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<br />,"" <br /> <br />fI'.... <br /> <br />, <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 81-53 <br />PAGE TWO <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 ~day of <br />1981, by the following vote: <br /> <br />July <br /> <br />AYES: MEMBERS: Griset, Bricken"Luxembourger, <br /> Serrato, Acosta, McGuigan <br />NOES: MEMBERS: None <br />ABSENT: MEMBERS: Markel <br /> <br />ATTEST: <br /> <br /> <br /> <br />APPROVED AS TO FORM: <br /> <br />~~& <br /> <br />AGENCY LEGA CO L <br /> <br />p,-.ss- <br /> <br />5~ <br />