WASHINGTON SANTA ANA HOUSING PARTNERS, L (2).P

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CITY HOME LOAN NOTE SECURED BY SUBORDINATED DEED OF TRUST TO TFIE CITY OF SANTA ANA, CALIF, ORNIA (1126, 1136 & 1146 East Washington Avenue, Santa Ana, California) 3 0$ . 07,489 July 21, 2022 Santa Ana, California 1. PRINCIPAL AMOUNT OF LOAN. For value received, WASHINGTON SANTA ANA HOUSING PARTNERS, L.P., a California limited partnership ("Borrower") promises to pay to the order of THE CITY OF SANTA ANA ("City"), at 20 Civic Center Plaza, 6' Floor, Santa Ana, California 92701, or at such other place as the City may from time to time designate in writing, or to the assignee of the City, the principal sum of THREE MILLION, SEVEN THOUSAND, FOUR HUNDRED AND EIGHTY-NINE DOLLARS AND NO CENTS ($3,007,489.00) or so much thereof as shall be disbursed hereunder, with three percent (3%) simple interest per annum and commencing from the date of issuance of the Certificate of Completion. City and Borrower have heretofore entered into that certain Loan Agreement dated concurrently herewith (the "Loan Agreement"), pertaining to the construction of certain real property described in the Loan Agreement as the "Property," commonly known as 1126, 1136 and 1146 East Washington Avenue, Santa Ana, California, and the operation of the Property as affordable housing for Extremely -Low Income households. This City HOME Loan Note (the "Note") is made pursuant to, entitled to the benefits of and referred to as the City/HOME Loan Note in the Loan Agreement; that certain "Affordability Restrictions on Transfer of Property" between Borrower and City, dated on or about the date hereof; and that certain Subordinated City/HOME Deed of Trust and Assignment of Rents by Borrower for the benefit of City, dated on or about the date hereof (the "City Deed of Trust"). This Note, the Loan Agreement, the City Deed of Trust and the Affordability Restrictions on Transfer of Property are sometimes collectively referred to herein as the "Loan Documents." The Loan Documents and the rights and responsibilities thereto inure to the benefit of the City. Any capitalized term that is not otherwise defined herein shall have the meaning ascribed to such term in the Loan Agreement, 2. DEFINITIONS. For the purpose of calculating the payments to be made by Borrower to City pursuant to this Note, the following terms shall have the following respective meanings: "City Loan" shall mean the loan evidenced by this Note. "City's Percentage" with reference to the Residual Receipts, shall mean 23.71% of the total Residual Receipts from the Property, as further described in Section 5 hereof. The Crossroads at Washington City HOME Loan Note