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PROMISSORY NOTE SECURED BY <br />DEED OF TRUST <br />$ Santa Ana, California <br />Date: <br />In installments as herein stated, for value received, we, <br />jointly and severally, promise to pay to the Housing Authority <br />of the City of Santa Ana, or order, at with <br />the sum of Dollars ($ <br />interest from on unpaid principal at the rate <br />of percent ( %) per annum. Principal <br />and interest are payable in installments of da of each <br />Dollars ($ ) or more on the __Wayof and <br />month beginning on the day of at which time any unpaid <br />continuing until ► <br />balance of said principal sum, with the unpaid interest due <br />hereon, shall be paid in full. <br />The maker of this Note shall have the right to prepay <br />this Note in whole or in part without penalty or premium at <br />any time. Each payment shall be credited first on interest <br />then due and the remainder on principal; and interest shall <br />thereupon cease upon the principal so credited. Should <br />interest not be so paid, it shall thereafter bear like <br />interest on the principal, but such unpaid interest so <br />compounded shall not exceed an amount equal to simple <br />interest on the unpaid principal at the maximum rate per- <br />mitted by law. Upon default in payment of any installment <br />when due, the whole sum of principal and interest shall <br />become immediately due at the option of the holder of this <br />Note. <br />Principal and interest shall be payable in lawful money <br />of the United states. If action is instituted on this Note, <br />the maker of this Note promises to pay such sum as the Court <br />may fix as attorney fees. <br />This Note is secured by a Deed of Trust to <br />In the event that the real property which isthe <br />tsubject <br />of the Deed of Trust securing this Note, or any Part <br />or any interest therein is sold, agreed to be sold, conveyed <br />or alienated by the maker of this Note or by operation of <br />law or otherewise, all obligations under this Note, irres- <br />pective of the maturity dates stated herein, at the option <br />of the holder hereof and without demand or notice, shall <br />become due and payable. Consent to one such <br />traimmediately right <br />Y the ri <br />transaction shall not be deemed to be a waiver of g <br />to require consent of the holder•.of this Note to future or <br />successive transactions. <br />By: <br />signature of makers) <br />By: <br />