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CITY LOAN NOTE <br />SECURED BY SUBORDINATED DEED OF TRUST <br />TO THE CIi'Y OF SANTA ANA, CALIFORNIA <br />Santa Ana, California <br />1. Principal Amount of Loan <br />For value received, and , a <br />( "Borrower ") promises to pay to the order of THE CITY OF SANTA ANA ( "City "), at 20 Civic <br />Center Plaza, 6'" Floor, Santa Ana, California 92701, or at such other place as the City may from <br />time to time designate in writing, or to the assignee of the City, the principal sum of <br />($ ) or so much thereof as shall be disbursed <br />hereunder, with three percent interest (3 %) commencing upon filing of Notice of Completion. <br />City and Borrower have heretofore entered into that certain Loan Agreement dated <br />concurrently herewith (the "Loan Agreement "), pertaining to the acquisition and rehabilitation of <br />certain real property described in the Loan Agreement as the "Property," commonly known as <br />and the operation of the Property as affordable housing for <br />Extremely -Low, Very -Low and Low Income households. This Note is made pursuant to, entitled <br />to the benefits of and referred to as the City Loan Note in the Loan Agreement; that certain <br />"Affordability Restrictions on Transfer of Property" between Borrower and City, dated on or <br />about the date hereof; and that certain Subordinated City Deed of Trust and Assignment of Rents <br />between Borrower and City, dated on or about the date hereof (the "City Deed of Trust "). This <br />Note, the Loan Agreement, the Affordability Restrictions on Transfer of Title, and the Deed of <br />Trust are sometimes collectively referred to herein as the "Loan Documents." The Loan <br />Documents and the rights and responsibilities inure to the benefit of the City of Santa Ana. Any <br />capitalized term which is not otherwise defined herein shall have the meaning ascribed to such <br />term in the Loan Agreement, <br />2. Definitions. <br />For the purpose of calculating the payments to be made by Borrower to City pursuant to <br />this Note, the following teens shall have the following respective meanings: <br />"Acquisition Costs" shall mean the costs and expenses of Borrower to acquire the <br />Property, as set forth in the Project Budget attached to the Loan Agreement. <br />"City Loan" shall mean the loan evidenced by this Note. <br />25C -70 <br />