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1 <br />The Crossroads at Washington <br />City NSP Loan Note <br />CITY NEIGHBORHOOD STABILIZATION PROGRAM LOAN NOTE <br />SECURED BY SUBORDINATED DEED OF TRUST <br />TO THE CITY OF SANTA ANA, CALIFORNIA <br />(1126, 1136 & 1146 East Washington Avenue, Santa Ana, California) <br /> <br /> <br /> <br />$1,637,420 June 21, 2022 <br /> Santa Ana, California <br /> <br />1. PRINCIPAL AMOUNT OF LOAN. <br /> <br /> For value received, WASHINGTON SANTA ANA HOUSING PARTNERS, L.P., <br />a California limited partnership (“Borrower”) promises to pay to the order of THE CITY <br />OF SANTA ANA (“City"), at 20 Civic Center Plaza, 6th Floor, Santa Ana, California <br />92701, or at such other place as the City may from time to time designate in writing, or to <br />the assignee of the City, the principal sum of ONE MILLION, SIX HUNDRED THIRTY <br />SEVEN THOUSAND, FOUR HUNDRED AND TWENTY DOLLARS AND NO CENTS <br />($1,637,420.00) or so much thereof as shall be disbursed hereunder, with three percent <br />(3%) simple interest per annum and commencing from the date of issuance of the <br />Certificate of Completion. <br /> <br /> City and Borrower have heretofore entered into that certain Neighborhood <br />Stabilization Program (NSP) Loan Agreement dated concurrently herewith (the "Loan <br />Agreement"), pertaining to the construction of certain real property described in the Loan <br />Agreement as the "Property," commonly known as 1126, 1136 and 1146 East Washington <br />Avenue, Santa Ana, California, and the operation of the Property as affordable housing for <br />Extremely-Low Income households. This City NSP Loan Note (the “Note”) is made <br />pursuant to, entitled to the benefits of and referred to as the City/NSP Loan Note in the <br />Loan Agreement; that certain “Affordability Restrictions on Transfer of Property” between <br />Borrower and City, dated on or about the date hereof; and that certain Subordinated <br />City/NSP Deed of Trust and Assignment of Rents by Borrower for the benefit of City, <br />dated on or about the date hereof (the "City Deed of Trust"). This Note, the Loan <br />Agreement, the City Deed of Trust and the Affordability Restrictions on Transfer of <br />Property are sometimes collectively referred to herein as the "Loan Documents." The Loan <br />Documents and the rights and responsibilities thereto inure to the benefit of the City. Any <br />capitalized term that is not otherwise defined herein shall have the meaning ascribed to <br />such term in the Loan Agreement. <br /> <br />2. DEFINITIONS. <br /> <br />For the purpose of calculating the payments to be made by Borrower to City <br />pursuant to this Note, the following terms shall have the following respective meanings: <br /> <br /> "City Loan" shall mean the loan evidenced by this Note. <br /> <br />EXHIBIT 6