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LOAN NOTE <br />SECURED BY DEED OF TRUST <br />Santa Ana, California <br />$450,000 <br />-YfA(- ?2, 2001 <br />FOR VALUE RECEIVED, the undersigned, SANTORA PARTNERS, LLC, a Delaware <br />Limited Liability Company ('Borrower"), promises to pay to the COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, a public body, <br />corporate and politic ("Agency"), on order, at 20 Civic Center Plaza, Santa Ana, California, <br />92701, or such other location as the holder hereof may designate, the principal sum of Four <br />Hundred Fifty Thousand Dollars and No Cents ($450,000.00) due and payable pursuant to <br />the terms of that certain Rehabilitation Loan Agreement and Use Covenant entered into by <br />and between the Borrower and Agency dated 'ZI7 AP-1L- , 2001 (the "Agreement"). <br />This Note is secured by a Deed of Trust of even date herewith ("Trust Deed"). This Note <br />shall not bear interest. <br />1. The Rehabilitation Agreement. The principal sums hereunder are being loaned by <br />Agency to Borrower in accordance with and pursuant to the Agreement. The terms of the <br />Agreement are incorporated herein and made a part hereof to the same extent and with the <br />same force and effect as if fully set forth herein. An event of default by Borrower under the <br />Agreement shall be a default hereunder, and a default hereunder shall be an event of default <br />by Borrower under the Agreement. <br />2. Agency Loan. The Note represents money that will be loaned to Borrower in a <br />series of disbursements to be made from time to time pursuant to and subject to the <br />Agreement, in the aggregate not to exceed the principal amount of this Note. At the time of <br />making the respective advances, it shall be unnecessary for, Borrower to execute any further <br />notes to evidence the obligation of Borrower to pay the amount of each advance. <br />3. Payment of Principal and Forgiveness. The obligation evidenced by this Note shall <br />be due and payable by Borrower to Agency exactly ten years and one day after the <br />recordation of the Trust Deed. However, upon Borrower successfully fulfilling the terms of <br />the Agreement for exactly ten years after the recordation of the Trust Deed, the Note shall <br />become null and void, and Borrower shall not be obligated to the Agency thereunder. <br />Attachment No. 5 <br />14.1 <br />65A-21