HomeMy WebLinkAbout1982-084 CRA
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RESOLUTION NO. 82-84
A RESOLUTION OF THE REDEVELOPMENT COMMISSION
OF THE CITY OF SANTA ANA APPROVING A PERMANENT
LOAN COMMITMENT TO CARL AND MOZELLE WOOD FOR
REHABILITATION OF PROPERTY AT 118-120 W. FOURTH
STREET
BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT
COMMISSION OF THE CITY OF SANTA ANA AS FOLLOWS:
A Permanent Loan Commitment to Carl and Mozelle Wood,
for the rehabilitation of property located at 118-120 W. Fourth
Street, 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:
day of
September
,1982, by
7th
AYES:
MEMBERS: Coil, Jessee, Kane and McLean
NOES:
MEMBERS: None
ABSENT:
MEMBERS: Burton, Nalle and Newcomb
ATTEST:
APPROVED AS TO FORM:
t:J-J J. Cooper t, f?, e. ,y.
EDWARD J. COOPER
AGENCY LEGAL COUNSEL
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CITY OF SANTA ANA
COMMUNITY REDEVElOPMENT. AGENCY - lÎ'~;
20 CIVIC CENHR PLAZA. SANT.A ANA. CALIFORNIA 92701
September 10, 1982
Carl and Mozelle Wood
501 W. First Street
Tustin, CA 92680
RE:
PERMANENT LOAN COMMITMENT
REHABILITATION PROJECT
118-120 W. FOURTH STREET
De,ar 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 118-120 W. Fourth Street in
the City of Santa Ana, in accordance with and subject to all the
terms and conditions set forth in that certain Project Agreement
(118-120 W. 4th Street) (the "Project Agreement") dated as of
December 1,1981, among the Agency, Wells Fargo Bank, National
Association (WBank") and you (the "Participant") and that certain
Commercial Rehabilitation Participation Agreement dated August
17,1981, between Agency and you, as amended by the Project
Agreement (as so amended, the WParticipation Agreement").
Without limitation of any such terms and conditions, the
principal terms of the Loan are as follows:
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The principal amount of the Loan shall be $400,000.
The Loan shall be evidenced by a promissory note
("Participant Note") executed by Carl Wood and Mozelle
Wood in the form of Exhibit C to the Project Agreement.
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 Bank'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 $4,038.02.
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.
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Very truly yours,
Rex Swanson
Executive 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.
Da ted :
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Carl Wood
Mozelle Wood