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..,tt- .. .. . . . 1522H JHHW:ACH:ea 02/29/84 RESOLUTION NO. ~ A RESOLUTION AUTHORIZING AND DIRECTING THE EXECUTION OF SUPPLEMENT TO COMMITMENT CONTRACT (AND RESERVATION OF FUNDS) COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA RESIDENTIAL MORTGAGE REVENUE BONDS ISSUE OF 1981, SERIES A RESOLVED, by the Community Redeve I opment Agency of the City of Santa Ana, California, as follows: WHEREAS, the Agency pursuant to Resolution No. 81-40, adopted May 26, 1981, authorized the issuance of $15,730,000 principal amount of Residential Mortgage Revenue Bonds (the "Bonds"), pri nci pa 11 y to provi de funds to permi t the Agency to acquire participation interests in a mortgage loan pool (the "Mortgage Loan Participation") and to make a loan to First Nationwide Savings, a Federal Savings and Loan Association (formerly Citizens Savings and Loan Association), as qualified mortgage lender (the "Qualified Mortgage Lender"), for the purpose of providing the permanent financing for approximately 159 residential condominium units (the "Development") to be constructed and marketed by the Developer; WHEREAS, in order to reserve proceeds of the Bonds to provide such fi nanci ng, the Developer entered into a Commitment Contract (and Reservation of Funds) (the "Contract") with the Agency dated as of May 26, 1981, which provided, among other things, that the proceeds of the Bonds so reserved must be applied to such financing by March I, 1984, unless the Agency should agree to extend the period for such application as in Resolution No 81-40 permitted; WHEREAS, the Developer has requested the Agency to so extend such period as in the Resolution permitted and as hereinafter provided; WHEREAS, a form of Supplement / to the Commitment Contract (and Reservati on of Funds) wherei n the Agency agrees, among other th i ngs, to such extension, has been presented to and reviewed by the Agency (with the aid of the staff); and WHEREAS, the public interest will be served by the extension of the period for such application of the Bond proceeds; NOW, THEREFORE, in consideration of the mutual promises herein set forth, it is hereby agreed as follows: 1. The Supplement to the Commitment Contract (and Reservation of Funds) with Santa Ana Intown II (the "Developer") is hereby approved and the Executive Director of the Agency is hereby authorized and directed to execute the same on behalf of the Agency.