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<br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />CITY OF SANTA ANA <br />COMMUNITY REDEVELOPMENT AGENCY <br />20 CIVIC CENTER PLAZA. SANTA ANA. CALIFORNIA 92701 <br /> <br />July 6, 1982 <br /> <br />The Old Pacific Building, Inc. <br />225 N. Broadway <br />Santa Ana, CA 92701 <br /> <br />Re: <br /> <br />Permanent Loan Commitment <br />Rehabilitation Project <br />225 N. Broadway <br /> <br />Dear Participants: <br /> <br />We are pleased to advise you that the Community <br />Redevelopment Agency of the City of Santa Ana (the "Agency") <br />hereby commits to make a permanent loan (the "Loan") upon <br />the security of the real property and improvements located <br />at 225 N. Broadway in the City of Santa Ana, in accordance <br />with the subject to all the terms and conditions set forth <br />in that certain Project Agreement (225 N. Broadway) (the <br />"Project Agreement") dated as of December 1,1981, among the <br />Agency, Wells Fargo Bank, National Association ("Bank") and <br />you (the "Project Agreement") and that certain Commercial <br />Rehabilitation Participation Agreement dated August 17,1981, <br />b~tween Agency and you, as amended by the Project Agreement <br />(as so amended, the "Participation Agreement"). Without <br />limitation of any such terms and conditions, the principal <br />terms of the Loan are as follows: <br /> <br />1. The principal amount of the Loan shall be <br />$345,500.00. <br /> <br />The Loan shall be evidenced by a promissory note <br />("Participant Note") executed by The Old Pacific Building, Inc. <br />in the form of Exhibit C to the Project Agreement. <br /> <br />3. The Loan shall bear interest and be payable as <br />provided in the Participant Note. The rate of interest on <br />the Participant Note from the date thereof to December 1, <br />1986, shall be 11.5375% per annum (calculated on a Base <br />Rate, as defined in the Participant Note, on December 1, <br />1981 of 11.5%). The rate of interest will be adjusted on <br />December 1,1986 in accordance with the Bank's Base Rate in <br />effect on December 1,1986. The amount of the monthly <br />installments of principal and interest payable from January <br />1,1982 to December 1,1986 shall be $3431.35. The amount <br />of the monthly installments due from and after January 1, <br />1987 will be adjusted as necessary to reflect any change <br />made on December 1,1986 in the rate of interest. <br /> <br />4A. <br /> <br />DHIBh <br /> <br />A 3/ <br />