STATION DIST DDA WITH CRA - Laserfiche WebLink

Home Browse Search

ATTACHMENT PTO. 8B PROMISSORY NOTE {Phase R -1 Agency Loan and Phase R -2 Agency Loan} -------- - - - - -- �} 2010 Santa Aga* California FOR VALUE. RECEIVED, I (tie "Borrower), promises to pay to the A/D4UNITY REDEVELOPNWNT AGENCY F THE CITY OF SANTA ANA, a public body, Corp o rate and politic (the "'Agency"), or order, at the Agency's office at 20 Civic Center Plaza Santa n a, ali�`or a. 92701, or such other pla a s the A cren y - - - - -- -- - - -- - - -- - - - - -- - -- -- - -- - -- - - - -- - - - may designate in writing, the sum of Dollars ($ ) (the "Note Amount"), in currency of the United States of America, which at the time of payment is lawful for the payment of public and private debts. 1. Agreement. This Promissory Note the "Note"') is given in accordance with that certain Disposition and Development A gre men t executed by the Agency and Borrower, dated as of 1 the "Agreement"). The rights and obligations of the Borrower and the Agency under this Note shall be governed by the Agreement and by the additional terms set forth in this Note. Capitalized terms not defined herein shall have the me aping ascribed to such term in the Agreement. In the event of any inconsistencies be twee n the terms of this Note and the terms of the Agreement or any other document r l a ted to the Dote Amount, the terms of this Note shall prevail. 2. Interest. The Note Amount shall hear simple interest at the rate of one percent (I%) per annum, from the date hereof. 3. Repayment of Note Amount. The Note Amount shall be paid by the Borrower's annual payment to the Agency of an amount equal to fifty Percent 0% of the residual Receipts as defined below) from operation of Phase of the Rental Portion of the Project as defined in the Agreement), as determined by a residual receipts calculation from the operation of Phase the preceding calendar year. Annual Residual Receipts payment shall be by the Borrower by cashier's check and shall be delivered on or before one hundred twenty (1 20) days after the and of the Borrower's fiscal gear, of each year during the term of this Note first following the date Phase of the Project or any Phase thereof is placed in service, until the Dote Amount and all unpaid interest thereon has been repaid in full. Any remaining portion of the Dote Amount shall be due and payable on the earlier to occur of a the fifty- eighth (58th) anniversary of the date of the issuance f the Release of Construction Covenants for Phase R-., or h December 31, 2075. Notwithstanding the foregoing, the full Note Amount may be accelerated as set forth in Section 12 hereof. 4. Definitions. As used herein, 'Annual Project Revenue" shall mean all gross income and all revenues of any lei n d from Phase l in a calendar a ar, including without limitation, rent, Section 8 housing assistance payments, if any, late eh arge s, vending machine income, and any ATTACHMENT" NO. B -1 D O O NOG673 v 1 4/20027 2 -000 1