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E xII II31 "L' F <br />CITY LOAN NOTE:' <br />SECURED BY SUBORDINATED I)I�,I D OF TRUST <br />TO THE C.I "EY OF SANTA ANA, CALIFORNIA <br />`.:I..s_8:.2 8612 O Italy _, 2016 <br />Santa Ana, C"alit'cirniaa <br />Principal Amount of l,oag <br />For value reQ6vtrd, and Guest I louse, L.P., a California limited partnership ("Borrower") <br />prerrnises to pay to the order of `I IIL CITY OF SANTA ANA ("City"), at 20 C".ivie Center li'laza, <br />6 "' floor, Santa Ana, C'ahfornia 92701, or at such other place as the City may from time to tini <br />designate in writing„ or to the assigneu of the City, the principal sum of ONL MILLION ONF. <br />Ht.;NCDRED NINETY NINE THOUSAND h'lCll l HUNDRED SIX'T`Y NINI, DOLLARS", <br />(,!x1,199,969,00) or ;so much thereof as shall be disbursed hereuaader, with three pereent interest <br />(,r,la°b/"a) commencing capon tili.n,g of Notice (if C'ornptetiorr. <br />City and Boirower have heretoline enured hito that certain. Loan "Agreement dared <br />earnerrn•uratly h0fewvith the "Lwan A areeancnt we.mihiiri r to the acquisition and rehabilitation of <br />certain real propQrt.y dubcribetl in the Loan Apreenwent Lis the "Property," commonly kno wra as <br />2151 Lzast Virst Street, and the operation of the,. Property as aallairdable hora;;ing lean F'xt�remely- <br />Low, Very-Low and Low Inoonwc houSdholds. This Note is ouaele pua:,aaant tali, entitled to the <br />benefits of and referred to as, the City loan Note in the Loan Agreement; that certain <br />"A,I'larrdability ResUictionti on Transfer of Property" between Bog-rower and City, mated On or <br />arboul the date bQrvol; and that certatin Subordinated City Deed of Trust and Assignment. of Id.ettts <br />between Borrower and City, dated on or about the date hereof (the 'City Ducal oI" Frtust ^ ";). This, <br />Note, the Loan Agreement, the Affordability Rostricuarras; on Traawslir o9"Title, and the Deed of <br />Frust are solnctirncs collectively iel "erred to herein as the "Loam Doetaa>rr ilts." 'flit L.oao <br />Doctunonts arnd the rights mud respoatsibilitaes inure, to the benefit of the City of Santa Ana. Any <br />caapitaliced term which is aa,crt otherwise dctinod herein shalt have the meaning ascribed to Stack <br />term in the Lot-an Agreement. <br />2. Ilefunitions, <br />For the purpose of ctalculanng the paynreirtS to be inaatte by Bois rower to City pursuant to <br />this *Vote, the iulloww"ingterms shall have the Cirllowing respective me"'Ininfs: <br />"Acquisition Costs" shall mean the costs and expenses of Borrower to arcapuiae the <br />Property, as set forth in the Project Budget attached to the Loan Agreurnunl.. <br />"City Loan " Shall mean [he loafs evidenced by this Note. <br />25H -67 <br />