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1 <br />2 <br />3 <br />4 <br />16 <br />1T <br />0 <br />L1 <br />:2 <br />-3 <br />4 <br />;5 <br />6 <br />17 <br />8 <br />;g <br />?0 <br />i1 <br />2 <br />;?3 <br />A <br />'5 <br />'6 <br />I <br />it <br />i2 <br />Recipient: City of Santa Ana, California OranL Numocr: r;-d4-a-i-Ub-ub15(P) <br />Continuation Shcet —Exhibit E <br />(2) Escalante shall agree to carry out all fta--.: •s_p'_. :1:tivities <br />ascribed to Escalante in Exhibit C to this Grant Agreement. The agreement shall <br />set forth the scope of the work, its location, and the obligation of Escalante to <br />invest not less than $172,410 of private funds and cash equity in the development <br />of Project Element D. <br />(3) Recipient shall be obligated to make a loan to Developer of not <br />more than $11,000 of Grant Funds (the "UDAG Loan"), which shall be used for the <br />partial financing of the construction of Project Element D and in accordance with <br />Page 5 of Exhibit D to this Grant Agreement. The terms and conditions of the UDAG <br />Loan shall be consistent with the following: <br />(as) UDAG Interim Loan: <br />(i) Principal: The principal amount of the UDAG Interim Loan <br />shall be no more than $11,000. <br />(it) Term: The Term of the UDAG Interim Loan shall commence <br />upon the date of the initial disbursement of Grant Funds, but in no event later <br />then May 1, 1986. <br />(iii) Interest: The interest rate shall be zero percent (OX) <br />per annum. Interest shall be forgiven during the term of the UDAG Interim Loan. <br />(iv) Disbursement/Ratio: Loan disbursements shall be based on <br />vouchers submitted by Escalante, verified by Recipient, and certified by the <br />architect, construction manager, or other certifying official as shall be <br />acceptable to Recipient. All submissions by contractors of monthly requisitions <br />shall be on AIA Forms 702 and 703 or their equivalent. <br />No disbursement of the UDAG Interim Loan shall be made until: <br />'a) Escalante has furnished Recipient with an ALTA policy <br />for mortgage title insurance,'in the full amount of the UDAG Loan, insuring that <br />Recipient will be the holder of a third lien on the hereafter described security, <br />free of encumbrances and other exceptions to title other than those approved in <br />advance by Recipient, and not subordinated to any interest except the existing <br />first deeds of trust in an aggregate amount not to exceed $282,945 in favor of John <br />EXHIBIT E. <br />Page 16 of 22 <br />