Agmt 2017 BAL Theater/San Leandro Curtain Call Performing Arts Loan Agreement

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OPERATOR PARTICIPATION AND LOAN AGREEMENT (Commercial Rehabilitation Loan Program) This Loan Agreement (this "Agreement") is entered into effective as of Iq , 2017 (the "Effective Date") by and between San Leandro Curtain Call Performing Arts, a California corporation (the "Operator") and the City of San Leandro, a California charter city (the "City"). City and Operator are hereinafter collectively referred to as the "Parties." RECITALS A. San Leandro Curtain Call Performing Arts is the tenant and operator of the property located at 14808 E. 14th Street in the City of San Leandro, known as Alameda County Assessor's Parcel No. 077E-1593-008-00 and more particularly described and depicted in Exhibit A, attached hereto and incorporated herein by reference. B. Dan Dillman, President of the San Leandro Curtain Call Performing Arts, and Gina Dillman are the owners of the Property. C. Operator has requested, and City has agreed to provide a loan in the amount of one hundred and fifty thousand dollars ($150,000) (the "Loan") pursuant to the terms and conditions set forth herein for the purpose of constructing theater improvements (the "Improvements") by Operator located on the Property, all in accordance with Exhibit B attached hereto (the "Project"). D. The City has determined that (i) provision of a loan for the Project is in the interests of the health, safety and welfare of the residents of the City of San Leandro ("City"), and (ii) the Loan is necessary to make the Project economically feasible. Operator is a qualified local nonprofit organization. E. Concurrently herewith Operator shall execute a promissory note (the "Note") in the amount of the Loan. This Agreement and the Note are collectively hereinafter referred to as the "Loan Documents." NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows. ARTICLE I LOAN TERMS 1.1 LOAN AND NOTE. City agrees to loan to Operator, and Operator agrees to borrow from and, subject to the provisions of Section 1.2.1, repay to City, the loan, in an amount not to exceed one hundred and fifty thousand dollars ($150,000), upon the terms and conditions and for the purposes set forth in this Agreement. The Loan shall be evidenced by the Note which shall be dated as of the Effective Date and executed by Operator substantially in the form attached hereto as Exhibit D. Provided that Operator has complied with all conditions set forth in Section 2.3, the Loan Proceeds shall be disbursed