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119 <br /> <br />RELmvb6/15/9~, <br /> <br />RESOLUTION NO. 94-042 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY <br />OF SANTA ANA AUTHORIZING THE EXECUTION OF AN <br />AMENDMENT TO A LOAN AGREEMENT AND AN AMENDMENT <br />AND RESTATEMENT OF THE CITY'S $2,250,000 <br />INDUSTRIAL DEVELOPMENT REVENUE NOTE FOR THE <br />PARKSIDE PLAZA PROJECT. <br /> <br /> WHEREAS, the city of Santa Ana (the "City") has heretofore <br />adopted Resolution No. 82-159 on December 6, 1982, which authorized <br />the sale and delivery of its $2,250,000 Industrial Development <br />Revenue Note For the Parkside Plaza Project (the "Note") and also <br />authorized the execution and delivery of a Loan Agreement by and <br />among the City, Unionmutual Stock Life Insurance Co. of America, as <br />succeeded by UNUM Life Insurance Company of America (the <br />"Noteholder"), and Parkside Plaza, a California joint venture (the <br />"Developer") (the "Loan Agreement"); and <br /> <br /> WHEREAS, the Note was sold to the Noteholder and the proceeds <br />of the sale of the Note were loaned to the Developer to provide <br />financing for commercial development in the project known as <br />Parkside Plaza; and <br /> <br /> WHEREAS, the Noteholder and the Owner now wish to modify the <br />terms and conditions of the Loan Agreement and to amend and restate <br />the Note to provide fer different payment provisions; and <br /> <br /> WHEREAS, a form of Amended and Restated Note (the "Amended <br />Note") and a form of Amendment No. 1 to Loan Agreement (the <br />"Amendment"), prepared by the Noteholder's counsel, which sets <br />forth the terms and conditions upon which the Note and Loan <br />Agreement are to be amended have been presented to the City; and <br /> <br /> WHEREAS, the City' has determined that it is in its best <br />interests to participate with the Noteholder and the Developer to <br />modify the Loan Agreement and Note terms by executing the Amended <br />Note and the Amendment and other related documents, if necessary; <br />and <br /> <br /> WHEREAS, the Amended Note and Amendment provide for the <br />lowering of the interest rate on the Note, greater amortization, <br />and certain covenants with respect to the tax-exempt status of the <br />Note, as more particularly described in the Amended Note and <br />Amendment. <br /> <br /> <br />