55C - RESO - SA ARTS COLLECTIVE - Laserfiche WebLink

Home Browse Search

FIRST AMENDED AND RESTATED INCLUSIONARY HOUSING FUNDS PROMISSORY NOTE SECURED BY SUBORDINATED DEED OF TRUST TO THE CITY OF SANTA ANA, CALIFORNIA (1666 N. Main Street) $4,775,000.00 July 5`h, 2017 Santa Ana, California 1. Principal Amount of Loan FOR VALUE RECEIVED, Santa Ana Arts Collective, LP, a limited partnership ("Borrower"), hereby promises to pay to the CITY OF SANTA ANA, a charter city and municipal corporation ("City"), or order, a principal amount not to exceed FOUR MIILLION SEVEN HUNDRED AND SEVENTY FIVE THOUSAND DOLLARS ($4,775,000.00) or so much thereof as shall be disbursed hereunder, with three percent simple interest (3%) commencing upon filing of Notice of Completion, pursuant to the CDBG and Inclusionary Program Loan Agreement (said "Agreement') between Borrower and the City dated concurrently herewith, which are both incorporated herein by this reference. 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 "Inclusionary 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 City hereunder is subject to the terms of said Agreement, the Affordability Restrictions on Transfer of Property, CDBG Deed of Trust, CDBG Promissory Note, Inclusionary Deed of Trust and this Note. Said documents are public records on file in the offices of the City, and the provisions of said documents are incorporated herein by this reference. This Note, said Agreement, the Affordability Restrictions on Transfer of Property, CDBG Promissory Note, CDBG Deed of Trust and the Inclusionary 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 City of Santa Ana. 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 City for the repayment of the Inclusionary Loan of Inclusionary Funds attributable to the acquisition, adaptive reuse and construction of the Property, and related soft costs. This Note is payable at the principal office of City of Santa Ana — Community Development Agency, 20 Civic Center Drive, Santa Ana, California 92702, Att: Housing Division, or at such other place as the holder hereof may inform Borrower in writing, in lawful money of the United States. 55C-82