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<br />....;:;-- <br /> <br /> <br />CITY OF SANTA ANA <br /> <br />COMMUNITY REDEVElOPMENT. AGENCY - lÎ'~; <br />20 CIVIC CENHR PLAZA. SANT.A ANA. CALIFORNIA 92701 <br /> <br />September 10, 1982 <br /> <br />Carl and Mozelle Wood <br />501 W. First Street <br />Tustin, CA 92680 <br /> <br />RE: <br /> <br />PERMANENT LOAN COMMITMENT <br />REHABILITATION PROJECT <br />118-120 W. FOURTH STREET <br /> <br />De,ar Participants: <br /> <br />We are pleased to advise you that the Community Redevelopment <br />Agency of the City of Santa Ana (the "Agency") hereby commits to <br />make a permanent loan (the "Loan") upon the security of the real <br />property and improvements located at 118-120 W. Fourth Street in <br />the City of Santa Ana, in accordance with and subject to all the <br />terms and conditions set forth in that certain Project Agreement <br />(118-120 W. 4th Street) (the "Project Agreement") dated as of <br />December 1,1981, among the Agency, Wells Fargo Bank, National <br />Association (WBank") and you (the "Participant") and that certain <br />Commercial Rehabilitation Participation Agreement dated August <br />17,1981, between Agency and you, as amended by the Project <br />Agreement (as so amended, the WParticipation Agreement"). <br />Without limitation of any such terms and conditions, the <br />principal terms of the Loan are as follows: <br /> <br />I <br /> <br />2. <br /> <br />3. <br /> <br />: <br /> <br />1. <br /> <br />The principal amount of the Loan shall be $400,000. <br /> <br />The Loan shall be evidenced by a promissory note <br />("Participant Note") executed by Carl Wood and Mozelle <br />Wood in the form of Exhibit C to the Project Agreement. <br /> <br />The Loan shall bear interest and be payable as provided <br />in the Participant Note. The rate of interest on the <br />Participant Note from the date thereof to December 1, <br />1986, shall be 11.5375 percent per annum (calculated on <br />a Base Rate, as defined in the Participant Note, on <br />December 1,1981 of 11.5 percent). The rate of <br />interest will be adjusted on December 1,1986 in <br />accordance with the Bank's Base Rate in effect on <br />December 1,1986. The amount of the monthly <br />