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<br />" <br /> <br />. <br />t <br /> <br /> <br />CITY OF SANTA ANA <br />COMMUNITY REDEVELOPMENT AGENCY <br />20 CIVIC CENTER PLAZA. SANTA ANA. CALIFORNIA 92701 <br /> <br />May 27,1981 <br /> <br />David L. Horowitz, Trustee, <br />Horowitz Brothers 1975 Trust <br />1409 Warner Avenue <br />Santa Ana, CA 92705 <br /> <br />Re: <br /> <br />Permanent Loan Commitment <br />Commercial Rehabilitation Project <br />117 West Fourth Street <br /> <br />Dear Sir: <br /> <br />. <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 117 W. Fourth Street in the City <br />of Santa Ana, in accordance with that certain "Commercial <br />Rehabilitation participation Agreement (117 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 David L. Horowitz as trustee <br />of the Horowitz Brothers 1975 Trust. <br /> <br />2. The principal amount of the Permanent Loan shall be <br />One Million Dollars ($1,000,000.00). <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 />. <br /> <br />4. Principal and interest shall be payable in equal <br />monthly installments of $9308.00. <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 Andrew R. Horowitz, David L. <br />Horowitz and Thomas W. Horowitz, jointly and severally, in a <br />form provided by the Agency. <br /> <br />EXHIBIT <br /> <br />A <br />