TINY TIM LP (C/O COMMUNITY DEVELOPMENT PARTNERS)

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INCLUSIONARY HOUSING FUNDS PROMISSORY NOTE SECURED BY SUBORDINATED DEED OF TRUST TO THE CITY OF SANTA ANA (2223 West Fifth Street, Santa Ana, California) $1,300,000.00 April 16, 2019 Santa Ana, California 1. Principal Amount of Loan FOR VALUE RECEIVED, Tiny Tim LP, a California limited partnership (`Borrower"), hereby promises to pay to the City of Santa Ana, a charter city and municipal corporation ("City"), or order, a principal amount not to exceed ONE -MILLION, THREE -HUNDRED THOUSAND DOLLARS ($1,300,000), or so much thereof as may be advanced by the City to the Borrower, due and payable with 3% interest by residual receipts over the fifty-five (55) year term, pursuant to the Inclusionary Loan Agreement (said "Agreement") between Borrower and the City dated concurrently herewith, which is incorporated herein by this reference. This loan is funded exclusively from the Inclusionary Housing Fund held by the City (the "City Funds"). Any capitalized term not otherwise defined in this Inclusionary Promissory Note ("Note") shall have the meaning ascribed to such tern in the Agreement. The obligation of Borrower to City hereunder is subject to the tenns of said Agreement, the Affordability Restrictions on Transfer of Property, Inclusionary Deed of Trust and this Note. Said documents are public records on file in the offices of the City, and the provisions of said documents are incorporated herein by this reference. This Note, said Agreement, the Affordability Restrictions on Transfer of Property, and the Inclusionary Deed of Trust are sometimes collectively referred to herein as the "Loan Documents". The rights and responsibilities provided for in the Loan Documents shall inure to the benefit of the City. Any capitalized term that is not otherwise defined herein shall have the meaning ascribed to such teen in the Agreement. This Note evidences the obligation of Borrower to the City for repayment of the Inclusionary Loan of Inclusionary Housing Funds attributable to the acquisition, development, and construction of the Property, and related soft costs. This Note is payable at the principal office of the City of Santa Ana — Community Development Agency, 20 Civic Center Drive, Santa Ana, California 92702, Attn: Housing Division, or at such other place as the holder hereof may inform Borrower in writing, in lawful money of the United States. 2. Definitions. For the purpose of calculating the payments to be made by Borrower to City pursuant to this Note, the following terns shall have the following respective meanings: 1076\53\1379659.2