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$ 1,000,000 CALIFORNIA ROUSING FINANCE AGENCY PROMISSORY NOTE CIIFA Development No. 87 -07 -N FOR VALUE RECEIVED, the undersigned, Eden Housing, Inc., a California nonprofit corporation, 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, California 95814 (the "Agency ") or Holder, a principal amount equal to ONE MILLION DOLLARS ($1,000,000.00). Borrower also promises to pay to the order of the Agency interest at the rates, in the amounts and at the times hereinafter provided. 1. Borrower's Obligation. This Note evidences the obligation of the Borrower to the Agency to repay funds loaned to finance the construction of a 200- -unit multifamily rental Housing development for elderly persons in Pleasanton, California, known as Ridge View Commons. 2. Amount of Payment. The Borrower agrees to pay the indebtedness hereunder as follows: (a) From and after the advance of funds to the Borrower by the Agency and until the date the principal amount shall be paid on this Note, interest shall accrue on the amounts advanced by the Agency or Bolder to the Borrower at an annual percentage rate of three percent (30). (h) The entire principal amount advanced by the Agency or Holder to the Borrower plus any unpaid or accrued interest thereon shall be due and payable in full on or before the earlier to occur of the following: (i) The Agency and the Borrower close the permanent loans for the Development in accordance with the terms of that certain commitment letter executed by them, dated November 2, 1988, and entitled "California Housing Finance Agency, Final Commitment Letter for Permanent Financing," or (ii) January 1, 1990. CIIFA 51P (Ridge View Commons) 10/25/88 Z01188(OGC) -1- !�f ✓ , 19 ,