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EXHIBIT "B" <br />PROMISSORY NOTE SECURED BY DEED OF TRUST <br />NOTICE TO MAKER: CONTINGENT EQUITY PARTICIPATION AMOUNT <br />SHALL BE DUE AND PAYABLE IF CERTAIN EVENTS <br />OCCUR <br />$ Santa Ana, California <br />.2Q— <br />Property Address:' <br />City State Zip Code <br />FOR VALUE RECEIVED, the undersigned (the "Maker" or "Homebuyer") promises to <br />pay to the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA <br />ANA, a public body, corporate and politic (the "Holder" or "Agency ") at 20 Civic Center Plaza, <br />Santa Ana, California 92701, or at such other address as the Holder may direct from time to time <br />in writing, the sums specified in the terms and provisions of this Promissory Note as the "Note <br />Amount ". <br />1. Loan Agreement. This Promissory Note Secured by Deed of Trust (this "Note ") <br />is made and delivered pursuant to and in implementation of the Homebuyer L_ oan Agreement <br />entered into by and between the Holder and the Maker dated 20_ <br />( "Agreement'), a copy of which is on file as a public record with the Holder. The Agreement is <br />incorporated herein by this reference. The Maker acknowledges that but for the execution of this <br />Note, the Holder would not enter into the Agreement or make the loan contemplated therein. <br />Unless definitions of terms have been expressly set out at length herein, each term shall have the <br />same definition as set forth in the Agreement. <br />2. Term. The term of the Note shall be forty -five (45) years from the Homebuyer <br />Assistance Loan Date ( "Term "). <br />3. Note Amount. The sums due and payable pursuant to the terms and provisions of <br />this Note consist of both the Homebuyer Assistance Loan Amount and the Contingent Equity <br />Participation Amount, as both terms are hereinafter defined (collectively, the "Note Amount'). <br />As one component of the Note Amount, Maker shall pay to the Agency the principal amount of <br />Dollars ($ ) (the "Homebuyer Loan <br />Amount'), with zero percent (0 %) interest thereon, subject to subsection (a) below. <br />(a) Contingent Equity Participation Amount. As a second component of <br />the Note Amount, the Maker shall pay to the Agency, together with the whole of the Homebuyer <br />Assistance Loan Amount, the Contingent Equity Participation Amount as set forth in Section 7. <br />EXHIBIT B -1 TO ATTACHMENT NO. 11 <br />Promissory Note <br />DOCSOC/1400673v 141200272 -0001 <br />80A -426 <br />