1981-140 CRA - Laserfiche WebLink

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. . . . . . ARTICLE II THE NOTE Section 2.01. Authorization. .A Note in the aggregate principal amount of One Ml1l1.on Dollars l~l,UUU,UOU) is hereby authorized to be issued by the Agency under and subject to the terms of this Resolution and the Act. Th is Resolution constitutes a continuing agreement with the H.older of the Note to secure the full and final payment .of principal of and premium, if any, and the interest, fees and other charges on the Note subject to the covenants, agreements, provisions and conditions herein contained. The purpose for which the Note shall be issued is to provide funds to make the Loans to the Participating Parties for the purpose of Financing of the Projects pursuant to the Agreements. The Note shall be designated the "C.onmunity Redevelopment Agency of the Agency of Santa Ana Secured Promissory N.ote (Phillips Block)." Section 2.02. Terms of the N.ote. The Note shall be dated as of December 1, 1981, and sha 11 be issued as a si ngle fully registered Note, without coupons, substantially in the f.orm set forth on Exhibit A attached hereto and by this reference incorp.orated herein. The Note shall be sold and de 1 ivered to the Bank in accordance with the Purchase Agreement. The Note shall mature and become payable on December 1, 1991, and shall bear interest 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 determi ned) . "Base Rent" shall mean that rate of i nterest charged by Bank on commercial real estate loans, interest on which is subject to federal income taxation, on properties similar in use to those described in the Pr.oject Agreements referenced below. The Base Rate for the period from December 1, 1981 t.o December 1, 1986 sha 11 be determi ned as of December 1, 1981 and the Base Rate from am after December 1, 1986 shall be determined as of December 1, 1986. Interest only shall be due and payable on the first day of each calendar month commencing January 1, 1982 and continuing through December 1, 1982. Thereafter, installments of principal and interest shall be due and payable on the first day of each calendar month commencing January 1, 1983 and continuing thr.ough December 1, 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 1, 1983 to December 1, 1991 shall be in equal amounts sufficient, after the payment of accrued interest to amortize the original principal amount of this Note in 360 equal monthly installments; provided that the amount of such installments shall be subject t.o adjustment, as necessary, on December 1, 1986 t.o reflect any change in the Base Rate. Bank shall determine the initial amount of such installments and give Agency notice thereof between December 1, 1982 and December 20, 1982. Bank shall determine the amount of such installments for the period conmencing December 1, 1986 and shall give Agency notice thereof between December 1, 1986 and December 20, 1986. 7