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<br />. <br />, <br /> <br />t <br /> <br />. <br /> <br />. <br /> <br />. . <br /> <br /> <br />CITY OF SANTA ANA <br />COMMUNITY REDEVELOPMENT AGENCY, <br />20 CIVIC CENTER PLAZA. SANTA ANA. CAlifORNIA 92701 <br /> <br />Broadway Improvement Company, Inc. <br />13139 Harbor Blvd. <br />Garden Grove, CA 92643 <br /> <br />Re: <br /> <br />Permanent Loan Commitment <br />Commercial Rehabilitation Project <br />406 West Fourth Street <br /> <br />Dear Sir: <br /> <br />We are pleased to advise you that the Community <br />Redevelopment Agency of the City of Santa Ana commits to <br />make a Permanent Loan upon the security of the real property <br />and improvements located at 406 W. Fourth Street in the City <br />of Santa Ana, in accordance with that certain "Commercial <br />Rehabilitation participation Agreement (406 W. Fourth <br />Street,)" dated April 20,1981, between the Agency and <br />yourself (hereinafter referred to as the "Participation <br />Agreement,)" and subject to the following additional terms <br />and conditions: <br /> <br />1. The Borrower shall be Broadway Improvement <br />Company, Inc. <br /> <br />2. The principal amount of the Permanent Loan shall <br />be Five Hundred Five Thousand Dollars ($505,aoO). <br /> <br />3. The Permanent Loan shall bear interest at the rate <br />of ten and 5/16 percent (10.3125%) per annum. <br /> <br />4. Principal and interest shall be payable in equal <br />monthly installments of $4701.00. <br /> <br />5. A guaranty of payment of all principal, interest <br />and charges due the Agency in connection with the Permanent <br />Loan shall be executed by Allan Fainbarg and David L. <br />Williams, jointly and severally, in a form provided by the <br />Agency. <br /> <br />6. All existing and future leases of the abovesaid <br />property and improvements must meet the following minimum <br />rent criteria, unless otherwise approved by the Agency in <br /> <br />EXHIBIT A <br />fI- I ð/3~ r"'1J~5 <br /> <br />7A <br />