HomeMy WebLinkAbout1986-56 CRA
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RESOLUTION NO, 86- 56
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF SANTA ANA AUTHORIZING THE
REFINANCING OF A REHABILITATION LOAN SECURED BY
PROPERTY LOCATED AT 116 NORTH SYCAMORE STREET
WHEREAS, the Community Redevelopment Agency of the
City of Santa Ana made a loan of One Hundred Fifty-Four
Thousand Three Hundred Eleven Dollars ($154,311.00) to Harry
and Evelyn Greenberg, to provide partial funding for the
rehabilitation of The Grand Central Building located at
116 North Sycamore Street in the City of Santa Ana; and
WHEREAS, the obligation to repay said loan is
evidenced by a promissory note dated October 1, 1982
(hereinafter the "1982 Note") by which Harry and Evelyn
Greenberg undertook to pay the principal sum of One Hundred
Fifty-Four Thousand Three Hundred Eleven Dollars ($154,311,00)
with interest thereon from October 1, 1985 on unpaid principal
at the rate of eighteen percent (18.00%) per annum, to the
Agency on or before October 1, 1990, and
WHEREAS, the said 1982 Note is secured by a deed of
trust of the same date on the abovesaid real property, duly
recorded in the records of Orange County (hereinafter, the
"1982 Trust Deed"); and
WHEREAS, Harry and Evelyn Greenberg now requests the
refinancing of the abovesaid loan and the Agency agrees to such
refinancing on the terms and conditions hereinafter set forth;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS:
1. The Executive Director of the Agency is authorized to
cancel the 1982 Note and reconvey the Agency's interest under
the 1982 Trust Deed, subject to the following terms and
conditions:
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(a) Grand Central Partnership Santa Ana, a
California general partnership, shall duly execute and deliver
to the Agency, through escrow, a new promissory note in the
principal amount of One Hundred Fifty-Four Thousand Three
Hundred Eleven Dollars ($154,311.00) (hereinafter, the .New
Note") and a new deed of trust, securing the same with the
subject property (hereinafter the "New Deed of Trust").
(b) The New Note shall bear interest at the rate of
ten percent (10%) per annum. (Computed and charged on the
basis of a 365 day year.) The New Note will begin to accrue
interest one year from the date of the note,
(c) The balance of said principal sum and all
interest and charges then owing on this note shall be due and
payable on October 1, 1992.
(d) The New Note shall require monthly payments of
One Thousand Four Hundred Fifteen Dollars ($1,415.00) beginning
twelve (12) months from the date of the note.
(e) The lien of the New Trust Deed shall be
subordinate only to the liens of trust deeds securing an
indebtedness of not more than Six Hundred Forty Thousand
Dollars ($640,0Ø0) held by Wells Fargo Bank and Two Hundred
Twenty-One Thousand Dollars ($221,000) held by Department of
Housing and Urban Development (HUD), and to such other minor
liens as the Executive Director may be determine to be
acceptable.
(f) The borrower shall provide satisfactory evidence
of title to the subject property, subject only to such
easements or other encumbrances as the Executive Director may
determine to be acceptable.
(g) The Grand Central Partnership Santa Ana, a
California general partnership, shall be allowed to assume the
existing Wells Fargo Bank loan, executed by Harry and Evelyn
Greenberg and secured by a Six Hundred Fifty Thousand Dollar
($650,0Ø0) Deed of Trust recorded on October 1, 1982 as
instrument 182-347452 in the records of Orange County,
California.
BE IT FURTHER RESOLVED that the Executive Director is
authorized to take such actions on behalf of the Agency as are
appropriate to carry out the above described refinancing,
including, but not limited to the signing of all appropriate
documents, the establishment of a loan escrow, and execution of
agreements with the borrower, including joint escrow
instructions, and in so doing to impose such requirements as he
deems appropriate for the protection of the Agency's interest.
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ADOPTED this 16th day of December
following vote:
,1986, by the
NOES:
MEMBERS None
MEMBERS Acosta, Griset, Hart, May. McGuigan, Pulido and Young
AYES:
ABSENT:
MEMBERS None
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DanJ.el If; YOUr'l:JYj
Chairman
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Executive Director and
Recording Secretary
APPROVED AS TO FORM:
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