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?1 1?4???1` 1 ??? O?
<br />$ l,Sa?,00D
<br />2? 1
<br />Santa Ataa, al?fo?•t?i
<br />FAR ?AL?L E???D, ,.??„?,,,....? the "Borro?vex?????
<br />prarnies to pay to the ?Oi1?UNYT? EDL?L?PN??NT A?N? ?F H? CITE ?F
<br />SAN?`A AAA, a public bod?T, ca??parate at?d politic ?tl?e "Agency"}, or• order, at tl?e Agency's
<br />af?ce at ?Q Civic tenter Plaza, Santa At?a, alifar??ia ???1, ot? such atl?er place ?? tl?e Agency
<br />may desigtaate its ??t"icing, the ??tln o? Inc Nitllian Fig H?t??dre? T?aou?t? Dalla?•s ?1,5a?,aaa?
<br />?tl?e "Note At??ount"}? its currency of the ??ited States of America, ?vllich at the tit??e a? ??ayme??t
<br />i la???fi?l far the pa??nent o?public ar?d private debts,
<br />1, Agt•eel??e???, '?'l?i P??on?issory Nate {the "Note"? is given its accardatlce ??ith that
<br />certain Disposition at?d Develap?net?t Agticemet?t executed by the Agency and Santa Ana Statia?l
<br />District, LLC, dated as of June 7, gala ?tl?e "Agrecn?et?t"?. A portio?? of t??e ?•il?ts acid
<br />obliatians of Sa??ta Ana Station District, LLC under tl?e Agreement ??as subse?uet?tly assigned
<br />to Borrower" ?'he rights and obligatians of the Barro?er at?d the Agency under tl?ls Nate shall be
<br />g4Tv?tncd by tl?e Agree?ne??t a?ici ?? tl?e additional terns set ?'at•tl? in this Note. Capltallzed t?r?nS
<br />trot defined herei?? shall have the meaning ase?;ibed to s??cl? term I?? the Agree?net?t? ?n the event
<br />of any lllca?lSlstet?Cles bet??een tl?e terns a? tl?ls Nate and tl?e tit"tnS a? t?l? ??'??tT??t?t a?` ?I??
<br />other doc?ttnent related to tl?e Note .Atnout?t, tl?e terms of this Note shall prevail,
<br />Z, ?nfe??est, Tl?e Nate Amount shall bear simple i??te?•est at the rate of three perce??t
<br />??Io? pe?• annum, calc??lated fro?r? the latest date ar?y atno?tnt here?tnder is ?•equired to be paid"
<br />3, ???yr??cllt of safe AIYlQllllt. The Note Amount shall be payable fiiotn the
<br />`{Profit-Sharing A???ount," as de?t?ed and deter?ni?ied herein, Borro???er shall give written notice
<br />to tl?e Agency, not later than ate l??tt?dzcd t?ver?ty ??Za? days aver tl?e sale of tl?e last For-dale
<br />Unit has defined its the Agreeme??t?, ??hich shall incl??de a statement of tl?e "Net Praft," "Crass
<br />Sales Proceeds," tl?e "?or?ale units De?elopn?ent fast," and "Far-Sale ?J??its De?eloptr?ent
<br />P??oft}" as these tee;l??s are deft?ed belo???, a?l? a calc?tlation of tha P??ofit Shari?? Arnaunt,
<br />'?tll?n tl????ty ?3a) days of its receipt o? Bot•ro?ver?s ?vrittetl notice, ,Agency shall deliver to
<br />Bar?•o??ar ??rritten notice of its acceptance of` Barra?vet•'s calculatiat?s of tl?e Profit Darin
<br />Anlou??t, ar Aetrcy's cl?al?et?ge of Borro?va?•'s calculations o tl?e Profit Sharing An?aut?t and
<br />?;eq?zest ?o?" a ee?•ti?ecl a???lit o Pt•a?t ha??ing A?no?t??t b? air audita?? chosen by Agency ar?d
<br />resa?iably a.ccepta?le to Borra??e?•a at Agency?s sole cost. Barra??er agrees to cooperate with
<br />s??cl? audit, and shall be pet?trtitted to revie?? and respond to the preli?ni?iary resrtlts a such a??dit
<br />hefa?;c tl?e aL?dlt ?s tssuecl to final fo?{m, fan auclrt is perfo?•?ned, tl?e Pt•ofit Sharing A?naunt shall
<br />be as deter??nir?ed by the results of such a?tdit. ?? it is determined that a Profit Shat"in Amount is
<br />owed to the Agency, payment shall be made to the Ae??cy too later than thirty ?a}days after the
<br />Agenc??'s ?vt4itte?i acceptat?cc of Bor??o?ver's calculations of the ?'xofit Shari?ig Amount, ar tl?e
<br />delivery of the final results of tl?e audit, as applicable, I?? the event that the ?'?"aft Sharing
<br />PROMISSORY NOTE
<br />(Phase FS Age?tcy Loan)
<br />D a?SaC1? 4??b73 ?t 131?OD?72???0 t
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