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LOW AND MODERATE INCOME HOUSING ASSET FUNDS PROMISSORY NOTE SECURED BY SUBORDINATED DEED OF TRUST TO THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA (2223 West Fifth Street, Santa Ana, California) $4,700,000.00 1. Principal Amount of Loan April 16, 2019 Santa Ana, California FOR VALUE RECEIVED, Tiny Tim LP, a California limited partnership ("Borrower"), hereby promises to pay to the Housing Authority of the City of Santa Ana (CA093), acting as the Housing Successor Agency, a public body, corporate and politic ("Agency"), or order, a principal amount not to exceed FOUR -MILLION, SEVEN -HUNDRED THOUSAND DOLLARS ($4,700,000), or so much thereof as may be advanced by the Agency to the Borrower, due and payable with 3% interest by residual receipts over the fifty-five (55) year term, pursuant to the Agency Loan Agreement (said "Agreement') between Borrower and the Agency dated concurrently herewith, which is incorporated herein by this reference. This loan is funded exclusively from the Low and Moderate Income Housing Asset Fund (the "LMIHAF") held by the Agency (the "Agency Funds"). Any capitalized term not otherwise defined in this LMIHAF Promissory Note ("Note") shall have the meaning ascribed to such term in the Agreement. The obligation of Borrower to Agency hereunder is subject to the terms of said Agreement, the Affordability Restrictions on Transfer of Property, Agency Deed of Trust and this Note. Said documents are public records on file in the offices of the Agency, and the provisions of said documents are incorporated herein by this reference. This Note, said Agreement, the Affordability Restrictions on Transfer of Property, and the Agency Deed of Trust are sometimes collectively referred to herein as the "Loan Documents". The rights and responsibilities provided for in the Loan Documents shall inure to the benefit of the Agency. Any capitalized term that is not otherwise defined herein shall have the meaning ascribed to such term in the Agreement. This Note evidences the obligation of Borrower to the Agency for repayment of the Agency Loan of Agency Funds attributable to the acquisition, development, and construction of the Property, and related soft costs. This Note is payable at the principal office of the City of Santa Ana — Community Development Agency, 20 Civic Center Drive, Santa Ana, California 92702, Attn: Housing Division, or at such other place as the holder hereof may inform Borrower in writing, in lawful money of the United States. 1076\53\1379659.2 80A-170