1981-142 CRA - Laserfiche WebLink

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. , , : . . I . . excess of the rate otherwise in effect on this Note. In addition to such interest, the undersigned promises to pay upon demand a reasonable late fee .or collection charge not exceeding four percent (4%) of such unpaid amount. All principal, interest, and other amounts payable under the terms of this Note are payable in lawful money of the United States of America which at the time of payment is legal tender for the payment of public and private debts. So long as this N.ote is not in default, each installment of principal and interest when paid shall be applied by the holder hereof first to the payment of interest accrued as above specified, and the balance thereof to the payment of principal. When any default hereunder has occurred and is continuing, the holder hereof may apply payments in its election to principal or interest. This Note may be prepaid in full or in part, without prepayment penalty or premium, on any installment due date upon thirty (30) days' prior written notice to the holder of this Note. The Note shall be prepaid concurrently with and to the extent of any prepayment on any Participant Note (as defined in the Project Agreement referenced be1.ow). Each prepayment shall be applied to pri nc ipa 1 bu t Agency shall cont i nue to pay i nsta llments in the amounts and at the times required in this Note until principal and interest on this Note are paid in full. This Note shall also be prepaid if and to the extent that any event shall occur which makes it reasoab1y certain that any portion of the principal amount of the indebtedness evidenced hereby will not be used to make one or more of the Loans contemplated by the Project Agreement. Without limitation of the foregoing, such result shall be reasonably certain if (a) Bank declines to approve 'any L.oan or approves any Loan in an amount less than the maximum permitted by the corresponding Project Agreement or (b) any Project Agreement or Commitment, as defined in a Project Agreement, terminates or expires prior to the funding of the Loan contemplated thereby.' This Note is issued pursuant to the Marks Historical Rehabilitation Act of 1976, as amended, being Part 10 (commencing with Section 37600) of Division 24 of the Health and Safety Code of the State of California, and to Reso1uti.on No. 81-142 of the Agency, entitled "A Resolution Authorizing the Issuance of $670,000 Principal Amount of Conmunity Redevelopment Agency of the City of Santa Ana Secured Promi ssory Note (Arcade & Mark s) II (the "Reso 1ut ion") adopted DecerIber 15, 1981, for the purpose of providing funds pursuant to the Project Agreements described in the Resolution for the making of Loans to certain Participants described in the Project Agreements to finance the rehabilitation of historical properties located within the City of Santa Ana. This Note is secured as contemplated by the Resolution to which reference is hereby made for a description of such security, and of the nature, extent and manner of enforcement of such security, and a statement of the rights of the holder of this Note, to all of the provisions of which the registered owner of this Note, by acceptance hereof, consents and agrees.