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01 <br />02 <br />03 <br />04 <br />05 <br />06 <br />07 <br />OB <br />09 <br />10 <br />it <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />16 <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 />r 31 <br />j2 <br />Recipient: Cat of Santa Ana California Grant Number: B-84-AA-06-0615(P) <br />Amendment #1 <br />Continuation SheetExhibir E <br />a) Ceballos has furnished Recipient with the following: <br />1) an ALTA policy for mortgage title insurance, <br />in the full amount of the UDAG Interim Loan, insuring that Recipient will be the <br />holder of a co -second lien with Guarantors (not to exceed $224,400) on the property <br />to be improved with the new building and a co -third lien with Guarantors (not to <br />exceed $224,400) on the property to be rehabilitated, free of encumbrances and <br />other exceptions to title other than those approved an advance by Recipient, and <br />not subordinated to any interest except the first deed of trust on the new building <br />for the benefit of Underwriters in an aggregate amount not to exceed $224,400 and <br />the existing first deeds of trust on the property to be rehabilitated totaling <br />$115,000 in favor of Prank Torres ($100,000) and Jesus Galan ($15,000) plus further <br />advances by the Underwriters which are invested in the development of Project <br />Element C and are required for its completion; 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 E 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 />UDAG funds may be drawn down for Project Element C activities in a ratio to <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 the construction and <br />rehabilitation of Project Element C not more than $1.00 will be UDAG funds and not <br />less than $11.50 will be countable 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 and rehabilitation, but in no event <br />later than 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 seven percent (7%) <br />per annum. <br />EXHIBIT E <br />Page 13 of 22 <br />