1982-042 CRA - Laserfiche WebLink

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.~ . . . . . CITY OF SANTA ANA COMMUNITY REDEVELOPMENT AGENCY 20 CIVIC CENTER PLAZA. SANTA ANA. CAlifORNIA 92701 July 6,1982 Arcade Partnership 106 W. Fourth Street, Suite 309 Santa Ana, CA 92701 Re: Permanent Loan Commitment Rehabilitation Project 515 N. Main 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 515 N. Main Street in the City of Santa Ana, in accordance with the subject to all the terms and conditions set forth in that certain Project Agreement (515 N. Main Street) (the "Project Agreement") dated as of December 1, 1981, among the Agency, Wells Fargo Bank, National Association ("Bank") and you (the "Project Agreement") 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 $290,000.00. The Loan shall be evidenced by a promissory note ("Participant Note") executed by Donald Krotee, Robert Keeney, Allen Newton, Renald Anelle, and Ray Keeney for the Arcade Partnership 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% per annum (calculated on a Base Rate, as defined in the Participant Note, on December 1,1981 of 11.5%). 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 installments of mIDI! A :;s- 4A