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ATTACHMENT NO, 8B <br />PROMISSORY NOTE <br />(Phase -1 Agency Loan and Phase -2 Agency Loan <br />. :T. :, Santa Ana, California <br />FOR VALUE RECEIVED, (the "Borrower"), <br />promises to pay to the COMMUNITY REDEVELOPMENT ELOPMENT AGENCY of THE CITY of <br />SANTA ANA, a public body, corporate and politic he "Agency"), or order, at the Agency's <br />office at 20 Civic Center plaza, Santa Ana, California 92701 or such other place as the Agency <br />t o ' . . designate .... in writing, the sum of <br />Dollars <br />(the "Note Amount"), in currency of the United States of America, which at the <br />time of payment is lawful for the payinent of public and private debts. <br />1, Agreentent. This Promissory Note (the "Note') is given in accordance with that <br />certain Disposition and Development Agreement executed by the Agency and Borrower, dated <br />as of : ::: 2010 (the "Agreement"). The <br />obligations rights and of the <br />g <br />Borrower and the Agency under this Note shall be go erred by the Agreement and by the <br />additional terms set forth in this Note. Capitalized terms not defined herein shall have the <br />e aning ascribed to such term in the Agreement. In the event of any inconsistencies between <br />the terms of this Note and the terms of the Agreement or any other document related to the Note <br />Amount, the terms of this Note shal l prevail. <br />21 Interest. The Note Aniount shall bear simple interest at the rate of one percent <br />IVo per annum, from the date hereof. <br />Repayment of Note Amount The Note Amount shall be paid by the Borrower's <br />annual payment to the Agency of an amount equal to fifty Percent It 0% of the Re i ual <br />Receipts as defined below) from operation of Phase R- � of the Rental Portion of'the Project as <br />defined in the Agreement), , s determined by a residual receipts calculation from the operation of <br />Phase R- the preceding calendar year. Annual Residual Receipts payinent shall be by the <br />Borrower by cashier's clieck and shall be delivered on or before one hundred twelity 120 days <br />after the end of the Borrower's fiscal year, of each year during. the terin of this Note first <br />following the date Phase R- of the Project or any Phase thereof) is placed in service, until the <br />Note Aniount and all unpaid interest thereon has been repaid in full. Any remaining portion of <br />the Note Amount shall be due and payable on the earlier to occur of a the fifty - eighth (58th) <br />anniversary of the date of the issuance of the Release of Construction Covenants for phase I - <br />or b December 31, 2075. Notwithstanding the foregoing, the fill Note Amount may be <br />accelerated as set forth in Section 12 hereof. <br />Definitions, <br />As used herein "Annual r enti " shall mean all , � inc rre and all <br />revenues of any kind from Phase -� in a calendar year, including without limitation, rent, <br />Section 8 housing assistance payments, if any, late charges, vending machine income, and any <br />TTAC MEET N , 8B-1 <br />D OCSO C114006173v131200272 -0001 <br />