Laserfiche WebLink
Recipient: City of Santa Ana, California Grant Number: B-84-AA-06-0615(Y) <br />Continuation Sheet ---Exhibit E Amendment fl <br />01 -a) Rangel has furnished Recipient with the following: <br />02 1) an ALTA policy for mortgage title insurance, <br />03 in the full amount of the UDAG Loan, insuring that Recipient will be the holder of <br />04 a co -second lien on the hereafter described security together with Guarantors' lien <br />03 thereon in an amount not to exceed $754,800 which secures Guarantors of the <br />06 Underwriters' loan mentioned below, free of encumbrances and other exceptions to <br />07 title other than those approved in advance by Recipient, and not subordinated to <br />08 any interest except the first deed of trust for the benefit of Underwriters in an <br />09 amount not to exceed $754,800 plus further advances by the Underwriters which are <br />10 invested in Project Element B and are required for its completion; and <br />1.1 <br />2) a Builder's Risk and Fire Insurance policy or <br />12 policies duly endorsed to indicate Recipient as an insured mortgagee; and <br />13 b) All of the evidentiary materials required by this <br />t4 Exhibit E have been submitted to and approved by the Secretary and the Secretary <br />15 has authorized Recipient to draw down such funds from its Letter of Credit. <br />16 UDAG funds may be drawn down for Project Element B activities in a ratio to <br />17 countable private funds of not more than.$1.00 of UDAG funds to $11.50 of countable <br />18 <br />private funds; thus, for every $12.50 of funds expended on Project Element B not <br />19 more than $1.00 will be UDAG funds and not less than $11.50 will be countable <br />20 private funds. <br />21 <br />(bb) UDAG Permanent Loan: <br />22 <br />(i) Term: Term of the UDAG Permanent Loan shall be 10 years <br />23 commencing upon completion of construction, but in no event later than <br />24 <br />February 1, 1987. <br />25 <br />(11) Principal: The principal of the UDAG Permanent Loan <br />26 <br />shall be the amount disbursed under the UDAG Interim Loan. <br />27 <br />(iii) Interest: The interest rate shall be seven percent (7%) <br />28 <br />per annum. <br />29 (iv) Repayment: Repayment of principal and interest shall be <br />30 <br />made in monthly installments in accordance with a 25-year amortization schedule <br />31 <br />the 'rnrm cm,•--nt Loan, e.:3 a balloon pay�:.at :.__ficient to pay <br />32 <br />EXHIBIT E Page 8 of 22 <br />