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PROMISSORY NOTE
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<br />Santa Ana,California
<br />$860,000.00
<br />Curt Olson
<br />The Grand Plan 2 LLC to NDC Skyline Associates LLC
<br />Nexus Development
<br />MacArthur Place South development
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<br /> FAR VALUE REC~~~~~], the undersigned, CLTRT~S ~LS~~ ~"orrawer"~, promises to pay
<br /> to the City of Santa Ana Camn~unity Redevelopment Agency, a public body corporate and
<br /> politic, ~"Agency"}, or order, at 2a Civic Center Playa, Santa Ana, California, 9~7D ~ , or such
<br /> other location as the holder hereof may designate, the Burn of S~a,aaa,0a, plus interest at the
<br /> rate of 3.5~$°Io por annum from. and after June l 20a6 until paid, pursuant to the terms of
<br /> that certain Restated and Amended ~bllga~t~on agreement entered rnto by and between .e > .
<br /> ~arrawer and Agency dated June ~7, ~aaG the "Agreement"~. All capitalised terms not defined
<br /> herein shall have the meaning set Earth in the Agreement.
<br /> l . Repayment ~b1i a
<br /> _t~on. ~`he a~n~aunt ~a,aa~,aa ~~u ~ntere~t hail be ~~e not later
<br /> than twelve ~~Z} month aver the safe of the last unit of the Labe Towers Project or six
<br /> years from June l ~Oa~, whichever corner first the "Term, or upon the gale, refinancing, or
<br /> transfer ofthe Property to a ~d-party as set forth hereinbelaw.
<br /> Acceleration by Reason of T`ransfe~. ~a} In artier to induce Agency to undertal~e the 4
<br /> obligation evidenced hereby, borrower agrees that in the event of any transfer of the Prape~y
<br /> without the prior written consent of Agency, Agency shall have the absolute right at its option, k
<br /> without prior demand or notice, to declare ail sums secured hereby immediately due and payable.
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<br /> Consent to one such transaction shall not be deemed to be a waiver of the right to require consent to >
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<br /> fate or successive transactions, Agency may grant or deny such consent . its sale discretion and,
<br /> if consent should be given, any such transfer shall be subject to this Section and any such
<br /> transferee shall assume ali obligations hereunder and agree to be bound by all provisions contained ~ .
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<br /> herein. S~.ch assumpt~an shall not, however;--re~ea:se-~o~ower . orn-..any-- ~ia ~ .~t~..ereun ~er-.~r~ .out-.-........---.......-.----..._
<br /> the prior written consent of City.
<br /> } A used herein, „transfer" includes the sale, agreement to sell, transfer or conveya~.ce of
<br /> the Property, or any interest therein, whether voluntary, involuntary, by operation of law ar
<br /> otherwise, the execution of any install~uent land sale contract or similar instrarne~.t affecting all of
<br /> the Property, ar the lease of all or substantially all of the Property.
<br /> ~c} As used. herein, "transfer" shall not include the sale of a candon~inium unit, ar the
<br /> agreement to sell, transfer or conveyance of the Property, ar any interest therein to any company or
<br /> corporation ar partnership or entity awned and controlled by borrower,
<br /> Lawful bane .Principal and interest are payable in lawful money of the United States of
<br /> America.
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