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01 <br />02 <br />03 <br />04 <br />05 <br />06 <br />07 <br />08 <br />09 <br />10 <br />t1 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <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 ofrSauta Ana, California T Grant Number: B-84-AA-06-0615(P) <br />Amendment O1 <br />Continuation Sheet --Exhibit E <br />(iv) Repayment: Repayment of principal and interest shall be <br />made in monthly installments in accordance with a 25-year amortization schddule <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 UDAC Permanent Loan. <br />REQUIRED ADDITIONAL PROVISIONS APPLICABLE TO UDAG INTERIM AND PERMANENT LOANS. <br />(cc) Security: The UDAG Loan shall be secured by a deed of <br />trust or mortgage in favor of Recipient and Guarantors (securing Guarantor in the <br />amount of $224,400) upon all land, buildings, fixtures, equipment and other assets <br />of Ceballos comprising Project Element C. The security position of the Recipient <br />and the Guarantors may be subordinated to the first mortgage security interest of <br />the Underwriters for the new construction in an amount not to exceed $224,000 plus <br />further advances by the Underwriters which are invested in Project Element C and <br />are required for its completion and to the existing first mortgages upon the <br />properties to be rehabilitated in favor of Frank Torres ($100,000) and Jesus Galan <br />($15,000) aggregating $115,000_ <br />The deed of trust or mortgage shall also contain standard provisions to <br />protep.t the interest of Recipient, including, for example, a provision that a <br />default under Ceballos' obligations under the deed of trust or mortgage to the <br />Guarantor or the first mortgages or second mortgage which could permit a <br />foreclosure by any of the mortgagees thereunder shall constitute a default under <br />Ceballos' mortgage to Recipient and the unpaid principal balance and interest of <br />the UDAG Loan shall become immediately due and payable. <br />The deed of trust or mortgage shall not contain an exculpation clause in <br />favor of Ceballos. <br />To the extent permitted by law, all of the personal property described in <br />the mortgage shall be deemed to be fixtures and part of the real property. As <br />to any part of such personal -property not deemed or permitted by law to be <br />fixtures, the mortgage shall constitute a security agreement under the Uniform <br />Commercial Code. <br />EXHIBIT E <br />Page 14 of 22 <br />