1981-137 CRA - Laserfiche WebLink

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. . . . . . . . EXHIBIT A COMMUNITY REOEVELOPMENT AGENCY OF THE CITY OF SANTA ANA SECURED PROMISSORY NOTE (100 BLOCK W. FOURTH) $ Santa Ana, California December I, 1981 Cor~MUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, a pub 1 ic body corporate and politic, duly organized and existing under and pursuant t.o Part 1 (commencing with Section 33000) of Division 24 of the Health and Safety Code of the State of California (the "Agency"), for value received, hereby promises to pay to the order of Wells Fargo 8ank, National Association (the "Bank"), or its registered assigns (Bank and such re9istered assi9ns are hereinafter sometimes referred to as "holder" or "holders"), at 2323 North Broadway, Santa Ana, California, or at such other place as Bank or its registered assi9ns shall designate, and at the times hereinafter provided, the principal sum of Dollars ($ ), together W1 th 1 nterest computed on the bas 1S of a 36D-day year and 3U-day month, on the unpaid principal balance hereof 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 determined). "Base Rent" shall mean that rate of interest charged by Bank on conrnercial real estate loans, interest on which is subject to federal income taxation, on properties similar in use to those described in the Project Agreements referenced below. The Base Rate for the period from December I, 1981 t.o December I, 1986 shall be determined as of December I, 1981 and the Base Rate from and after December I, 1986 shall be determined as of December 1, 1986. Interest only shall be due and payable .on the first day of each ca lendar month conmenc in9 January 1, 1982 and conti nui ng through December I, 1982. Thereafter, installments of principal and interest shall be due and payable on the first day of each calendar month conrnencin9 January 1, 1983 and continuing through December I, 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 I, 1983 to December I, 1991 shall be in equal amounts sufficient, after the payment of accrued interest to amortize the principal amount of this Note based upon saie amount as of December I, 1982, in 360 equal monthly installments; .provided that the amount of such i nsta llments sha 11 be subject to adjustment, as necessary, on December I, 1986 to reflect any change in the Base Rate. Bank shall determine the initial amount of such installments and 9ive Agency n.otice thereof between December I, 1982 and December 20, 1982. Bank shall determine the amount of such installments for the period commencing December I, 1986 and sha 11 give Agency not i ce thereof between December I, 1986 and December 20, 1986.