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D. The proceeds of the Bonds will be advanced by U.S. Bank National <br />Association (the "Agent "), as agent for the account of the Authority, to the Borrower <br />for the purpose of funding a loan in an amount not to exceed $6,000,000 (the <br />"Loan "); and <br />E. The Borrower's obligation to repay the Loan will be evidenced by a <br />promissory note made by Borrower to the order of the Agent for the account of the <br />Authority and secured by a deed of trust executed by the Borrower, naming the <br />Agent, in its capacity as agent for the Authority, as beneficiary; and <br />F. The Authority and the Agent will enter into a Master Agency Agreement, <br />dated as of January 1, 2004 (the "Master Agency Agreement ") to reflect the terms <br />of their agency relationship; and <br />G. The Bonds will be secured by the Issuer's and the Agent's pledge and <br />assignment to the holder of the Bonds of amounts payable by the Borrower in <br />repayment of the Loan pursuant to a Master Pledge and Assignment dated the <br />date hereof (the "Pledge and Assignment ") by and among the Issuer, the Agent <br />and U.S. Bank National Association, as holder of the Bonds (the "Holder "); and <br />H. The Issuer and the Borrower will execute an amended regulatory <br />agreement, pursuant to which, in compliance with the Act and the policies of the <br />Authority, the Borrower will agree to certain restrictions on the occupancy of units <br />in the Project; and <br />I. The Authority hereby finds and declares that this resolution is being <br />adopted pursuant to the powers granted by the Act; and <br />J. All conditions, things and acts required to exist, to have happened and <br />to have been performed precedent to and in connection with the issuance of the <br />Bonds as contemplated by this resolution and the documents referred to herein <br />will exist, have happened and have been performed in due time, form and <br />manner as required by the laws of the State of California, including the Act; <br />NOW THEREFORE, BE IT RESOLVED BY THE HOUSING AUTHORITY OF <br />THE CITY OF SANTA ANA: <br />Section 2. The Authority hereby finds and declares that the above recitals are <br />true and correct. <br />2 <br />