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- .lune 19, 1998 <br /> <br /> Tina Davis <br /> First American Title hasuranee Co .mi~any <br /> 555 Marshall Street <br /> Redwood City, CA 94063 <br /> <br /> RE: City Center Project <br /> Redwood City, California <br /> Order No. 424674 <br /> <br /> Dear Tina: <br /> <br /> This letter constitutes the jo/hr escrow in~mctious of Mezes Court Associates, a California <br /> Limited Partnership (the "Partnership") and the Redevelopment Agency of the City of Redwood <br /> City (the "Agency") in connection wilh the transactions Summarized below. <br /> <br /> The Partnership owns in fee that certain r~al property located in thc City of Redwood City <br /> (the "Land"), upon which the Partnership has cor~t~ucted a housing development for low income <br /> persons (the "Improvement~"). The Land and thc Improvements ~all be referred to collectively <br /> herein a~ the 'Property." <br /> <br /> Citibank, a Federal Savings Bank ("Citibnnic") is making a peamanent loan to the <br /> Partnership in the amount of $2,$90~000 (the "Citibank Loan") which will be evidenced by a <br /> promissory note secured by a first deed of trust on the Property (the "Citibank Deed of Trust'). <br /> Citibank will submit escrow instructions which are to be read in conjunction with these escrow <br /> <br /> Unio~ Bank of California, N.A. (the 'Bank") is ma~ng a $6,800,000 bridge loan to the <br /> Partnership which will be evidenced by a promissory note and other documents and secured by <br /> a second deed of trua't on the Property (the "Bank Deed of Trust"). The Bank will s~ib,uit escrow <br /> /nstructions which are to be read in conjunction with these escrow instructions. <br /> <br /> Concurr~fly w/th the closing of the above-described bridge and permanent fmanc/ng, <br /> Transamerica Occidental Life Insurance Company ("Transamerica'), the L/m/ted Pa, ruer of the <br /> Partnership, will make a capital contn'bution to the Partner~ip in the amount of $2,508,490. <br /> Trausamedca will submit escrow in_Ml'uctious tO you which arc to be read in conjunction with <br /> thes~ escrow instructions. <br /> <br /> EXISTLNG ENCUMBRANCES <br /> <br /> <br />