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CITY LOAN NOTE <br />SECURED BY SUBORDINATED DEED OF TRUST <br />TO THE CITY OF SANTA ANA, CALIFORNIA <br />$93,032 September 27, 2017 <br />Santa Ana, California <br />1. Principal Amount of Loan <br />For value received, and Wakeham — Grant Apartments, LP, a California limited <br />partnership (`Borrower") promises to pay to the order of THE CITY OF SANTA ANA ("City"), <br />at 20 Civic Center Plaza, 6th Floor, Santa Ana, California 92701, or at such other place as the <br />City may from time to time designate in writing, or to the assignee of the City, the principal sum <br />of ninety-three thousand, thirty-two dollars ($93,032) 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 rehabilitation of certain real <br />property described in the Loan Agreement as the "Property," commonly known as the Wakeham <br />— Grant Apartments, LP, and the operation of the Property as affordable housing for Extremely - <br />Low and Very -Low Income households. This Note is made pursuant to, entitled to the benefits of <br />and referred to as the City Loan Note in the Loan Agreement; that certain "Affordability <br />Restrictions on Transfer of Property" between Borrower and City, dated on or about the date <br />hereof; and that certain Subordinated City Deed of Trust and Assignment of Rents between <br />Borrower and City, dated on or about the date hereof (the "City Deed of Trust"). This Note, the <br />Loan Agreement, the Affordability Restrictions on Transfer of Property, and the City Deed of <br />Trust are sometimes collectively referred to herein as the "Loan Documents." The Loan <br />Documents and the rights and responsibilities of the Borrower inure to the benefit of the City of <br />Santa Ana. Any capitalized term which is not otherwise defined herein shall have the meaning <br />ascribed to such 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 terms shall have the following respective meanings: <br />"City Loan" shall mean the loan evidenced by this Note. <br />"City's Percentage" with reference to the Residual Receipts, shall mean fifty percent <br />(50%) of the City's share of the total Residual Receipts from the Property as further described in <br />Section 5 hereof... <br />