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<br />. <br /> <br />. <br /> <br />. <br /> <br />Repayment terms may include interest, at an interest rate from zero percent to <br />the maximum interest rate permitted by law. <br /> <br />9. The Executive Director shall have the discretion to negotiate such <br />additional terms and conditions as may be appropriate, including, but not <br />limited to: (a) amortization of loans; (b) payment out of a share of <br />"residual receipts" and/or net proceeds of sales and refinancings; (c) <br />definitions of necessary terms; (d) conditions that shall trigger acceleration <br />of the loan, including unauthorized transfers; and (e) conditions under which <br />all or a portion of outstanding principal and/or interest shall be paid and <br />forgiven. <br /> <br />10. A loan may be amended in the same manner as provided in this Regulation <br />for its approval. <br /> <br />11. The Executive Director shall be responsible for reporting annually on the <br />status of any loans that are $50,000 or more that are in default or not in <br />compliance with the terms of the loan approved by the Agency. <br /> <br />This Regulation is effective upon adoption by the governing body of the <br />Community Redevelopment Agency of the City of Santa Ana at a public meeting <br />after notice as required by law, and may be amended only by action of the <br />Agency at a public meeting after notice has been given as required by law. <br /> <br />Adopted this 7th day of December, 1998. <br /> <br />ATTEST: <br /> <br />~~~ <br /> <br />Cynthia J. Nelson <br />Executive Director <br /> <br />~ <br /> <br /> <br />Chairman <br /> <br />AGENCY MEMBERS <br /> <br />Pulido <br />Bist <br />Christy <br />Franklin <br />Lutz <br />Moreno <br />McGuigan <br /> <br />~ <br />~ <br />Aye <br />~ <br />~ <br />-¡;;ye- <br />-¡;;ye- <br /> <br />APPROVED AS TO FORM: <br /> <br />ðb~ £. ~ <br /> <br />vbr Joseph W. Fletcher <br />City Attorney <br />