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r <br />PROMISSORY NOTE FOR REPAYMENT OF HOME <br />FUNDS BY CIVIC CENTER BARRIO CORPORATION <br />TO THE CITY OF SANTA ANA, CALIFORNIA <br />[415 -423 S. RAITT STREET] <br />$77.500 September , 2007 <br />Santa Ana, California <br />1. Principal Amount of Loan <br />For value received, CIVIC CENTER BARRIO HOUSING CORPORATION, a <br />California nonprofit, public benefit corporation ( "Developer "), promises to pay to the order of <br />the CITY OF SANTA ANA, a municipal corporation ( "City "), at 20 Civic Center Plaza, 3 <br />Floor, Santa Ana, California 92702, or at such other place as the City may from time to time <br />designate in writing, or to the assignee of the City, the principal sum of SEVENTY SEVEN <br />THOUSAND FIVE HUNDRED DOLLARS ($77,500.00) or so much thereof as shall be <br />disbursed hereunder, with no interest. <br />City and Developer have heretofore entered into that certain Memorandum of <br />Understanding and Predevelopment Loan Agreement Under the HOME Regulations dated on or <br />about the date hereof (the "Predevelopment Loan Agreement "), respecting the development of <br />certain real property described in the Loan Agreement as the "Property," and the operation of the <br />Property as affordable housing for Low Income households. This Note is made pursuant to, <br />entitled to the benefits of and referred to as the "Promissory Note" in the Predevelopment Loan <br />Agreement between Developer and City, dated on or about the date hereof. This Note and said <br />Predevelopment Loan Agreement, are sometimes collectively referred to herein as the <br />"Predevelopment Loan Documents." The Predevelopment Loan Documents and the rights and <br />responsibilities inure to the benefit of both the City of Santa Ana and the Redevelopment Agency <br />of the City of Santa Ana. Any capitalized term which is not otherwise defined herein shall have <br />the meaning ascribed to such term in the Predevelopment Loan Agreement. <br />2. Term. The Predevelopment Loan shall be in an amount not to exceed $77,500 and shall <br />bear no interest and payments, and shall be deferred. The term shall expire on December 15, <br />2008, or the date of execution of a Development Agreement between the parties, whichever <br />occurs first. <br />3. Payment Requests. All contracts for architectural, engineering or other consultant <br />services to be paid for with the Predevelopment Loan shall be subject to the reasonable approval <br />of the Deputy City Manager for Development Services prior to disbursal of any loan funds <br />therefore. Developer shall submit a progress payment request to the City with evidence of the <br />expenditures, and City shall immediately process payment, with a check issued to Developer <br />