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<br />RESOLUTION NO. 92- <br /> <br />11 <br /> <br />~ <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE <br />CITY OF SANTA ANA AUTHORIZING THE REFINANCING OF A <br />REHABILITATION LOAN SECURED BY PROPERTY LOCATED AT 505 NORTH <br />MAIN STREET <br /> <br />WHEREAS, the Community Redevelopment Agency of the City of Santa Ana <br />made a loan of One Hundred Eighty-Eight Thousand Nine Hundred Dollars <br />($l88,900.00) to 505 North Main Street Company, a California general <br />partnership, to provide partial funding for the rehabilitation of an office <br />building located at 505 North Main Street in the City of Santa Ana; and <br /> <br />WHEREAS, the obligation to repay said loan is evidenced by a promissory <br />note dated November 27, 1985 (hereinafter the "1985 Note") by which 505 North <br />Main Street Company, a California general partnership, undertook to pay the <br />principal sum of One Hundred Eighty-Eight Thousand Nine Hundred Dollars <br />($188,900.00) with interest thereon from the date of said note on unpaid <br />principal at the rate of ten percent (10%) per annum, to the Agency in annual <br />payments equal to the profit, as defined in the promissory note. <br /> <br />WHEREAS, the said 1985 Note is secured by a deed of trust of the same <br />date on the abovesaid real property, duly recorded in the records of Orange <br />County (hereinafter, the "l985 Trust Deed"); and <br /> <br />. <br /> <br />WHEREAS, 505 North Main Street Company, a California general <br />partnership, now requests the refinancing of the abovesaid loan and the Agency <br />agrees to such refinancing on the terms and conditions hereinafter set forth; <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF <br />THE CITY OF SANTA ANA AS FOLLOWS: <br /> <br />l. The Executive Director of the Agency is authorized to cancel the <br />1985 Note and reconvey the Agency's interest under the 1985 Trust Deed, <br />subject to the following terms and conditions: <br /> <br />(a) 505 North Main Street Company, a California general <br />partnership, shall deliver to the Agency $34,682 through escrow as payment in <br />full for the December l8, 1981 promissory note. <br /> <br />(b) 505 North Main Street Company, a California general <br />partnership, shall duly execute and deliver to the Agency, through escrow, a <br />Zero Coupon U.S. Treasury Bond, in the principal amount of Fifty Nine Thousand <br />Dollars ($59,000.00), (hereinafter, the "New Bond"). <br /> <br />(c) The New Bond shall bear interest at the current market <br />interest rate per annum. <br /> <br />. <br /> <br />(d) The New Bond shall be issued in the name of the Community <br />Redevelopment Agency of the City of Santa Ana, a public body, corporate and <br />politic. <br /> <br />-l- <br /> <br />3A <br /> <br />8 <br />