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$9,360,000.00 CALIFORNIA HOUSING FINANCE AGENCY AND MUNICIPAL BOND INVESTORS ASSURANCE CORPORATION PROMISSORY NOTE CHFA Development No. 87 -007 -N (Permanent Financing) January 1, 19f, FOR VALUE RECEIVED, the undersigned, Ridge View Commons Associates, a California limited partnership with its principal office at 22941 Atherton Street, Suite D, Hayward, California, 94541, (the "Borrower ") hereby promises to pay to the order of California Housing Finance Agency, 1121 L Street, 7th Floor, Sacramento, CA 95814 (the "Agency ") and Municipal Bond Investors Assurance Corporation, 113 King Street, Armonk, NY 10504 (the "MBIA ") (the Agency and MBIA are hereinafter collectively referred to as the "Lenders ") as specified herein, a principal amount equal to Nine Million Three Hundred Sixty Thousand Dollars ($9,360,000.00), such obligation of the Borrower being upon, subject to and secured by the terms of a Deed of Trust and other Loan Documents as such terms are defined in that certain document entitled "California Housing Finance Agency, Regulatory Agreement, CHFA Development No. 87- 007 -N" executed between the Borrower, the City of Pleasanton and the Agency and imposed upon the Development as defined below (the "Regulatory Agreement "). The Borrower also promises to pay to the order of the Lenders, interest at the rates, in the amounts and at the times hereinafter provided. 1. Active Lender. In the exercise of their rights and remedies hereunder, the Lenders shall act through the Active Lender as such term is described in paragraph 7 of the Deed of Trust and the Borrower, when discharging any obligation owed to the "Lenders," shall render performance to the Active Lender. All terms which are defined in the Deed of Trust shall have the same meaning as when used herein. 2. Borrower's Obligation. This Note evidences the obligation of the Borrower to the Lenders for the repayment of funds loaned to the Borrower by the Agency to finance the construction and operation of a two - hundred (200) unit multifamily rental housing development for elderly persons in Pleasanton, California, known as Ridge View Commons (the "Development ") pursuant to the Loan Documents. 3. Prohibition Against Transfer of Interest. The Borrower shall not make any sale, assignment, conveyance or transfer in any other form, nor any further pledge, encumbrance or mortgaging of the Development or any part thereof or of any of CHFA 51P.MBIA.PN RIDGE VIEW(02 /05/90) Q02400 -1-