80A - JOINT - LOAN AGMT AMCAL - Laserfiche WebLink

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HOUSING FUNDS PROMISSORY NOTE SECURED BY SUBORDINATED DEED OF TRUST TO THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA (1440 East First Street, Santa Ana, California) $6,195,000.00 Principal Amount of Loan February , 2017 Santa Ana, California FOR VALUE RECEIVED, AMCAL 1440 Santa Ana Fund, L.P., a limited partnership ( "Borrower "), hereby promises to pay to the Housing Authority of the City of Santa Ana, acting as the Housing Successor Agency, a public body, corporate and politic ( "Agency "), or order, a principal amount not to exceed SIX- MILLION, ONE - HUNDRED AND NINETY -FIVE THOUSAND DOLLARS ($6,195,000) or so much thereof as may be advanced by the Agency to the Borrower, due and payable with 3% simple interest by residual receipts over the fifty -five (55) year term, pursuant to the Agency Loan Agreement (said "Agreement') between Borrower and the Agency dated concurrently herewith, which is incorporated herein by this reference. The Note Amount shall bear simple interest at the rate of 3% simple interest per annum, from the date of issuance of the Certificate of Occupancy. This loan is made pursuant to the "Housing Opportunity Ordinance In -Lieu Fee Program" or "In -Lieu Fees" with money funded through the Program as "Agency Housing Funds ". Any capitalized term not otherwise defined in this Note shall have the meaning ascribed to such term in the Agreement. The obligation of Borrower to Agency hereunder is subject to the terms of said Agreement, the Affordability Restrictions on Transfer of Property, Agency Deed of Trust and this Note. Said documents are public records on file in the offices of the Agency, and the provisions of said documents are incorporated herein by this reference. This Note, said Agreement, the Affordability Restrictions on Transfer of Property, and the Agency Deed of Trust are sometimes collectively referred to herein as the "Loan Documents." The Loan Documents and the rights and responsibilities inure to the benefit of the Agency. Any capitalized term which is not otherwise defined herein shall have the meaning ascribed to such term in the Agreement. This Note evidences the obligation of Borrower to the Agency for the repayment of the Agency Loan of Agency Funds attributable to the acquisition, development, adaptive reuse and construction of the Property, and related soft costs. This Note is payable at the principal office of the City of Santa Ana — Community Development Agency, 20 Civic Center Drive, Santa Ana, California 92702, Attn: Housing Division, or at such other place as the holder hereof may inform Borrower in writing, in lawful money of the United States. 80A -199