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<br />8 <br /> <br />. <br /> <br />, <br /> <br />. <br /> <br />- <br /> <br />(a) Grand Central Partnership Santa Ana, a <br />California general partnership, shall duly execute and deliver <br />to the Agency, through escrow, a new promissory note in the <br />principal amount of One Hundred Fifty-Four Thousand Three <br />Hundred Eleven Dollars ($154,311.00) (hereinafter, the .New <br />Note") and a new deed of trust, securing the same with the <br />subject property (hereinafter the "New Deed of Trust"). <br /> <br />(b) The New Note shall bear interest at the rate of <br />ten percent (10%) per annum. (Computed and charged on the <br />basis of a 365 day year.) The New Note will begin to accrue <br />interest one year from the date of the note, <br /> <br />(c) The balance of said principal sum and all <br />interest and charges then owing on this note shall be due and <br />payable on October 1, 1992. <br /> <br />(d) The New Note shall require monthly payments of <br />One Thousand Four Hundred Fifteen Dollars ($1,415.00) beginning <br />twelve (12) months from the date of the note. <br /> <br />(e) The lien of the New Trust Deed shall be <br />subordinate only to the liens of trust deeds securing an <br />indebtedness of not more than Six Hundred Forty Thousand <br />Dollars ($640,0Ø0) held by Wells Fargo Bank and Two Hundred <br />Twenty-One Thousand Dollars ($221,000) held by Department of <br />Housing and Urban Development (HUD), and to such other minor <br />liens as the Executive Director may be determine to be <br />acceptable. <br /> <br />(f) The borrower shall provide satisfactory evidence <br />of title to the subject property, subject only to such <br />easements or other encumbrances as the Executive Director may <br />determine to be acceptable. <br /> <br />(g) The Grand Central Partnership Santa Ana, a <br />California general partnership, shall be allowed to assume the <br />existing Wells Fargo Bank loan, executed by Harry and Evelyn <br />Greenberg and secured by a Six Hundred Fifty Thousand Dollar <br />($650,0Ø0) Deed of Trust recorded on October 1, 1982 as <br />instrument 182-347452 in the records of Orange County, <br />California. <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, <br />including, but not limited to the signing of all appropriate <br />documents, the establishment of a loan escrow, and execution of <br />agreements with the borrower, including joint escrow <br />instructions, and in so doing to impose such requirements as he <br />deems appropriate for the protection of the Agency's interest. <br /> <br />-2- <br />l~ <br /> <br />4B <br />