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<br /> <br />,. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />CITY OF SANTA ANA <br /> <br />COMMUNITY REDEVELOPMENT AGENCY <br />20 CIVIC CENTER PLAZA. SANTA ANA. CALIFORNIA 92701 <br /> <br />July 6,1982 <br /> <br />Elizabeth Phillips, Louise Hutton, <br />and Audrey E. Phillips <br />301/305 W. Fourth Street <br />Santa Ana, CA 92702 <br /> <br />Re: <br /> <br />Permanent Loan Commitment <br />Rehabilitation Project <br />301/305 W. Fourth Street <br />and 410 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 301/305 W. Fourth Street and 410 No. Broadway in the City <br />of Santa Ana, in accordance with the subject to all the <br />terms and conditions set forth in that certain Project <br />Agreement (301/305 W. 4th Street) (the "Project Agreement") <br />dated as of December 1,1981, among the Agency, Wells Fargo <br />Bank, National Association ("Bank") and you (the "Project <br />Agreement") and that certain Commercial Rehabilitation <br />Participation Agreement dated August 17,1981, between <br />Agency and you, as amended by the Project Agreement (as so <br />amended, the "Participation Agreement"). Without limitation <br />of any such terms and conditions, the principal terms of the <br />Loan are as follows: <br /> <br />1. The principal amount of the Loan shall be <br />$350,000.00. <br /> <br />The Loan shall be evidenced by a promissory note <br />("Participant Note") executed by Elizabeth Phillips, Louise <br />Hutton, and Audrey E. Phillips in the form of Exhibit C to <br />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 Rate, <br />as defined in the Participant Note, on December 1,1981 of <br /> <br />EXHiBiT A z. 1 <br /> <br />4~ <br />