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<br />. <br /> <br />. <br /> <br />, <br /> <br />. <br /> <br />. <br /> <br />ARTICLE II <br />THE NO1E <br /> <br />Section 2.01. Auth.orization. A Note in the aggregate principal amount <br />of One Million Dollars ($1,000,000) is hereby authorized to be issued by the <br />Agency under and subject to the terms of this Resolution and the Act. This <br />Resolution constitutes a continuing agreement with the Holder of the Note to <br />secure the full and final payment of principal of and premium, if any, and the <br />interest, fees and other charges on the Note subject to the covenants, <br />agreements, provisions and conditions herein contained. The purpose for which <br />the Note shall be issued is to provide funds to make the Loan to the <br />Participating Party for the purp.ose of Financing of the Project pursuant to <br />the Agreement. The Note shall be designated the "Community Redevelopment <br />Agency of the Agency of Santa Ana Secured Promissory Note (Old City Hall)." <br /> <br />Section 2.02. Terms of the Note. The Note shall be dated as of <br />Decenber 1, 1981, and shall be issued as a single fully registered Note, <br />without coupons, substantially in the form set forth on Exhibit A attached <br />hereto and by this reference incorporated herein. The Note shall be s.old and <br />delivered to the Bank in accordance with the Purchase Agreement. <br /> <br />The Note shall mature and become payable on December 1, 1991, and shall <br />bear interest on the unpaid principal balance hereof from the date hereof <br />until due, at a rate ("Basic Rate") per annum one-half percent greater than <br />sixty-five hundredths (.65) times the Base Rate (.5%) (as hereinafter defined <br />and determined). "Base Rent" shall mean that rate of interest charged by Bank <br />on commercial real estate loans, interest on which is subject t.o federal <br />income taxation, on properties simi lar in use to those described in the <br />Project Agreement referenced below. The Base Rate for the period from <br />Decenber 1, 1981 to December 1, 1986 shall be determi ned as of December 1, <br />1981 and the Base Rate from and after December 1, 1986 shall be determined as <br />of December 1, 1986. Interest only shall be due and payable on the first day <br />.of eåch calendar month commencing January 1, 1982 and continuing through <br />Decenber 1, 1982. Thereafter, installments of principal and interest shall be <br />due and payable on the first day of each calendar month commencing January 1, <br />1983 and continuing through December 1, 1991, whereupon the entire principal <br />balance of this Note, together with interest thereon, shall be due and <br />payable. Installment of principal and interest due fr.om January 1, 1983 to <br />December 1, 1991 shall be in equal amounts sufficient, after the payment of <br />accrued interest to amortize the original principal amount of this Note in 360 <br />equa 1 month ly i nsta llments; prov i ded that the amount of such insta llments <br />shall be subject to adjustment, as necessary, .on December 1, 1986 to reflect <br />any change in the Base Rate. Bank shall determine the initial amount of such <br />installments and give Agency notice thereof between December 1, 1982 and <br />December 20, 1982. Bank sha 11 determi ne the amount of such i nsta llments for <br />the period commencing December 1, 1986 and shall give Agency notice thereof <br />between December 1, 1986 and December 20, 1986. <br /> <br />6 <br />