HomeMy WebLinkAbout1982-080 CRA
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8/11/82
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RESOLUTION NO. 82- 80
A RESOLUTION OF THE REDEVELOPMENT COMMISSION
OF THE CITY OF SANTA ANA APPROVING A PERMANENT
LOAN COMMITMENT TO RONALD A. MARKS AND BLANCH
ANN MARKS FOR REHABILITATION OF PROPERTY AT
402 WEST FOURTH STREET
BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT
COMMISSION OF THE CITY OF SANTA ANA AS FOLLOWS:
A Permanent Loan Commitment to Ronald A. Marks and
Blanche Ann Marks, for the rehabilitation of property
located at 402 West 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 17th
1982, by the following vote:
August
day of
AYES:
MEMBERS: Burton, Coil, Jessee, Kane, McLean
NOES:
MEMBERS: None
ABSENT:
MEMBERS: Nalle, Newcomb
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EXECUTIVE DIRECTOR
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APPROVED AS TO FORM:
t:J-.,J J. Coop., I¡ If. f'. ål'.
EDWARD J. COOPER
AGENCY LEGAL COUNSEL
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CITY OF SANTA ANA
COMMUNITY REDEVELOPMENT AGENCY
20 CIVIC CENTER PLAZA. SANTA ANA. CALIFORNIA 92701
August 17,1982
Blanche Ann Marks and Ronald A. Marks
22311 First Avenue
South Laguna, CA 92651
Re:
Permanent Loan Commitment
Rehabilitation Project
402 West Fourth Street
Dear Participants:
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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 402 West 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 (402 W. 4th
Street) (the "Project Agreement") dated as of December 1,
1981, among the Agency, Wells Fargo Bank, National
Association ("Bank") and you (the "Project Agreement") 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
"Participation Agreement"). Without limitation of any such
terms and conditions, the principal terms of the Loan are as
follows:
1. The principal amount of the Loan shall be
$320,000.
2. The Loan shall be evidenced by a promissory note
("Participant Note") executed by Ronald A. Marks and Blanche
Ann Marks in the form of Exhibit Cto the Project Agreement.
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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 Bank's
Base Rate in effect on December 1,1986. The amount of the
.., A
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:
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Blanche Ann Marks and Ronald A. Marks
Page 2.
August 17, 1982
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monthly installments of principal and interest payable from
January 1,1982 to December 1,1986, shall be $3,222.08.
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. Prior to or concurrent with your acceptance of
this Commitment, you shall pay the following amounts to the
Agency, or execute and deliver to the Agency the enclosed
Promissory Note for the sum thereof:
Professional Services Cost:
Reimbursement per Section l2(b)
of the Participation Agreement ... $ 22,780.00
2% Fee per Section 15 of the
Participation Agreement .........
$
6,400.00
$ 29,180.00
If and when escrow closes on the Loan, you shall be required
to pay an additional three (3) percent fee in the amount of
$9,600.00, in accordance with Section 15 of the
Participation Agreement.
5.
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
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Blanche Ann Marks and Ronald A. Marks
Page 3.
August 17, 1982
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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~~:n::; ~
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Executive Director
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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:
Ronald A. Marks
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Blanche Ann Marks
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