1981-142 CRA - Laserfiche WebLink

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. . I . . ARTICLE II THE NOTE Section 2.01. Authorization. A N.ote in the aggregate principal amount of Six Hundred Seventy Thousand Dollars ($670,000) is hereby authorized to be issued by the Agency under and subject to the terms of this Resolution and the Act. This Resolution constitutes a continuing agreement with the Holder .of the Note to secure the full and final payment of principal of and premium, if any, and the interest, fees and other charges on the Note subject to the covenants, agreements, provisions and conditions herein contained. The purpose for which the Note shall be issued is t.o provide funds to make the L.oans to the Participating Parties f.or the purpose .of Financing of the Pr.ojects pursuant to the Agreements. The N.ote shall be designated the "ColTl!1unity Redevelopment Agency of the Agency of Santa Ana Secured Promissory Note (Arcade & Marks)." Section 2.02. Terms of the Note. The Note shall be dated as .of December I, 1981, and shall be issued as a s,ing1e fully registered Note, without coupons, substantially in the form set forth on Exhibit A attached hereto and by this reference inc.orporated herein. The Note shall be sold and delivered to the Bank in accordance with the Purchase Agreement. The Note shall mature and bec.ome payable on December I, 1991, and shall bear interest .on the unpaid principal balance here.of from the date hereof until due, at a rate ("Basic Rate") per annum .one-half percent greater than sixty-five hundredths (.65) times the Base Rate (.5%) (as hereinafter defined and determi ned) . "Base Rent" shall mean that rate of interest charged by Bank on commercial real estate loans, interest .on which is subject to federal income taxation, on pr.operties similar in use to those described in the Project Agreements referenced below. The Base Rate for the period from Decerrber I, 1981 to December I, 1986 shall be determined as of December 1, 1981 and the Base Rate from and after December 1, 1986 shall be determined as of December I, 1986. Interest only shall be due and payable on the first day of each calendar month commencing January 1, 1982 and continuing through Decerrber 1, 1982. Thereafter, installments .of principal and interest shall be due and payable on the first day of each calendar month commencing January 1, 1983 and continuing through December 1, 1991, whereupon the entire principal balance of this Note, together with interest thereon, shall be due and payable. Installment of principal and interest due from January 1, 1983 to December 1, 1991 shall be in equal amounts sufficient, after the payment of accrued interest to amortize the original principal amount of this Note in 360 equa 1 month 1y i nsta llments; provided that the amount of such installments shall be subject to adjustment, as necessary, on December 1, 1986 to. reflect any change in the Base Rate. Bank shall determine the initial amount of such installments and give Agency notice thereof between December 1, 1982 and December 20, 1982. Bank shall determine the amount of such installments for the period colITßencing Decerrber 1, 1986 and shall give Agency notice tJlereof between December 1, 1986 and December 20, 1986. 6