FULL AGENDA PACKET_2021-04-20 - Laserfiche WebLink

Home Browse Search

EXHIBIT 3 CITY CDBG LOAN NOTE SECURED RV SITBORDINATED DEED OF TRUST TO THE CITY OF SANTA ANA, CALIFORNIA (11O8 N Harbor Blvd, Santa Ana, California) SL687.047 April 20, 2021 Santa Ana, California Principal Amount of Loan I -or value received, NORTH HARBOR HOUSING PARTNFRS I,P, a California limited partnership ("Borrower") promises to pay to Lhe order of'[ HF CITY OF SANI A ANA ("Cily"), at 20 Civic ('enter Plaza, 6" Floor, Santa Ana, California 92701, or at such other place as the City may from time to time designate in writing, or to the assignee of the City, drc In stun of ONE MILLION, SIX HUNDRED EIGHTY-SEVEN THOUSAND, AND FORTY-SEVEN DOLLARS (S1,687,047) or so much thereof as shall be disbursed hereunder, with three percent simple interest (3%) commencing upon filing of Notice of Completion_ City and Borrower have ]reretolure entered into that certain Loan Agrcctnent dated concurrently herewith (the "Loan Agreement'), pertaining to the acquisition and rehabilitation of certain real property described in the Loan Agreement as the "Property," commonly known as 110R N Harbor Blvd, Santa Ana, C'alilorma, and the operation of the Property as alTordable housing for Extremcly-Low, Very -Low and Low Income households. This City CDBG Loan Note (the'Noic") is made pursuaut to, entitled to the benefits of and rcfetred to as the City Loan Note in the Loan Agreement; that certain "Affordability Restrictions on Transfer of Property" between Tlorrower and City, dated on or about the date hereof; and that certain Subordinated City Deed of Trust and Assignment of (tents between Borrower and City, dated on or about the date hereof (the "City Deed of Trust'). This Note, the Loan Agreement, the Affordability Restrictions on Transtcr of Title, and the Deed of Trust arc sometimes collectively rctenecl to herein as the "Loan Documents." I'hc Loan Documents and the rights and responsibilities inure to the benefit of the City of Santa Ana. Any capitalized term which is not otherwise delined herein shall have the meaning ascribed to such term in dtc Loan Agreement_ 2. Definitions. hbr the propose of calculating the payments to be made by Borrower to City pursuant to this Note, the following terms ,hall have the following respective tneanings_ "Acquisition Costs" shall mean the costs and expenses of Borrower to acquire the Property, as set forth in Lhe Project Budget allached to the I-oan Agreement. "Borrower" means Nortlr Harbor Housing Parmcrs LP, a California linrimd partnership_ City Council 21 — 72 4/20/2021