HomeMy WebLinkAbout1988-019
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RESOLUTION NUMBER 88-19
RESOLUTION OF THE CITY OF SAN BERNARDINO AUTHORIZING AND
3 DIRECTING THE EXECUTION OF AN ESCROW SERVICES AGREEMENT FOR THE
RENTAL REHABILITATION PROGRAM BETWEEN THE CITY OF SAN BERNARDINO
4 AND COMMUNITY DEVELOPMENT FINANCIAL CORPORATION.
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BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY
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OF SAN BERNARDINO AS FOLLOWS:
SECTION 1. The Mayor of the City of San Bernardino is
hereby authorized and directed to execute, on behalf of the
City, an agreement for escrow services for the City'S Rental
Rehabilitation Program with Community Development Financial
Corporation, a copy of which agreement is annexed hereto as
Exhibit "1" and is incorporated herein by reference as though
fully set forth at length.
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the and Common Council of the City of San Bernardino
at a
meeting thereof, held on the
regular
1st day of
February
, 1987, by the following vote, to wit:
AYES:
Councilpersons Estrada, Reilly, Flores, Maudsley,
Minor,
NAYES:
None
ABSEN':r:
None
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. Cil:'y Clerk
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RE: RESOLUTION OF CIT~ AUTHORIZING
.~D DIRECTING EXECUTION OF AN ESCROW SERVIOBS · 1
AGREEMENT FOR RENTAL RAHABILITATION PROGRAM
The foregoing resolution is hereby approved this cS/?!
day of
February
Approved as to legal form
and content:
/\ 1- 11.,
\4"iam~ ,ye;1/~
// - city Attorney
KtrJl/lab/0615
1-19-88
, 1987.
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/A~ /lj )l~
ayor, lity of San Bernardino
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A~B~~M~H~
2 ESCROW SERVICES AGREEMENT BY AND BETWEEN THE CITY OF SAN
BERNARDINO AND COMMUNITY DEVELOPMENT FINANCIAL CORPORATION FOR
3 ESCROW SERVICES FOR THE CITY'S RENTAL REHABILITATION PROGRAM
4 This agreement is made and entered into as of the /-.1 day
5 of
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, 1988, by and between the City of
6 San Bernardino, a public body in the State of California (herein
7 called "City"), and COMMUNITY DEVELOPMENT FINANCIAL, a private
8 financial institution, (hereinafter "Contractor") incorporated in
9 and doing business under the laws of the State of California.
10 N I ~ H ~ ~ ~ ~ ~ H
11 WHEREAS, City has established within its Community
12 Development Department a Rental Rehabilitation Program and other
13 property rehabilitation program(s), hereinafter collectively
14 called "Program", funded with Federal and/or State funds in order
15 to upgrade deteriorated property, revitalize neighborhoods and
16 improve the living conditions of the City's residents.
17 WHEREAS, The City wants to maximize the benefit to be
18 achieved with the Program by using its public subsidy monies to
19 increase the availability of private rehabilitation dollars.
20 WHEREAS, the City will negotiate with certain owners of
21 real property identified and determined to be eligible by the
22 City who will undertake the rehabilitation, and appropriate,
23 refinancing of said property.
24 WHEREAS, City desires to engage the Contractor to render
25 services in connection with loans made by City for improvements
26 within the areas served by City; and
27 WHEREAS, the Contractor represents that it is qualified to
28 perform services under this agreement.
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1 NOW, THEREFORE, THE PARTIES HERETO DO HEREBY MUTUALLY AGREE
2 AS FOLLOWS:
3 1. TERM. This agreement shall commence immediately upon
4 execution and shall terminate on December 31, 1988, unless
5 otherwise extended by mutual agreement of the parties.
6 2. COMPENSATION. All compensation shall be as set forth in
7 the Schedule of Fees attached hereto as Exhibit "A" and by this
8 reference made a part hereof as though fully set forth at lenth.
9 3. SCOPE OF SERVICES AND OBLIGATIONS. When and as requested
10 in writing by City, the Contractor shall provide Rental
11 Rehabilitation Cash Management and related financial services for
12 property improvements in connection with loans made by the City
13 to homeowner and/or residential property owners (hereinafter
14 "Borrowers") for the expansion or improvement of their property.
15 Services shall include, but shall not be limited to, the areas
16 listed below:
17 (a) Cash Management Depositorv Services. The Contractor
18 shall establish a separate Rental Rehabilitation depository
19 account with a local financial institution of Contractor's choice
20 for receipt and deposit of funds received from the u.s.
21 Department of Housing and Urban Development, (hereinafter "Huon).
22 Funds shall be received via automatic transfers as required under
23 the HUD Cash Management System and disbursed by Contractor to
24 payees upon receipt of the property disbursement authorizations
25 from the City.
26 (b) Loan processina. On written request from the city,
27 Contractor shall provide:
28 1. A credit report.
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1 2. An applicable title report.
2 3. An appraisal.
3 4. Other document(s) as requested by City and agreed
4 to by Contractor.
5 (c) Loan Documentation Preparation.
6 1. Wherein a direct (amortized) and/or deferred loan
7 is approved by the City, a written request for preparation of all
8 loan documents shall be forwarded to Contractor from City.
9 Pursuant to receipt of said written request, Contractor shall
10 prepare and return to City within five (5) business days all
11 related documents prepared for execution including, but not
12 limited to, the following:
A) Loan Disbursement Instructions.
B) Promissory Note.
C) Notice of Rescission.
D) Deed of Trust.
E) Request for Notice of Title Change.
F) Truth in Lending Disclosure statement.
G) Other documents agreed to by Contractor and
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2. The Borrower and City shall appropriately execute
22 all required loan documents and return same to Contractor for
23 final processing and recordation with the appropriate legal
24 agency. Such documents returned to the Contractor shall include,
25 but shall not be limited to, the following:
26 A) Deed of Trust.
27 B) Request for Notice of Title Change.
28 d) Account Activation and Fund Disbursement Services.
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1 1. Upon loan closing City shall send the Borrower's
2 funds or other non-Rental Rehabilitation City funds and completed
3 Loan Disbursement Instructions to the Contractor. The Loan
4 Disbursement Instructions shall include, but shall not be limited
5 to, the following data:
6 A) Borrower(s) name.
7 B) Contractor(s) name.
8 C) Job site address.
9 D) Dollar amount of funds being held along with
10 the participation breakdown in dollar amounts of non-Rental
11 Rehabilitation and Rental Rehabilitation Program funds.
12 E) Instructions on how funds are to be disbursed.
13 F) Original signature(s) of Borrower(s) and City
14 representative.
15 2. Upon written authorization from the City,
16 Contractor shall provide check disbursements to parties so
17 designated in connection with loans made for rehabilitation.
18 3. written instructions shall be in the form of a
19 Fund Disbursement Authorization containing information regarding
20 the amount of disbursement and the parties to receive such funds.
21 Such Fund Disbursement Authorization shall be verified by
22 Contractor, to wit:
23 A) The amount authorized is available.
24 B) The owner(s) and City representatives
25 signatures are the same as on the original Fund Disbursement
26 Instructions.
27 4. Once the transaction is complete and verified,
28 funds shall be disbursed by Contractor in the amount requested
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1 and forwarded to the City or designated payee(s).
2 5. If requested by City via written instruction, CD
3 Financial will re".;ain an amount of the total loan proceeds for up
4 to thirty (30) days after the receipt of a Notice of Completion.
5 said Notice may be recorded by Contractor with the appropriate
6 county or other legal agency.
7 (e) Rental Rehabilitation Administrative and Compliance
8 Accountina Services. As required under HUD guidelines,
9 Contractor shall maintain separate accounting records of Rental
10 Rehabilitation and Private Rehabilitation funds. Separate
11 accounting records will show receipt, disbursement and running
12 balance for each project. Accounting information and records
13 will be available to the City during project rehabilitation and
14 will be submitted to the City at project completion.
15 1. Upon receipt of written instructions from City,
16 Contractor shall contact HUD Central Office of Administration to
17 set up a new Rental Rehabilitation project account. Contractor
18 will be authorized with the proper HUD security clearance to gain
19 access to HUD's Cash and Management projects and request
20 drawdowns. Contractor will transmit to HUD Central, the
21 information required to have the appropriate amount of Rental
22 Rehabilitation funds set aside for each project. Contractor
23 shall forward to HUD Central the project Pre-Rehabilitation
24 Report upon completion by the City.
25 2. Upon receipt of Fund Disbursement Authorization
26 from City, Contractor shall contact HUD Central to make the
27 appropriate drawdown request of Rental Rehabilitation Fund monies
28 as authorized by City. Contractor shall submit the required
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1 project data to obtain drawdown approval. CD Financial shall
2 complete and forward HUD payment voucher to HUD Central prior to
3 the next fund request for Rental Rehabilitation Funds. Copies of
4 the payment vouchers as well as the Fund Disbursement
5 Authorization will be kept by Contractor in a permanent project
6 file. Payment vouchers are to be submitted to HUD Central in
7 sequential order for accountability.
8 3. Approved drawdowns will be automatically
9 transferred by HUD Central to Contractor's depository account and
10 disbursed by Contractor upon receipt.
11 4. Contractor shall submit a Project Completion
12 Report upon completion by City to HUD Central within ninety (90)
13 days of project completion and will retain a copy of the report
14 in a permanent project file.
15 5. Contractor shall supply to City a monthly computer
16 print-out of all transactions completed to date and the balance
17 remaining in each account.
18 6. Contractor shall compile all pertinent project
19 data into a permanent file for the City and HUD auditing. Each
20 project file shall contain copies of all deposits, checks,
21 payment vouchers, disbursement authorizations, pre-rehabilitation
22 and project completion reports and a separate accounting
23 statement. Project files will be prepared to show that at no
24 time was there a co-mingling of Rental Rehabilitation Funds with
25 private or other City funds and at no time did draws on Rental
26 Rehabilitation funds exceed draws on non-Rental Rehabilitation
27 funds.
28 (f) Loan Collection Services.
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1 1. Director (Amortized) Loan Services. Wherein the
2 City desires Contractor to provide all necessary financial
3 management for direct (amortized) loans issued by the City with
4 Federal, State, local, private, non-profit or as yet unspecified
5 funds, upon receipt by Contractor of Loan Collection Instructions
6 executed by City, Contractor shall:
7 A) Provide written notice to the borrower(s) of
8 where all loan payments shall be made.
9 B) If requested, establish an impound account for
10 the Borrower for advanced payment of property taxes and insurance
11 premiums.
12 C) Upon receipt of loan payment, each Borrower's
13 account will be posted and the proceeds of said payment less
14 authorized deductions will be forwarded to City.
15 D) Collection proceeds are forwarded to City along
16 with a monthly status report of collection accounts.
17 E) Contractor will notify the Borrower in writing
18 of delinquent payments at intervals of fifteen (15), thirty (30)
19 and sixty (60) days past due date. Upon issuance of such sixty
20 (60) day notice, no further action shall be required of
21 Contractor with respect to delinquent accounts unless otherwise
22 instructed in writing by City.
23 F) The Borrower shall be assessed a late charge by
24 Contractor of six percent (6%) of the payment amount for payments
25 more than ten (10) days late.
26 G) Contractor shall supply to City a monthly
27 computer print out Delinquent Aging Report which lists all
28 accounts fifteen (15), thirty (30), and sixty (60) days past the
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payment due date.
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month payment for check assurance.
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4 Reconveyance at Borrower's expense, upon loan satisfaction or
5 when property is sold.
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H) Contractor shall hold as a reserve a one (1)
I) Contractor shall process and record a Full
2. Deferred Payment Loan Services. Wherein the City
7 desires Contractor to provide all necessary financial management
8 responsibilities for deferred loans (non-amortized) issued by
9 city with Federal, State, local, private, non-profit and/or as
10 yet unspecified funds, upon receipt by Contractor of Loan
11 Collection Instructions executed by City, Contractor shall
12 perform the following tasks:
13 A) Contractor shall provide a monthly status
14 report to the City which lists Borrower, address, date of
15 origination, original loan amount, outstanding loan balance and
16 loan term.
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B) Contractor will monitor status of all deferred
18 loans on an ongoing basis, reflecting any forgiveness or
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repayment options, accrued interest, conversion clauses or
20 enforced covenants.
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C) Where appropriate, Contractor will provide
22 written notice to the Borrower(s) inviting the Borrower(s) to
23 make any payment on the loan balance to Contractor. Upon receipt
24 of any loan payment, Contractor will post said payment and
25 forward the proceeds to the city.
26 D) If any or all deferred loans are to convert to
27 repayable loans at some fixed future date, Contractor will manage
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1 the conversion of the loans to an amortized basis.
2 E) Contractor or its agent shall monitor the
3 status of title for the term of the loan, notifying the City
4 quarterly of any change in the status of title that may
5 jeopardize the integrity of the City's interest in the property.
6 F) At stated maturity, Contractor will provide a
7 Demand for Balance to the Borrower(s) when repayment of a portion
8 of the indebtedness or the entire principal amount 'is required.
9 When applicable, Contractor will also calculate any accrued
10 interest (simple or compounded) on the deferred loan.
11 G) Contractor shall process and record a Full
12 Reconveyance at Borrower(s) expense upon loan satisfaction or
13 when property is transferred and provide the City with repayment
14 of amounts due, subject to such proceeds being available.
15 H) Upon request, Contractor will provide City with
16 telephone and written updates on the status of all accounts,
17 including remaining balance due and any recent account
18 activity.
19 (g) Loan Foreclosure Services.
20 1. Scope of Services. Contractor may act as the
21 City's service agent in property foreclosure proceedings which
22 may be necessitated by direct (amortized) and/or deferred
23 loans.
24 A) Contractor will commence upon written
25 instruction, loan foreclosure proceedings on all Borrower(s)
26 whose loan repayments are delinquent. After a determined
27 delinquency period, the City may negotiate with Contractor to
28 purchase the delinquent Trust Deed; or, direct Contractor to act
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as the Trustee only for the City as Beneficiary in the
foreclosure proceedings.
2. Account Activation. Contractor will notify the
Borrower(s) of intent to foreclose and record the Notice of
Default.
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6 A) Reinstatement of the Note by the Borrower(s)
7 will require all payments to render the Note current plus all
8 foreclosure costs incurred. Normal collection procedures will
9 then resume.
10 B) After ninety (90) days from recordation of
11 Notice of Default, Contractor will publish a Notice of Sale in a
12 newspaper and republish the Notice once a week for twenty (20)
13 days. Fourteen (14) days prior to the date of sale, Contractor
14 will record Notice of Sale.
15 C) Upon sale, Contractor will return proceeds of
16 the sale less foreclosure fees and outside costs incurred to
17 Grantee ·
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24 City to any other third party unless so requested in writing by
City.
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27 local taxing authorities for all applicable taxes. Contractor
28 shall distribute appropriate employee fringe benefits to the
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D) The City will be responsible for the payment of
any foreclosure fees (see section C) or related outside costs
that cannot be retained from Borrower(s) by Contractor.
E) Upon request, Contractor will sell back to the
City any Trust Deed originally owned by the city. Furthermore,
Contractor will not sell any Trust Deed originally owned by the
F) Contractor shall deduct all Federal, State and
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1 appropriate benefit agency.
2 G) Contractor shall conduct interviews of laborers
3 mechanics, and apprentices to verify the accuracy of wages being
4 paid, consistent with the Davis-Bacon Act requirements.
5 H) Contractor shall provide disbursements to
6 parties designated by the City in connection with material and
7 overhead costs incurred. written instructions shall be in the
8 form of a Fund Disbursement Authorization containing information
9 regarding the amount of disbursement and the parties to be paid
10 and contain signatures of City representatives authorized to make
11 such disbursements.
12 I) Contractor shall verify the proper registration
13 of any apprentices or trainees employed by the general contractor
14 or subcontractor with the United states Department of Labor.
15 J) At the request of the City, Contractor shall
16 hold retention for wage restitution, materials, overhead and/or
17 'to ascertain that no liens have been placed on the project.
18 K) Contractor agrees to provide overnight delivery
19 of documents and checks to the City and/or general contractor.
20 L) Contractor shall provide to the City and
21 general contractor or subcontractor weekly computerized
22 payroll/register and tax obligation schedules for all laborers
23 working on the project. City shall receive a monthly computer
24 print-out of all project disbursements and any balances.
25 (h) Maintenance of Files and Availabilitv of Data.
26 Contractor shall maintain records of all accounts established
27 under the provisions 0 this agreement for a period of seven (7)
28 years after the closing of each account. CD Financial shall,
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1 upon request and within thirty (30) days of such request, make
2 available all records, financial and otherwise dealing with its
3 activities performed pursuant to the provisions of this agreement
4 to authorized auditors and monitors of the City or HUD.
5 4. CITY COMMUNITY RESPONSIBILITIES.
6 (a) The City agrees to conduct intake to determine
7 program eligibility based on established ownership, location and
8 income criteria, and the level of benefit; and otherwise ensure
9 that the applicants meet local, State, and Federal requirements
10 for participation.
11 (b) The City agrees to prepare all specifications (work
12 write-ups and cost estimates) for proposed rehabilitation work.
13 (c) The City agrees to assist the property owners in
14 finding a building contractor and to evaluate the building
15 contractor's proposal to determine its adequacy and compliance
16 with program specifications and cost reasonableness.
17 (d) The City agrees to supervise construction, assure the
18 improvements are completed by the building contractor in a
19 workmanlike manner, authorize progress payments and certify
20 construction completed.
21 5. EOUAL OPPORTUNITY.
22 (a) The Contractor will not discriminate against any
23 employee or applicant for employment because of his or her race,
24 religion, creed, national origin, ancestry, physical handicap,
25 medical condition, marital status, or sex or sexual orientation.
26 The Contractor will take affirmative action to ensure that
27 employees are treated during employment, without regard to their
28 race, religion, creed, color, national origin, ancestry, physical
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1 handicap, medical condition, marital status, or sex or sexual
2 orientation. Such treatment shall include, but shall not be
3 limited to, the following: employment; upgrading; demotion;
4 transfer; recruitment; recruitment advertising; layoff;
5 termination; rates of payor other form of compensation and
6 selection for training, including apprenticeship. The Contractor
7 agrees to post in conspicuous places, available to employees and
8 applications for employment, notices to be provided by the public
9 agency setting forth the provisions of this nondiscrimination
10 clause.
11 (b) The Contractor will, in all solicitations or
12 advertisements for employees placed by or on behalf of the
13 Contractor, state that all qualified applicants will receive
14 consideration for employment without regard to race, religion,
15 creed, color, national origin, ancestry, physical handicap,
16 medical condition, marital status, or sex or sexual orientation.
17 (c) The Contractor will cause the foregoing provisions to
18 be inserted in all subcontracts for any work covered by this
19 contract so that such provisions will be binding upon each
20 subcontractor, provided that the foregoing provisions shall not
21 apply to contracts or subcontracts for standard commercial
22 supplies or raw materials.
23 6. REPRESENTATIONS. As an inducement to the execution of
24 this agreement, the Contractor represents and agrees that it has
25 and will continue to have adequate and proper facilities and
26 personnel to perform the services and work agreed to be performed
27 by it hereunder; that it is duly qualified by law to perform such
28 services and work, and that it has not employed any person to
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1 solicit or procure this agreement, and had not made and will not
2 make, any payment or any agreement for the payment of commission,
3 percentage, brokerage, contingent fee or other compensation in
4 connection with the procurement of this agreement.
5 7. TERMINATION OF SERVICES.
6 (a) In the event of breach of any condition or provisions
7 hereof, the City shall have the right, by prior written notice to
8 Contractor, to terminate its employment hereunder and cancel this
9 agreement and have the work called for hereby otherwise
10 performed, without prejudice to any other rights or remedies of
11 the City. The City shall have the benefit of such work as may
12 have been completed up to the time of such termination and with
13 respect to any part which shall have been delivered to and
14 accepted by the City, there shall be an equitable adjustment of
15 compensation.
16 (b) Irrespective of any default hereunder, the City may
17 also, at any time at its discretion, terminate this agreement, in
18 whole or in part, by giving the Contractor thirty (30) days
19 written notice thereof and in such event, the Contractor shall be
20 entitled to receive compensation specified herein for all work
21 completed and accepted prior to such thirty (30) days written
22 notice of partial or complete cancellation, an equitable
23 adjustment shall be made, as compensation to the Contractor for
24 all work performed to the date of such partial or complete
25 cancellation, but not yet delivered to city. The Contractor at
26 its discretion may terminate this agreement, in whole or in part,
27 by giving City thirty (30) days prior written notice.
28 (c) In the event of termination, whether pursuant to
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1 Subsection (c) or (2) above, Contractor shall forthwith provide
2 to City any and all documentation needed by City to keep the
3 program operating without undue interruption, and shall cooperate
4 fully with city and all Borrowers to transfer any funds still
5 held by Contractor and any other escrow agency or depository
6 established by agreement of city and Borrowers. Termination of
7 the agreement notwithstanding, the requirement set forth herein
8 shall continue until Contractor has made a complete transfer to
9 City or its Agent of all documentation related to any
10 transactions entered into under this agreement.
11 8. ADDITIONAL TERMS AND CONDITIONS.
12 (a) Contractor and City may, from time to time, request
13 amendments and/or modifications to this agreement. Such
14 amendments and/or modifications, which are mutually agreed upon
15 by and between Contractor and City shall not take effect until
16 incorporated as written amendments to this agreement.
17 (b) City shall indemnify and hold harmless Contractor
18 and/or its agents, against all claims and damages, alleged or
19 otherwise, of whatsoever nature arising out of, or in any way
20 connected with, the acts of omissions of any building contractor
21 performing rehabilitation work in connection with this agreement;
22 provided, however, that City's obligation under this paragraph
23 shall not extend to negligent or willful acts or omissions by
24 Contractor, all contractors shall operate as independent
25 contractors and nothing herein is intended to affect such
26 independent contractor status.
27 (c) The City and Contractor shall comply with all
28 applicable statutes, regulations and ordinances including the
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1 Federal Truth in Lending Act and Regulation "z" thereto, the
2 Consumer Credit Reporting Act, the Equal Credit Opportunity Act
3 and Regulation "B" thereto, Title I, the Housing and Community
4 Development Act of 1980 (P.L. 96-399), Title XIV, Housing and
5 Urban Development, Part 570, Community Development Block Grant,
6 Title VI, civil Rights Act of 1964 and Title VIII, the civil
7 Rights Act of 1968.
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(d) Any notices of other communications required or
9 permitted to be given to the City or Contractor under this
10 agreement will be deemed given if delivered personally or sent by
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certified or registered mail, postage prepaid, return receipt
requested, addressed as follows:
As to City
As to Contractor
Director of Community Development
City Hall, Fifth Floor
300 North "D" street
San Bernardino, California 92418
Community Development
Financial Corporation
1620 Eye street, N.W.
suite 508
Washington, D.C. 20006
(e) This agreement and in any document or instrument
attached hereto or referred to herein incorporated all terms and
all negotiations, prior writings, and agreement of the portion
20 with respect to the subject matter hereof. In the event of
21 conflict between the terms, conditions and provisions of this
22 agreement, and any such document or instrument, the terms and
23 conditions of this agreement shall govern.
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(f) This agreement shall not be assigned by Contractor
25 without prior written consent of City.
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(g) Contractor is acting as an independent Contractor,
27 and not as an employee of city. In this performance of services
28 pursuant to the provisions of this agreement, Contractor shall
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1 not be supervised, directed or under the control of authority of
2 any city officer or employee, except and to the extent as may be
3 expressly or implicitly required by the terms and provisions of
4 this agreement. Any direction or control so required under this
5 agreement shall be limited to broad objectives or goals of the
6 project or program to be accomplished and not to the details and
7 procedures to accomplish such objectives or goals.
8 (h) No Third Party Beneficiaries of Agreement. All
9 provisions herein are for the protection of City, its officers,
10 agents, employees, contractors, and invitees. No third party
11 beneficiaries other than as specifically named herein are
12 contemplated under any provisions of this agreement, nor is it
13 the intent of this agreement or create any right in same.
14 9. CONCLUSION. IN WITNESS WHEREOF, the parties hereto set
15 their hands as seals by and through their duly authorized
16 officers, as of the date first herein above written.
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RESOLUTION OF CITY AUTHORIZING AND
DIRECTING ,EXECUTION OF AN ESCROW SERVICES
AGREEMENT FOR ~ENTAL REHABILITATION PROGRAM
1 ATTEST:
2 BY ~f~$
3 / ci y Clerk
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10 Approved as to form and
legal content:
11 ~
12 BY
ity At ney
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CITYdF SAN BERN" t1INO:
By4iL I~Y'
Mayor 0 the City of San
Bernardino
COMMUNITY DEVELOPMENT
FINANCIAL CORPORATION
B~~ N~
f' President
B~~
SecrHar
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EXHIBIT A
In return for the selected services provided to the City of
San Bernardino by CD FINANCIAL, said fees shall be paid pursuant
to the following schedule:
A. bQ~n_~rQg~~~!ng
1. For each processing order of title, credit, and/or
appraisal reports, the fee shall be $25.00 plus
outside costs including but not limited to title,
credit and/or appraisal fees.
B. bQ~n_QQg~m~n~_~r~Q~~~~!Qn:
1. Each approved loan application for which all
relevant documents have been prepared, the fee
shall be $125.00 plus outside costs including but
not limited to, recordation fees
c. H~n~~!_B~h~Q!!!~~~!QnL~~~h_~~n~g~~~n~_AQ~!n!~~r~~!Y~
~nQ_~Q~Q!!~ng~_AgQQ~n~!ng_~~ry!g~~:
1. For each Rental Rehabilitation Project account,
the fee shall be 1/2 of lYe of the total project
cost, with a minimum fee of $150.00 and a
maximum fee of $700.00.
D. bQ2n_gQ~~~Q~!Qn~:
1.A.For collection of monthly payment loans, a yearly
fee shall be the following percentage of the
borrower's original loan amount or $6.00 per month
whichever is greater, plus a one time account set-up
charge of $20.00 per loan.
Loans under $100,000:
100-200:
200-500:
500-
1/2 of lYe
3/8 or lYe
1/4 of lY.
to be negotiated
B.For collection of existing Grantee's direct loan
portfolio, a fee shall be that which is indicated
on the the Truth and Lending statement prepared
for each account.
2.A.For deferred loans, a one time fee of $165.00 per
loan shall be charged to maintain collection
account reporting, monitor the status of property
title for said loan, and process the demands and
reconveyance of the loan instruments. (Actual cost
of reconveyance not included.)
, J ".
B.For deferred loan in a current existing loan
portfolio, a fee of $200.00 per loan shall be due
and payable upon sale of property.
E. !mQQ~QQ_AggQ~n~_~Q!!~g~!Qn2:
1. To collect and maintain all records of said account
and to distribute said funds to the appropriate
payee(s), there shall be a fee of $3.50 per payment.
F. Q~Y~2=~~gQn_~~g~_~QmQ!!~ng~_~~ry!g~2~
1. For each project, the fee shall be 1/2 of lX of the
total project, with a minimum fee of $1,000.00
G. EQr~9!Q~~~~_~~ry!g~~~
For each property foreclosure, the fee shall be as
follows:
1. During the period to cure a loan, a one-time fee
of $100 per loan shall be charged.
2. During the reinstatement, redemption and/or trustee
sale periods, the fee shall be lOY. less than the
maximum fee for such service according to the
California Code for Foreclosure (see Exhibit B),
or as subsequently amended, plus outside costs
including but not limited to publishing and
recordation fees.
. . I . J.
CODE - 1986
UNPAID PRINCIPAL
SUM SECURED REIN. REDEt.IP. SALE
$ 0- $19,999 $200.00 $300.00 $ 300.00
20- $20,999 $200.00 $300.00 $ 300.00
21- $21,999 $200.00 $300.00 $ 300.00
22- $22,999 $200.00 $300.00 $ 300.00
23- $23,999 $200.00 $300.00 $ 300.00
24- $24,999 $200.00 $300.00 $ 300.00
25- $25,999 $200.00 $300.00 $ 300.00
26- $26,999 $200.00 $300.00 $ 300.00
27- $27,999 $200.00 $300.00 $ 300.00
co 28- $28,999 $200.00 $300.00 $ 300.00
co
en 29- $29,999 $200.00 $300.00 $ 300.00
.... 30- $30,999 $200.00 $300.00 $ 300.00
.. 31- $31,999 $200.00 $300.00 $ 310.00
....
tM 32- $32,999 $200. 00. $300.00 $ 320.00
~ 33- $33,999 $200.00 $300.00 $ 330.00
< 34- $34,999 $200.00 $300.00 $ 340.00
.~ 35- $35,999 $200.00 $300.00 $ 350.00
.., 36- $36,999 $200.00 $300.00 $ 360.00
~ 37- $37,999 $200.00 $300.00 $ 370.00
> 38- $38,999 $200.00 $300.00 $ 380.00
.... 39- $39,999 $200.00 $300.00 $ 390.00
~
u 40- $40,999 $200.00 $300.00 $ 400.00
~
~ 41- $41,999 $200.00 $300.00 $ 410.00
~ 42- $42,999 $200.00 $300.00 $ 420.00
~
en 43- $43,999 $200.00 $300.00 $ 430.00
~ 44- $44,999 $200.00 $300.00 $ 440.00
~ 45- $45,999 $200.00 $300.00 $ 450.00
~
~ 46- $46,999 $200.00 $300.00 $ 460.00
..J 47- $47,999 $200.00 $300.00 $ 470.00
en 48- $48,999 $200.00 $300.00 $ 480.00
<
~ 49- $49,999 $200.00 $300.00 $ 490.00
0
..J 50- $50,999 $200.00 $300.00 $ 500.00
~ 51- $51,999 $205.00 $310..00 $ 510.00
<
~ 52- $52,999 $210.00 $320.00 $ 520.00
8 53- $53,999 $215.00 $330.00 $ 530.00
u 54- $54,999 $220.00 $340.00 $ 540.00
..J 55- $55,999 $225.00 $350.00 $ 550.00
.... 56- $56,999 $230.00 $360.00 $ 560.00
>
.... 57- $57,999 $235.00 $370.00 $ 570.00
u 58- $58,999 $240.00 $380.00 $ 580.00
59- $59,999 $245.00 $390.00 $ 590.00
60- $60,999 $250.00 $400.00 $ 600.00
61- $61,999 $255.00 $410.00 $ 610.00
62- $62,999 $260.00 $420.00 $ 620.00
63- $63,999 $265.00 $430.00 $ 630.00
64- $64,999 $270.00 $440.00 $ 640.00
65- $65,999 $275.00 $450.00 $ 650.00
66- $66,999 $280.00 $460.00 $ 660.00
67- $67,999 $285.00 $470.00 $ 670.00
68- $68,999 $290.00 $480.00 $ 680.00
69- $69,999 $295.00 $490.00 $ 690.00
70- $70,999 $300.00 $500.00 $ 700.00
71- $71,999 $305.00 $510.00 $ 710.00
72- $72,999 $310.00 $520.00 $ 720.00
73- $73,999 $315.00 $530.00 $ 730.00
74- $74,999 $320.00 $540.00 $ 740.00
75- $75,999 $325.00 $550.00 $ 750.00
76- $76,999 $330.00 $560.00 $ 760.00
EXHIBIT "B"
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" ~ ,
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UNPAID PRINCIPAL
SUM SECURED REIN. REDEMP. SALE
$ 77- $77,999 $335.00 $ 570.00 $ 770.00
78- $78,999 $340.00 $ 580.00 $ 780.00
79- $79,999 $345.00 $ 590.00 $ 790.00
80- $80,999 $350.00 $ 600.00 $ 800.00
81- $81,999 $355.00 $ 610.00 $ 810.00
82- $82,999 $360.00 $ 620.00 $ 820.00
83- $83,999 $365.00 $ 630.00 $ 830.00
84- $84,999 $370.00 $ 640.00 $ 840.00
85- $85,999 $375.00 $ 650.00 $ 850.00
86- $86,999 $380.00 $ 660.00 $ 860.00
87- $87,999 ~385.00 $ 670.00 $ 870.00
88- $88,999 390.00 $ 680.00 $ 880.00
89- $89,999 $395.00 $ 690.00 $ 890.00
90- $90,999 $400.00 $ 700.00 $ 900.00
91- $91,999 $405.00 $ 710.00 $ 910.00
92- $92,999 $410.00 $ 720.00 $ 920.00
93- $93,999 $415.00 $ 730.00 $ 930.00
94- $94,999 $420.00' $ 740.00 $ 940.00
95- $95,999 $425.00 $ 750.00 $ 950.00
96- $96,999 $430.00 $ 760.00, $ 960.00
97- $97,999 $435.00 $ 770.00' $ 970.00
98- $98,999 $440.00 $ 780 . 00 . $ 980.00
99- $99,999 $445.00 $ 790.00 $ 990.00
100-$100,999 $450.00 $ 800.00 $1,000.00
101-$101,999 $455.00 $ 810.00 $1,010.00
102-*102,999 $460.00 $ 820.00 $1,020.00
103- 103,999 $465.00 $ 830.00 $1,030.00
104-$104,999 $470.00 $ 840.00 $1,040.00
105-$105,999 $475.00 $ 850.00 $1,050.00
106-$106,999 $480.00 $ 860.00 $1,060.00
107-$107,999 $485.00 $ 870.00 $1,070.00
108-$108,99f $490.00' $ 880.00 $1,080.00
109-$109,999 $495.00 $ 890.00 $1,090.00
110-$110,999 $500.00 $ 900.00 $1,100.00
111-$111,999 $505.00 $ 910.00 $1,110.00
112-$112,999 $510.00 $ 920.00 $1,120.00
113-$113,999 $515.00 $ 930.00 $1,130.00
114-$114,999 $520.00 $ 940.00 $1,140.00
115-$115 999 $525.00 $ 950.00 $1,150.00
116-$116:999 $530.00 $ 960.00 $1,160.00
117-$117,999 $535.00 $ 970.00 $1,170.00
118-$118,999 $540.00 $ 980.00 $1,180.00
119-$119,999 $545.00 $ 990.00 $1,190.00
120-$120,999 $550.00 $1,000.00 $1,200.00
121-$121,999 $555.00 $1,010.00 $1,210.00
122-$122,999 $560.00 $1,020.00 $1,220.00
123-$123,999 $565.00 $1,030.00 $1,230.00
124-$124,999 $570.00 $1,040.00 $1,240.00
125-$125,999 $575.00 $1,050.00 $1,250.00
126-$126,999 $580.00 $1,060.00 $1,260.00
127-$127,999 $585.00 $1,070.00 $1,270.00
128-$128,999 $590.00 $1,080.00 $1,280.00
129-$129,999 $595.00 $1,090.00 $1,290.00
130-$130,999 $600.00 $1,100.00 $1,300.00
131-$131,999 $605.00 $1,110.00 $1,310.00
132-$132,999 $010.00 $1,120.00 $1,320.00
133-$133,999 $615.00 $1,130.00 $1,330.00
134-$134,999 $620.00 $1,140.00 $1,340.00
135-$135,999 $625.00 $1,150.00 $1,350.00
136-$136,999 $630.00 $1,160.00 $1,360.00
137-$137,999 $635.00 $1,170.00 $1,370.00
138-$138,999 $640.00 $1,180.00 $1,380.00
139-$139,999 $645.00 $1,190.00 $1,390.00
~ i"
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U~PAID PRINCIPAL
-.. SUM SECURED REIN. REDE1IP . SALE
$140-$140,999 $650.00 $1,200.00 $1,400.00
$141-$141,999 $655.00 $1,210.00 $1 , 410 . 00 .
$142-$142,999 $660.00 $1,220.00 $1,420.00
$143-$143,999 $665.00 $1,230.00 $1,430.00
$144-$144,999 $670.00 $1,240.00 $1,440.00
$145-$145,999 $675.00 $1,250.00 $1,450.00
$146-$146,999 $680.00 $1,260.00 $1,460.00
$147-$147,999 $685.00 $1,270.00 $1,470.00
$148-$148,999 $690.00 $1,280.00 $1,480.00
$149-$149,999 $695.00 $1,290.00 $1,490.00
$150-$499,999 $700.00+,$2.50 $1,300.00+ $!l.OO $1,500.00+ $10.00
per $1,000 per $1,000 per $1,000
$500,000 + . $1,575.00+ $1.25 $3,050.00+ $2.50 $5,000.00+ $10.00
per $1,000 per $1,000 per $1,000
}
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