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01 <br />02 <br />03 <br />04 <br />05 <br />06 <br />07 <br />08 <br />09 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />1s <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />Recipient: City of Santa Ana California Grant Number; B-84 L►A-06-0615(P) <br />Amendment ail <br />Continuation Sheet --- Exhibit E <br />$4,980,000), (2) repayment of the UDAG Loan, (3) reasonable settlement costs to <br />Rangel which would arise from a hypothetical sale thereof based upon a sales price <br />equal to the aforesaid fair market value thereof, and (4) repayment of documented <br />equity contributed by Rangel to Project Element B and a 12% preferred return on <br />Rangle's equity. <br />(hb) Reduction of UDAG Loan: In the event that the cost of <br />Project Element B is less than $1,277,744 the UDAG Loan shall be reduced by 80� for <br />each $1.00 of such shortfall and such Grant Funds shall not be drawn down under the <br />Letter of Credit. <br />(ii) Annual Accounting: Rangel shall deliver a statement to <br />Recipient from an independent Certified Public Accountant, within 90 days of the. <br />close of each operating year during the Term of the UDAG Permanent Loan, <br />certifying: <br />(i) Operating Income and receipts of Project Element B; <br />(ii) Operating Expenses; <br />(iii) Net Annual Cash Flow; <br />(iv) Rangel's.equity; <br />(v) Net Proceeds, if applicable; and <br />(vi) The amount of participation in Net Annual Cash Flow, and <br />Net Proceeds due Recipient. <br />(4) All applicable terms and conditions of this Grant Agreement, <br />including Article IX provisions and job assurances specified in Sections 5.03 <br />and 9.06 shall be set forth in the agreement. <br />(5) The agreement shall specify a timeframe for performance <br />consistent with Exhibit F to this Grant Agreement. <br />(6) During the term of this Grant Agreement, Rangel shall agree to <br />provide necessary data and information as to private investment and jobs relating <br />to this Grant Agreement. <br />(b) Evidence of this commitment shall be in accordance with Section <br />10.04 of this Grant Agreement together with copies of the forms of all UDAG <br />Loan documents to be used at closing. <br />EXH1B1T E <br />Page 11 of 22 <br />