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Exhibit C C� 11��7Z1�u � �.YyY!] 3i�►t� SECURED BY SUBORDINATED DEED OF TRUST TO THE CITY OF SANTA ANA, CALIFORNIA (326 South Garnsey Street) $4,291,188.00 April , 2011 Santa Ana, California 1. Principal Amount of Loan FOR VALUE RECEIVED, Garnsey, LP, a limited partnership comprised of OHDC Properties I, LLC, ("OHDC"), a a Limited Liability Company, and C&C Properties Group I, 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 FOUR MILLION TWO HUNDRED NINETY ONE THOUSAND ONE HUNDRED EIGHTY EIGHT DOLLARS ($4,291,188.00) or so much thereof as may be advanced by the City to the Borrower, due and payable with 0% interest by residual receipts over the fifty-five (SS) year term., pursuant to the Neighborhood Stabilization Program (Program 2) Rental Housing Development Agreement dated March 1, 2010, between Borrower and the City and the Loan Agreement (said "Agreement") dated concurrently herewith, which are both incorporated herein by this reference. This loan is made pursuant to the "Neighborhood Stabilization Program" or "NSP" with money funded through the Program as "NSP bunds". The term "NSP2" refers to the second appropriation of NSP Funds provided under the Recovery Act the Housing and Economic Recovery Act of 2008 (Section 2301-2304 of HERA). 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 said Agreement, the Affordability Covenants and Restrictions, 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. This Note, said Agreement, the Affordability Restrictions on Transfer of Title, and the Deed of Trust are sometimes collectively referred to herein as the "Loan Documents." The Loan Documents and the rights and responsibilities inure to the benefit of the City of Santa Ana. Any capitalized terra which is not otherwise defined herein shall have the meaning -ascribed to such terra in the Agreement. 2. 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: