Laserfiche WebLink
-2- <br />3. Loan Commitment <br />• Summary Description: Makes Arkand the borrower of $8,300,000 at 2-1/2% <br />above prime (computed monthly) and makes the META <br />Partnership and their individual members and wives <br />the Guarantors: the Lender is Home Savings Associa- <br />tion of Kansas City. <br />Recommendation: See #7. <br />4. Promissory Note <br />Summary Description: Note by Arkand Partnership to Home Savings Associa- <br />tion of Kansas City for a $8,300,000 construction <br />loan. <br />Recommendation: See V. <br />5. Mortgage <br />Summary Description: Mortgage relating to Phase I of Kenzington Project <br />from Arkand Partnership`toiHomeiSavings Association <br />of�Kansas City securing the indebtedness under the <br />note. <br />Recommendation: See V. <br />• 6. Security Agreement <br />Summary Description: From Arkand Partnership to Home Savings Association <br />of Kansas City securing the note and covering personal <br />property and fixtures in Phase I. <br />Recommendation: See V. <br />7. Guaranty <br />Summary Description: Guaranty by META Partnership individual partners <br />and spouses of the loan to Arkand. <br />Recommendation: The Executive Director and H.R.A. Attorney recommend <br />approval of Resolution HRA 1985-005 relating to the loan <br />commitment promissory note, mortgage, security agreement <br />and guaranty. <br />8. Agreement and Consent <br />Summary Description: An agreement between the H.R.A. and Home Savings <br />Association of Kansas City and Arkand, which contains <br />the following provisions: <br />1) Approves the Home Savings Association of Kansas <br />• City note and mortgage as required under the <br />redevelopment contract. <br />