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EXHIBIT K: Promisory Note and Deed of Trust <br />PROMISSORY NOTE <br />(secured by deed of trust) <br />Santa Ana, California <br />$ .00 <br />2002 <br />1. FOR VALUE RECEIVED; the undersigned, <br />(the "Owner") promises to pay to the <br />Community Redevelopment Agency of the City of Santa Ana, a public body, corporate and politic, <br />("Agency"), at 20 Civic Center Plaza, Santa Ana, California, 92701, or such other location as the <br />holder hereof may designate, the amount of <br />Dollars ($ .00), plus accrued interets, in accordance with the terms of that certain <br />Owner Participation by and between the Agency, the City of Santa Ana and Owner dated <br />, 2002 (the "OPA"). <br />2. This Note shall accrue interest at the rate of six percent (6%) per annum on the initial <br />principal balance only fiom the Fagade and Courtyard Improvement Completion Date until forgiven <br />or repaid. No payments will be required prior to the Conditional Loan coming due as provide above. <br />If a Certificate of Compliance is not issued within the time provided for in the OPA, this Note, <br />together with accrued interest, shall immediately become due and payable in full. <br />3. The Owner waives presentment for payment, demand, protest, and notices of dishonor and <br />of protest; the benefits 'of all waivable exemptions; and all defenses and pleas on the ground of any <br />extension or extensions of the time of payment or of any due date under this Note, in whole or in <br />part, whether before or after maturity and with or without notice. The Owner hereby agrees to pay <br />all costs and expenses, including reasonable attorney's fees, which may be incurred by the holder <br />hereof in the enforcement of this Note. <br />"Owner" <br />Name: <br />EXHIBIT K; Promissory Note and Deed of Trust <br />Pagel of 4 <br />