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Home My WebLink About1987-343 1 RESOLUTION NO. 87-343 2 RESOLUTION OF THE CITY OF SAN BERNARDINO APPROVING AND 3 AUTHORIZING AN AMENDMENT TO THE SHORT TERM LOAN AGREEMENT BETWEEN CITY OF SAN BERNARDINO AND SAN BERNARDINO NEIGHBORHOOD HOUSING 4 SERVICES, INC., FOR INFILL HOUSING PROGRAM, AND EXTENDING TERM OF AGREEMENT TO JUNE 30, 1988. 5 BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY 6 OF SAN BERNARDINO AS FOLLOWS: 7 SECTION 1. Recitals. The Mayor and Common Council of the 8 City of San Bernardino has appropriated $20,000 of its 1985/1986 9 Community Development Block Grant funding to assist San 10 Bernardino Neighborhood Housing Services, Inc., with the 11 implementation of its various housing programs, particularly the 12 Infill Housing Program sponsored by the City of San Bernardino. 13 Said appropriation is evidenced by a loan agreement and a 14 straight note dated September 5, 1986, secured by a deed of trust 15 recorded as instrument number 86-259803 in the office of the San 16 Bernardino County Recorder. San Bernardino Neighborhood Housing 17 Services, Inc., (NHS) has made timely payments in accordance with 18 the terms, conditions and amortization schedule of that loan 19 agreement and note, and is current on such payments, NHS has 20 requested an extension of such loan agreement and note through 21 June 30, 1988. 22 SECTION 2. Implementation. The Mayor of the City of San 23 Bernardino is hereby authorized and directed to execute, for and 24 on behalf of the City of San Bernardino, an amendment to the 25 above referenced loan agreement and note between the City of San 26 Bernardino and Neighborhood Housing Services, Inc., for short 27 term loan for Infill Housing Program, copies of which are annexed 28 hereto as Exhibits "I" and "2", and incorporated herein by 9/10/87 1 reference. Upon execution thereof, the term of the agreement 2 between City and San Bernardino Neighborhood Housing Services, 3 Inc., and the note and deed of trust assuring payment of the loan 4 shall be continued for the period from September 5, 1987 to June 5 30, 1988. 6 I HEREBY CERTIFY that the foregoing resolution was duly 7 adopted by the Mayor and Common Council of the City of San 8 Bernardino at a regular meeting thereof, held on the 21st 9 day of 10 11 12 13 14 15 16 17 18 of 19 20 September , 1987, by the following vote, to wit: AYES: Council Members Estrada, Reilly, Flores, Mauds1ey, Minor, Pope-Ludlam, Miller NAYES: None ABSENT: None ~#~~~4P ,/ CITY CLERK The foregoing resolution is hereby approved this ~h~( day SeDtember , 1986. ;;. <= .-J '.~ // . -) I // //h l,. / :~fc.- //. . ~. / y. f ,,:t~/ '-'C.. ,~j ,! I AI. 1_/t:.-17"-/ "'--< /' .--..~ p" " I... / Mayor, ity of San Ber,ardino 21 22 Approved as to form and legal content: 23 ~a{~ ) 24 Sr. sst .City torney 25 flab 26 0478 27 28 9/10/87 1 AMENDMENT TO SHORT-TERM LOAN AGREEMENT EXTENDING AGREEMENT FROM SEPTEMBER 5, 1987 TO JUNE 30, 1988 AND INCREASING 2 THE PRINCIPAL AMOUNT OF THE LOAN. 3 THIS AGREEMENT, is entered into on the/~ day of 4 r(0fUu , 1987, by and between the CITY OF SAN 5 BERNARDINO, a public body corporate, hereinafter "City", and 6 NEIGHBORHOOD HOUSING SERVICES, INC., a California non-prOfit 7 corporation, hereinafter "NHS", sets forth the agreement of the 8 parties as specified herein. 9 10 The parties hereto agree: 1. City has previously advanced to NHS the sum of 11 $20,000 pursuant to a loan agreement and note of date September 12 5, 1986 which expires on or about September 5, 1987. The note is 13 secured by a deed of trust recorded as document number 86-259803 14 in the office of the San Bernardino County Recorder. 15 2. City and NHS hereby agree to an extension of that 16 loan agreement and note upon the following terms. 17 a) NHS agrees to repay to City and the principal 18 amount of the note is hereby increased to the sum of $21,400. 19 Interest shall accrue thereon at a rate of seven-percent (7%) per 20 annum, from date of this amendment. Said sums are to be paid 21 one-fifth (1/5) from the proceeds of the sale of each of the five 22 (5) parcels of real property and any improvement thereon securing 23 the note. Interest shall continue to accrue on all unpaid 24 amounts until the total debt is paid in full. 25 3. All other terms of the short-term loan agreement and 26 straight note dated September 5, 1986 and all security for same 27 shall continue as is and, shall remain in effect for the duration 28 of this extension except as otherwise specifically provided 9/10/87 1 herein. 2 agreement effective the day and year set forth above. 3 4 IN WI'I'NESS WHEREOF, the parties hereto have executed this CITY OF SAN BERNARDINO NEIGHBORHOOD HOUSING SERVICES, INCORPORATED 5 6 7 8 9 10 11 BY: __ ~d:'~d//~Jrt// ,. City Clerk BY: ---'~, ~,I')'. '" \ /~ ( "",--r:.x>//1,:-~:l:C;!.t>;)--- /' l.i);J/I//} ,~tr/ l.J 4/'<::,..(.- /' ,.N"f'" ~ cu-' / (_.'- / /~ - ~ /" /':;', c:::.--- BY: ~i> ~h-~ Z---2~_ \I....",., BY: A t,test ~ 12 13 Approved as form and legal content: 14 15 16 17 / lab 0479 18 19 20 21 22 23 24 25 26 27 28 9/10/87 lk SHORT-TERM LOAN AGREEMENT 2 :j ;\ ti. {} .. THIS AGREEMENT, entered into effective the~ '\. day offl\..--tAi.---- ./ {I 1986, by and between THE CITY OF SAN BERNARDINO, a public body corporate, 4 f) G hereinafter "City", and NEIGHBORHOOD HOUSING SERVICES, INC., a California 7 non-profit corporation, hereinafter "NHS", sets forth the agreement of the 8 parties as specified herein. 9 The parties hereto agree: 10 1. City shall forthwith advance to NHS the sum of $20,000, to assist 11 NHS until such time as NHS is able to make various draws upon funds due from 12 other entities. 13 2. NHS agrees to repay to City the sum of $20,000, with interest 14 accruing a tara te of seven-percent (7%) per annum, out of the closing 15 receipts from the sale of each home. IGI 3. NHS shall execute and deliver to City, at such time as City is (,; 1 i prepared to issue a check or warrant to NHS, a Promissory Note in form 18 approved by City Attorney to assure repayment of the loan. NHS shall also 19 provide to City a Deed of Trust and assignment of rents pledging funds from 20 the sale of five (5) infill single family detached homes individually or 2] collectively. Such Promissory Note and Deed of Trust shall be in form 22 approved by City Attorney. Upon the sale of individual homes, the Community 23 Development Division staff will authorize partial release of the Deed of Trust. 24 4. Upon presentation of the duly executed Promissory Note and Deed of 25 Trust, in form approved by City Attorney, the Community Development Division 26 staff shall deliver its check or warrant for $20,000, as specified 27 hereinabove, using ColI1lll1ni ty Development Block Grant funds. 28 IN WITNESS WHEREOF, the parties hereto have executed this agreement 9/10/87 EXHmIT "1 " effective the day and year set forth above. 2 3 CITY OF SAN BERNARDINO NEIGHBORHOOD HOUSING SERVICES, Pa INCORPORATED 4 f) BY BY G , BY Secreta ry 8 Attest: I U ~/////Jt1~/fI/ BY 10 ./ City Clerk 11 Approved as to form: 1211BY ~~ ~ ~.~..,.City Attorney 14 l254L 15 16 17 18 ID 20 21 22 23 241 2~ I ~ 26 27 28 9/10/87 DO NOT DESTROY'S NOTE; When paid, thIs note and th \eed of Trust must be surrendered to the.....f American Title Insurance Company with. ---luest for reconveyance. STRAIGHT NOTE $ 20,000.00 San Bernardino, _, California, September 5, 1986 thin one year after this date, with periodic payments in intervals after date, for value received, Neighborhood Housing Services, Inc. . S prom Ise_ to pay to the City of San bernardino, c/o Redevelopment Agency, 320 City Hall, San Bernardino, CA 92418, or elsewhere as notified by payee, , or order, at San Bernardino, CA the stJm of Twenty Thousand and nO/lOO- - - - - - - - - - ($20,000.00) - Dollars, with interest from date hereof until paid, at the rate of seven (7%) per cent, per annum, payable as follows: the sum of $4,000 payable upon sale of any house built upon the property covered by the trust deed securing this note; it being intended that five separate houses will be built upon such property and sold; in the event that not all five houses are sold within one year fron the date hereof, the entire principal sum with interest is d.ue and payable ir full one year from the date hereof. Interest shall accrue on the balance outstanding at any time; on sale of the fifth house, the total amount then due shall be forthwlth payable. Payee shall give separate partial releases (reconveyances) as to individual parcels at time of sale of individual house~ This note is secured by a deed of trust executed coincident herewith~ which deed of trust is subordinate to construction financing. Should interest not be so paid, it shall thereafter bear like interest as the principal, but such unpaid interest so compounded shall not exceed an amount equal to simple interest on the unpaid principal at the maximum rate permitted by law. Should default be made in the payment of any installment of interest when due, then the whole sum of principal and interest shall become immediately due and payable at the option of the holder of this note. Should suit be commenced to collect this note ~r any portion thereof, such sum as the Court may deem reasonable shall be added hereto as attorney's fees. Principal and Interest payable in lawful money of the United States of America. This note is secured by a certain DEED OF TRUST to the FIRST AMERICAN TITLE INSURANCE COMPANY, a California corporation, as TRUSTEE. NEIGHBORHOOD HOUSING SERVICES, INC. By: ~-L.... ~ Its Executive Director 9/10/87 EXHIBIT RlR . 1124 (4n2)