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'414:1WAY4Fx: <br /> • <br /> • <br /> 6 • <br /> • <br /> PROMISSORY NOTE <br /> • <br /> (Housing Authority of the City of Louisville to East Street LP) <br /> $ $13,883.00 <br /> • <br /> • <br /> DATE <br /> Location: <br /> RECITALS <br /> WHEREAS,the Louisville Housing Authority("LHA") is a the General Partner of the <br /> East Street Limited Partnership(the"Partnership"); and <br /> WHEREAS,the Partnership is governed by the terms of the First Amended and Restated <br /> Agreement of Limited Partnership of East Street,LP (the"Partnership Agreement");and <br /> WHEREAS, Section 4.5 of the Partnership Agreement provides that LHA has the <br /> obligation to fund the operating reserve as required by Section 4.2(m)of the Partnership <br /> Agreement(the"Operating Reserve"); and <br /> WHEREAS, Section 4.2(m)of the Partnership Agreement provides that the Operating <br /> Reserve shall be funded in an amount equal to six months of debt service reserve except loans <br /> subject to cash flow; and <br /> • <br /> WHEREAS,the Operating Reserve is under funded by a total amount equal to <br /> $13,883.00; and <br /> WHEREAS, Section 4.7 of the Partnership Agreement authorizes LHA toloan funds to <br /> the Partnership without the consent of the limited partners of the Partnership in the event such• <br /> loan is required in order for the Partnership to meet its obligations under this Agreement;and • <br /> WHEREAS, LHA has loaned funds to the Partnership in'an amount equal to$13,883.00 <br /> as required and authorized by Section 4.5 and 4.7 of the Partnership Agreement(the"Loan"); <br /> and <br /> • <br /> • <br /> • <br /> WHEREAS, Section 4.7 of the Partnership Agreement provides that such General <br /> Partner Required Loan shall be unsecured and shall bear interest at'a rate of 9.0%per annum. <br /> • <br /> NOW THEREFORE, in consideration of the mutual covenants and promises contained <br /> - in this Promissory Note (the "Note"), the parties mutually agree to the following terms and <br /> conditions. • <br /> East Street Limited Partnership, a Colorado limited partnership ("Borrower"), promises <br /> to pay to the order of Housing Authority.of the City of Louisville, a Colorado housing authority, <br /> • <br /> the sum of Thirteen Thousand Eight Hundred Eighty Three Dollars ($13,883), together with <br /> simple interest from the date of the Loan at the rate of nine percent (9.0%) per annum, as set <br /> forth herein. LHA and the Borrower recognize that the Loan is a General Partner Required <br /> Loan, as that term is defined in the Partnership Agreement, and shall be paid in accordance with <br /> 8 <br />