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<br />REL:adg <br />4/10/81 <br /> <br />RESOLUTION NO. 81-24 <br /> <br />8 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA APPROVING <br />$175,000 PROMISSORY NOTE TO WELLS FARGO <br />BANK, PURSUANT TO THE MAJOR COMMERCIAL <br />REHABILITATION LOAN PROGRAM <br /> <br />WHEREAS, by its Resolution No. 79-63, this Agency <br />authorized bond issues for the purpose of funding permanent <br />loans for the rehabilitation of the following property <br />pursuant to the Agency's Major Commercial Rehabilitation <br />Loan Program: <br /> <br />Developer/OWner <br />Steven J. Keiser <br /> <br />Location of Project Property <br /> <br />412 W. Fourth Street <br />Santa Ana, California <br /> <br />. <br /> <br />WHEREAS, the City Council of the City of Santa <br />Ana, by its Resolution No. 79-209 approved the said bond <br />issue in accordance with California Health and Safety Code <br />Section 33640; <br /> <br />WHEREAS, on April 14, 1981, after publication of <br />notice as required by law, the Agency held a public sale of <br />a bond issue for the purpose of funding permanent loans for <br />the above specified project property, in the form of a <br />Promissory Note in the principal amount of $175,000; and <br /> <br />WHEREAS, upon such date of public sale, Wells <br />Fargo Bank, National Association, submitted a bid for the <br />purchase of the said Promissory Note for the purchase price <br />of $175,000. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS: <br /> <br />. <br /> <br />1. That the execution and delivery of a Secured <br />Promissory Note, to Wells Fargo Bank, National Association, <br />in exchange for the payment of loan proceeds in the amount <br />of $175,000.00 by the said Bank to the Agency is hereby <br />approved, and the Chairman is authorized to execute the same <br />on behalf of the Agency; said Secured Promissory Note to be <br />in the principal amount, to bear interest, to require <br />payment in installments, and to be subject to such terms and <br />conditions, as set forth in the draft Secured Promissory <br />Note attached as an exhibit to the letter dated March 23, <br />1981, from the said Bank to the Agency, on file in the <br />office of the Executive Director of the Agency. <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 /> <br />. <br /> <br />y.~ <br /> <br />7B <br />