06/09/06 PROMISSORY NOTE WITH CURT OLSON

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AND~D AND ~BLIA.~'~~N ARE~NINT This amended and restated abligation agreement ~".Agree~nent'~} is entered iota this 27th dad of dune, 20a between the ammunxt~ edeveloprnent Aenc of the i of Santa Ana a _ ~ a . public body, carporate and politic ~"Agency"}, and Curtis Olsan, an individual "Olson" . ~ ~ l~E~TAL A. ND Skyline Assaciates~ LLB, a Delaware lir.~ted liability con~pan~ ~"D~" is the owner and developer of Phase I of the two ~2} high-rise lug candarniniun~, towers 1V1acArthur Puce the "Lake Towers Praject", located generall an the east side of button centre Drive between MacArthur olevard and andpointe Avenue in the r of Santa Ana ~hereinat~er "the Property"} B, ~ is a single ~nernber limited liahilit~ co~npan~ awned ~ 0D°I~ by OP2 Associates LLB, a Delaware lln~ted l~ab~llt~ can~pany, which is a single member limited liabili company ow~.ed 100°I~ by OP2 Associates Holdings, LLB, a Delaware Iin~ited liability campan~ afwhich Olson awns a .75°/~ interest. . The Agency is a rede~elapment agency argani~ed under alifarnia Health safe fade section ~~aaa e~ whose paxpase is to eliminate bli t, _ The Lake Towers Project is located within a pardon of the . enc 's n~er ed ra'ect ~ ~ ~ J area formerly known, as the oath a1n. Pro j ect Area. The Agency retains the power to incur debt in this Area. i... Olson has represented to Agency that he has assumed a portion of Permit Fee Obligation has herein de~ned~ ofND, totaling a,0aa.a~. F. In order to assist the redevelopment of the Properly and the resulting elin~inatian of blight, the Agency has agreed to undertake the obligation afND to ay certain f . ~ bu~ldmg permit, znechan~cal permit and plumbing permit ~`ees to the pity of Santa Ana in connection with the Lake Towers Praject the "Permit Fee Obli anon" non g P the terns and conditions set Earth herein, provided that Olson agrees to reimburse the Agenc~r far the Permit Fee Obligation plus interest thereon until paid ~n full.. . Agency and Olson have agreed. to replace, amend and restate that certain ari 'nal _ Obligation Agreement dated .dune l , 2U0~ ~"Original Agreement"~, to clan the principle amount o~ the Permit Fee Obligation, and the date on which interest an the principle amount begins to accrue. ~ T~REFO~x for goad and valuable consideration the a.ies a ee as fa~aws: p ~ 1. ~e~acy Obliat~a~. Agency shall undertake the Permit Fee Obli ation as of g . Olson's execution of the Pra~nissory dote attached. hereto as Exhibit 1 and incorporated herd, by this reference. Page 1