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<br />(8 <br />8 <br /> <br />. <br />'. <br /> <br />. <br /> <br />18 <br /> <br />" <br /> <br />ARTlCI.E II <br />THE NOTE <br /> <br />Section 2.01. Authorization. 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 c.onstitutes 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 Loans to the <br />Participating Parties f.or the purpose of Financing of the Projects pursuant to <br />the Agreements. The N.ote shall be designated the .COIII1Iunity Redevelopment <br />Agency of the Agency of Santa Ana Secured Promissory Note (Beem Buildings)." <br /> <br />Section 2.02. Terms of the Note. The Note shall be dated as of <br />Decerrber 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 />heret.o and by this reference inc.orporated herein. The Note shall be sold and <br />de 1 ivered to the Bank in accordance with the Purchase Agreement. <br /> <br />The Note shall mature and become payable on Decenber 1. 1991. and shall <br />bear interest on the unpaid pri nc ipa 1 balance hereof fr()ßI 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 défined <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 to federal <br />inc.ome taxation, on properties similar in use to those described in the <br />Project Agreements referenced bel.ow. The Base Rate for the period from <br />Decerrber 1, 1981 to Decerrber 1, 1986 shall be determined as of Decenber 1. <br />1981 and the Base Rate from and after December 1, 1986 shall be determined as <br />.of Decerrber 1, 1986. Interest only shall be due and payable on the first day <br />of each calendar month commencing January 1. 1982 and continuing through <br />Decerrber 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 Decenber 1. 1991, whereupon the entire principal <br />balance .of this N.ote, together with interest thereon, shall be due and <br />payable. Installment of principal and interest due from 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 />equal monthly installments; provided that the amount of such installments <br />shall be subject to adjustment, as necessary. on Decenber 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 Decenber 1. 1982 and <br />Decenber 20, 1982. Bank shall determi ne the amount of such installments f.or <br />the period col1l11encing Decenber 1, 1986 and shall give Agency notice thereof <br />between December 1, 1986 and Decenber 20, 1986. <br /> <br />6 <br />