HomeMy WebLinkAbout2012-270 i
1 RESOLUTION NO. 2012-270
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3 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
4 CITY OF SAN BERNARDINO SERVING IN ITS CAPACITY AS THE
SUCCESSOR HOUSING AGENCY TO THE REDEVELOPMENT
5 AGENCY OF THE CITY OF SAN BERNARDINO APPROVING THE
SUBORDINATION OF A DEED OF TRUST IN CONNECTION WITH A
6 REFINANCING OF THE SENIOR MORTGAGE RELATING TO REAL
PROPERTY LOCATED AT 5904 ROBIN ROAD, SAN BERNARDINO,
7 CALIFORNIA
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9 WHEREAS, on January 9, 2012, the Mayor and Common Council of the City of
10 San Bemardino ("Council") adopted Resolution No. 2012-12 confirming that the City of
San Bernardino would serve as the "Successor Agency" to the Redevelopment Agency of the City
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of San Bernardino ("Agency") effective February 1, 2012, pursuant to AB1X 26 (The
12 Redevelopment Agency Dissolution Act); and
13 WHEREAS, on January 23, 2012, the Council adopted Resolution No. 2012-19 confirming
14 that the City would serve as the"Successor Housing Agency"to the former Agency and perform the
15 housing functions previously performed by the Agency; and
16 WHEREAS, pursuant to Health & Safety Code Section 34181(c), added by ABIX 26, the
17 Oversight Board for the Successor Agency ("Oversight Board") is required to direct the transfer of
the former Agency's housing assets and functions to the Successor Housing Agency; and
18 WHEREAS, pursuant to Health & Safety Code Section 34176(e)(1), added by AB1484,
19 deeds of trust and restrictions on the use of real property such as affordability covenants benefiting
20 the Agency are considered"housing assets"; and
21 WHEREAS, the Agency provided a down payment assistance loan("Loan") to the purchaser
22 ("Homeowner") of real property located at 5904 Robin Road, San Bernardino, California
23 ("Property") in the amount of$65,000; and
WHEREAS, the Loan is secured by a Deed of Trust, executed by the Homeowner on
24 December 10, 2007 and recorded against the Property in the Official Records of the County of San
25 Bernardino on December 31, 2007 as Instrument Number 20070719283 ("Deed of Trust"); and
26 WHEREAS, the terms of the Deed of Trust allow the Homeowner to refinance the senior
27 purchase money mortgage recorded against the Property ("Senior Loan") in order to reduce the
28 interest rate and mortgage payments under such Senior Loan; and
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2012-270
1 WHEREAS, the Homebuyer has requested that the Successor Housing Agency agree to
subordinate the lien of the Deed of Trust to the lien of a deed of trust securing the Homeowner's
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new first mortgage ("Refinancing Loan") in order to enable the Homeowner to refinance the Senior
3 Loan, and
4 WHEREAS, the Oversight Board adopted a resolution (Resolution SBOB/2012-13) to
5 (1)confirm that the Deed of Trust is a housing asset, (2) direct the Successor Agency to transfer the
6 Deed of Trust to the Successor Housing Agency and (3) approve the subordination of the Deed of
7 Trust to the deed of trust securing the Refinancing Loan; and
WHEREAS, the State of California Department of Finance, the State of California
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Controller's Office, the County Auditor-Controller of the County of San Bernardino and the Office
9 of the Chief Executive Officer of the County of San Bernardino have been properly notified prior to
10 the adoption of Oversight Board Resolution SBOB/2012-13.
11 NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL
12 SERVING AS THE SUCCESSOR HOUSING AGENCY,AS FOLLOWS:
13 Section 1. Pursuant to Health & Safety Code Sections 34176(e) and 34181(c), the
14 Oversight Board found and determined that the Deed of Trust is a "housing asset" as defined in
Section 34176(e) and directed Successor Agency staff to transfer the Deed of Trust to the Successor
15 Housing Agency.
16 Section 2. The Mayor and Common Council hereby approves the subordination of the
17 Deed of Trust to the deed of trust securing the Refinancing Loan.
18 Section 3. The City Manager, or designee, is hereby directed to effectuate the execution
19 of the subordination agreement in substantially the form submitted herewith, as required by the bank
20 providing the Refinancing Loan and to cause such instrument to be recorded against the Property in
the Official Records of the County of San Bernardino.
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Section 4. This Resolution shall take effect from and after its date of adoption by this
22 Council.
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2012-270
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
1
CITY OF SAN BERNARDINO SERVING IN ITS CAPACITY AS THE
2 SUCCESSOR HOUSING AGENCY TO THE REDEVELOPMENT
AGENCY OF THE CITY OF SAN BERNARDINO APPROVING THE
3 SUBORDINATION OF A DEED OF TRUST IN CONNECTION WITH A
REFINANCING OF THE SENIOR MORTGAGE RELATING TO REAL
4 PROPERTY LOCATED AT 5904 ROBIN ROAD, SAN BERNARDINO,
5 CALIFORNIA
6 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor and
7 Common Council of the City of San Bernardino at a Joint regular meeting thereof, held on the
8 19th
day of November 2012, by the following vote,to wit:
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Council Members: Ayes Nays Abstain Absent
10
MARQUEZ x
11
JENKINS x
12
VALDIVIA x
13
SHORETT x
14 KELLEY y
15 JOHNSON x
16 MCCAMMACK x
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18
Georges Hanna, Clerk
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20 The foregoing Resolution is hereby approved this-a:�- ,.
day of -vem, e_ 12012.
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22 tricX J. Morris, Ma r
Ci San Bernardino
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24 Approved as to Form:
25 JAMES F. PENMAN,
City Attorney
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27 By: 6�
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