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<br />. <br /> <br />8 <br /> <br />, <br /> <br />..~.- n~_n_---- ____._m.n__---_---------------~-.----~--------_.- ._~mm--_---'----'---------- _u- <br /> <br />Hundred Fifty-Two Thousand Six Hundred Sixty-Five Dollars <br />($152,665.00)plus accrued interest (hereinafter, the "New Note") <br />and a new deed of trust, securing the same with the subject <br />property (hereinafter the "New Deed of Trust"). <br /> <br />(b) The New Note shall bear interest at the rate of ten <br />percent (10%) per annum. <br /> <br />(c) The New Note shall provide that all profit received <br />by the borrower from the rental of space in the subject property <br />shall be paid to the Agency on an annual basis until the New Note <br />is paid in full; provided, however, that in the event that such <br />profit is insufficient in any given payment year to pay interest <br />due for that year, the amount of the deficiency for that year <br />shall be waived and forgiven by the Agency; <br /> <br />(d) The New Note shall provide for adequate financial <br />reports from the borrower to determine that payments are made as <br />required. <br /> <br />(e) The lien of the New Trust Deed shall be subordinate <br />only to the liens of trust deeds securing an indebtedness of not <br />more than One Hundred Seventy-Five Thousand Dollars ($175,000.00) <br />held by The Church of Jesus Christ of Latter Day Saints and Two <br />Hundred Eighty-Seven Thousand Five Hundred Dollars ($287,500.00) <br />held by Wells Fargo Bank, and to such other minor liens as the <br />Executive Director may determine to be acceptable. <br /> <br />(f) The borrower shall provide satisfactory evidence <br />of title to the subject property, subject only to such easements <br />or other encumbrances as the Executive Director may determine to <br />be acceptable, <br /> <br />BE IT FURTHER RESOLVED that the Executive Director is <br />authorized to take such actions on behalf of the Agency as are <br />appropriate to carry out the above described refinancing, including, <br />but not limited to the signing of all appropriate documents, the <br />establishment of a loan escrow, and execution of agreements with <br />the borrower, including joint escrow instructions, and in so <br />doing to impose such requirements as he deems appropriate for the <br />protection of the Agency's interest. <br /> <br />-2- <br />