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RESOLUTION 96-102 Page 2 year. In fiscal year 1996-1997, the amount of the initial payment shall be $500 per parking space and the balance of the obligation, in a principal amount of $5500.00 per parking space, shall be for the remaining eleven years, payable in installments of $500.00 per parking space per year, and shall be evidenced by a promissory note by the property owner to the city, secured by a deed of trust on the property in favor of the City as beneficiary, duly executed and dellvered to the City prior to the issuance of any certificate of occupancy. The note and deed of trust shall be subject to the following terms and conditions: ao The note shall not bear interest, but shall provide for a late charge for the late payment of any installment in an amount equal to ten percent of the amount of the installment payment. b. Payment shall be due on the commencement of the year to which it pertains. The City shall have the option to call due the balance of the note in the event of any default in the payment of any installment, or in the event that the owner sells, coveys or alienates the property or any part thereof or any interest there- in or shall be divested of title or interest in any manner, without the consent of the City. The owner shall have the right to prepay the note or any portion thereof at any time without penalty. The note and deed of trust shall contain such other provisions as are normal and customary, in the opinion of the City Attorney. 4. In each fiscal year following the 1996-97 fiscal year, sections 2 and 3 shall apply the same as in fiscal year 1996-97, except that the amounts specified in those sections shall be automatically increased, as of July 1 of each such fiscal year, equivalent to the percentage increase, if any, in the Consumer Price Index for All Urban Consumers (CPI-U) as published by the United States Department of Labor for the Los Angeles-Anaheim- Riverside area, using the most recent December-to-December CPI-U comparisons. 5. This resolution shall become effective at such time as an ordinance of the city adding section 41-1310 to the Santa Ana Municipal Code becomes effective.