1985-13 CRA - Laserfiche WebLink

Home Browse Search

. .' . REL: adg 3/12/85 RESOLUTION NO. 85-13 A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AUTHORIZING THE REFINANCING OF A REHABILITATION LOAN SECURED BY PROPERTY LOCATED AT 217 NORTH MAIN STREET WHEREAS, the Community Redevelopment Agency of the City of Santa Ana made a loan of Three Hundred Twenty-Five Thousand Dollars ($325,000.00) to Barristers Building Ltd., a partnership, to provide partial funding for the rehabilitation of an office building located at 217 North Main Street in the City of Santa Ana¡ and WHEREAS, the obligation to repay said loan is evidenced by a promissory note dated May 26,1983 (hereinafter the "1983 Note") by which Barristers Building, Ltd. undertook to pay the principal sum of Three Hundred Twenty-Five Thousand Dollars ($325,000.00) without interest, to the Agency on or before the date forty-two (42) months from and after the date of the 1983 Note¡ and WHEREAS, the said 1983 Note is secured by a deed of trust of the same date on the abovesaid real property, duly recorded in the records of Orange County (hereinafter, the "1983 Trust Deed")¡ and WHEREAS, Barristers Building, Ltd., now requests the refinancing of the abovesaid loan and the Agency agrees to such refinancing on the terms and conditions hereinafter set forth¡ NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS: 1. The Executive Director of the Agency is authorized to cancel the 1983 Note and reconvey the Agency's interest under the 1983 Trust Deed, subject to the following terms and conditions: (a) Barristers Building, Ltd. shall duly execute and deliver to the Agency, through escrow, a new promissory note in the principal amount of Three Hundred Twenty-Five Thousand Dollars ($325,000.00) (hereinafter, the "New Note") and a new deed of trust, ¡¿. 4B