HomeMy WebLinkAbout1988-10 CRA
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RESOLUTION NO. 88-10
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
515 NORTH MAIN STREET
WHEREAS, The Community Redevelopment Agency of the City of Santa
Ana made a loan of Twenty-nine Thousand Three Hundred Forty Dollars and one
cent ($29,340.01) to Arcade Partnership, a California general partnership,
to provide partial funding for the rehabilitation of an office building
located at 515 North Main Street in the City of Santa Ana; and
WHEREAS, the obligation to repay said loan is evidenced by a
promissory note dated December 22, 1983 (hereinafter the "1983 Note") by
which Arcade Partnership, a California general partnership, undertook to
pay the principal sum of Twenty-Nine Thousand Three Hundred Forty Dollars
and one cent ($29,340.01) with interest thereon from the date of said note
on unpaid principal at the rate of eleven and 43/80 percent (11.5375%) per
annum, to the Agency on or before December 22, 1987 and
WHEREAS, the said 1983 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 "1983 Trust Deed") and
WHEREAS, Arcade Partnership, a California general partnership,
now requests the refinancing of the above said 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:
I. The Executive Director of the Agency is authorized to cancel the
1983 Note and reconvey the Agency's interest under the 1983 Trust Deed,
subject to the following terms and conditions:
(a) Arcade Partnership, a California general partnership, shall
duly execute and deliver to the Agency, through escrow, a new promissory
note in the principal amount of Thirty Six Thousand Three-Hundred Two
Dollars and ninety two cents ($36,302.92) (hereinafter, the "New Note").
(b)
The New Note shall bear interest at the rate of ten percent
(10%) per annum.
(c) The New Note shall be secured by that deed of trust dated
March I, 1988 in the principal amount of $36,302.92 that was recorded in
official records of Orange County, California.
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(d) The lien of the Agency's Trust Deed shall be subordinate only
to the liens of trust deeds securing an indebtedness of not more than Two
Hundred Ninety Thousand Dollars ($290,000.00) held by Wells Fargo Bank and One
Hundred Seventy Two Thousand Dollars ($172,000.00) held by Mercury Savings,
and to such other minor liens as the Executive Director may determine to be
acceptable.
(e) 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.
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.
ADOPTED this ~ day of
April
, 1988, by the following
vote:
AYES: MEMBERS: Acosta, Griset, Hart, May, McGuigan,
Pulido & Young
NOES: MEMBERS: None
ABSENT: MEMBERS: None
ATTEST:
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Cynth a J. Ne on
Executive Director and
Recording Secretary
APPROVED AS TO FORM:
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