1982-083 CRA - Laserfiche WebLink

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CITY OF SANTA ANA COMMUNITY REDEVELOPMENT AGENCY - I; ~.ó 20 CIVIC CENTER PLAZA. SANTA ANA. CALIFORNIA 92701 . . September 10,1982 Jack and Joy McCulloch 222 W. Fourth Street Santa Ana, CA 92701 RE: PERMANENT LOAN COMMITMENT REHABILITATION PROJECT 116 W. FOURTH STREET Dear Participants: . . We are pleased to advise you that the Community Redevelopment Agency of the City of Santa Ana (the "Agency") hereby commits to make a permanent loan (the "Loan") upon the security of the real property and improvements located at 116 W. Fourth Street in the City of Santa Ana, in accordance with and subject to all the terms and conditions set forth in that certain Project Agreement (116 W. 4th Street) (the "Project Agreement") dated as of December 1,1981, among the Agency, Wells Fargo Bank, National Association (WBankW) and you (the "Participant") and that certain Commercial Rehabilitation Participation Agreement dated August 17,1981, between Agency and you, as amended by the Project Agreement (as so amended, the "Participation Agreement"). Without limitation of any such terms and conditions, the principal terms of the Loan are as follows: 1. The principal amount of the Loan shall be $480,000. 2. The Loan shall be evidenced by a promissory note (WParticipant Note") executed by Jack McCulloch and Joy McCulloch in the form of Exhibit C to the Project Agreement. 3. The Loan shall bear interest and be payable as provided in the Participant Note. The rate of interest on the participant Note from the date thereof to December 1, 1986, shall be 11.5375 percent per annum (calculated on a Base Rate, as defined in the Participant Note, on December 1,1981 of 11.5 percent). The rate of interest will be adjusted on December 1,1986 in accordance with the Bank's Base Rate in effect on December 1,1986. The amount of the monthly . .