lender: bank of america borrower: golden rain foundation of laguna woods guarantor: golden rain...
TRANSCRIPT
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Lender:Bank of America
Borrower: Golden Rain Foundation of Laguna Woods
Guarantor:Golden Rain Foundation of Laguna Woods,
as Trustee of the Golden Rain Foundation of Laguna Woods Trust
Recreation Master Plan $10,000,000 Real Estate Loan
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Fees and Expenses
$3,575. Appraisal Fee $40,000. Loan Fee $12. Flood Certificate $43,587. Bank Transaction Costs $9,387. Escrow Fees $24,250. Legal Fees and Expenses
$77,212. TOTAL
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Collateral
Property (2nd deed of trust)24351 El Toro Road, Laguna Hills, California(existing debt $3.1 million - 1st deed of trust)Insufficient equity to secure 100% of loan
Cash Collateral Account$2,961,782.22 withheld from loan amount and added to existing B of A time deposits account to meet minimum requirement of $4,447,312.97 to secure 100% of the loan. This balance may be reduced in the future as principal is paid or if GRF gets a higher appraisal on the property.
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Interest Rates
a) B of A LIBOR Rate swapped for fixed rate through an ISDA Agreement
b) 2.67% ISDA Fixed Rate c) 1.60% B of A Applicable Margin
(Principal Depository Rate) 4.27% Fixed Interest Rate
LIBOR Rate - British Banker’s Association Floating Rate ISDA – International Swaps and Derivatives Assoc. Inc.
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Repayment Terms
• September 1, 2013 interest and principal payments. (2.67% from 8/5/13 and 1.60% from 8/21/13)
• Repay principal in equal installments ($55,555.56)
• 15 year loan fully amortizing • 9/1/2013 – 8/1/2028
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PRINCIPAL BALANCE MONTH YEAR INT @ 4.27% PRINCIPAL PAYMENT PAYMENT ACCUMULATED INT
10,000,000.00 SEPTEMBER 2013 $ 22,962.38 55,555.555 $ 78,517.93 $ 22,962.389,944,444.445 OCTOBER 2013 $ 35,385.65 55,555.555 $ 90,941.20 $ 58,348.03
9,888,888.890 NOVEMBER 2013 $ 35,187.96 55,555.555 $ 90,743.52 $ 93,535.99
9,833,333.335 DECEMBER 2013 $ 34,990.28 55,555.555 $ 90,545.83 $ 128,526.27
9,777,777.780 JANUARY 2014 $ 34,792.59 55,555.555 $ 90,348.15 $ 163,318.86
9,722,222.225 FEBRUARY 2014 $ 34,594.91 55,555.555 $ 90,150.46 $ 197,913.77
9,666,666.670 MARCH 2014 $ 34,397.22 55,555.555 $ 89,952.78 $ 232,310.99
9,611,111.115 APRIL 2014 $ 34,199.54 55,555.555 $ 89,755.09 $ 266,510.53
9,555,555.560 MAY 2014 $ 34,001.85 55,555.555 $ 89,557.41 $ 300,512.38
9,500,000.005 JUNE 2014 $ 33,804.17 55,555.555 $ 89,359.72 $ 334,316.55
9,444,444.450 JULY 2014 $ 33,606.48 55,555.555 $ 89,162.04 $ 367,923.03
9,388,888.895 AUGUST 2014 $ 33,408.80 55,555.555 $ 88,964.35 $ 401,331.83
9,333,333.340 SEPTEMBER 2014 $ 33,211.11 55,555.555 $ 88,766.67 $ 434,542.94
9,277,777.785 OCTOBER 2014 $ 33,013.43 55,555.555 $ 88,568.98 $ 467,556.37
9,222,222.230 NOVEMBER 2014 $ 32,815.74 55,555.555 $ 88,371.30 $ 500,372.11
9,166,666.675 DECEMBER 2014 $ 32,618.06 55,555.555 $ 88,173.61 $ 532,990.17
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Covenants
To use the Loan proceeds only for payment of costs and expenses incurred in connection with capital improvements to the Property and/or other real property owned by Borrower and/or Guarantor.
Financial Covenants are essentially the same as the existing loan so there is no impact on GRF.
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Prepayment
• No penalty on the underlying Agreement if the prepayment is made on a Libor Rate Reset Date. (12 days per year)
• No penalty on ISDA Agreement but as market interest rates go up or down prepayment may result in a loss or gain for GRF.
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Signatures
Golden Rain Foundation of Laguna Woods, a California non-profit mutual benefit corporation
Lynne C. Dvorak, PresidentMarvin Rosenhaft, VP GRF
Loan Documents were reviewed by:– An independent 3rd party for B of A (as required by bank
regulations)– GRF Corporate Attorney