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A nu arc/ J / , 1990, <br />FOR VALUE RECEIVED, the undersigned, Ridge View Commons <br />Associates, a California limited partnership with its principal <br />office at 22941 Atherton Street, Suite D, Hayward, California, <br />California, 94541 (the "Borrower ") hereby promises to pay to the <br />order of California Housing Finance Agency, 1121 L Street, 7th <br />Floor, Sacramento CA 95814 (the "Agency ") or Holder, a principal <br />amount equal to �Se below ($ ), <br />such obligation of the Borrower being upon and subject to the <br />terms of all the Loan Documents as such term is defined in that <br />certain document entitled "California Housing Finance Agency, <br />Regulatory Agreement, CHFA Development No. 87- 007 -N" executed <br />between the Borrower and the Agency and imposed upon the <br />Development as defined below (the "Regulatory Agreement "). The <br />Borrower also promises to pay to the order of the Agency interest <br />at the rates, in the amounts and at the times hereinafter <br />provided. <br />1,035,342.35 <br />CALIFORNIA HOUSING FINANCE AGENCY <br />PROMISSORY NOTE <br />CHFA Development No. 87 -007 -N <br />(Permanent Financing) <br />�) 'L( < v'C &i N <br />1. Borrower's Obligation. This Note evidences the <br />obligation of the Borrower to the Agency for the repayment of <br />funds loaned to the Borrower by the Agency to finance the <br />construction and operation of a two - hundred (200) unit <br />multifamily rental housing development for elderly persons in <br />Pleasanton, California known as Ridge View Commons (the <br />"Development ") pursuant to the Loan Documents. <br />2. Prohibition Against Transfer of Interest. The Borrower <br />shall not make any sale, assignment, conveyance or transfer in <br />any other form, nor any further pledge, encumbrance or <br />mortgaging of the Development or any part thereof or of any of <br />its interest therein, without the prior written consent of the <br />Holder hereof. <br />3. Amount of Payment. The Borrower agrees to pay the <br />indebtedness hereunder as follows: <br />(a) From and after the advance of funds to the <br />Borrower by the Agency and until the date the principal amount <br />shall be paid on this Note, interest shall accrue on the <br />outstanding principal balance at an annual percentage rate of <br />three percent (3 %). <br />*One million thirty -five thousand three tundred forty -two and 35/100 Dollars <br />($1,035,342.35) <br />CHFA 51P (RIDGE VIEW /SECOND) -1- <br />12/18/89 <br />Q02326 <br />