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<br />.. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 97-12 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF <br />SANTA ANA AUTHORIZING THE EXECUTION AND DELIVERY OF AN AMENDMENT TO <br />THE OWNER PARTICIPATION AGREEMENT WITH RESPECT TO THE HENINGER <br />VILLAGE SENIOR APARTMENTS (FORMERLY THE SYCAMORE APARTMENTS) AND <br />AUTHORIZING THE EXECUTION AND DELIVERY OF AND APPROVING OTHER RELATED <br />DOCUEMNTS AND APPROVING OTHER RELATED ACTIONS IN CONNECTION THEREWITH <br /> <br />WHEREAS, the Community Redevelopment Agency of the City of Santa <br />Ana (the "Agency") has entered into an Owner participation Agreement, <br />dated March 17, 1987 with Sycamore Retirement Apartments, Ltd., a <br />California limited partnership (the "Borrower") and TEJV-1, L.P., as <br />successor-in-interest to the Resolution Trust corporation, as <br />successor-in interest to Mercury Savings and Loan Association (the <br />"Owner Participation Agreement"), with respect to the acquisition, <br />development and ownership of the Heninger village Senior Apartments <br />(formerly known as sycamore Apartments) (the "Project", a portion of <br />which is made available to persons of low and moderate income; <br /> <br />WHEREAS, pursuant to the terms and provisions of the Owner <br />participation agreement, the Agency made a loan to the Borrower for <br />the purpose of financing, in part, the Project in the amount of <br />$425,000.00 and the Borrower executed a Promissory Note, dated April <br />6, 1987 in the principal amount of $425,000.00 (the "Note") in favor <br />of the Agency; <br /> <br />WHEREAS, in connection with the execution and delivery of the <br />Owner Participation agreement, the Housing Authority of the City of <br />Santa Ana (the "Authority") issued and delivered its $3,290,000 <br />aggregate principal amount of Variable Rate Demand Multifamily <br />Housing Revenue Bonds (Mercury Savings and Loan Association/Sycamore <br />Apartments Project), the proceeds of which were loaned to the <br />Borrower for the purpose of financing, in part, the Project; <br /> <br />WHEREAS, the Borrower has requested that the Authority issue and <br />sell multifamily housing revenue refunding bonds, the principal of <br />and interest upon which will be secured by payments to be made by the <br />Borrower (the "Bonds") for the purpose of refunding the Prior Bonds; <br /> <br />WHEREAS, in connection with the issuance and delivery of the <br />Bonds and in the furtherance of providing low and moderate income <br />housing, the Borrower has requested the Agency make certain <br />amendments to the Owner Participation Agreement and the Note to allow <br />the Borrower to meet its obligations under the Bonds and the Note; <br /> <br />WHEREAS, all conditions, things and acts required to exist, to <br />have happened and to have been performed precedent to and in the <br />amendment of the Owner participation Agreement as contemplated by <br />this resolution and the documents referred to herein exist, have <br />happened and have been performed in due time, form and manner as <br />required by the laws of the State of California. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Community Redevelopment <br />Agency of the City of Santa Ana as follows: <br />