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1 <br />2 <br />3 <br />4 <br />T <br />8 <br />0 <br />i1 <br />:2 <br />13 <br />!4 <br />15 <br />6 <br />17 <br />i8 <br />19 <br />?0 <br />22 <br />'3 <br />'4 <br />5 <br />16 <br />I <br />'B <br />'•9 <br />30 <br />51 <br />52 <br />Recipient: City of Santa Ana, California Grant Number: B-84-AA-06-0615(P) <br />Continuation Sheet ---Exhibit E <br />William Lauer ($234,597) in an amount not to exceed $282,945 and the second <br />mortgage security interest of Agency in an amount not to exceed $99,457 plus <br />further advances by Agency which are invested in the development of Project <br />Element D and are required for its completion. <br />The deed of trust or mortgage shall also contain standard provisions to <br />protect the interest of the third mortgagee, including, for example, a provision <br />that a default under the first or second mortgage which could permit a foreclosure <br />by the •first or second mortgagee shall constitute a default under the third <br />mortgage and the unpaid principal balance and interest of the UDAG Loan shall <br />become immediately due and payable. <br />The deed of trust or mortgage shall not contain an exculpation clause in <br />favor of Escalante. <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 />(dd) Sale/Refinancing: The entire balance of the outstanding <br />principal of the UDAG Loan, and all accrued unpaid interest thereon, shall become <br />immediately due and payable either upon the bankruptcy, reorganization, <br />syndication, dissolution or liquidation of Escalante, or upon the sale, partial <br />sale, refinancing, exhange, transfer, sale under foreclosure, or other disposition <br />of Project Element D, improvements and/or capital equipment situated thereon. <br />(ee) Guarantee: The repayment of the UDAG Loan and the completion <br />of the Non -Recipient Activities pertaining to Escalante shall be unconditionally <br />and irrevocably guaranteed by Escalante. <br />(ff) Prepayment: No prepayment may occur without prior written <br />approval of the Recipient. <br />(88) Reduction of UDAG Loan: In the event that the cost of <br />Project Element D is less than $184,410 the UDAG Loan shall be reduced by 80� for <br />and such Grant Funds shall not be drawn down under the <br />each $1.00 of such shortfall <br />Letter of Credit. <br />{ Page 18 of 22 <br />EXHIBIT E <br />