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<br />. <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />RESOillI'ION 90-3 <br /> <br />RESOillI'ION OF '!HE HOOSING AIJ'IHORITY OF THE CITY <br />OF SANI'A ANA APPROVING, AUIK>RIZING, AND DIRECl'ING <br />'!HE EXEaJTION AND DELIVERY OF A FIRST SUPPUMENTAL <br />TmJST INDEtmJRE, AND AMENJ:J.IENT 'ro A Iar.N ORIGINATION <br />AND SERVICING J\GREÐŒNl', A REW\RIŒl'ING J\GREÐŒNl', AND <br />DIRECI'ING RElATED ACl'IONS IN aHœCl'ION '1HERE.WI'IH, IN <br />cx:tUUNCI'ION WI'IH '!HE HARB:IR roINl'E APARlMEN'IS PRJJECl' <br /> <br />WHEREAS, the Hcusirq AuthoritY of the CitY of Santa Ana (the <br />"Issuer") has issued its Variable Rate Demani M.l1tifamily Hcusirq Revenue <br />Boros (Mercury Sav~ am Loan Association¡Harbor Points Apartments Project), <br />1985 Series C in the ð.CJ9'ì.egate principal aIID.11'1t of $6,100,000 (the "Boros") <br />pJrSUant to an In:Ienture of Trost, dated as of December 1, 1985, fran the <br />Issuer to Seattle-First National Bank, as Trustee (the "Trustee"); am <br /> <br />WHEREAS, the developer of the project f1nance:i with the proceeds <br />of the Bc:Irxis, HartJor Points Apartments, a California general partnership (the <br />"Developer") has notified Bankers Trost ~ny ("Bankers Trust") that <br />pJrSUant to the RemarJœ1:irq I\gJ:eeù.::ut, dated as of December 1, 1985, by am <br />am:n; the Issuer, Mercury Sav~ am Loan Association (the "Association"), <br />Bankers Trost am the Developer, the Developer int.eOOs to replace Bankers <br />Trust as remarJœ1:irq aqent am has requested that the Issuer amerx:l the <br />In:Ienture am the Loan Origination am Servicirq lIgreement, dated as of <br />December 1, 1985, am:n; the Issuer, the Trustee, the Association am the <br />Developer (the "Loan Oriqination I\gJ:eelUl::llt") to provide a revised method of <br />determinin; the interest rate on the Bc:Irxis am enter into a new remarJœtirq <br />agreement in oonnection with the remarJœtirq of the Boros; am <br /> <br />WHEREAS, Section 1002 of the In1enture provides that the In:Ienture <br />may be amerx:led by the execution of a supplemental imenture ~roved am <br />consented to by the OWners of all of the Boros then OUtstan:lin:J for the <br />~ of reducirq the interest rate on the Boros; <br /> <br />WHEREAS, the Issuer anticipates that the OWners of all of the <br />Boros 0lltstan:lin:J will consent to am a¡:prove the execution of a supplemental <br />in:ienture (the "First SUpplemental Trost In:1enture") as provided in the <br />In:Ienture; am <br /> <br />WHEREAS, Section 10.6 of the Loan Oriqination Ao;¡1:=..ent provides <br />for the aIIIE!n3ment of such Agreement \¡pen the written consent of all of the <br />parties thereto; am <br /> <br />WHEREAS, the Developer, the Association, am the Trustee have <br />consented to the execution am delivery of the First SUpplemental Trust <br />In1enture am the Developer, the Association am the Trustee have consented to <br />the execution am delivery of an amen:intent to the Loan Origination lIgreement <br />(the "First 1\IneOOment"); am <br />