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<br />DRAFT <br />EXHIBIT C <br />FORM OF CITY PROMISSORY NOTE <br />City Equity Share [DATE] <br />Santa Ana, CA <br />1.FUNDAMENTAL PROVISIONS. <br />The following terms will be used as defined terms in this City Promissory Note (as it may be <br />amended, modified, extended and renewed from time to time, this “Note”): <br />Lender/Payee:City of Santa Ana, a California municipal corporation. <br />Borrower/Maker: <br />Principal Amount: <br />[HOMEBUYER] <br />City Equity Share, as defined in the Affordable Housing Resale <br />Restrictions <br />Interest Rate:None. <br />Default Interest Rate: <br />Affordability Term: <br />Eight percent per annum. <br />The date of this Note until [ADD DATE 55 YEARS FROM <br />CERTIFICATE OF OCCUPANCY] <br />Maturity Date: <br />Business Day: <br />The date of a Transfer of the Property after expiration of the <br />Affordability Term. <br />Any day of the year other than Saturdays, Sundays and legal <br />holidays on which City's main office is closed. <br />Property:[ADDRESS] <br />Deed of Trust:The City Deed of Trust executed by Borrower, as “Trustor”, for the <br />benefit of City, as “Beneficiary,” concurrently with this Note, and <br />recorded against the Property. <br />Affordable Housing <br />Resale Restrictions:The Affordable Housing Resale Restrictions, Equity Sharing and <br />Regulatory Agreement, dated on or about [DATE]. <br />Loan:The agreement by Borrower to pay the Principal Amount to City, in <br />accordance with the Affordable Housing Resale Restrictions and <br />this Note. <br />Page 43 <br />Exhibit C <br />55394.00101\43423340.1 <br />  <br />  <br />City Council 24 – 55 4/15/2025