GUZMAN, SILVINO, JOSEFINA AND EFRAIN

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EJC:ar 8/28/79 SUBORDINATED NOTICE THIS PROMISSORY NOTE CONTAINS A SUBORDINATION CLAUSE CNHICH MAY RESULT IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. PROMISSORY NOTE SECURED BY DEED OF TRUST Santa Ana, California DATE: FOR VALUE RECEIVED,Silvino Guzman, Josefina Guzman, and Efrain Guzman, jointly and severally, promise to pay to the City of Santa Ana, a municipal corporation of the State of California, or order, at 20 Civic Center Plaza, Santa Ana, California 92701, or such other location as the holder hereof may, from time to time designate, the sum of ($ ) with interest from the date hereof on unpaid principal at the rate of six percent (6%) per annum, in the event that the real property which is the subject of the deed of trust securing this note, or any part thereof, or any interest therein is sold, agreed to be sold, conveyed or alienated by the maker of this note or by operation of law or otherwise, at the option of the holder hereof and without demand or notice, or in installments as hereinafter stated if the conditions prece- dent to such installment payment requirement are fulfilled. Consent to one such transaction shall not be deemed to be a waiver of the right to require consent of the holder of this note to future or successive transactions. The maker of this note shall have the right to prepay this note in whole or in part without penalty or premium at any time. The holder of this note reserves the right to review the maker's gross income three (3) years after the date affixed to this note, and from year to year thereafter, to determine the maker's ability to pay the principal and in- terest of this note in installments. In the event the total monthly installment payments pursuant to the promissory note and deed of trust in favor of the Housing Authority of the City of Santa Ana is less than twenty-five percent (25%) of =maker's monthly gross income then at the option of the holder _hereof any excess amount up to said twenty-five percent (25%) may be paid to the holder hereof as equal monthly installments to be applied toward payment of principal and interest due hereunder. Principal and interest shall be payable in lawful money of the United States. If action is instituted on this note, the maker of this note promises to pay such sum as the court may fix as attorney fees. This note is secured by a deed of trust to the City of Santa Ana, a municipal corporation of the State of California, which deed of trust shall contain the following provision: EXRIT C.