06/09/06 PROMISSORY NOTE WITH CURT OLSON

Home Browse Search

Santa Aga, a~~forn~a ~,~aa.a~ dune 2~~~ - ~R vA~,~JE REC~vE~, the undersigned, CURTI R. ~L~N ~"arro~rer"}, promises to to the City of Santa Ana Conunity edevelopn~cnt Agency, a public hod co orate , politic, ~"Agency"}, or order, at ~a Civic Center Plaza Santa Ana, California, ar such other location as the balder hereof nay designate, the sun of $S~O,~o~ v~hich amount includes Merest at the rate of 3.~ ~S °/a per- annum franc the datehereof through the third annivers date of e date hereof, plus interest ~ at the rats of 3 ~S~~I~ per annum fr~n~ and a~#er the th~r~ anniversary date hereof til paid pursuant to the terns of that certain obligation Agreement entered into by and between the ~3orro~er and Agency dated June D~~- the "Agree~ne~t"}. All capitalized teams not defined herein shall have the meaning set forth . the Agree.ent. ayent b~~a;or~. ~'he amount S~~~Oa~ ~~us ~~.tex~st ~~f an ha~~ ~e due not Y~ dater than, t~ve~ve ~2 months aver ~ sale of the fast unit of the ~a~e '~o~rers Pra*eet or six ~ years firam the date mitten above, whichever comes firrst the "Term}, or upon the safe, ref~nanc~.g, or tnansfer ofthe Property to ~ th~~r~-party a set forth here~nbe~a - } Z. ~cc~~eration by season of, Transfer. ~a} In order to induce Agency to undertake the obligation evidenced hereby, arroer agrees that the event of any transfer of the Pro - without the prior v~ritten consent of Agency, Agency shall have the absolute right at its option, _ ithont prior demand ar notice, to declare all sums secured hereby inv~editcly due and payable. Consent to one such, transaction shall not be dcerned to ~e a giver of the righ# to require consent to future or sr~ccessive ~ansactions. Agency may grant or deny such caent its sale discretion aid, if consent should be given., any such transfer shall be subject to this section and any such - transferee sha~~ assume all obligations hereunder ar~d agree to be hound by all provzsious co~itair~ed _ herein. such assu~npt~on shad not, however, release borrower from. any ~abil~ty thereunder without the prior written consent of City... ~ As used herein, "tzansfer'~ ~.clude the s.e, agreement to sell, transfer or conveyance of _ the Property, or guy interest therein, whether voluntary, ~.valuntary, by operatia~ al' haw ar otherve, the execution of guy ~nsta~hnent land sale contract or sin~i~ar instr~n.ent affecting alb of _ . the Property, or the lease of all or substan~.ally all ofthe property. . ~c~ A~ used herein, "transfer" shall not i~cl~de the sale of a cor~on~~niurn unit, ar the agreement to sell, transfer ar conveyance of the Property, or at~y interest therein to any company or corporation or partnership or en~.ty owned anal controlled by Borrower. 4. Laf,il ones. Principal and Merest are payable in lawful money of the united Mates of America, Exhibit ~ Page aft