Laserfiche WebLink
5 <br />i <br />i <br />7 <br />3 <br />1 <br />2 <br />3 <br />4 <br />5 <br />5 <br />7 <br />3 <br />9 <br />7 <br />1 <br />2 <br />,?3 <br />4 <br />5 <br />5 <br />7 <br />3 <br />3 <br />t <br />2 <br />Recipient: City of Santa Ana, California avant <br />Continuation Sheet ---Exhibit E <br />UDAG funds may be drawn down for Project Element A activities in a ratio ro <br />countable private funds of not more than $1.00 of UDAG funds to $11.50 of countable <br />private funds; thus, for every $12.50 of funds expended on Project Element A not <br />more than $1.00 will be UDAG funds and not less than $11.50 will be countable <br />private funds. <br />(bb) UDAG Permanent Loan: <br />(i) Term: Term of the UDAG Permanent Loan shall be 10 years <br />commencing upon completion of construction, but in no event later than <br />February 1, 1987. <br />(ii) Principal: The principal of the UDAG Permanent Loan <br />shall be the amount disbursed under the UDAG Interim Loan. <br />(iii) Interest: The interest rate shall be six percent (6%) <br />per anus for the first three years and eight percent (8%) per annum thereafter. <br />(iv) Repayment: Repayment of principal and interest shall be <br />made in monthly installments in accordance with a 25-year amortization schedule <br />during the Term of the UDAG Permanent Loan, and a balloon payment sufficient to pay <br />off the entire outstanding indebtedness of principal and interest shall be made at <br />maturity of the UDAG Permanent Loan. <br />(v) Contingent Interest/Partici ation in Cash Flow: <br />Developer shall pay to Recipient for a period of time equal to the Term of the <br />UDAG Permanent Loan 102 of the Net Annual Cash Flow of the Project after a 12% <br />preferred return on Developer's cash equity. <br />"Net Annual Cash Flow" means all operating income and receipts of Project <br />Element A less debt service on the first mortgage and the UDAG Permanent Loan, <br />real estate taxes, and reasonable operating expenses (including a management fee <br />not to exceed three percent (U) of operating income) allowable for Federal income <br />tax purposes, excluding reserves for capital improvements, depreciation and other <br />non -cash items. Participation payments shall be due within 90 days of the end of <br />the operating year of Project Element A. <br />EXHIBIT E <br />Page 3 of 22 <br />