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940 S. MINNIE, LP - 2014
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940 S. MINNIE, LP - 2014
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Last modified
7/7/2014 3:04:49 PM
Creation date
7/7/2014 3:02:07 PM
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Contracts
Company Name
940 S. MINNIE, LP
Contract #
A-2014-077
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
3/18/2014
Insurance Exp Date
9/1/2014
Destruction Year
0
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Exhibit F <br />CITY LOAN NOTE <br />SECURED BY SUBORDINATED DEED OF TRUST <br />TO THE CITY OF SANTA ANA, CALIFORNIA <br />$1,422,000.00 May 19, 2014 <br />Santa Ana, California <br />1. Principal Amount of Loan <br />For value received, and 940 Minnie, L.P., a California limited partnership (`Borrower ") <br />promises to pay to the order of THE CITY OF SANTA ANA ( "City "), at 20 Civic Center Plaza, <br />61h Floor, Santa Ana, California 92701, or at such other place as the City may from time to time <br />designate in writing, or to the assignee of the City, the principal slum of ONE MILLION FOUR <br />HUNDRED TWENTY TWO THOUSAND DOLLARS ($1,422,000.00) or so much thereof as <br />shall be disbursed hereunder, with three percent interest (3.0 %) commencing upon filing of <br />Notice of Completion. <br />City and Borrower have heretofore entered into that certain Loan Agreement dated <br />concurrently herewith (the "Loan Agreement "), pertaining to the acquisition and rehabilitation of <br />certain real property described in the Loan Agreement as the "Property," commonly known as <br />940 South Minnie Street, and the operation of the Property as affordable housing for Low <br />Income households. This Note is made pursuant to, entitled to the benefits of and referred to as <br />the City Loan Note in the Loan Agreement; that certain "Affordability Restrictions on Transfer <br />of Property" between Borrower and City, dated on or about the date hereof, and that certain <br />Subordinated City Deed of Trust and Assigmnent of Rents between Borrower and City, dated on <br />or about the date hereof (the "City Deed of Trust "). This Note, the Loan Agreement, the <br />Affordability Restrictions on Transfer of Title, and the Deed of Trust are sometimes collectively <br />referred to herein as the "Loan Documents." The Loan Documents and the rights and <br />responsibilities inure to the benefit of the City of Santa Ana. Any capitalized term which is not <br />otherwise defined herein shall have the meaning ascribed to such term in the Loan Agreement. <br />2. Definitions. <br />For the purpose of calculating the payments to be made by Borrower to City pursuant to <br />this Note, the following terms shall have the following respective meanings: <br />"Acquisition Costs" shall mean the costs and expenses of Borrower to acquire the <br />Property, as set forth in the 'Project Budget attached to the Loan Agreement. <br />"City Loan" shall mean the loan evidenced by this Note. <br />
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