ANR HOMES, INC. -2011 - Laserfiche WebLink

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EXHIBIT E PROMISSORY NOTE SECURED BY DEED OF TRUST TO THE CITY OF SANTA ANA, CALIFORNIA Address: Santa Ana, California $ .00 92009 FOR VALUE RECEIVED, ANR Santa Ana, NSP, LLC, a limited liability company ("Borrower"), hereby promises to pay to the CITY OF SANTA ANA, a charter city and municipal corporation ("City"), or order, a principal amount not to exceed DOLLARS ($ .00) or so much thereof as may be advanced by the City to the Borrower, due and payable upon sale to a qualified Homebuyer, pursuant to the Neighborhood Stabilization Program Grant Services Agreement dated concurrently herewith, between Borrower and the City (the "Agreement"), which is incorporated herein by this reference. Title III of Division B of the Housing and Economic Recovery Act of 2008 (Pub. L 110-289, 122 Stat. 2654 enacted July 30, 2009) makes available to certain qualified municipalities for certain qualified grant funds termed Neighborhood Stabilization Program ("NSP Funds") under a program termed the Neighborhood Stabilization Program (the "NSP"). Any capitalized term not otherwise defined in this Note shall have the meaning ascribed to such term in the Agreement. The obligation of Borrower to City hereunder is subject to the terms of the Agreement, the Deed of Trust and this Note. Said documents are public records on file in the offices of the City, and the provisions of said documents are incorporated herein by this reference. Definitions: For the purpose of calculating the payments to be made by Borrower to City pursuant to this Note, the following terms shall have the following respective meanings: "Affordable Sales Price" shall mean a purchase price which results in an Affordable Housing Cost to a Low or Moderate Income Purchaser. The Affordable Housing Cost for Low Income households will be the product of 30% times 65% of the Area Median Income adjusted for family size appropriate for the unit. For Moderate Income households, the Affordable Housing Cost will be the product of 35% of 100% of the Area Median Income, adjusted for family size appropriate for the unit. These income limits will be used to determine a Homebuyer's maximum income for eligibility to purchase a Low or Moderate Income Unit. "City Loan" shall mean the loan evidenced by this Note repayable to the City in accordance with the terms of this Note and secured by the Deed of Trust. "Deed of Trust" shall mean the Deed of Trust in favor of the City, securing the City Loan, substantially in the form attached to the Agreement as Exhibit C, which is incorporated herein by this reference.