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1 <br />2 <br />3 <br />4 <br />;i <br />is <br />6 <br />►i <br />0 <br />2 <br />3 <br />'4 <br />5 <br />6 <br />;7 <br />8 <br />.9 <br />?0 <br />M <br />i <br />'3 <br />4 <br />.5 <br />5 <br />8 <br />.9 <br />4 <br />i1 <br />i2 <br />Recipient: City of Santa Ana, California grant Number; S-r,k-AA-Uo-UULJ(P) <br />Continuation Sheet --Exhibit L• <br />(as) UDAG Interim Loan: <br />(i) Principal: The principal amount of the U➢AG Interim Loan <br />shall be no more than $552,000. <br />(ii) Term: The term of the UDAG Interim Loan shall commence <br />upon the date of the initial disbursement of Grant Funds or May 1, 1986, whichever <br />is earlier. <br />(iii) Interest: The interest rate shall be zero percent (0X) <br />per annum. Interest shall be forgiven during the term of the Interim Loan. <br />(iv) Disbursement/Ratio: Loan disbursements shall be based on <br />vouchers submitted by Developer, verified by Recipient, and certified by the <br />architecto construction manager, or other certifying official as shall be <br />acceptable to Recipient. All submissions by contractors of monthly requisitions <br />shall be on AIA Forms 702 and 703 or their equivalent. <br />No disbursement of the UDAG Interim Loan shall be made until: <br />a) Developer has furnished Recipient with the following: <br />1) an ALTA policy for mortgage title insurance, in <br />the full amount of the UDAG Interim Loan, insuring that Recipient will be the <br />holder of a second lien on the hereafter described security, free of encumbrances <br />and other exceptions to title other than those approved in advance by Recipient, <br />and not subordinated to any interest except the first deed of trust for the benefit <br />of -Underwriters in an amount not to exceed $6,000,000 plus further advances by the <br />Underwriters which are invested in the Project and are required for its completion; <br />and <br />2) a Builder's Risk and Fire Insurance policy or <br />policies duly endorsed to indicate Recipient as an insured mortgagee; and <br />b) All of the evidentiary materials required by this <br />Exhibit 8 have been submitted to and approved by the Secretary and the Secretary <br />has authorized Recipient to draw down such funds from its Letter of Credit. <br />EXHIBIT E. <br />Page 2 of 22 <br />