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<br />I <br /> <br />. <br /> <br />, <br /> <br />. <br /> <br />- <br /> <br />RESOLUTION NO, 86- 56 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA AUTHORIZING THE <br />REFINANCING OF A REHABILITATION LOAN SECURED BY <br />PROPERTY LOCATED AT 116 NORTH SYCAMORE STREET <br /> <br />WHEREAS, the Community Redevelopment Agency of the <br />City of Santa Ana made a loan of One Hundred Fifty-Four <br />Thousand Three Hundred Eleven Dollars ($154,311.00) to Harry <br />and Evelyn Greenberg, to provide partial funding for the <br />rehabilitation of The Grand Central Building located at <br />116 North Sycamore Street in the City of Santa Ana; and <br /> <br />WHEREAS, the obligation to repay said loan is <br />evidenced by a promissory note dated October 1, 1982 <br />(hereinafter the "1982 Note") by which Harry and Evelyn <br />Greenberg undertook to pay the principal sum of One Hundred <br />Fifty-Four Thousand Three Hundred Eleven Dollars ($154,311,00) <br />with interest thereon from October 1, 1985 on unpaid principal <br />at the rate of eighteen percent (18.00%) per annum, to the <br />Agency on or before October 1, 1990, and <br /> <br />WHEREAS, the said 1982 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 <br />"1982 Trust Deed"); and <br /> <br />WHEREAS, Harry and Evelyn Greenberg now requests the <br />refinancing of the abovesaid loan and the Agency agrees to such <br />refinancing on the terms and 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 1982 Note and reconvey the Agency's interest under <br />the 1982 Trust Deed, subject to the following terms and <br />conditions: <br /> <br />I~ <br /> <br />4R <br />