HomeMy WebLinkAbout1982-086 CRA
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RESOLUTION NO. 82-86
A RESOLUTION OF THE REDEVELOPMENT COMMISSION
OF THE CITY OF SANTA ANA APPROVING A PERMANENT
LOAN COMMITMENT TO DICK BEEM FOR REHABILITATION
OF PROPERTY AT 223 W. FOURTH STREET AND 405-411
N. BROADWAY
BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT
COMMISSION OF THE CITY OF SANTA ANA AS FOLLOWS:
A Permanent Loan Commitment to Dick Beem, for the
rehabilitation of property located at 223 W. Fourth Street and
405-411 N. Broadway, subject to the terms and conditions set
forth in Exhibit A, attached hereto and incorporated by reference
herein, is hereby approved.
ADOPTED this
the following vote:
7th
September
, 1982, by
day of
AYES:
MEMBERS: Coil, Jessee, Kane and McLean
NOES:
MEMBERS: None
ABSENT:
MEMBERS: Burton, Nalle and Newcomb
ATTEST:
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TED JESSEE
CHAIRMAN PRO TEM
DIRECTOR
APPROVED AS TO FORM:
"'J_.:1 J. e"..... L.. R.z.õ(
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AGENCY LEGAL COUNSEL
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CITY OF SANTA ANA
COMMUNITY REDEVELOPMENT AGENCY - f'-,-
20 CIVIC CENTER PLAZA. SANTA ANA. CALIFORNIA 92701
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September 10, 1982
Dick Beem
12362 Yorba
Orange, CA 92669
RE:
PERMANENT LOAN COMMITMENT
REHABILITATION PROJECT
223 W. FOURTH STREET AND
405-411 NORTH BROADWAY
Dear Participants:
We are pleased to advise you that the Community Redevelopment
Agency of the City of Santa Ana (the "Agency") hereby commits to
make a permanent loan (the "Loan") upon the security of the real
property and improvements located at 223 W. Fourth Street and
405-411 North Broadway in the City of Santa Ana, in accordance
with and subject to all the terms and conditions set forth in
that certain project Agreement (223 W. 4th Street and 405-411
North Broadway) (the "Project Agreement") dated as of December 1,
1981, among the Agency, Wells Fargo Bank, National Association
("Bank") and you (the .Participant") and that certain Commercial
Rehabilitation Participation Agreement dated August 17, 1982,
between Agency and you, as amended by the Project Agreement (as
so amended, the "Participation Agreement"). Without limitation
of any such terms and conditions, the principal terms of the Loan
are as follows:
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1.
2.
The principal amount of the Loan shall be $430,000.
The Loan shall be evidenced by a promissory note
("Participant Note") executed by Richard Beem in the
form of Exhibit C to the Project Agreement.
3.
The Loan shall bear interest and be payable as provided
in the Participant Note. The rate of interest on the
Participant Note from the date thereof to December 1,
1986, shall be 11.5375 percent per annum (calculated on
a Base Rate, as defined in the Participant Note, on
December 1,1981 of 11.5 percent). The rate of
interest will be adjusted on December 1,1986 in
accordance with the ~ank's Base Rate in effect on
December 1,1986. The amount of the monthly
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installments of principal and interest payable from
January 1,1982 to December 1, 1986, shall be $4,340.87.
The amount of the monthly installments due from and
after January 1,1987 will be adjusted as necessary to
reflect any change made on December 1,1986 in the rate
of interest.
4.
This Commitment shall expire on December 21,1982.
Reference is hereby made to Section 8 of the Project Agreement
and to the Standard Terms and Conditions (as modified by said
Section 8) set forth as Exhibit C to the Participation Agreement
for a statement of the terms and conditions to which this
Commitment is subject. Copies of said Section 8 and said
Standard Terms and Conditions are attached hereto for your
convenience. Please note the lease and income coverage
requirements of Section 8.2.2 of the Project Agreement. Nothing
herein changes or waives any conditions to this Commitment, as
set forth in Section 8 and the Standard Terms and Conditions.
This Commitment has been approved by the Redevelopment Commission
of the City of Santa Ana.
This Commitment may not be assigned.
Director
RS/lj
ACCEPTANCE
The undersigned hereby accepts the above Commitment and
agrees to be bound by the terms and conditions set forth or
referenced therein. The undersigned acknowledges that the Agency
will assign its rights in the subject loan as security for a loan
obtained by the Agency from Wells Fargo Bank in contemplation of
the subject Loan, and that Agency is not obligated to make the
subject Loan except from the proceeds of the loan obtained from
said Bank.
Dated:
Richard Beem