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Recipient: City of Santa Ana, California Grant Number: B-84-AA-06-0615(P) <br />Continuation Sheet ---Exhibit E <br />Fildes ($48,348) and William Lauer ($234,597) and the second deed of trust in an <br />amount not to exceed $99,457 in favor of Agency plus further advances by Agency <br />i which are invested in Project Element D and are required for its completion; and <br />* b) All of the evidentiary materials required by <br />i this Exhibit E have been submitted to and approved by the Secretary aced the <br />i Secretary has authorized Recipient to draw down such funds from its Letter of <br />A7 Credit. <br />3 UDAG funds may be drawn down for Project Element D activities in a ratio to <br />3 countable private funds of not more than $1.00 of UDAG funds to $12.30 of countable <br />a private funds; thus, for every $13.30 of funds expended on Project Element D not <br />more than $1.00 will be UDAG funds and not less than $12.30 will be countable <br />2 private funds. <br />3 (bb) UDAG Permanent Loan: <br />4 (1) Term: Term of the UDAG Permanent Loan shall be 10 years <br />3 commencing upon completion of construction, but in no event later than <br />6 February 1, 1987. <br />7 (11) Principal: The principal of the UDAG Permanent Loan <br />8 shall be the amount disbursed under the UDAG Interim Loan. <br />9 (111) Interest: The interest rate shall be seven percent (7%) <br />per annum. <br />'1 (iv) RePaY ent: Repayment of principal and interest shall be <br />made in monthly installments in accordance with a 25-year amortization schedule <br />�3 <br />during the Term of the UDAG Permanent Loan, and a balloon payment sufficient to pay <br />'4 off the entire outstanding indebtedness of principal and interest shall be made at <br />15 maturity of the UDAG Permanent Loan. <br />16 REQUIRED ADDITIONAL PROVISIONS APPLICABLE TO UDAG INTERIM AND PERMANENT LOANS. <br />?7 (cc) Securit The UDAG Loan shall be secured by a deed of <br />.8 trust or mortgage in favor of Recipient upon all land, buildings, fixtures, <br />119 equipment and other assets of Escalante comprising Project Site D and Project <br />50 ition of the Recipient may be subordinated to the <br />Element D. The security pos <br />31 existing first mortgage security interest of John Fildes ($48,348) and <br />32 <br />Page 17 of 22 <br />EXHIBIT E <br />