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<br />, \ <br /> <br />. <br />. <br /> <br />. <br />. <br /> <br />. <br /> <br />. <br /> <br />ARTICLE II <br />THE NOTE <br /> <br />Section 2.01. Authorization. A Note in the aggregate principal amount <br />of Six Hundred Ninety Five Thousand Five Hundred Dollars ($695,500) is hereby <br />authorized to be issued by the Agency under and subject to the terms of this <br />Resoluti.on and the Act. This Res.olution constitutes a continuing agreement <br />with the Holder of the N.ote to secure the full and final payment of principal <br />of and premium, if,any, and the interest, fees and other charges on the Note <br />subject to the covenants, agreements, provisions and conditions herein <br />contained. The purpose for which the Note shall be issued is to provide funds <br />t.o make the Loans to the Participating Parties f.or the purpose .of Financing of <br />the Projects pursuant to the Agreements. The Note shall be designated the <br />"Community Redevelopment Agency of the Agency of Santa Ana Secured Promissory <br />N.ote (200 Block W. Fourth)." <br /> <br />Secti.on 2.02. Terms of the Note. The Note shall be dated as of <br />December 1, 1981, and shall be issued as a single fully registered Note, <br />with.out coupons, substantially in the form set forth on Exhibit A attached <br />hereto and by this reference inc.orporated herein. The Note shall be sold 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 to federal <br />income 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 />December 1, 1981 to December 1, 1986 shall be determined as of December 1, <br />1981 aAd 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 each calendar month commencing January 1, 1982 and continuing through <br />December 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 from January 1, 1983 t.o <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 December 1, 1986 to reflect <br />any change in the Base Rate. Bank shall determine the initial am.ount .of such <br />installments and give Agency notice there.of between December 1, 1982 and <br />December 20, 1982. Bank shall determine the amount of such installments for <br />the period corrmencing December 1, 1986 and shall give Agency notice thereof <br />between December 1, 1986 and December 20, 1986. <br /> <br />6 <br />