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55394.00101\43724951.1 <br /> <br />CITY COUNCIL DRAFT <br />Page 44 <br />Exhibit C <br /> <br />EXHIBIT C <br />FORM OF CITY PROMISSORY NOTE <br /> <br />City Equity Share <br /> <br />[DATE] <br />Santa Ana, CA <br /> <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 /> <br />Lender/Payee: City of Santa Ana, a California municipal corporation. <br /> <br />Borrower/Maker: [HOMEBUYER] <br /> <br />Principal Amount: City Equity Share, as defined in the Affordable Housing Resale <br />Restrictions <br /> <br />Interest Rate: None. <br /> <br />Default Interest Rate: Eight percent per annum. <br /> <br />Maturity Date: The date of a Transfer of the Property after expiration of the <br />Affordability Term. <br /> <br />Business Day: Any day of the year other than Saturdays, Sundays and legal <br />holidays on which City's main office is closed. <br /> <br />Property: [ADDRESS] <br /> <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 /> <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 /> <br />City Documents: This Note, the Affordable Housing Resale Restrictions, the City <br />Deed of Trust <br /> <br />  <br />  <br />City Council 19 – 57 6/3/2025