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<br />RESOLUTION NO. 81-118 <br />PAGE TWO <br /> <br />. <br /> <br />2. That the execution and delivery of a Pledge <br />Agreement to Wells Fargo Bank, N.A. simultaneously with the <br />execution and delivery of the abovesaid Secured promissory- <br />Note, for the purpose of pledging the abovesaid loan <br />proceeds as security for payment of the said Secured <br />Promissory Note pending the use of said loan proceeds for <br />the funding of permanent loans for the rehabilitation of the <br />abovesaid project property, is hereby approved and the <br />Chairman is authorized to execute the same on behalf of the <br />Agency, subject to the prior approval of the terms and <br />conditions of such Pledge Agreement by the Executive <br />Director of the Agency and Agency Legal Counsel. <br /> <br />ADOPTED this 26th day of <br />1981, by the following vote: <br /> <br />October <br /> <br />AYES: <br /> <br />MEMBERS: Bricken, Griset, Luxembourger, <br />McGuigan, Markel, Serrato <br />MEMBERS: None <br /> <br />NOES: <br /> <br />. <br /> <br />ABSENT: <br /> <br />MEMBERS: Acosta <br /> <br />ATTEST: ~~~ <br /> <br />( ~ ~~:'::RI""N <br /> <br />REX SW~ <br />EXECUTIVE DIRECTOR/ <br />RECORDING SECRETARY <br /> <br />APPROVED AS TO FORM: <br /> <br /> <br />L <br /> <br />. <br /> <br />"-(,0 <br /> <br />6B <br />