C&C DEVELOPMENT COMPANY, LLC AND ORANGE HOUSING DEVELOPMENT CORPORATION (2)

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(a) Section 2.1. Section 2.1 of the Note is hereby deleted in its entirety and the following is substituted therefor: "Construction Loan Maturity Date. All principal and all accrued and unpaid interest and other sums due hereunder shall be due and payable on December 1, 2018 (the "Construction Loan Maturity Date'), subject to extension as provided in Section 2.2. The period from the date of recordation of the Deed of Trust through the Construction Loan Maturity Date is herein referred to as the 'Construction Loan Period."' (b) Section 4.2. Section 4.2(a) of the Note is hereby deleted in its entirety and the following is substituted therefor: "(a) The "Term Loan Interest Rate" shall be the applicable interest rate accruing on this Note during the Term Loan Period determined in accordance with this Section 4.2. For the period of time commencing with the Conversion Date and thereafter until the date that is one hundred eighty (180) months from the Conversion Date (the "Term Loan Interest Rate Reset Date"), the outstanding principal balance of this Note shall bear interest at a fixed interest rate of Five and Sixty -Seven one hundredth percent (5.67%) per annum (the "Initial Term Loan Interest Rate")." (c) Section 6.2(a). Section 6.2(a) of the Note is hereby deleted in its entirety and the following is substituted therefore: "(a) No Prepayment Fee Periods. Borrower may prepay all or a part of the Loan without fee or premium at any time prior to the Conversion Date. Notwithstanding anything to the contrary set forth above, Borrower may prepay the principal balance of this Note prior to the Conversion Date, without fee, premium or penalty, provided that: (a) no prepayment may be made which in Bank's judgment would contravene or prejudice funding under any applicable permanent loan commitment or tri - party agreement or the like; (b) Bank shall have actually received from Borrower prior written notice of (i) Borrower's intent to prepay, (ii) the amount of principal which will be prepaid (the "Prepaid Principal"), and (iii) no prepayment may be made which would reduce the principal balance of the Loan to an amount which is less than $6,420,000 (unless such prepayment is made in order to satisfy the requirements under Section 2.1(b) of the Loan Purchase Agreement and Borrower, concurrent with such prepayment to Bank, delivers to CCRC any "Delivery Assurance Fee" required under the Delivery Assurance Note or the Loan Purchase Agreement) or such lesser amount of the CCRC Purchase Price as may be required to satisfy Section 2.1(b) be permitted pursuant to the terms of the Loan Purchase Agreement. If this Note is prepaid in full, any commitment of Bank for further advances shall automatically terminate." 4. Amendment of Loan Agreement. As between Bank and Borrower (and CCRC as successor to Bank), the terms, conditions and covenants of the Loan Agreement are hereby amended as follows: (a) Recital D. Recital D of the Loan Agreement is hereby deleted in its entirety and the following is substituted therefore: "The Loan is due and payable on December 1, 2018, unless further extended pursuant to the terms hereof (the "Construction Loan Maturity Date"). However, if prior to the Construction Loan Maturity Date, Borrower satisfies all "Conversion Conditions" contained in that certain Loan Purchase Agreement of even date herewith by and among Borrower, Lender and CCRC, as amended to date, CCRC will purchase the Loan and the Loan will convert to a term loan not to exceed the principal amount of Six Million Four Hundred and