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EXHIBIT 3
<br />AMENDED AND RESTATED CITY HOME LOAN NOTE
<br />SECURED BY SUBORDINATED DEED OF TRUST
<br />TO THE CITY OF SANTA ANA, CALIFORNIA
<br />(805, 810, 815, 816, 825, 828, 835, and 904 S. Minnie Street, Santa Ana, California)
<br />$5,128,152
<br />1. Principal Amount of Loan
<br />September 17, 2019
<br />Santa Ana, California
<br />For value received, CORNERSTONE HOUSING PARTNERS LP, a California limited
<br />partnership (`Borrower") promises to pay to the order of THE CITY OF SANTA ANA ("City"),
<br />at 20 Civic Center Plaza, 6a' Floor, Santa Ana, California 92701, or at such other place as the
<br />City may from time to time designate in writing, or to the assignee of the City, the principal sum
<br />of FIVE MILLION, ONE HUNDRED, TWENTY-EIGHT THOUSAND, ONE HUNDRED
<br />AND FIFTY-TWO DOLLARS ($5,128,152) or so much thereof as shall be disbursed
<br />hereunder, with five percent simple interest (5%) commencing on September 17, 2019.
<br />City and Wakeham-Grant Apartments, L.P., a California limited partnership ("Original
<br />Borrower") previously entered into the HOME Loan Agreements (as defined in the Loan
<br />Agreement) , pertaining to the acquisition and rehabilitation of certain real property described in
<br />the Loan Agreement as the "Property," located at 805, 810, 815, 816, 825, 828, 835, and 904 S.
<br />Minnie Street, Santa Ana, California, commonly referred to as the Cornerstone Apartments, and
<br />the operation of the Property as affordable housing for very -low income households, and the
<br />Original Borrower previously entered into the City HOME Loan Notes, in favor of the City
<br />(collectively, the "Original Notes") described in Exhibit A. The Original Notes referenced in
<br />the "Interest Secured" column in Exhibit A are hereby amended and restated in their entirety by
<br />this Note.
<br />In connection with the Original Borrower's Sale of the Property to Borrower, Original
<br />Borrower and Borrower desire to enter into that certain Assignment and Assumption Agreement
<br />(HOME Loan), dated as of the date hereof, by and between the Original Borrower and Borrower
<br />to effectuate the assignment of the HOME Loan Agreements to Borrower (the "Assignment"),
<br />and the City has consented to such Sale and Assignment.
<br />This Amended and Restated City HOME Loan Note (this "Note") is made pursuant to,
<br />entitled to the benefits of and referred to as the City/HOME Loan Note in the Amended and
<br />Restated Loan Agreement ("Loan Agreement"); that certain "Amended and Restated
<br />Affordability Restrictions on Transfer of Property" between Borrower and City, dated on or
<br />about the date hereof (the "City Affordability Restrictions on Transfer of Property"); and that
<br />certain subordinated Amended and Restated City HOME Deed of Trust and Assignment of Rents
<br />between Borrower and City, dated on or about the date hereof (the "City Deed of Trust"). This
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