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LOW AND MODERATE INCOME HOUSING ASSET FUNDS PROMISSORY NOTE <br />SECURED BY SUBORDINATED DEED OF TRUST <br />TO THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA <br /> (801 E. Santa Ana Blvd., Santa Ana, California) <br /> <br /> <br />$1,656,947.00 ______________, 2021 <br /> Santa Ana, California <br /> <br />1. Principal Amount of Loan <br /> <br />FOR VALUE RECEIVED, Shelter Providers of Orange County, Inc. DBA HomeAid <br />Orange County (“Borrower”), hereby promises to pay to the Housing Authority of the City of <br />Santa Ana (CA093), acting as the Housing Successor Agency, a public body, corporate and politic <br />(“Agency”), or order, a principal amount not to exceed ONE MILLION SIX HUNDRED FIFTY- <br />SIX THOUSAND NINE HUNDRED FORTY-SEVEN AND NO/100 DOLLARS <br />($1,656,947.00), or so much thereof as may be advanced by the Agency to the Borrower, due and <br />payable with 3% simple Interest from the date of issuance of the Certificate of <br />Occupancy/Completion by residual receipts over the fifty-five (55) year term, pursuant to the <br />Agency Loan Agreement (said “Agreement”) between Borrower and the Agency dated <br />concurrently herewith, which is incorporated herein by this reference. This loan is funded <br />exclusively from the Low and Moderate Income Housing Asset Fund held by the Agency (the <br />“Agency Funds”). Any capitalized term not otherwise defined in this Promissory Note (“Note”) <br />shall have the meaning ascribed to such term in the Agreement. The obligation of Borrower to <br />Agency hereunder is subject to the terms of said Agreement, the Affordability Restrictions on <br />Transfer of Property, Agency Deed of Trust and this Note. Said documents are public records on <br />file in the offices of the Agency, and the provisions of said documents are incorporated herein by <br />this reference. <br /> <br /> This Note, said Agreement, the Affordability Restrictions on Transfer of Property, and the <br />Deed of Trust are sometimes collectively referred to herein as the "Loan Documents". The rights <br />and responsibilities provided for in the Loan Documents shall inure to the benefit of the Agency. <br />Any capitalized term that is not otherwise defined herein shall have the meaning ascribed to such <br />term in the Agreement. <br /> <br />This Note evidences the obligation of Borrower to the Agency for repayment of the Agency <br />Loan of Agency Funds attributable to the acquisition, development, and construction of the <br />Property, and related soft costs. <br /> <br />This Note is payable at the principal office of the City of Santa Ana – Community <br />Development Agency, 20 Civic Center Drive, Santa Ana, California 92702, Attn: Housing <br />Division, or at such other place as the holder hereof may inform Borrower in writing, in lawful <br />money of the United States. <br /> <br />EXHIBIT 4