1981-039 CRA - Laserfiche WebLink

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.. . . . David L. Horowitz, Trustee Page 2. May 27, 1981 - - - - - - - - - - - - - - - - - - - - - - - - - - - -- 6. All existing and future leases of the abovesaid property and improvements must meet the following minimum rent criteria, unless otherwise approved by the Agency in writing: seventy cents ($0.70) per square foot. In addition, prior to the funding of the Permanent Loan by the Agency, leases of the property and improvements shall be in place which are adequate to provide an aggregate rental income of at least $11,635.00 per month. 7. Prior to or concurrent with your acceptance of this Permanent Loan Commitment, you must pay the following amounts to the Agency, or execute and deliver to the Agency the enclosed Promissory Note for the sum thereof: Professional Services Cost: Reimbursement per Section l2(b) of the Participation Agreement ....$ 2% Fee per Section 15 of the Participation Agreement .......... 4,969.00 20,000.00 TOTAL... $ 24,969.00 If and when escrow closes on the Permanent Loan, you will be required to pay an additional 3% fee in the amount of $30,000.00, in accordance with Section 15 of the Participation Agreement. 8. This commitment shall expire on July 21,1982. In accordance with Section 13 of the Participation Agreement, this Commitment is subject to the "Standard Terms and Conditions, Permanent Loan Commitment," set forth in Exhibit C of the participation Agreement, a copy of which is enclosed herewith for your convenience. Nothing herein changes or waives any of those terms and conditions to this Commitment. This Permanent Loan Commitment letter has been approved by the Redevelopment Commission of the City of Santa Ana by its Resolution No. 81-39. Very truly yours, Rex Swanson Executive Director RS:REL:adg