CARIBOU INDUSTRIES (13) - Laserfiche WebLink

Home Browse Search

EXHIBIT D FORM OF PROMISSORY NOTE Not to Exceed $13;0001000 December 6, 2022 Santa Ana, California FOR VALUE RECEIVED, CARIBOU INDUSTRIES, INC. a Nevada Corporation ("Maker"), having an address of 1103 North Broadway, Santa Ana, CA 92701, promises to pay to the CITY OF SANTA ANA, a California charter city in the County of Orange of the State of California ("Holder"), the principal sum of THIRTEEN MILLION DOLLARS ($13,0001000.00), or so much of said amount which may be advanced from time to time, plus interest accrued at the rate set forth herein . 1. Background. This Promissory Note ("Note") is made pursuant to that certain City of Santa Ana Public Improvement Loan Agreement with Caribou Industries, Inc. (Downtown Hotel and Mixed -Use: Residential and Retail/Commercial Project at 3rd and Broadway) (the "Loan Agreement"), dated December 6, 2022, by and between Maker and Holder, whereby Holder made a loan (the "Loan") to Maker, in the amount not to exceed Thirteen Million Dollars ($13,000,000.00), to pay certain costs associated with the construction and installation of City Funded Improvements that were required as conditions of regulatory approval for the development of develop Mixed Use Project including an apartment complex with 171 residential units, 13,419 square feet of commercial space, and 196 residential parking spaces ("Mixed Use Project'), and a Hotel Project containing seventy-five (75) hotel rooms, on the Property, including eighty-three (83) parking spaces which includes forty-two (42) stacking parking spaces ("Hotel Project") on the Property. (The "Mixed Use Project" and Hotel Project" are hereinafter refereed to collectively as "Project."), as defined in the Loan Agreement, upon that certain Property located in the City of Santa Ana, California (the "Property"), as more particularly described in the Loan Agreement. This Note evidences the Loan and Maker's repayment obligations to Holder thereunder. All capitalized terms used but not defined in this Note shall have the meanings given to them in the Loan Agreement. 2. Payment. (a) If the City funds the Public Improvement Loan from the City's General Fund, the following shall apply: (i) The term of the repayment shall be thirty (30) years from the date when the Holder first issued Loan Funds to Maker in accordance with Loan Agreement. (ii) Commencing on the date Holder first issued Loan Funds to Maker until the date on which the Public Parking Parcel is made available to the public pursuant to the Parking Agreement, Maker shall pay monthly interest -only payments to Holder equal to all then accrued but unpaid interest on the outstanding principal amount. 55394.00049\40884170.6