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CITY COUNCIL DRAFT <br /> EXHIBIT C <br /> FORM OF CITY PROMISSORY NOTE <br /> City Equity Share [DATE] <br /> Santa Ana, CA <br /> 1. FUNDAMENTAL PROVISIONS. <br /> The following terms will be used as defined terms in this City Promissory Note (as it may be <br /> amended, modified, extended and renewed from time to time, this "Note"): <br /> Lender/Payee: City of Santa Ana, a California municipal corporation. <br /> Borrower/Maker: [HOMEBUYER] <br /> Principal Amount: City Equity Share, as defined in the Affordable Housing Resale <br /> Restrictions <br /> Interest Rate: None. <br /> Default Interest Rate: Eight percent per annum. <br /> Maturity Date: The date of a Transfer of the Property after expiration of the <br /> Affordability Term. <br /> Business Day: Any day of the year other than Saturdays, Sundays and legal <br /> holidays on which City's main office is closed. <br /> Property: [ADDRESS] <br /> Deed of Trust: The City Deed of Trust executed by Borrower, as "Trustor", for the <br /> benefit of City, as `Beneficiary," concurrently with this Note, and <br /> recorded against the Property. <br /> Affordable Housing <br /> Resale Restrictions: The Affordable Housing Resale Restrictions, Equity Sharing and <br /> Regulatory Agreement, dated on or about [DATE],. <br /> Loan: The agreement by Borrower to pay the Principal Amount to City,in <br /> accordance with the Affordable Housing Resale Restrictions and <br /> this Note. <br /> City Documents: This Note, the Affordable Housing Resale Restrictions, the City <br /> Deed of Trust <br /> Page 44 <br /> Exhibit C <br /> 5 53 94.00 10 1\43721567.2 <br /> Resolution No. 2025-013 <br /> Page 51 of 87 <br />