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<br />. <br />. <br /> <br />. <br />. <br /> <br />. <br /> <br />. <br /> <br />.I " <br /> <br />ARTICLE 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 constitutes a continuing agreement with the Holder of the N.ote 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, pr.ovisions and c.onditions 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 for the purp.ose of Financing of the Pr.ojects pursuant t.o <br />the Agreements. The Note shall be designated the "Conrnunity Redevelopment <br />Agency of the Agency of Santa Ana Secured Promissory Note (McCulloch's <br />Buildings)." <br /> <br />Section 2.02. Terms of the Note. The Note shall be dated as of <br />December I, 1981, and shall be issued as a single fully registered N.ote, <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 sold and <br />delivered to the Bank in accordance with ,the Purchase Agreement. <br /> <br />The Note shall mature and bec.ome payable on December I, 1991, and shall <br />bear interest on the unpaid principal balance hereof from the date he.reof <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 determi ned). "Base Rent" shall mean that rate of interest charged by Bank <br />on conrnercial real estate loans, interest on which is subject to federal <br />income taxation, on properties similar in use t.o those described in the <br />Project Agreements referenced below. The Base Rate for the period fr.om <br />December I, 1981 to December I, 1986 shall be determined as of December I, <br />1981 and the Base Rate from and after December I, 1986 shall be determined as <br />of December I, 1986. Interest .only shall be due and payable on the first day <br />of each calendar month conrnencing January I, 1982 and continuing through <br />December I, 1982. Thereafter, installments of principal and interest shall be <br />due and payable on the first day of each calendar month conrnencing January I, <br />1983 and continuing through December I, 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 I, 1983 to <br />December I, 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 I, 1986 to reflect <br />any change in the Base Rate. Bank shall determine the initial amount of such <br />installments and give Agency notice there.of between December I, 1982 and <br />December 20, 1982. Bank shall determi ne the amount of such installments for <br />the period conrnencing Deceni>er I, 1986 and shall give Agency notice t.hereof <br />between December I, 1986 and Deceni>er 20, 1986. <br /> <br />6 <br />