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.. ~ . , . , . I RESOLUTION NO. 88-07 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 202-210 NORTH MAIN STREET WHEREAS, The Community Redevelopment Agency of the City of Santa Ana made a loan of Forty-nine Thousand Three Hundred Twenty-Two Dollars ($49,322.00) to Builders Exchange Associates, a California limited partnership, to provide partial funding for the rehabilitation of an office building located at 202-210 North Main Street in the City of Santa Ana; and WHEREAS, the obligation to repay said loan is evidenced by a promissory note dated February 21, 1986 (hereinafter the "1986 Note") by which Builders Exchange Associates, a California limited partnership, undertook to pay the principal sum of Forty-Nine Thousand Three Hundred Twenty-Two Dollars ($49,322.00) with interest thereon from the date of said note on unpaid principal at the rate of ten and 5/16 percent (10.3125%) per annum, to the Agency on or before February 8, 1987, and WHEREAS, the said 1986 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 "1986 Trust Deed") and WHEREAS, Builders Exchange Associates, a California limited partnership, now requests the refinancing of the above said 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 1986 Note and reconvey the Agency's interest under the 1986 Trust Deed, subject to the following terms and conditions: (a) Builders Exchange Associates, a California Limited Partnership, shall deliver to the Agency Nine Thousand Six Hundred Twenty Nine Dollars and Seventy Cents ($9,629.70) representing the accrued interest on the 1986 Note through December 31,1987. (b) Builders Exchange Associates, a California limited partnership, shall duly execute and deliver to the Agency, through escrow, a new promissory note in the principal amount of Forty Nine Thousand Three Hundred Twenty Two Dollars ($49,322.00) (hereinafter, the "New Note"). (c) The New Note shall bear interest at the rate of ten and 5/16 percent (10.3125%) per annum. (d) The New Note shall be secured by that deed of trust dated February 21, 1986 in the principal amount of $49,322.00 that was recorded on January 15, 1987 as instrument #87-02551 in official records of Orange County, California. RLD/mo36