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<br />RESOLUTION NO. 85-46 <br /> <br />. <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA AUTHORIZING <br />THE REFINANCING OF A REHABILITATION LOAN <br />SECURED BY PROPERTY LOCATED AT 505 NORTH <br />MAIN STREET <br /> <br />WHEREAS, the Community Redevelopment Agency of the City <br />of Santa Ana made a loan of One Hundred Fifty-Two Thousand Six <br />Hundred Sixty-Five Dollars ($152,665.00) to 505 North Main Street <br />Company, a California general partnership, to provide partial <br />funding for the rehabilitation of an office building located at <br />505 North Main Street in the City of Santa Ana; and <br /> <br />I <br /> <br />WHEREAS, the obligation to repay said loan is evidenced <br />by a promissory note dated April 27,1983 (hereinafter the "1983 <br />Note") by which 505 North Main Street Company, a California general <br />partnership, undertook to pay the principal sum of One Hundred <br />Fifty-Two Thousand Six Hundred Sixty-Five Dollars ($152,665.00) <br />with interest thereon from the date of said note on unpaid principal <br />at the rate of ten and 5/16 percent (10.3125%) per annum, to the <br />Agency on or before December 21, 1985, and <br /> <br />WHEREAS, the said 1983 Note is secured by a deed of <br />trust of the same date on the abovesaid real property, duly <br />recorded in the records of Orange County (hereinafter, the "1983 <br />Trust Deed"); and <br /> <br />WHEREAS, 505 North Main Street Company, a California <br />general partnership, now requests the refinancing of the abovesaid <br />loan and the Agency agrees to such refinancing on the terms and <br />conditions hereinafter set forth; <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS: <br /> <br />1. The Executive Director of the Agency is authorized to <br />cancel the 1983 Note and reconvey the Agency's interest under the <br />1983 Trust Deed, subject to the following terms and conditions: <br /> <br />, <br /> <br />(a) 505 North Main Street Company, a California general <br />partnership, shall duly execute and deliver to the Agency, through <br />escrow, a new promissory note in the principal amount of One <br /> <br />I <br />I <br />I <br />- - -- -----~-------- ---------- ------ ---------~---_._------------_J <br />