenses shall not include non-cash expenses, including without limitation, depreciation. The Operating Expenses shall be reported in the Audited Financial Statement and shall be broken out in line item detail.

Attachment No. 10

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Section 37. "Partnership Agreement"means the agreement(s) which set(s) forth the terms of Developer's (or its approved Affiliated Persons') limited partnership, as such agreement(s) may be amended from time to time, so long as consistent with the requirements of the AHA. The Partnership Agreement shall include provisions which incorporate or otherwise conform to the cash flow priorities included in the definition of"Residual Receipts" set forth herein(or if not set forth herein then as set forth in the AHA).

Section 38. "Partnership Fees"means the General Partner Fee and the Limited Partner Fee.

For each Regulatory Agreement Year until the seventeenth(17th) anniversary of the Commencement Date, the total Partnership Fees (for the General Partner Fee and the Limited Partner Fee, as aggregated) shall not exceed Twenty Five Thousand Dollars ($25,000.00), adjusted for inflation at three percent (3.0%) per Regulatory Agreement Year measured from the Commencement Date. For each Regulatory Agreement Year after the seventeenth(17th)anniversary of the Commencement Date, the Partnership Fees (the General Partner Fee and Limited Partner Fee as aggregated) shall not exceed Twenty Thousand Hundred Dollars ($20,000.00), adjusted for inflation at three percent (3.0%) per Regulatory Agreement Year measured from the Commencement Date.

Section 39. "Prescribed Income Levels" means the following: (i) thirty four (34) studio Units shall be restricted to 30% AMI Extremely Low Income Households at Affordable Rent; (ii) seventeen (17) studio Units shall be restricted to 40% AMI Very Low Income Households at Affordable Rent;(iii)one(1)one-bedroom Unit shall be restricted to 30%AMI Extremely Low Income Households at Affordable Rent; and (iv) one (1) one-bedroom Unit shall be restricted to 40% AMI Very Low Income Households at Affordable Rent. One Unit for an onsite manager will not be restricted as to income or rent.

Section 40. "Primary Construction Loan" means, collectively, the mortgage loans and letters of credit obtained by Developer from an Approved Construction Lender.

Section 41. "Primary Permanent Loan" means, collectively, the mortgage loans obtained by Developer from an Approved Permanent Lender in an amount limited to satisfaction of the outstanding balance of the Primary Construction Loan or in an amount in excess of such outstanding balance so long as such excess proceeds are used to pay (or prepay) Developer Fee, and outstanding development costs.

Section 42. "Qualified Permanent Residents" has the meaning established therefor by Section 51.3 of the California Civil Code.

Section 43. "Refinancing Net Proceeds" means the proceeds of any approved refinancing of any of the Primary Construction Loan or the Primary Permanent Loan or other approved financing secured by the interest of Developer in the Site,net of: (i)the amount of the existing financing which is satisfied out of such proceeds; (ii)reasonable and customary costs and expenses incurred in connection with the refinancing; (iii) the costs of improvements to the Site which constitute the Development,including hard and soft costs to the extent approved in writing by the Executive Director prior to the closing of the refinancing;(iv)the balance of loans to the Development made by the limited partners of Developer for development or operating deficits, amounts expended to maintain compliance with the Tax Credit Rules and the terms and conditions of the TCAC Approval, or contributions for capital expenditures in excess of available Project revenues, if any,including interest at the Applicable Federal Rate; (v)the balance, if any, of operating loans or development loans made Attachment No. 10

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by the general partners of Developer to the Development, including interest at the Applicable Federal Rate; (vi)payment of unpaid Tax Credit adjustment amounts or reimbursement of Tax Credit adjustment amounts paid by the administrative and/or managing general partners and/or the guarantors to the Development pursuant to the approved Partnership Agreement, if any; and(vii)the payment to the general partner of Developer of a refinancing fee,which fee is and shall be subject to the approval of the Executive Director at the time of each refinancing and which shall not exceed five percent(5%) of the amount of the approved refinancing.

Section 44. "Regulatorygreement Year" means the period commencing as of the Commencement Date and ending as of December 31 of that calendar year, then each succeeding calendar year thereafter during the Term of the Commission Regulatory Agreement;provided that the final Regulatory Agreement Year may be a portion of a calendar year.

Section 45. "Reporting Amounts"means the sum of Two Hundred Fifty Dollars($250.00) per unit per Regulatory Agreement Year for each dwelling unit as to which Developer fails to deliver to Commission, during any Regulatory Agreement Year, a full and adequate report that conforms to Section 33418 of the California Health and Safety Code.

Section 46. "Required Affordable Units" means dwelling Units required to be developed on the Site under the AHA, including fifty three (53) apartment units; provided that, in the event a greater number of Units are required to be maintained as affordable units in connection with TCAC approvals, then such greater number shall control and this Commission Regulatory Agreement shall be conformed to such greater numbers. There shall also be developed one on-site manager's Unit; it is not contemplated that the on-site manager's Unit will be restricted on the basis of income.

Section 47. "Residual Receipts" for a particular Regulatory Agreement Year means Gross Revenues for the corresponding Regulatory Agreement Year less (i) Debt Service payments made during such Regulatory Agreement Year on the Primary Construction Loan or the Primary Permanent Loan in amounts not in excess of the amounts due and payable during such Regulatory Agreement Year (and not including prepayments); and (ii)the sum of(a) Operating Expenses and, to the extent funded, (b)payments made to the Capital Replacement Reserve as made during the corresponding Regulatory Agreement Year up to the amount indicated therefor in the Base Pro Forma. All calculations of Residual Receipts shall be made annually, on or before May 15 for the preceding Regulatory Agreement Year, on a cash (and not accrual) basis and the components thereof shall be subject to verification and approval, on an annual basis, based upon conformity with the terms of the AHA, by Commission.

Section 48. "Scope of Development"means Attachment No. 8 to the AHA.

Section 49. "Senior Citizen Household"means a household limited to: (i) Senior Citizens and(ii) Qualified Permanent Residents or Permitted Health Care Residents.

Section 50. "Senior Citizens"means persons sixty-two (62)years or older.

Section 51. "Site" means that certain area more particularly described in the Legal Description of the Site.

Attachment No. 10

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Section 52. "Surplus Amounts" means amounts, if any, received by Developer from time to time in connection with the rental of Units in excess of the Affordable Rent for such Units(including without limitation moneys received in relation to Section 8 which exceed Affordable Rent).

Section 53. "TCAC"means the Tax Credit Allocation Committee of the State of California.

Section 54. "TCAC Approval"has the meaning set forth therefor in Recital L of the AHA.

Section 55. "Tax Credit Amount" means that amount which, per the Base Pro Forma, represents the projected yield from the marketing of the Tax Credits under the Base Pro Forma and may not correspond to the amount of tax credits ultimately available.

Section 56. "Tax Credit Rent" means that maximum rent permitted to be paid for a household corresponding to an income category set forth in the AHA (such as a 30%AMI Extremely Low Income Household or a 40%AMI Very Low Income Household)under the Tax Credit Rules.

Section 57. "Tax Credit Rules" means Section 42 of the Internal Revenue Code and/or California Revenue and Taxation Code Sections 17057.5, 17058, 23610.4 and 23610.5 and California Health and Safety Code Section 50199, et seq., and the rules and regulations implementing the foregoing, including without limitation the program regulations promulgated by TCAC.

Section 58. "Tax Credits" means 9% Housing Tax Credits granted pursuant to Section 42 of the Internal Revenue Code and/or California Revenue and Taxation Code Sections 17057.5, 17058, 23610.4 and 23610.5 and California Health and Safety Code Section 50199, et seq.

Section 59. "Term of the Commission Regulatory Agreement" or "Required Covenant Period"means a period of fifty-eight(58)years commencing as of the Commencement Date.

Section 60. "Unit"means each of the fifty four(54)dwelling units required to be developed by Developer under the AHA.

Section 61. "Veterans " has the meaning, unless the law otherwise requires, as set forth therefor in the Veterans Housing and Homelessness Prevention(VHHP)Program,Program Guidelines as adopted as of February 18, 2015,by the State of California, as may be amended from time to time; a copy of such Program Guidelines is on file with the Commission. The definition of Veteran is subject to modification from time to time by mutual agreement of Developer and Commission but shall in all events be subject to applicable law.

Section 62. "Year" means the period commencing as of the recording of the Commission Regulatory Agreement and ending as of December 31 of that calendar year, then each succeeding calendar year thereafter during the Required Covenant Period terminating as of the last day of the Required Covenant Period.

Section 63. "30% AMI Extremely Low Income Households" means those households earning not greater than thirty percent(30%) of San Diego County Area Median Income, adjusted for household size,which is set forth by regulation of TCAC.

Attachment No. 10

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Section 64. "30%AMI Extremely Low Income Unit"means a Unit occupied at Affordable Rent by a 30%AMI Extremely Low Income Household.

Section 65. "40%AMI Very Low Income Households"means those households earning not greater than forty percent(40%) of San Diego County Area Median Income, adjusted for household size,which is set forth by regulation of TCAC.

Section 66. "40%AMI Very Low Income Unit"means a Unit occupied at Affordable Rent by a 40%AMI Very Low Income Household.

ARTICLE II
LAND USE RESTRICTIONS; IMPROVEMENTS
Section 1. Uses. Developer shall develop the Approved Housing Project on the Site in conformity with the AHA. Thereafter,the Site shall be operated as an Affordable Housing Project and devoted only to the uses specified in the AHA (including the attachments thereto) for the periods of time specified herein. All uses conducted on the Site, including, without limitation, all activities undertaken by Developer pursuant to the AHA, shall conform to all applicable provisions of the City Code and the City Approvals.

The Site shall be used, maintained and operated in accordance with the AHA,this Regulatory Agreement for the Required Covenant Period. None of the units in the Rental Project shall at any time be utilized on a transient basis nor shall the Rental Project or any portion thereof ever be used as a hotel, motel, dormitory, fraternity or sorority house, rooming house, hospital, nursing home, sanitarium,rest home or trailer court or park. No part of the Site, from the date Developer acquired an interest in the Site,has been or will at any time be owned or used as a cooperative housing corporation or a community apartment project or a stock cooperative.

Section 2. Affordable Housing.

Number of Units. Throughout the Term of the Commission Regulatory Agreement, the Required Affordable Units shall be rented to households at the following income levels: (i) thirty four(34)studio Units shall be restricted to 30%AMI Extremely Low Income Households at Affordable Rent; (ii) seventeen(17) studio Units shall be restricted to 40%AMI Very Low Income Households at Affordable Rent;(iii)one(1)one-bedroom Unit shall be restricted to 30%AMI Extremely Low Income Households at Affordable Rent; and (iv) one (1) one-bedroom Unit shall be restricted to 40% AMI Very Low Income Households at Affordable Rent. One Unit for an onsite manager will not be restricted as to income or rent. All Required Affordable Units shall be rented at Affordable Rent. For this purpose, a tenant who qualifies as a 30%AMI Extremely Low Income Household at the time he or she first occupies an Affordable Unit shall be deemed to continue to be so qualified until such time as a recertification of such individual's or family's income in accordance with Section 3 below demonstrates that such individual or family no longer qualifies as a 30%AMI Extremely Low Income Household. Moreover, a unit previously occupied by a 30%AMI Extremely Low Income Household, and then vacated shall be considered occupied by such 30%AMI Extremely Low Income Household until reoccupied, other than for a temporary period, at which time the character of the unit shall be redetermined; a similar protocol shall apply with respect to 40%AMI Very Low Income Households.

In no event shall such temporary period exceed thirty-one(31) days.

Attachment No. 10

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At such time as a tenant ceases to qualify as a 30% AMI Extremely Low Income Household, the unit occupied by such tenant shall cease to be an Extremely Low Income Unit.

Developer shall replace each such 30% AMI Extremely Low Income Unit by designating the next available unit and any necessary units thereafter as an Extremely Low Income Unit. For purposes of the AHA,such designated unit will be considered a 30%AMI Extremely Low Income Unit if it is held vacant and available for occupancy by a 30% AMI Extremely Low Income Household, and, upon occupancy, the income eligibility of the tenant as a 30% AMI Extremely Low Income Household is verified and the unit is rented at Affordable Rent. A similar protocol shall apply with respect to 40% AMI Very Low Income Units respectively.

Except to the extent prohibited by federal law, in the event a household's income initially complies with the corresponding income restriction for a 30% AMI Extremely Low Income Household but the income of such household increases, such increase shall not be deemed to result in a violation of the restrictions of this Regulatory Agreement concerning limitations upon income of occupants, provided that the occupancy by such household is for a reasonable time of not to exceed three hundred sixty-five days (measured from the time the income of the household ceases to qualify at the designated affordability level). Developer shall include in its rental agreements provisions which implement this requirement and limitation, and Developer shall expressly inform prospective renters as to this limitation prior to the commencement of a tenancy.

Duration of Affordability Requirements. The Required Affordable Units shall be available to and occupied by 30%AMI Extremely Low Income Households and,to the extent provided under Prescribed Income Levels, 40% AMI Very Low Income Households at Affordable Rent throughout the Required Covenant Period. All tenants residing in any Unit for which rents are limited by virtue of this Regulatory Agreement or pursuant to other regulation during the last two (2)Years of the Required Covenant Period shall be given notice by Developer at least once every six(6) months prior to the expiration date of this requirement, that the rent payable on such Unit may be raised to a market rate rent at the end of the Required Covenant Period.

Selection of Tenants. As specified hereinbelow, Developer shall demonstrate to Commission that the proposed tenants of each of the Required Affordable Units constitutes a 30% AMI Extremely Low Income Household or,to the extent provided herein,40%AMI Very Low Income Units.

Developer shall restrict occupancy of all of the Required Affordable Units to occupancy by Senior Citizen Households.

Prior to the rental or lease of an Required Affordable Unit to a tenant, and as set forth in this Section 2 of Article 11 of this Declaration,Developer shall require the tenant to execute a written lease and to complete an Income Verification certifying that the tenant(s) occupying the Required Affordable Unit is/are a 30%AMI Extremely Low Income Household or,to the extent provided herein, a 40%AMI Very Low Income Unit Household and meet(s)the eligibility requirements established for the Required Affordable Unit. Developer shall verify the income of the tenant(s).

Developer 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. Developer shall not apply Attachment No. 10

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selection criteria to Section 8 certificate holders which are more burdensome than criteria applied to any other prospective tenants.

Notwithstanding anything set forth in this Section 2 of Article II to the contrary, in the event that the Section 8 subsidy applicable to the Development is reduced or eliminated through no fault of Developer,the Developer shall notify the Commission in writing immediately and shall make every effort to find alternative subsidies or financing structures that would maintain the Prescribed Income Levels at Affordable Rent. Upon documenting to the Commission's reasonable satisfaction unsuccessful efforts to obtain such alternative subsidies or financing structures, the Developer may increase Housing Rents and income targeting for all Units above the levels required by the Prescribed Income Levels, including relaxation of the set aside for units for Senior Citizen Households, but: (i) with income levels not to exceed sixty percent (60%) of AMI; and (ii) with rents raised only to the extent required for financial feasibility of the Project, as determined by the Commission. Where possible, remedies shall include skewing rents higher on portions of the Development in order to preserve the Prescribed Income Levels with Affordable Rent as closely as possible. Any necessary rent increases shall be phased in as gradually as possible, consistent with maintaining the Development's financial feasibility and minimizing disruption to existing households.

Determination of Affordable Rentfor the Affordable Units. The Affordable Units shall be rented or leased at Affordable Rent. As of the approval of the AHA,Affordable Rent is calculated in accordance with the Tax Credit Rents.

Relationship to Tax Credit Requirements. Notwithstanding any other provision of this Regulatory Agreement,to the extent that requirements associated with the provision of financing,other than by Commission, are more restrictive with respect to the requirements applicable to tenant selection, tenant income levels and unit rent levels than as provided in this Regulatory Agreement, whichever is more restrictive in each case, shall control and Developer's compliance therewith shall not be a default hereunder. If, following completion of construction of the Improvements, Developer restricts a greater number of Units as affordable units than is required under this Regulatory Agreement as of the date it is first executed, Developer agrees,upon request therefor by Commission, to execute and record such addendum or supplement to this Regulatory Agreement as would restrict such additional units to be affordable on a similar basis to that set forth herein.

DEVELOPER UNDERSTANDS AND KNOWINGLY AGREES THAT THE

MAXIMUM RENTAL FOR THE AFFORDABLE UNITS ESTABLISHED BY THE AHA, THIS

REGULATORY AGREEMENT IS SUBSTANTIALLY BELOW THE FAIR MARKET RENT FOR THE AFFORDABLE UNITS.

Section 3. Developer Verification and Program Compliance.

Income Verification and Certification. Developer will obtain and maintain on file an Income Verification from each tenant(for every Unit on the Site),dated immediately prior to the initial occupancy of such tenant in the Rental Project.

On June 15 following the completion of the Improvements, Developer shall file with Commission or its designee a Certificate, containing all information required pursuant to Health and Safety Code Section 33418, in a form prescribed by Commission. Each Certificate shall cover the Attachment No. 10

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immediately preceding Regulatory Agreement Year. Developer shall submit to Commission the Monitoring Fee annually concurrently with the submittal of the Certificate referenced in this paragraph.

Developer shall maintain on file throughout the Required Covenant Period each tenant's executed lease and Income Verification and rental records for the Rental Project and the Housing Units. Developer shall maintain complete and accurate records pertaining to the 30% AMI Extremely Low Income Units and the 40%AMI Very Low Income Units, as well as any other Units, and will permit any duly authorized representative of City to inspect the books and records of Developer pertaining to the Rental Project, including those records pertaining to the occupancy of the 30% AMI Extremely Low Income Units and the 40% AMI Very Low Income Units, as well as any other Units upon reasonable notice during normal working hours and any additional reasonable times.

Developer shall prepare and submit to City annually commencing the June 15 first following the recording of the Commission Regulatory Agreement and continuing throughout the Required Covenant Period, a Certificate of Continuing Program Compliance. Such documentation shall state for each unit in the Rental Project the unit size, the rental amount, the number of occupants, and the income of the occupants and any other information which may be used to determined compliance with the terms of this Regulatory Agreement and the AHA.

As part of its annual report,Developer shall include a statement of amounts payable by Developer under this Regulatory Agreement supported by an Audited Financial Statement (prepared by an independent accounting firm reasonably acceptable to Commission)which sets forth information in detail sufficient for adequate review by Commission for the purposes of confirming compliance with the Agreement, as well as showing the general financial performance of the Rental Project ("Annual Financial Report"). Each Annual Financial Report shall include a profit and loss statement showing Gross Revenues, Operating Expenses, Debt Services, Capital Replacement Reserve, and Residual Receipts, all certified by the Audited Financial Statement.

In addition,as part of its annual report,at Commission's request,but not less frequently than prior to each initial and subsequent rental of each Unit to a new tenant household (but not lease renewals) and annually thereafter, Developer shall also provide to Commission completed income computation, asset evaluation, and certification forms, for any such tenant or tenants, in substantially the form provided by Commission from time to time. Developer shall obtain an annual certification from each household of each Unit demonstrating that such household is a 30% AMI Extremely Low Income Household or a 40%AMI Very Low Income Household,as applicable,and meets the eligibility requirements established for each such Unit. Developer shall verify the income certification of each tenant household. In order to comply with this Section 3, Developer shall submit to Commission any and all tenant income and occupancy certifications and supporting documentation required to be submitted to TCAC pursuant to the Tax Credit Rules, the Tax Credit Approval, and the Tax Credit Regulatory Agreement for the Rental Project;provided,Commission may request(and Developer shall provide) additional documentation to assist Commission's evaluation of Developer's compliance with the AHA, if determined to be necessary in the reasonable discretion of the Executive Director, specifically including (without limitation) any documentation or additional certifications that may be necessary to verify compliance with all requirements from all funding sources,and each tenant's status as to each Required Affordable Unit as a Senior Citizen Household. This requirement is in addition to and does not replace or supersede Developer's obligation to annually submit the Certificate of Continuing Program Compliance to Commission. Further, Commission has the right, but not the obligation to monitor compliance with respect to each tenant household at the Rental Project, and Attachment No. 10

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Commission's election to monitor some, but not all, of the Units shall not constitute a waiver of Commission's right to monitor and enforce compliance with respect to all Units in the future.

Verification oflncome of New and Continuing Tenants. Gross income calculations for prospective (and continuing) tenants shall be determined in accordance with 25 Cal. Code Regs.

Section 6914. Developer shall verify the income and information provided in the income certification of the proposed tenant as set forth below.
(a) Developer shall verify the income of each proposed tenant of the Rental Project and by at least one of the following methods as appropriate to the proposed tenant:
(i) obtain two (2) paycheck stubs from the person's two (2) most recent pay periods;
(ii) obtain a true copy of an income tax return from the person for the most recent tax year in which a return was filed;
(iii) obtain an income verification certification from the employer of the person;
(iv) obtain an income verification certification from the Social Security Administration and/or the California Department of Social Services if the person receives assistance from such agencies;
(v) obtain an alternate form of income verification reasonably requested by Commission, if none of the above forms of verification is available to Developer; or (vi) as to the Required Affordable Units obtain verification and supporting documentation of the household as a Senior Citizen Household; or (vii)homelessness; or
(viii)Veterans.

Verification Regarding Eligibility of New Tenants. Developer shall retain documentation regarding the eligibility of each new tenant household.

Reporting Amounts. Commission is required by Section 33418 of the California Health and Safety Code to require Developer to monitor affordability of the Affordable Units and submit the annual reports required by Section 3 of Article II of this Declaration. Commission relies upon the information contained in such reports to satisfy its own reporting requirements and to provide certain information described at Sections 33080 and 33080.1 of the California Health and Safety Code. In the event Developer fails to submit to Commission or its designee the Certification as required by Section 3(a), Developer shall be in noncompliance with this Regulatory Agreement. In the event Developer remains in noncompliance for thirty (30) days following receipt of written notice from Commission of such noncompliance under Sections 3(a) and 3(b) of Article II hereinabove, then Developer shall,without further notice or opportunity to cure,pay to Commission Two Hundred Fifty Attachment No. 10

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Dollars ($250.00)per Required Affordable Unit for each Regulatory Agreement Year Developer fails to submit a Certificate covering each and every housing unit on the Site.

Section 4. Nondiscrimination. Developer shall refrain from restricting the rental, sale or lease of the Site, or any portion thereof, on the basis of race, color, creed,religion, sex, marital status, national origin or ancestry of any person. All such deeds,leases or contracts shall contain or be subject to substantially the following nondiscrimination or nonsegregation clauses:
(1) In deeds: "The grantee herein covenants by and for himself or herself, his or her heirs, executors, administrators, and assigns, and all persons claiming under or through them, that there 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 premises herein conveyed,nor shall the grantee or any person claiming under or through him or her,establish or permit any practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants,sublessees,or vendees in the premises herein conveyed. The foregoing covenants shall run with the land."
(2) In leases: "The lessee herein covenants by and for himself or herself,his or her heirs,executors,administrators,and assigns,and all persons claiming under or through him or her,and this lease is made and accepted upon and subject to the following conditions:
"That there 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 leasing, subleasing, transferring,use, occupancy, tenure, or enjoyment of the premises herein leased nor shall the lessee himself or herself, or any person claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection,location, number, use, or occupancy, of tenants, lessees, sublessees, subtenants, or vendees in the premises herein leased."
(3) In contracts: "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 premises which are the subject of the AHA,nor shall the grantee or any person claiming under or through him or her,establish or permit any practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees, or vendees in the premises herein conveyed. The foregoing covenants shall run with the land." The covenants established in this Declaration and the deeds of conveyance for the Site shall,without regard to technical classification and designation,be binding for the benefit and in favor of Commission, its successors and assigns,City and any successor in interest to the Site,together with Attachment No. 10

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any property acquired by Developer pursuant to the AHA, or any part thereof. The covenants against discrimination as set forth in this Section 1 of Article II shall remain in effect in perpetuity.

Section 5. Management of the Rental Project.

Maintenance and Repair, Capital Replacement Reserve. Developer agrees to assume full responsibility for the management, operation and maintenance of the Improvements and the Site throughout the Required Covenant Period without expense to Commission, and to perform all repairs and replacements necessary to maintain and preserve the Improvements and the Site in good repair, in a neat,clean,safe and orderly condition reasonably satisfactory to Commission and in compliance with all applicable laws. Developer agrees that Commission shall not be required to perform any maintenance, repairs or services or to assume any expense in connection with the Improvements and the Site. Developer hereby waives all rights to make repairs or to cause any work to be performed at the expense of Commission as provided for in Section 1941 and 1942 of the California Civil Code.

The following standards shall be complied with by Developer and its maintenance staff, contractors or subcontractors (and, where the facilities are located on property other than the Site, the Developer shall arrange for such facilities to be operated in conformity with the following standards):
(1) Developer shall maintain the Improvements, including individual Required Affordable Units,all common areas,all interior and exterior facades,and all exterior project site areas, in a safe and sanitary fashion suitable for a high quality, rental housing project. Developer agrees to provide utility services,administrative services, supplies, contract services,maintenance,maintenance reserves, and management for the entire project including interior tenant spaces, common area spaces and exterior common areas. The services provided by Developer shall include, but not be limited to, providing all common area electricity, gas, water, television, cable television, property, fire and liability insurance in the amounts set forth in this Regulatory Agreement, all property taxes and personal property taxes, any and all assessments, maintenance and replacement of all exterior landscaping, and all administration and overhead required for any property manager. (2) Landscape maintenance shall include, but not be limited to:
watering/irrigation; fertilization; mowing, edging, and trimming of grass; tree and shrub pruning; trimming and shaping of trees and shrubs to maintain a healthy, natural appearance and safe road conditions and visibility, and optimum irrigation coverage; replacement, as needed, of all plant materials; control of weeds in all planters, shrubs, lawns, ground covers, or other planted areas; and staking for support of trees.
(3) Clean-up maintenance shall include, but not be limited to: maintenance of all private paths, parking areas, driveways and other paved areas in clean and weed-free condition; maintenance of all such areas clear of dirt, mud, trash, debris or other matter which is unsafe or unsightly; removal of all trash, litter and other debris from improvements and landscaping prior to mowing; clearance and cleaning of all areas maintained prior to the end of the day on which the maintenance operations are performed to ensure that all cuttings, weeds, leaves and other debris are properly disposed of by maintenance workers.
(4) The Improvements shall be maintained in conformance and in compliance with the approved construction and architectural plans and design scheme, as the same may be amended from time to time with the approval of Commission.

Attachment No. 10

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(5) All maintenance work shall conform to all applicable federal and state Occupation Safety and Health Act standards and regulations for the performance of maintenance. (6) Any and all chemicals, unhealthful substances, and pesticides used in and during maintenance shall be applied only by persons in strict accordance with all governing regulations.
(7) Parking lots, lighting fixtures, trash enclosures, and all areas shall be kept free from any accumulation of debris or waste materials by regularly scheduled maintenance. Access to parking areas serving the Site under the land use approvals for the Site("Required Site Parking") shall be continuously available to occupants of the Site and their invitees.

Capital repairs to and replacement of the Improvements shall include only those items with a long useful life, including without limitation the following:
(a) Appliance replacement;
(b) Hot water heater replacement;
(c) Plumbing fixtures replacement, including tubs and showers, toilets, lavatories, sinks, faucets;
(d) Air conditioning and heating replacement;
(e) Asphalt replacement;
(f) Roofing replacement;
(g) Landscape tree replacement and irrigation pipe and controls replacement; (h) Gas line pipe replacement;
(i) Lighting fixture replacement; and
0) Miscellaneous motors and blowers.

Exterior Building Maintenance. All exterior, painted surfaces shall be maintained at all times in a clean and presentable manner, free from chipping, cracking and defacing marks. Any such defacing marks shall be cleaned or removed within a reasonable period of time as set forth herein.

Front and Side Exteriors. Developer shall at all times maintain the front exterior and yard in a clean, safe and presentable manner,free from defacing marks or any disrepair and any visible side exteriors. Developer shall hire maintenance personnel to maintain and/or repair any front exterior or yard or visible side yard and exterior of any lot or building.

Graffiti Removal. All graffiti,and defacement of any type,including marks,words and pictures must be removed and any necessary painting or repair completed by the later to occur of (i) seventy two (72)hours of their creation or(ii) seventy two (72)hours after notice to Developer.

Attachment No. 10

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Driveways. All driveways must be paved and maintained with impervious material in accordance with the City Code. In addition, all water must be made to drain freely to the public part of the waterway without any pooling.

Exterior Illumination. Developer shall at all times maintain adequate lighting in all entrance ways and parking areas. Adequate lighting means outdoor, night lighting designed and installed, which provides no less than one (1.0) foot candles in the parking areas and no less than one and one-half(1-1/2) foot candles in the walking areas or common areas and no less than 0.2 foot candles at the point of least illumination.

Front Setbacks. All front setback areas that are not buildings, driveways or walkways shall be adequately and appropriately landscaped in accordance with minimum standards established by Commission and shall be maintained by Developer. The landscaping shall meet minimum standards set from time to time by Commission.

Trash Bins. All trash shall be collected and placed at all times in an enclosable bin to be placed in a designated refuse/trash bin area. The designated area shall be located so that the bin will,to the extent possible,be readily accessible from the street.

Prohibited Signs. No sign of any kind shall be displayed to the public view on or from any portion of the Site without the approval of Commission and appropriate City departments if any as required by the City Code.

Gross Mismanagement. During the Required Covenant Period, and in the event of "Gross Mismanagement" (as defined below) of the Development, Executive Director shall have and retain the authority to direct and require any condition(s), acts, or inactions of Gross Mismanagement to cease and/or be corrected immediately, if such condition(s) is/are not ceased and/or corrected after expiration of thirty(30) days from the date of written notice from Executive Director. If Developer or Property Manager has commenced to cure such Gross Mismanagement condition(s) on or before the 20th day from the date of written notice (with evidence of such submitted to the Executive Director), but has failed to complete such cure by the 30th day(or such longer period if the cure cannot reasonably be accomplished in thirty (30) days as reasonably determined by the non-defaulting party), then Developer shall have an additional thirty (30) days to complete the cure of Gross Mismanagement condition(s).

For purposes of the AHA, the term "Gross Mismanagement" means management of the Development in a manner which, after notice and an opportunity to cure any violations, violates the terms and/or intention of the AHA to operate a first quality affordable housing complex, and shall include,but is not limited to, any one or more of the following:
(a) Leasing to tenants who exceed the Prescribed Income Levels excepting only to the extent, if any, otherwise permitted under the terms hereof, (b) Leasing of a Required Affordable Unit to a household that is not a Senior Citizen Household excepting only to the extent, if any, otherwise permitted under the terms hereof;
Attachment No. 10

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(c) Subject to fair housing laws, allowing tenants to exceed the prescribed occupancy levels without taking immediate action to stop such overcrowding; (d) Under-funding required reserve accounts;
(e) Failing to submit timely and/or adequate annual reports to Commission as required herein;
(f) Failing to comply with this Regulatory Agreement; (h) Failing to comply with the Tax Credit Regulatory Agreement or the terms and conditions of the Tax Credit Approval;
(i) Fraud or embezzlement of Development funds, including without limitation funds in the reserve accounts;
0) Failing to fully cooperate with the Vista Police Department or other local law enforcement agency(ies)with jurisdiction over the Development,in maintaining a crime-free environment within the Development;
(k) Failing to fully cooperate with the Vista Fire Department or other local public safety agency(ies)with jurisdiction over the Development, in maintaining a safe and accessible environment within the Development;
(1) Failing to fully cooperate with the Vista Planning and Building and Safety Department, or other local health and safety enforcement agency(ies)with jurisdiction over the Development, in maintaining a decent, safe and sanitary environment within the Development; and (m) Failing to cause the Required Site Parking to be available throughout the duration of this Regulatory Agreement.
(n) Failing to cause amenities required to be available to the Site to be available throughout the duration of this Regulatory Agreement.

Developer is obligated and shall use its best efforts to correct any defects in property management or operations at the earliest feasible time.

Code Enforcement. Developer acknowledges and agrees that Commission and its employees and authorized agents, shall have the right to conduct code compliance and/or code enforcement inspections of the Development and the individual dwelling units at the Development (and not limited to the Required Affordable Units),both exterior and interior, at reasonable times and upon reasonable notice (not less than 48 hours prior notice, except in an emergency) to Developer and/or an individual tenant. If such notice is provided by Commission representative(s)to Developer, then Developer shall immediately and directly advise any affected tenant of such upcoming inspection and cause access to the area(s) and/or Units at the Development to be made available and open for inspection. Developer shall include express advisement of such inspection rights within the lease/rental agreements for each Unit in the Development in order for each and every tenant and tenant Attachment No. 10

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household to be aware of this inspection right. The foregoing portion of this Section 5 is without limitation as to the exercise of police powers by City.

Section 6. Keeping of Animals. No animals of any kind shall be raised, bred or kept on the Site, except that domesticated dogs, cats or other household pets may be kept by the tenants in the Rental Project at the discretion of Developer and subject to compliance with all laws. However, no animal shall be kept,bred or maintained for any commercial purpose or for fighting purposes. Nothing permitted herein shall derogate in any way the right of Developer to further restrict keeping of pets.

Section 7. Parking of Vehicles. Developer shall not permit the parking,storing or keeping of any vehicle except wholly within the parking areas designated for the Required Affordable Units.

Developer shall not permit the parking, storing or keeping of any large commercial type vehicle(dump truck, cement mixer truck, oil or gas truck, etc.), or any recreational vehicle over twenty (20) feet in length(camper unit,motor home,trailer,mobile home or other similar vehicle),boats over twenty(20) feet in length, or any vehicle other than a private passenger vehicle,upon any portion of the Common Areas, including parking spaces. For purposes of this section, a pickup truck with a pickup bed mounted camper shall be considered a private passenger vehicle; provided however, that no such vehicle shall be used for residential purposes while parked on the premises.

Developer shall not permit major repairs or major restorations of any motor vehicle, boat, trailer, aircraft or other vehicle to be conducted upon any portion of the Common Area, including the parking areas, except for emergency repairs thereto and then only to the extent necessary to enable movement of the vehicle to a proper repair facility. No inoperable vehicle shall be stored or kept in the Common Area. Developer shall give the vehicle owner not less than four(4) days, nor more than seven(7) days' notice and an opportunity to remove any vehicle parked, stored or kept in violation of the provisions of this Declaration. Notice shall consist minimally of a reasonably diligent attempt to personally notify the vehicle owner or alternatively leaving written notice on the subject vehicle. After due notice and opportunity have been given to the vehicle owner, Developer shall have the right to remove,at the vehicle owner's expense,any vehicle parked,stored or kept in violation of the provisions of this Declaration.

Section 8. Maximum Occupancies. No persons shall be permitted to occupy any Apartment within the Rental Project in excess of applicable limit of maximum occupancy set by the City Code and the laws of the State of California.

Section 9. Signs Required. "No loitering" signs will be posted at each building and enforced by Developer. "Illegally parked vehicles will be towed" signs in compliance with California Vehicle Code requirements will be posted and enforced by Developer.

Section 10. Fences and Electronic Installations. Developer shall not install or knowingly permit to be installed on the exterior of any improvement or building on any fences or any antenna or other television or radio receiving device, excepting satellite dishes having a diameter of eighteen inches (18") or less, without prior written consent of City. This prohibition shall not prohibit the installation of cable television or subscription wires or receiving devices.

Section 11. Structural Change. Nothing shall be done on the Site in, on or to any building which would materially structurally change the exterior or the interior bearing walls of any such building or structure, except as otherwise provided herein. Nothing herein shall affect the rights of Attachment No. 10

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Developer to repair, alter or construct improvements on the buildings on the Site unless such repair, alteration or improvement would impair the structural integrity and/or exterior appearance of said buildings. Nothing herein shall be deemed to prohibit work ordered to be performed by the City building official.

Section 12. Compliance with Laws. Developer shall comply with all applicable laws in connection with the development and use of the Site, including without limitation the California Community Redevelopment Law (Health and Safety Code Section 33000, et seq.) and Fair Housing Act (42 U.S.C. § 3601, et seq., and 24 C.F.R. § 100.300, et seq.). Developer shall also comply with the Tax Regulatory Agreement. Developer is a sophisticated party, with substantial experience in the acquisition, development, financing, obtaining financing for, marketing, and operation of affordable housing projects,and with the negotiation,review,and preparation of agreements and other documents in connection with such activities. Developer is familiar with and has reviewed all laws and regulations pertaining to the acquisition,development and operation of the Rental Project and has obtained advice from any advisers of its own choosing in connection with the AHA.

ARTICLE III
DUTIES OF DEVELOPER: SPECIFIC MAINTENANCE RESPONSIBILITIES Section 1. Exterior Building Maintenance. All exterior, painted surfaces shall be maintained at all times in a clean and presentable manner, free from chipping, cracking and defacing marks. Any such defacing marks shall be cleaned or removed within a reasonable period of time as set forth herein.

Section 2. Front and Side Exteriors. Developer shall at all times maintain the front exterior and yard in a clean, safe and presentable manner, free from defacing marks or any disrepair and any visible side exteriors. Developer shall hire maintenance personnel to maintain and/or repair any front exterior or yard or visible side yard and exterior of any lot or building.

Section 3. Graffiti Removal. All graffiti, and defacement of any type, including marks, words and pictures must be removed and any necessary painting or repair completed by the later to occur of (i) seventy-two (72) hours of their creation or (ii) seventy-two (72) hours after notice to Developer.

Section 4. Driveways. All driveways must be paved and maintained with impervious material in accordance with the City Code. In addition, all water must be made to drain freely to the public part of the waterway without any pooling.

Section 5. Exterior Illumination. Developer shall at all times maintain adequate lighting in all entrance ways and parking areas. Adequate lighting means outdoor,night lighting designed and installed, which provides no less than one (1.0) foot candles in the parking areas and no less than one and one-half(1-1/2) foot candles in the walking areas or common areas and no less than 0.2 foot candles at the point of least illumination.

Section 6. Front Setbacks. All front setback areas that are not buildings, driveways or walkways shall be adequately and appropriately landscaped in accordance with minimum standards established by City and shall be maintained by Developer. The landscaping shall meet minimum standards set from time to time by City.

Attachment No. 10

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Section 7. Trash Bins. All trash shall be collected and placed at all times in an enclosable bin to be placed in a designated refuse/trash bin area. The designated area shall be located so that the bin will,to the extent possible,be readily accessible from the street.

Section 8. Prohibited Signs. No sign of any kind shall be displayed to the public view on or from any portion of the Site without the approval of City and appropriate City departments if any as required by the City Code.

ARTICLE IV

OBLIGATION TO MAINTAIN,REPAIR AND REBUILD
Section 1. Maintenance by Developer. Developer shall, at its sole cost and expense, maintain and repair the Site and the improvements thereon keeping the same in a decent, safe and sanitary manner,in accordance with the United States Department of Housing and Urban Development ("HUD") Housing Quality Standards ("HQS"), and in good condition and making all repairs as they may be required by these CC&Rs and by all applicable City Code provisions, including without limitation Uniform Code provisions. Developer shall also maintain the landscaping required to be planted in a healthy condition. If, at any time, Developer fails to maintain the Rental Project or any portion thereof, and said condition is not corrected after the expiration of forty-five (45) days from the date of written notice from Commission or such longer period as Developer and Commission shall have mutually agreed is reasonably necessary, either Commission or City may perform the necessary maintenance and Developer shall pay such costs as are reasonably incurred for such maintenance.

Payment shall be due within fifteen(15) days of receipt of an invoice from Commission or City.

Section 2. Damage and Destruction Affecting Project - Developer's Duty to Rebuild. If all or any portion of the Site and the improvements thereon is damaged or destroyed by fire or other casualty,it shall be the duty of Developer to rebuild,repair or reconstruct said portion of the Site and/or the improvements in a timely manner which will restore it to Code compliance condition.

In furtherance of the requirements of this Section 2, Developer shall keep the construction on the Site insured by carriers at all times satisfactory to Commission against loss by fire and such other hazards, casualties, liabilities and contingencies as included within an all risk extended coverage hazard insurance policy, in an amount of the full replacement cost of the constructions. In the event of loss, Developer shall give prompt notice to the insurance carrier and to Commission.

If the Site is abandoned by Developer, or if Developer fails to respond to Commission within thirty (30) days from the date notice is mailed by Commission to Developer that the insurance carrier offers to settle a claim for insurance benefits, Commission is authorized to collect and apply the insurance proceeds at Commission's option either to restoration or repair of the Site.

Section 3. Variance in Exterior Appearance and Design. In the event the Rental Project sustains substantial physical damage due to a casualty event,Developer may apply to City for approval to reconstruct, rebuild or repair in a manner which will provide different exterior appearance and lot design from that which existed prior to the date of the casualty.

Section 4. Time Limitation. Upon damage to the Site or the Rental Project or other improvements, Developer shall be obligated to proceed with all due diligence hereunder and commence reconstruction within two(2)months after the damage occurs and complete reconstruction Attachment No. 10

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within six (6) months after damage occurs or demolition and vacate within two (2) months, unless prevented by causes beyond their reasonable control, in which event reconstruction shall be commenced and completed at the earliest feasible time.

Section 5. Hazardous Materials. Developer shall defend, indemnify, and hold harmless City, Commission and their respective officers, agents and employees from any damages, losses, claims, or suits related to Hazardous Materials at the Site.

ARTICLE V

ENFORCEMENT
Section 1. Remedies. Breach of the covenants contained in the Declaration may be enjoined, abated or remedied by appropriate legal proceeding by Commission or City.

This Declaration does not in any way infringe on the right or duties of City to enforce any of the provisions of the City Code including,but not limited to,the abatement of dangerous buildings.

City shall be deemed to be a third party beneficiary of this Regulatory Agreement. Except for City,there shall be no third party beneficiaries of this Regulatory Agreement.

Section 2. Nuisance. The result of every act or omission whereby any of the covenants contained in this Declaration are violated in whole or in part is hereby declared to be and constitutes a nuisance, and every remedy allowable at law or equity, against a nuisance, either public or private, shall be applicable against every such result and may be exercised by any owner or its successors in interest, without derogation of City's rights under law.

Section 3. Right of Entry. In addition to the above general rights of enforcement, City shall have the right through its agents and employees,to enter upon any part of the project area for the purpose of enforcing the California Vehicle Code, and the ordinances and other regulations of City, and for maintenance and/or repair of any or all publicly owned utilities. In addition, City has the right of entry at reasonable hours and upon and after reasonable attempts to contact Developer, on any lot to effect emergency repairs or maintenance which Developer has failed to perform. Subsequent to sixty (60) days written notice to Developer specifically outlining Developer's noncompliance, City shall have the right of entry on the Site at reasonable hours to enforce compliance with this Declaration which Developer has failed to perform. This Section 3 is without limitation as to the exercise of police powers of City.

Section 4. Costs of Repair. The costs borne by City or Commission of any such repairs or maintenance emergency and/or non-emergency, shall become a charge for which Developer shall be responsible.

Section 5. Cumulative Remedies. The remedies herein provided for breach of the covenants contained in this Declaration shall be deemed cumulative, and none of such remedies shall be deemed exclusive.

Section 6. Failure to Enforce. The failure to enforce any of the covenants contained in this Declaration shall not constitute a waiver of the right to enforce the same thereafter.

Attachment No. 10

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Section 7. Enforcement and Nonliability. City or Commission may from time to time make such efforts, if any, as it shall deem appropriate enforce and/or assist in enforcing this Declaration. However, neither Commission nor City will be subject to any liability for failure to affirmatively enforce any provision of this Declaration.

ARTICLE VI

GENERAL PROVISIONS
Section 1. Covenant Against Partition. By acceptance of its interest in the Site,Developer shall be deemed to covenant for itself and for its heirs, representatives, successors and assigns, that it will not institute legal proceedings or otherwise seek to effect partition of its right and interest in the interest being conveyed to Developer,or the burdens running with the land as a result of this Regulatory Agreement.

Section 2. Severability. Invalidation of any one of these covenants or restrictions by judgment or court order shall in no way affect any other provisions which shall remain in all force and effect.

Section 3. Term. This Declaration shall run with and bind the interest of Developer in the Site, and shall inure to the owner(s) of any property subject to this Declaration, his legal representatives, heirs, successors and assigns, and as provided in Article VI, Sections 2 and 3, be enforceable by City,for a term equal to the Required Covenant Period as defined in the AHA,provided; however, that the covenants regarding nondiscrimination set forth in Section 4 of Article II of this Declaration shall remain in effect for perpetuity.

Section 4. Construction. The provisions of this Declaration shall be liberally construed to effectuate its purpose of creating a uniform plan for the development and operation of rental housing available at Affordable Rent for 30%AMI Low Income Households or 40% AMI Very Low Income Households in conformity with the Prescribed Income Levels. The article and section headings have been inserted for convenience only and shall not be considered or referred to in resolving questions of interpretation or construction.

Section 5. Amendments. This Declaration may be amended only by the written agreement of Developer, Commission and City.

Section 6. Encroachments. None of the rights and obligations of Developer created herein shall be altered in any way by encroachments due to settlement or shifting of structures or any other cause. There shall be valid easements for the maintenance of said encroachments so long as they shall exist;provided,however,that in no event shall a valid easement for encroachment be created in favor of Developer if said encroachment occurs due to the willful conduct of said Developer.

Section 7. Notices. Any notice permitted or required to be delivered as provided herein to Developer shall be in writing and may be delivered either personally or by certified mail. Notice to Commission shall be made by certified mail to the Executive Director or his or her designee at 200 Civic Center Drive,Vista,California 92084(with a copy to the City Attorney at the same address)and shall be effective upon receipt. Notice to Developer shall be made by certified mail to Santa Fe Senior Village LP, a California limited partnership, 9421 Haven Avenue, Rancho Cucamonga, California Attachment No. 10

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91730,and shall be effective upon receipt. Such addresses may be changed from time to time by notice in writing.
(signatures on following page)
Attachment No. 10

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SANTA FE SENIOR VILLAGE,LP,
a California limited partnership
By: NCRC Santa Fe SV LLC
a California limited liability company
Its: Managing General Partner
By: National Community Renaissance of
California
a California nonprofit public benefit
corporation,
Its: Manager
By:

Michael Ruane
Its: Executive Vice President
By: SDCHC Santa Fe Senior LLC
a California limited liability company
Its: Administrative General Partner
By: San Diego Community Housing
Corporation
a California nonprofit public benefit
corporation,
Its: Manager
By:

Theodore T. Miyahara
Its: President& Chief Executive Officer
Attachment No. 10
S-1
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CITY: COMMISSION:

CITY OF VISTA, a charter city duly COMMUNITY DEVELOPMENT organized and existing under and by virtue of COMMISSION OF THE CITY OF VISTA, a the Constitution and the laws of the State of public body, corporate and politic California
By: By:

JOHN FRANKLIN,Mayor JOHN FRANKLIN, Chairperson
ATTEST: ATTEST:

Kathy Valdez, City Clerk Kathy Valdez, Commission Secretary APPROVED AS TO FORM: APPROVED AS TO FORM:

Walter C. Chung, City Attorney Walter C. Chung, Commission Counsel Attachment No. 10
S-2
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EXHIBIT A

LEGAL DESCRIPTION OF THE SITE

REAL PROPERTY IN THE CITY OF VISTA, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA,DESCRIBED AS FOLLOWS:
[to come]
Exhibit"A"to Attachment No. 10

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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.

STATE OF CALIFORNIA )
ss.

COUNTY OF )
On ,before me, Notary Public,
(Print Name of 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 of Notary Public

OPTIONAL
Though the data below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent reattachment of this form.

CAPACITY CLAIMED BY SIGNER DESCRIPTION OF ATTACHED DOCUMENT ❑ Individual
❑ Corporate Officer
Title Or Type Of Document
Title(s)
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❑ Partner(s) ❑ Limited ❑ General
❑ Attorney-In-Fact
Number Of Pages
❑ Trustee(s)
❑ Guardian/Conservator
❑ Other:

Date Of Documents
Signer is representing:

Name Of Person(s)Or Entity(ies)
Signer(s)Other Than Named Above
Attachment No. 10

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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.

STATE OF CALIFORNIA )
ss.

COUNTY OF )
On ,before me, Notary Public,
(Print Name of 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 of Notary Public

OPTIONAL
Though the data below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent reattachment of this form.

CAPACITY CLAIMED BY SIGNER DESCRIPTION OF ATTACHED DOCUMENT ❑ Individual
❑ Corporate Officer
Title Or Type Of Document
Title(s)
414N.SafMF/e10/2023 C4 Page 127 of 153

❑ Partner(s) ❑ Limited ❑ General
❑ Attorney-In-Fact
Number Of Pages
❑ Trustee(s)
❑ Guardian/Conservator
❑ Other:

Date Of Documents
Signer is representing:

Name Of Person(s)Or Entity(ies)
Signer(s)Other Than Named Above
Attachment No. 10

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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.

STATE OF CALIFORNIA )
ss.

COUNTY OF )
On ,before me, Notary Public,
(Print Name of 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 of Notary Public

OPTIONAL
Though the data below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent reattachment of this form.

CAPACITY CLAIMED BY SIGNER DESCRIPTION OF ATTACHED DOCUMENT ❑ Individual
❑ Corporate Officer
Title Or Type Of Document
Title(s)
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❑ Partner(s) ❑ Limited ❑ General
❑ Attorney-In-Fact
Number Of Pages
❑ Trustee(s)
❑ Guardian/Conservator
❑ Other:

Date Of Documents
Signer is representing:

Name Of Person(s)Or Entity(ies)
Signer(s)Other Than Named Above
Attachment No. 11

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ATTACHMENT NO. 11

INCOME VERIFICATION
Part I-- General Information

1. Project Location:

2. Landlord's Name:

Part II --Unit Information

3. Unit 4. Number of 5. Monthly 6. Number of Number Bedrooms Rent Occupants
Part III --Affidavit of Tenant
and I, , as applicants for rental of an Apartment Unit at the above-described location, do hereby represent and warrant as follows:

A. (My/Our) gross income (anticipated total annual income) does not exceed thirty percent (30%) of the median income for the San Diego Primary Metropolitan Statistical Area such income levels are established and amended from time to time pursuant to Section 8 of the United States Housing Act of 1937 and published by the State Department of Housing and Community Development in the California Code of Regulations. (I/We) understand that the applicable median income is $ . The following computation includes all income (I/we) anticipate receiving for the 12-month period beginning on the date (1/we) execute a rental agreement for an Affordable Unit or the date on which (I/we) will initially occupy such unit, whichever is earlier. I/we certify that I/we constitute a"Senior Citizen Household"as defined as [ ].

Tenant(s)' Initials
B. (My/Our) gross income (anticipated total annual income) does not exceed forty percent (40%) of the median income for the San Diego Primary Metropolitan Statistical Area such income levels are established and amended from time to time pursuant to Section 8 of the United States Housing Act of 1937 and published by the State Department of Housing and Community Development in the California Code of Regulations. (I/We) understand that the applicable median income is $ . The following computation includes all income (1/we) anticipate receiving for the 12 month period beginning on the date (1/we) execute a rental agreement for an Affordable Unit or the date on which (I/we) will initially occupy such unit, whichever is earlier. I/we certify that I/we constitute a"Senior Citizen Household"as defined as [ �.

Attachment No. 11

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Tenant(s)' Initials

1. All tenants must complete the following:

Monthly Gross Income
(All Sources of Income of All Adult Household Members Must be Listed) Source Head of Co-Tenants Total
Household
Gross amount,before payroll
deductions of wages, salaries,
overtime pay, commissions, fees,
tips and bonuses
Interest and/or dividends
Net income from business or from
rental property
Social security, annuities, insurance
policies,pension/retirement funds,
disability or death benefits received
periodically
Payment in lieu of earnings, such as
unemployment and disability
compensation, worker's
compensation and severance pay
Alimony, child support, other
periodic allowances
Public assistance, welfare payments
Regular pay, special pay and
allowances of members of Armed
Forces
Other
Attachment No. 11

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Total:

Total x 12 = Gross Annual Household Income
Note: The following items are not considered income: casual or sporadic gifts; amounts specifically for or in reimbursement of medical expenses; lump sum payments such as inheritances, insurance payments (including payments under health and accident insurance and worker's compensation), capital gains and settlement for personal or property losses; educational scholarships paid directly to the student or educational institution; government benefits to a veteran for education; special pay to a serviceman head of family away from home and under hostile fire; foster child care payments; value of coupon allotments for purpose of food under Food Stamp Act of 1964 which is in excess of amount actually charged the eligible household; relocation payments under Title II of Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970; payments received pursuant to participation in the following programs: VISTA, Service Learning Programs, and Special Volunteer Programs, SCORE, ACE, Retired Senior Volunteer Program, Foster Grandparent Program, Older American Community Services Program, and National Volunteer Program to Assist Small Business Experience.

2. This affidavit is made with the knowledge that it will be relied upon by the Landlord to determine maximum income for eligibility and(1/we) warrant that all information set forth in this document is true, correct and complete and based upon information (I/we) deem reliable and that the estimate contained in paragraph 1 of this Part III is reasonable and based upon such investigation as the undersigned deemed necessary.

3. (I/We) will assist the Landlord in obtaining any information or documents required to verify the statements made in this Part III and have attached hereto copies of federal income tax return for most recent tax year in which a return was filed(past two years federal income tax returns for self-employed persons).

4. (I/We)acknowledge that(1/we)have been advised that the making of any misrepresentation or misstatement in this affidavit will constitute a material breach of(my/our) agreement with the Landlord to rent the unit and will additionally enable the Landlord and/or the Community Development Commission of the City of Vista to initiate and pursue all applicable legal and equitable remedies with respect to the unit and to me/us. (I/We) do hereby swear under penalty of perjury that the foregoing statements are true and correct.

Date Tenant
Date Tenant
Attachment No. 11

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INCOME VERIFICATION
(for employed persons)
The undersigned employee has applied for a rental unit located in a project financed under a multifamily housing program of the City of Vista and the Community Development Commission of the City of Vista for persons of extremely low income and very low income. Every income statement of a prospective tenant must be stringently verified. Please indicate below the employee's current annual income from wages, overtime, bonuses, commissions or any other form of compensation received on a regular basis.

Annual wages
Overtime
Bonuses
Commissions
Total current income
I hereby certify that the statements above are true and complete to the best of my knowledge.

Signature Date Title
I hereby grant you permission to disclose my income to in order that they may determine my income eligibility for rental of an apartment located in their project which has been financed under a multifamily housing program of the City of Vista and the Community Development Commission of the City of Vista.

Signature Date
Please send to:

Attachment No. 11

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INCOME VERIFICATION
(for self-employed persons)
I hereby attach copies of my individual federal and state income tax returns for the immediately preceding calendar year and certify that the information shown in such income tax returns is true and complete to the best of my knowledge.

Signature Date
Attachment No. 11

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ATTACHMENT NO. 12

COMMISSION DEED OF TRUST
Order No.

Escrow No.

Loan No.

WHEN RECORDED MAIL TO:

Community Development Commission of the City of
Vista
200 Civic Center Drive
Vista, California 92084
Attention: Executive Director

SPACE ABOVE THIS LINE FOR RECORDER'S USE

DEED OF TRUST WITH ASSIGNMENT OF RENTS
(SHORT FORM)
This DEED OF TRUST,made as of ,202_, among
SANTA FE SENIOR VILLAGE, LP, a California limited partnership,herein called TRUSTOR,whose address is:
9421 Haven Avenue,Rancho Cucamonga, California 91730
FIDELITY NATIONAL TITLE COMPANY, a California corporation,herein called TRUSTEE, and the COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF VISTA, a public body, corporate and politic,herein called BENEFICIARY,
WITNESSETH: That Trustor grants to Trustee in trust,with power of sale,that property in the City of Vista,County of San Diego, State of California, described as:

SEE EXHIBIT"A"ATTACHED HERETO AND MADE A PART HEREOF.
together with the rents,issues and profits thereof,subject,however,to the right,power and authority hereinafter given to and conferred upon Beneficiary to collect and apply such rents, issues and profits for the purpose of securing (1)payment of the sum of Five Hundred Thousand Dollars($500,000.00)with interest thereon according to the terms of a promissory note or notes of even date herewith made by Trustor,payable to order of Beneficiary,and extensions Attachment No. 12

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or renewals thereof, (2)the performance of each and every obligation, covenant, promise or agreement of Trustor contained in the Loan Agreement between Beneficiary and Trustor,the Commission Regulatory Agreement recorded as to the Property of even date herewith, and that certain unrecorded Disposition and Development/Affordable Housing Agreement by and among the Beneficiary,the City of Vista("City")and the Trustor dated as of January 23, 2023 (the "AHA"), which is on file with the Beneficiary as a public record and is incorporated herein by reference, or contained herein, and (3)payment of additional sums and interest thereon which may hereafter be loaned to Trustor, or his or her successors or assigns, when evidenced by a promissory note or notes reciting that they are secured by this Deed of Trust. A breach or default under the promissory note or a breach or default under the "Agreement"or any instrument referenced in Exhibit B hereto, or under any obligation to which this deed of trust is subordinated, shall be deemed to constitute a default hereunder.

To protect the security of this Deed of Trust, and with respect to the property above described, Trustor expressly makes each and all of the agreements, and adopts and agrees to perform and be bound by each and all of the terms and provisions set forth in subdivision A, and it is mutually agreed that each and all of the terms and provisions set forth in subdivision B of the fictitious deed of trust recorded in San Diego County in Series 5, in Book 1964, Page 149774 among the Official Records of said County, shall inure to and bind the parties hereto, with respect to the property above described. Said agreements,terms and provisions contained in said subdivisions A and B, (identical in all counties,and printed on pages 3 and 4 hereof)are by the within reference thereto,incorporated herein and made a part of this Deed of Trust for all purposes as fully as set forth at length herein, and Beneficiary may charge for a statement regarding the obligation secured hereby, provided the charge therefor does not exceed the maximum allowed by law.

The undersigned Trustor requests that a copy of any notice of default and any notice of sale hereunder be mailed to him at his or her address hereinbefore set forth.
(signatures on following page)
Attachment No. 12

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SANTA FE SENIOR VILLAGE,LP,
a California limited partnership
By: NCRC Santa Fe SV LLC
a California limited liability company
Its: Managing General Partner
By: National Community Renaissance of California
a California nonprofit public benefit corporation,
Its: Manager
By:

Michael Ruane
Its: Executive Vice President
By: SDCHC Santa Fe Senior LLC
a California limited liability company
Its: Administrative General Partner
By: San Diego Community Housing Corporation
a California nonprofit public benefit corporation,
Its: Manager
By:

Theodore T. Miyahara
Its: President& Chief Executive Officer
Attachment No. 12
S-1
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EXHIBIT A

LEGAL DESCRIPTION
[to come]
APN: [APNs to come]
Exhibit A to Attachment No. 12

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EXHIBIT B

RIDER TO DEED OF TRUST
Exhibit B to Deed of Trust with Assignment of Rents dated as of ,20_,executed by Santa Fe Senior Village, LP, a California limited partnership, as "Trustor",to First American Title Insurance Company, a California corporation, as Trustee, for the benefit of the Community Development Commission of the City of Vista, a public body, corporate and politic, as "Beneficiary" ("Deed of Trust").

1. DEFAULT - OTHER DEEDS OF TRUST, DEED, COVENANTS CONDITIONS AND RESTRICTIONS (CC&Rs) AND AGREEMENT. A default under any of the following shall,upon continuance thereof following the applicable notice and cure period under the AHA, at Beneficiary's option, constitute a default under this Deed of Trust:
(a) A default under the AHA or any default under any Commission Note delivered under the Agreement,whether senior or junior to this Deed of Trust(all capitalized terms not defined herein shall have the meanings established therefor under the Agreement); or (b) A default under the "Commission Regulatory Agreement" (as executed and recorded pursuant to the AHA).

2. NON-IMPAIRMENT. Except as supplemented and/or modified by this Deed of Trust, all of the terms, covenants and conditions of the Other Deeds of Trust and the other loan documents executed in connection therewith shall remain in full force and effect.

3. DUE ON SALE OR ENCUMBRANCE. In the event of any Transfer(as defined below) of the Property,or any portion thereof or interest therein,Beneficiary shall have the absolute right at its option, without prior demand or notice, to declare all sums secured hereby immediately due and payable. As used herein,the term"Transfer"means and includes the direct or indirect sale, transfer, conveyance, mortgage, further encumbrance, assignment, or other alienation of the Property, or any portion thereof or interest therein, whether voluntary, involuntary, by operation of law or otherwise, the execution of any installment land sale contract, sales agreement or similar instrument affecting all or a portion of the Property,granting of an option to purchase any portion of or interest in the Property or any interest therein, or the lease of all or substantially all of the Property or of all or substantially all of the improvements situated on the Property. "Transfer" shall not include a Transfer permitted in the AHA or the leasing of individual dwelling units on the Property so long as Trustor complies with the provisions of the Agreement relating to such leasing activity and such transfers as are permitted under the Commission Regulatory Agreement. Failure of Beneficiary to exercise the option to declare all sums secured hereby immediately due and payable upon a Transfer will not constitute waiver of the right to exercise this option in the event of any subsequent Transfer.

Exhibit B to Attachment No. 12

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4. PRIORITY OF DEED OF TRUST. This Deed of Trust is subject and subordinate to the following:
(i)the Commission Regulatory Agreement; (ii) the County Deeds of Trust; and(iii) if applicable, deeds of trust securing senior loans approved by the Commission as liens senior to this Deed of Trust.

5. NOTICE AND CURE RIGHTS BY LIMITED PARTNERS. Notwithstanding anything to the contrary contained in the Deed of Trust, Commission hereby agrees that any cure of any default made or tendered by Developer's limited partners shall be deemed to be a cure by Developer and shall be accepted or rejected on the same basis as if made or tendered by Developer. Copies of all notices which are sent to Developer shall also be sent to Developer's Limited Partner,
Exhibit B to Attachment No. 12

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CERTIFICATE OF ACCEPTANCE
This is to certify that the fee interest in real property conveyed under the foregoing Deed of Trust by Santa Fe Senior Village, LP, a California limited partnership, as to the following property:

Real property in the City of Vista, County of San Diego, State of California, described as follows:
[to come]
is hereby accepted by the Executive Director of the Community Development Commission of the City of Vista(the"Commission")on behalf of the governing board of the Commission pursuant to authority conferred by action of the governing board of the Commission on January 23, 2023, and the Grantee consents to recordation thereof by its duly authorized officer.

COMMUNITY DEVELOPMENT COMMISSION

OF THE CITY OF VISTA,
a public body, corporate and politic
By:

Acting Executive Director
Certificate of Acceptance to Attachment No. 12

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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.

STATE OF CALIFORNIA )
ss.

COUNTY OF )
On , before me, ,Notary Public,
(Print Name of 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 of Notary Public

OPTIONAL
Though the data below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent reattachment of this form.

CAPACITY CLAIMED BY SIGNER DESCRIPTION OF ATTACHED DOCUMENT ❑ Individual
❑ Corporate Officer
Title Or Type Of Document
Title(s)
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❑ Partner(s) ❑ Limited ❑ General
❑ Attorney-In-Fact
Number Of Pages
❑ Trustee(s)
❑ Guardian/Conservator
❑ Other:

Date Of Documents
Signer is representing:

Name Of Person(s)Or Entity(ies)
Signer(s)Other Than Named Above
Exhibit B to Attachment No. 12

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Santa Fe Senior Village
Sources & Uses of Funds Summary

CONSTRUCTION
SOURCES USES
Conventional $ 12,572,656 Land $ 1,598,500 LIHTC 1,624,833 Construction 15,973,661
County of San Diego-HOME 3,825,000 Building Permit Fees 1,485,000 City of Vista 450,000 Architect& Engineer 910,552 No Place Like Home 4,612,500 Consultant Fees 229,500 RTCIP Fee Impact Waiver 142,317 Title/Tax/Insurance 256,500 Costs Deferred Until Conversion 1,987,507 Syndication 30,000 City of Vista Offsite DIF Grant 795,000 Marketing/Furnishing 230,000 Soft Cost Contingency 150,000
Developer Fee 2,200,000
TCAC&CDLAC Fees 126,930
Financing Costs 936,663
Permanent Financing Costs 66,206
Reserves 821,301
City of Vista Development Impact Fee 795,000
Legal 200,000
TOTAL SOURCES $ 26,009,813 TOTAL USES $ 26,009,813

PERMANENT FINANCING
SOURCES USES
Conventional $ 4,365,273 Land $ 1,598,500 Low Income Housing Tax Credits 10,832,223 Construction 15,973,661 County of San Diego-HOME 4,250,000 Building Permit Fees 1,485,000 City of Vista 500,000 Architect& Engineer 910,552 No Place Like Home 5,125,000 Consultant Fees 229,500 RTCIP Fee Impact Waiver 142,317 Title/Tax/Insurance 256,500 City of Vista Offsite DIF Grant 795,000 Syndication 30,000 Marketing/Furnishing 230,000
Soft Cost Contingency 150,000
Developer Fee 2,200,000
TCAC&CDLAC Fees 126,930
Construction Origination 936,663
Permanent Financing Costs 66,206
Reserves 821,301
City of Vista Development Impact Fee 795,000
Legal 200,000
TOTAL SOURCES $ 26,009,813 TOTAL USES $ 26,009,813 EXHIBIT 5
01/10/2023 C4 Page 145 of 153

Santa Fe Senior Village
Development Budget

USE OF FUNDS

TAX CREDIT

TOTAL PER UNIT ELIGIBLE
LAND

SITE CONTROL EXPENDITURES
Purchase Price $ 1,500,000 $ 27,778
Escrow Extension Options $ - $ - $ -
Land Carry Cost&Predevelopment Cost Cary $ 91,500 $ 1,694 $ 24,000 Closing Costs $ - $ -
Legal $ 7,000 $ 130 .. .. _ ..

Total Acquisition Costs $ 1,598,500 $ 29,602

DIRECT COSTS

CONSTRUCTION
Site Work $ 2,708,121 $ 50,150 $ 2,708,121 Structures $ 9,382,769 $ 173,755 $ 9,245,214 Offsite Improvements $ 967,488 $ 17,916 $ 967,488 General Requirements/ProfitlOverhead $ 1,828,173 $ 33,855 $ 1,828,173 Bond/Insurance $ 326,460 $ 6,046 $ 326,460 Subtotal Construction $ 15,213,011 $ 281,722
Contingency @ 5% $ 760,651 $ 14,086 $ 760,651 Total Construction Costs $ 15,973,661 $ 295,809

INDIRECT COSTS

BUILDING PERMITS,FEES,&PUBLIC WORKS
Development Impact Fees $ 1,346,241 $ 24,930 $ 1,346,241 Plan Check&Permits $ 138,759 $ 2,570 $ 138,759 Subtotal Building Permits&Public Works $ 1,485,000 $ 27,500

ARCHITECT&ENGINEER
Architect $ 598,652 $ 11,086 $ 598,652
Engineering $ 229,900 $ 4,257 $ 229,900
Civil Engineer(Survey) $ 11,500 $ 213 $ 11,500 Soils $ 10,500 $ 194 $ 10,500
CASP $ 30,000 $ 556 $ 30,000
Energy Audit&LEED Consultant $ 30,000 $ 556 $ 30,000 Total Architect&Engineering Fees $ 910,552 $ 16,862

CONSULTANT FEES
Appraisal $ 5,750 $ 106 $ 5,750
Market Study $ 9,750 $ 181 $ 9,750
Environmental Phase 1 $ 11,500 $ 213 $ 11,500 NEPA Study $ 7,500 $ 139 $ 7,500
Construction Related Services+LEED $ 195,000 $ 3,611 $ 195,000 Total Consultant Fees $ 229,500 $ 4,250

TITLE RECORDING
Construction Escrow&Closing Costs $ 75,000 $ 1,389 $ 75,000 Other Tile Recording-Conversion $ 25,000 $ 463 $ 25,000 Total Title/Recording $ 100,000 $ 1,852

PROPERTYTAX
Prior to Construction $ 23,400 $ 433 $ 23,400 Construction Period $ 12,600 $ 233 $ -
Total Property Tax $ 36,000 $ 667

INSURANCE
Predevelopment&Construction $ 120,500 $ 2,231 $ 78,325 Total Insurance $ 120,500 $ 2,231
SYNDICATION $Entity Formation $ - $ - - - - Cost Certification $ - $ -
Accounting $ 30,000 $ 556
Tax Credit Syndication $ $
Total Legal Fees $ 30,000 $ 556

MARKETING/FURNISHING
Marketing Property/Property Mgmt.Start-Up $ 20,000 $ 370 Furnishing $ 210,000 $ 3,889 $ 210,000
Total Marketing Fees $ 230,000

SOFT COST CONTINGENCY
Soft Cost Contingency $ 150,000 $ 2,778 $ 150,000 Total Soft Cost Contingency $ 150,000 $ 2,778

DEVELOPER FEE
Developer Fee $ 2,200,000 $ 40,741 $ 2,200,000 Developer Fee $ 2,200,000 $ 40,741

CDLAC&TCAC FEES
TCAC Application and Allocation Fees $ 54,176 $ 1,003 - Performance Deposit $ 51,023 $ 945
Monitoring Fees $ 21,730 $ 402'
Total TCAC Fees $ 126,930 $ 2,351

CONSTRUCTION FINANCE COSTS
Construction Interest $ 829,795 $ 15,367 $ 539,367 Construction Loan Fees $ 106,868 $ 1,979 $ 106,868 Total Construction Finance Costs $ 936,663 $ 17,346

PERMANENT FINANCE COST
Permanent Finance Cost $ 66,206 $ 1,226
Total Permanent Finance Cost $ 66,206 $ 1,226

RESERVES
Transition Reserve $ 539,316 $ 9,987 - - - FurnitureReplacementReserve $ 50,000 $ 926 Operating Reserves $ 231,985 $ 4,296
Total Lease-Up Reserves $ 821,301 $ 15,209

CITY&COUNTY OF SAN DIEGO FEES
City of Vista Development Impact Fee $ 795,000 $ 14,722 Total Housing Commission Costs $ 795,000 $ 14,722 Legal Fees and Lender/Investor Due Diligence
Attorney Costs-Developer,Lender,Investor $ 200,000 $ 3,704 $ 190,000 Due Diligence $ $ $ -
Total Issuance Fee $ 200,000 $ 3,704
TOTAL PROJECT COSTS $ 26,009,813 $ 481,663 $ 22,083,118 01/10/2023 C4 Page 146 of 153

Santa Fe Senior Village
Rent&Expense Assumptions

AREA AMI(PMSA SD)
30% 27,350 29,300 31,250 33,200 35,150 37,100 39,050 40,625 42,200 43,750 45,300 35% 31,900 34,175 36,450 38,725 41,000 43,275 45,550 47,375 49,200 51,025 52,850 40% 36,450 39,050 41,650 44,250 46,850 49,450 52,050 54,150 56,250 58,325 60,400 45% 41,000 43,925 46,850 49,775 52,700 55,625 58,550 60,913 63,275 65,613 67,950 50% 45,550 48,800 52,050 55,300 58,550 61,800 65,050 67,675 70,300 72,900 75,500 55% 50,105 53,680 57,255 60,830 64,405 67,980 71,555 74,443 77,330 80,190 83,050 60% 54,660 58,560 62,460 66,360 70,260 74,160 78,060 81,210 84,360 87,480 90,600

MAX RENT LEVELS
Maximum Rents 0% 40% % %
Studio 683 797 911 1,025 1,138 1,252 1,366 1 Bedroom 732 854 976 1,098 1,220 1,342 1,464 2 Bedroom 878 1,025 1,171 1,317 1,463 1,610 1,756 3 Bedroom 1,015 1,184 1,353 1,522 1,691 1,861 2,030 4 Bedroom 1,132 1,321 1,510 1,698 1,887 2,076 2,265

UTILITY ALLOWANCE SCHEDULE
Tenant Utility Studio 1 Bed 2 Bed 3 Bed 4 ' 5 Bed Space Heating(Electric) 0 0 0 0 0 0
Cooking(Electric) 0 0 0 0 0 0
Other Electric 0 0 0 0 0 0
Air Conditioning 0 0 0 0 0 0
Total 0 0 0 0 0 0

ADJUSTED NET RENTS AFTER UTILITY ALLOWANCE
Maximum Rent 0% 40% % %
Studio 683 797 911 1025 1138 1252 1366
1 Bedroom 732 854 976 1098 1220 1342 1464 2 Bedroom 878 1025 1171 1317 1463 1610 1756 3 Bedroom 1015 1184 1353 1522 1691 1861 2030 4 Bedroom 1132 1321 1510 1698 1887 2076 2265 UNIT MIX COUNTY PBV RENT STANDARDS
• BIR Restriction Gross
Studio/Efficiency 34 30% STUDIO PMTSTD 1600 owner Paid 1600 1 Bedroom VASH 1 30% 1-BR PMTSTD 1880 owner Paid 1880 Studio/Efficiency 17 40%
1 Bedroom VASH 1 40%
Manager Units 1
54 GROSS POTENTIAL RENTS
Type AMI r r rTOTAL
Studio/Efficiency 54,400 27,200 - 81,600 979,200 1-BR VASH 1,880 1,880 - 3,760 45,120 Total 1,024,320
ADDITIONAL INCOME APPLICABLE FRACTION
Residential Income @$10 pupy 530 Units: 54 Tennant Contributions - Affordable Units: 53 Other-Laundry Income @$7.5pupm 4,770 Manager 1 TOTAL $ 5,300 Applicable Fraction 100

LOAN SIZING
Loan Sizing Gross Income 1,024,320
Rate 7.00% Less Vacancy (51,216)
Term 35 Other Income 5,035
DSCR 1.15 Total Income 978,139
Loan Sizing Vacancy Factor 5.0% Operating Expense (471,287) Annual Expenses 471,287 Supportive Services (70,000) Annual Issuer Fee n/a Resident Services (20,000) Annual Reserves 27,000 Annual Issuer Fee
Annual City&County AM Fee (5,000)
Reserves 27,000
NOI 384,852
Present Value $4,365,273
Round To 4,365,273
PMT $334,654
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Santa Fe Senior Village
Operating Proforma
Rental Assumptions
Rent I nc./Year 2.5
Op.Cost Inc./Year 3.5
Reserves I nc./Year 0.0
Other Increase/Year 2.5
Vac.Year 1 5.0
Vac.Year 2 5.0
Vac.Year 3&Beyond 5.0% YEAR 1 2 3 4 5 6 7 Gross Residential Rents 1,024,320 1,049,928 1,076,176 1,103,081 1,130,658 1,158,924 1,187,897 Other Income 5,300 5,433 5,568 5,708 5,850 5,996 6,146 Total Residential Income 1,029,620 1,055,361 1,081,745 1,108,788 1,136,508 1,164,921 1,194,044 Residential Vacancy (51,216) (52,496) (53,809) (55,154) (56,533) (57,946) (59,395) Effective Gross Income 978,404 1,002,864 1,027,936 1,053,634 1,079,975 1,106,974 1,134,649 Operating Expenses
All-In Operating Expenses (471,287) (487,782) (504,854) (522,524) (540,813) (559,741) (579,332) Total Operating Expenses $8,730 (471,287) (487,782) (504,854) (522,524) (540,813) (559,741) (579,332) Supportive Services (70,000) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) Resident Services (20,000) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) Annual County Asset Management Fee (5,000) (5,050) (5,101) (5,152) (5,203) (5,255) (5,308) Annual Bond Administration Fee - - - - - - - Reserves (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) Net Operating Income 385,117 389,882 397,831 405,808 413,809 421,828 429,859 Debt Service Coverage Ratio 1.15
Conventional (334,654) (334,654) (334,654) (334,654) (334,654) (334,654) (334,654) Available Cash Flow 50,463 55,228 63,177 71,154 79,155 87,174 95,205 Asset Management Fees
Investor Limited Partner Asset Management Fee 5,000 5,125 5,253 5,384 5,519 5,657 5,798 Managing General Partner Asset Management Fee 20,000 20,500 21,013 21,538 22,076 22,628 23,194 AVAILABLE CASH FLOW-Residual Receipts 25,463 29,603 36,911 44,232 51,560 58,889 66,213 Public Lender Residual Receipt Split 50% 12,732 14,802 18,456 22,116 25,780 29,445 33,106 Developer Residual Receipt Split 50% 12,732 14,802 18,456 22,116 25,780 29,445 33,106

LOAN AMORTIZATION
YEAR 1 2 3 4 5 6 7

CONVENTIONAL
Interest APR 7.00
Amortization(Years) 35
Loan Amount $ 4,365,273
P&I 334,654 334,654 334,654 334,654 334,654 334,654 334,654 INTEREST 304,618 302,446 300,118 297,621 294,944 292,074 288,996 PRINCIPAL 30,036 32,208 34,536 37,033 39,710 42,580 45,658 REMAINING PRINCIPAL 4,335,237 4,303,029 4,268,493 4,231,461 4,191,751 4,149,171 4,103,513 PUBLIC LENDER-County SD NPLH RR Split
Interest APR 0.00% 51.90%
Amortization(Years) 55
Loan Amount 5,125,000
Beginning Balance 5,125,000 5,118,392 5,110,711 5,101,132 5,089,654 5,076,275 5,060,994 INTEREST - - - - - - -
PAYMENT (6,608) (7,682) (9,578) (11,478) (13,379) (15,281) (17,182) REMAINING PRINCIPAL 5,118,392 5,110,711 5,101,132 5,089,654 5,076,275 5,060,994 5,043,812 PUBLIC LENDER-County SD HOME RR Split
Interest APR 3.00% 43.04%
Amortization(Years) 55
Loan Amount 4,250,000
Beginning Balance 4,250,000 4,372,021 4,493,150 4,612,707 4,730,689 4,847,094 4,961,922 INTEREST 127,500 127,500 127,500 127,500 127,500 127,500 127,500 PAYMENT (5,479) (6,370) (7,943) (9,518) (11,095) (12,672) (14,248) REMAINING PRINCIPAL 4,372,021 4,493,150 4,612,707 4,730,689 4,847,094 4,961,922 5,075,173 PUBLIC LENDER-County SD HOME RR Split
Interest APR 3.00% 5.06%
Amortization(Years) 55
Loan Amount 500,000
Beginning Balance 500,000 514,355 528,606 542,671 556,552 570,246 583,755 INTEREST 15,000 15,000 15,000 15,000 15,000 15,000 15,000 PAYMENT (645) (749) (934) (1,120) (1,305) (1,491) (1,676) REMAINING PRINCIPAL 514,355 528,606 542,671 556,552 570,246 583,755 597,079 Deferred Developer Fee
Compounding AFR A g-t'1e 3.00% RR Split
01/10/2023 C4 Page 148 of 153

8 9 10 11 12 13 14 15 16 17 18 19 20
1,217,595 1,248,034 1,279,235 1,311,216 1,343,997 1,377,597 1,412,036 1,447,337 1,483,521 1,520,609 1,558,624 1,597,590 1,637,529 6,300 6,458 6,619 6,784 6,954 7,128 7,306 7,489 7,676 7,868 8,065 8,266 8,473 1,223,895 1,254,492 1,285,854 1,318,001 1,350,951 1,384,724 1,419,343 1,454,826 1,491,197 1,528,477 1,566,689 1,605,856 1,646,002 (60,880) (62,402) (63,962) (65,561) (67,200) (68,880) (70,602) (72,367) (74,176) (76,030) (77,931) (79,879) (81,876) 1,163,015 1,192,090 1,221,893 1,252,440 1,283,751 1,315,845 1,348,741 1,382,459 1,417,021 1,452,446 1,488,757 1,525,976 1,564,126 (599,609) (620,595) (642,316) (664,797) (688,065) (712,147) (737,072) (762,870) (789,570) (817,205) (845,807) (875,411) (906,050) (599,609) (620,595) (642,316) (664,797) (688,065) (712,147) (737,072) (762,870) (789,570) (817,205) (845,807) (875,411) (906,050) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (5,361) (5,414) (5,468) (5,523) (5,578) (5,634) (5,690) (5,747) (5,805) (5,863) (5,922) (5,981) (6,041) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) 437,896 445,931 453,958 461,970 469,958 477,913 485,828 493,692 501,496 509,228 516,879 524,435 531,885 (334,654) (334,654) (334,654) (334,654) (334,654) (334,654) (334,654) (334,654) (334,654) (334,654) (334,654) (334,654) (334,654) 103,242 111,277 119,304 127,316 135,304 143,260 151,174 159,038 166,842 174,574 182,225 189,781 197,231 5,943 6,092 6,244 6,400 6,560 6,724 6,893 7,065 - - - - - 23,774 24,368 24,977 25,602 26,242 26,898 27,570 28,259 28,966 29,690 30,432 31,193 31,973 73,524 80,817 88,083 95,314 102,502 109,637 116,711 123,714 137,876 144,884 151,792 158,588 165,258 36,762 40,409 44,041 47,657 51,251 54,819 58,356 61,857 68,938 72,442 75,896 79,294 82,629 36,762 40,409 44,041 47,657 51,251 54,819 58,356 61,857 68,938 72,442 75,896 79,294 82,629 8 9 10 11 12 13 14 15 16 17 18 19 20
334,654 334,654 334,654 334,654 334,654 334,654 334,654 334,654 334,654 334,654 334,654 334,654 334,654 285,695 282,156 278,361 274,291 269,927 265,248 260,231 254,851 249,082 242,896 236,263 229,150 221,523 48,959 52,498 56,293 60,363 64,726 69,406 74,423 79,803 85,572 91,758 98,391 105,504 113,131 4,054,554 4,002,056 3,945,762 3,885,399 3,820,673 3,751,267 3,676,845 3,597,042 3,511,470 3,419,712 3,321,321 3,215,817 3,102,687 5,043,812 5,024,733 5,003,761 4,980,904 4,956,171 4,929,572 4,901,122 4,870,836 4,838,733 4,802,955 4,765,359 4,725,970 4,684,817 (19,079) (20,972) (22,857) (24,733) (26,599) (28,450) (30,286) (32,103) (35,778) (37,597) (39,389) (41,153) (42,884) 5,024,733 5,003,761 4,980,904 4,956,171 4,929,572 4,901,122 4,870,836 4,838,733 4,802,955 4,765,359 4,725,970 4,684,817 4,641,934 5,075,173 5,186,852 5,296,961 5,405,506 5,512,495 5,617,938 5,721,845 5,824,230 5,925,108 6,022,939 6,119,261 6,214,097 6,307,470 127,500 127,500 127,500 127,500 127,500 127,500 127,500 127,500 127,500 127,500 127,500 127,500 127,500 (15,822) (17,391) (18,955) (20,511) (22,057) (23,593) (25,115) (26,622) (29,669) (31,178) (32,664) (34,127) (35,562) 5,186,852 5,296,961 5,405,506 5,512,495 5,617,938 5,721,845 5,824,230 5,925,108 6,022,939 6,119,261 6,214,097 6,307,470 6,399,408 597,079 610,218 623,172 635,942 648,529 660,934 673,158 685,204 697,072 708,581 719,913 731,070 742,055 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 (1,861) (2,046) (2,230) (2,413) (2,595) (2,776) (2,955) (3,132) (3,491) (3,668) (3,843) (4,015) (4,184) 610,218 623,172 635,942 648,529 660,934 673,158 685,204 697,072 708,581 719,913 731,070 742,055 752,872 01/10/2023 C4 Page 149 of 153

21 22 23 24 25 26 27 28 29 30 31 32 1,678,468 1,720,429 1,763,440 1,807,526 1,852,714 1,899,032 1,946,508 1,995,171 2,045,050 2,096,176 2,148,580 2,202,295 8,685 8,902 9,124 9,352 9,586 9,826 10,072 10,323 10,581 10,846 11,117 11,395 1,687,152 1,729,331 1,772,564 1,816,878 1,862,300 1,908,858 1,956,579 2,005,494 2,055,631 2,107,022 2,159,698 2,213,690 (83,923) (86,021) (88,172) (90,376) (92,636) (94,952) (97,325) (99,759) (102,252) (104,809) (107,429) (110,115) 1,603,229 1,643,310 1,684,392 1,726,502 1,769,665 1,813,906 1,859,254 1,905,735 1,953,379 2,002,213 2,052,269 2,103,575 (937,762) (970,583) (1,004,554) (1,039,713) (1,076,103) (1,113,767) (1,152,748) (1,193,095) (1,234,853) (1,278,073) (1,322,805) (1,369,104) (937,762) (970,583) (1,004,554) (1,039,713) (1,076,103) (1,113,767) (1,152,748) (1,193,095) (1,234,853) (1,278,073) (1,322,805) (1,369,104) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (6,101) (6,162) (6,224) (6,286) (6,349) (6,412) (6,476) (6,541) (6,606) (6,673) (6,739) (6,807) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) 539,216 546,414 553,465 560,353 567,063 573,578 579,879 585,950 591,769 597,318 602,574 607,515 (334,654) (334,654) (334,654) (334,654) (334,654) (334,654) (334,654) (334,654) (334,654) (334,654) (334,654) (334,654) 204,562 211,760 218,811 225,699 232,409 238,924 245,225 251,296 257,115 262,664 267,920 272,861 32,772 33,592 34,431 35,292 36,175 37,079 38,006 38,956 39,930 40,928 41,951 43,000 171,790 178,169 184,380 190,407 196,235 201,845 207,219 212,340 217,185 221,736 225,969 229,861 85,895 89,084 92,190 95,204 98,117 100,922 103,610 106,170 108,593 110,868 112,984 114,930 85,895 89,084 92,190 95,204 98,117 100,922 103,610 106,170 108,593 110,868 112,984 114,930 21 22 23 24 25 26 27 28 29 30 31 32 334,654 334,654 334,654 334,654 334,654 334,654 334,654 334,654 334,654 334,654 334,654 334,654 213,345 204,576 195,172 185,089 174,277 162,684 150,252 136,921 122,627 107,300 90,864 73,241 121,309 130,078 139,482 149,565 160,377 171,970 194,402 197,733 212,027 227,354 243,790 261,413 2,981,378 2,851,300 2,711,818 2,562,254 2,401,877 2,229,906 2,045,504 1,847,772 1,635,745 1,408,391 1,164,601 903,188 4,641,934 4,597,355 4,551,122 4,503,276 4,453,867 4,402,945 4,350,568 4,296,796 4,241,695 4,185,336 4,127,797 4,069,160 (44,578) (46,234) (47,845) (49,409) (50,922) (52,377) (53,772) (55,101) (56,358) (57,539) (58,637) (59,647) 4,597,355 4,551,122 4,503,276 4,453,867 4,402,945 4,350,568 4,296,796 4,241,695 4,185,336 4,127,797 4,069,160 4,009,513 6,399,408 6,489,941 6,579,101 6,666,924 6,753,450 6,838,723 6,922,788 7,005,696 7,087,503 7,168,267 7,248,052 7,326,925 127,500 127,500 127,500 127,500 127,500 127,500 127,500 127,500 127,500 127,500 127,500 127,500 (36,967) (38,340) (39,677) (40,974) (42,228) (43,435) (44,592) (45,693) (46,736) (47,715) (48,626) (49,464) 6,489,941 6,579,101 6,666,924 6,753,450 6,838,723 6,922,788 7,005,696 7,087,503 7,168,267 7,248,052 7,326,925 7,404,962 752,872 763,522 774,012 784,344 794,524 804,556 814,446 824,200 833,824 843,326 852,712 861,991 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 (4,349) (4,511) (4,668) (4,820) (4,968) (5,110) (5,246) (5,376) (5,498) (5,614) (5,721) (5,819) 763,522 774,012 784,344 794,524 804,556 814,446 824,200 833,824 843,326 852,712 861,991 871,172 01/10/2023 C4 Page 150 of 153

33 34 35 36 37 38 39 40 41 42 43 44 2,257,352 2,313,786 2,371,631 2,430,922 2,491,695 2,553,987 2,617,837 2,683,283 2,750,365 2,819,124 2,889,602 2,961,842 11,680 11,972 12,271 12,578 12,892 13,215 13,545 13,884 14,231 14,587 14,951 15,325 2,269,032 2,325,758 2,383,902 2,443,500 2,504,587 2,567,202 2,631,382 2,697,166 2,764,595 2,833,710 2,904,553 2,977,167 (112,868) (115,689) (118,582) (121,546) (124,585) (127,699) (130,892) (134,164) (137,518) (140,956) (144,480) (148,092) 2,156,165 2,210,069 2,265,320 2,321,953 2,380,002 2,439,502 2,500,490 2,563,002 2,627,077 2,692,754 2,760,073 2,829,075 (1,417,022) (1,466,618) (1,517,950) (1,571,078) (1,626,066) (1,682,978) (1,741,882) (1,802,848) (1,865,948) (1,931,256) (1,998,850) (2,068,809) (1,417,022) (1,466,618) (1,517,950) (1,571,078) (1,626,066) (1,682,978) (1,741,882) (1,802,848) (1,865,948) (1,931,256) (1,998,850) (2,068,809) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (6,875) (6,943) (7,013) (7,083) (7,154) (7,225) (7,298) (7,371) (7,444) (7,519) (7,594) (7,670) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) 612,118 616,357 620,208 623,643 626,633 629,149 631,160 632,634 633,535 633,830 633,479 632,445 (334,654) (334,654) (334,654)
277,464 281,703 285,554 623,643 626,633 629,149 631,160 632,634 633,535 633,830 633,479 632,445 44,075 45,177 46,306 47,464 48,651 49,867 51,114 52,391 53,701 55,044 56,420 57,830 233,389 236,526 239,248 576,178 577,982 579,282 580,047 580,242 579,834 578,786 577,059 574,615 116,694 118,263 119,624 288,089 288,991 289,641 290,023 290,121 289,917 289,393 288,530 287,308 116,694 118,263 119,624 288,089 288,991 289,641 290,023 290,121 289,917 289,393 288,530 287,308 33 34 35 36 37 38 39 40 41 42 43 44 334,654 334,654 334,654
54,343 34,080 12,351
280,311 300,574 322,303
622,877 322,303 0
4,009,513 3,948,950 3,887,573 3,825,489 3,675,975 3,525,992 3,375,672 3,225,154 3,074,584 2,924,121 2,773,930 2,624,187 (60,563) (61,377) (62,083) (149,515) (149,983) (150,320) (150,518) (150,569) (150,463) (150,191) (149,743) (149,109) 3,948,950 3,887,573 3,825,489 3,675,975 3,525,992 3,375,672 3,225,154 3,074,584 2,924,121 2,773,930 2,624,187 2,475,078 7,404,962 7,482,239 7,558,941 7,634,857 7,638,369 7,641,493 7,644,338 7,647,018 7,649,655 7,652,381 7,655,332 7,658,655 127,500 127,500 127,500 127,500 127,500 127,500 127,500 127,500 127,500 127,500 127,500 127,500 (50,223) (50,898) (51,484) (123,988) (124,376) (124,656) (124,820) (124,862) (124,774) (124,549) (124,177) (123,651) 7,482,239 7,558,841 7,634,857 7,638,369 7,641,493 7,644,338 7,647,018 7,649,655 7,652,381 7,655,332 7,658,655 7,662,503 871,172 880,263 889,275 898,218 898,632 898,999 899,334 899,649 899,959 900,280 900,627 901,018 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 (5,909) (5,988) (6,057) (14,587) (14,632) (14,665) (14,685) (14,690) (14,679) (14,653) (14,609) (14,547) 880,263 889,275 898,218 898,632 898,999 899,334 899,649 899,959 900,280 900,627 901,018 901,471 01/10/2023 C4 Page 151 of 153

45 46 47 48 49 50 51 52 53 54 55
3,035,888 3,111,785 3,189,580 3,269,319 3,351,052 3,434,828 3,520,699 3,608,717 3,698,935 3,791,408 3,886,193 15,708 16,101 16,503 16,916 17,339 17,772 18,217 18,672 19,139 19,617 20,108 3,051,596 3,127,886 3,206,083 3,286,235 3,368,391 3,452,601 3,538,916 3,627,389 3,718,073 3,811,025 3,906,301 (151,794) (155,589) (159,479) (163,466) (167,553) (171,741) (176,035) (180,436) (184,947) (189,570) (194,310) 2,899,802 2,972,297 3,046,604 3,122,769 3,200,838 3,280,859 3,362,881 3,446,953 3,533,127 3,621,455 3,711,991 (2,141,218) (2,216,160) (2,293,726) (2,374,006) (2,457,097) (2,543,095) (2,632,103) (2,724,227) (2,819,575) (2,918,260) (3,020,399) (2,141,218) (2,216,160) (2,293,726) (2,374,006) (2,457,097) (2,543,095) (2,632,103) (2,724,227) (2,819,575) (2,918,260) (3,020,399) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (72,450) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (20,700) (7,747) (7,824) (7,902) (7,981) (8,061) (8,142) (8,223) (8,305) (8,388) (8,472) (8,557) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) (27,000) 630,687 628,162 624,826 620,631 615,531 609,473 602,404 594,271 585,013 574,572 562,885 630,687 628,162 624,826 620,631 615,531 609,473 602,404 594,271 585,013 574,572 562,885 59,276 60,758 62,277 63,834 65,430 67,066 68,742 70,461 72,222 74,028 75,878 571,411 567,404 562,549 556,797 550,101 542,407 533,662 523,810 512,791 500,545 487,007 285,706 283,702 281,274 278,399 275,050 271,204 266,831 261,905 256,396 250,272 243,503 285,706 283,702 281,274 278,399 275,050 271,204 266,831 261,905 256,396 250,272 243,503 45 46 47 48 49 50 51 52 53 54 55
2,475,078 2,326,800 2,179,562 2,033,584 1,889,099 1,746,351 1,605,600 1,467,118 1,331,193 1,198,127 1,068,239 (148,278) (147,238) (145,978) (144,485) (142,748) (140,751) (138,482) (135,925) (133,066) (129,888) (126,375) 2,326,800 2,179,562 2,033,584 1,889,099 1,746,351 1,605,600 1,467,118 1,331,193 1,198,127 1,068,239 941,864 7,662,503 7,667,042 7,672,442 7,678,887 7,686,570 7,695,694 7,706,473 7,719,135 7,733,916 7,751,069 7,770,856 127,500 127,500 127,500 127,500 127,500 127,500 127,500 127,500 127,500 127,500 127,500 (122,962) (122,100) (121,055) (119,817) (118,376) (116,721) (114,839) (112,719) (110,347) (107,712) (104,799) 7,667,042 7,672,442 7,678,887 7,686,570 7,695,694 7,706,473 7,719,135 7,733,916 7,751,069 7,770,856 7,793,558 901,471 902,005 902,640 903,398 904,302 905,376 906,644 908,133 909,872 911,890 914,218 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 (14,466) (14,365) (14,242) (14,096) (13,927) (13,732) (13,510) (13,261) (12,982) (12,672) (12,329) 902,005 902,640 903,398 904,302 905,376 906,644 908,133 909,872 911,890 914,218 916,889 01/10/2023 C4 Page 152 of 153

12/29/22,9:26 PM Vista GIS
Santa Fe Senior Village Site Map
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Address 414 N SANTA FE AV Ste A InBuena No
APN 1751161300 InFireDistrict No
Type Sub Address CouncilDistrict 1
Asset ID AD-62219 VistaGISLink https://gis.cityofvista.com/VistaGIS?pin=l751161300 InCityLimits Yes
Disclaimer:Map and parcel data are believed to be accurate, but accuracy is not Map Scale CITY OF VISTA guaranteed. This is not a legal document and should not be substituted for a title 1 inch=50 feet search,appraisal,survey,or for zoning verification. 12/30/2022 EXHIBIT 6
01/10/2023 C4 Page 153 of 153
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