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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 85- 13 <br />PAGE TWO <br /> <br />securing the same with the subject property (hereinafter the <br />"New Deed of Trust"). <br /> <br />(b) The New Note shall bear interest at the rate of <br />ten 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 lien of a trust deed securing an indebtedness to the <br />Bank of America of not more than Two Million Dollars ($2,000,000.), <br />and to such other minor liens as the Executive Director may deter- <br />mine 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 <br />to 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 abovedescribed refinancing, includ- <br />ing, but not limited to the signing of all appropriate documents, <br /> <br />/1 <br /> <br />4B <br />