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<br />~ <br /> <br />. <br />. <br /> <br />. <br />. <br /> <br />, <br /> <br />RESOLUTION NO. 88-10 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA AUTHORIZING <br />THE REFINANCING OF A REHABILITATION LOAN <br />SECURED BY PROPERTY LOCATED AT <br />515 NORTH MAIN STREET <br /> <br />WHEREAS, The Community Redevelopment Agency of the City of Santa <br />Ana made a loan of Twenty-nine Thousand Three Hundred Forty Dollars and one <br />cent ($29,340.01) to Arcade Partnership, a California general partnership, <br />to provide partial funding for the rehabilitation of an office building <br />located at 515 North Main Street in the City of Santa Ana; and <br /> <br />WHEREAS, the obligation to repay said loan is evidenced by a <br />promissory note dated December 22, 1983 (hereinafter the "1983 Note") by <br />which Arcade Partnership, a California general partnership, undertook to <br />pay the principal sum of Twenty-Nine Thousand Three Hundred Forty Dollars <br />and one cent ($29,340.01) with interest thereon from the date of said note <br />on unpaid principal at the rate of eleven and 43/80 percent (11.5375%) per <br />annum, to the Agency on or before December 22, 1987 and <br /> <br />WHEREAS, the said 1983 Note is secured by a deed of trust of the <br />same date on the abovesaid real property, duly recorded in the records of <br />Orange County (hereinafter, the "1983 Trust Deed") and <br /> <br />WHEREAS, Arcade Partnership, a California general partnership, <br />now requests the refinancing of the above said loan and the Agency agrees <br />to such refinancing on the terms and conditions hereinafter set forth; <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS: <br /> <br />I. The Executive Director of the Agency is authorized to cancel the <br />1983 Note and reconvey the Agency's interest under the 1983 Trust Deed, <br />subject to the following terms and conditions: <br /> <br />(a) Arcade Partnership, a California general partnership, shall <br />duly execute and deliver to the Agency, through escrow, a new promissory <br />note in the principal amount of Thirty Six Thousand Three-Hundred Two <br />Dollars and ninety two cents ($36,302.92) (hereinafter, the "New Note"). <br /> <br />(b) <br /> <br />The New Note shall bear interest at the rate of ten percent <br /> <br />(10%) per annum. <br /> <br />(c) The New Note shall be secured by that deed of trust dated <br />March I, 1988 in the principal amount of $36,302.92 that was recorded in <br />official records of Orange County, California. <br /> <br />RLD/mr32 <br />