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HomeMy WebLinkAbout2013-312 1 RESOLUTION NO. 2013-312 2 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SA 3 BERNARDINO ACTING AS THE SUCCESSOR HOUSING AGENCY TO TH REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO APPROVING TH 4 SUBORDINATION OF A DEED OF TRUST IN CONNECTION WITH A REFINANCING 0 THE SENIOR MORTAGE RELATING TO REAL PROPERTY LOCATED AT 2474 CHERYL 5 COURT, SAN BERNARDINO,CALIFORNIA. 6 WHEREAS, on January 9, 2012, the Mayor and Common Council of the City of San Bernardino 7 ("Council") adopted Resolution No. 2012-12 confirming that the City of San Bernardino would serve a- 8 9 the Successor Agency to the Redevelopment Agency ("Agency") of the City of San Bernardino 10 ("Successor Agency") effective February 1, 2012, pursuant to AB 1 X 26 (The Redevelopment Agenc 11 Dissolution Act); and 12 WHEREAS, on January 23, 2012, the Council adopted Resolution No. 2012-19 providing for the 13 City to serve as the Successor Housing Agency and perform the housing functions previously performer 14 by the Agency; and 15 WHEREAS, pursuant to Health&Safety Code Section 34181(c)of AB 1X26 the Oversight Boar. 16 is to direct the transfer of housing responsibilities, including all rights, powers, duties, obligations an. 17 assets,to the Successor Housing Agency; and 18 19 WHEREAS, pursuant to Health&Safety Code Section 34176(e)(1)of AB 1484 the restrictions o 20 the use of real property such as affordability covenants entered into by the Agency are considered . 21 housing asset; and 22 WHEREAS, a Deed of Trust affecting real property located at 2474 Cheryle Court, Sa 23 Bernardino, California ("Property") exists as of June 19, 2008, and recorded on June 27, 2008 a- 24 Instrument Number 2008-0294231 in the Official Records of the County of San Bernardino ("Deed o' 25 Trust"); and 26 WHEREAS, the terms of the Deed of Trust allow the Trustor to obtain the release of the securi 27 28 interest of the First Mortgage Lender in the Property for the purpose of a third-party lender whic 1 2013-312 1 refinances the purchase money mortgage of the First Mortgage Lender; and 2 WHEREAS, an escrow has been opened on the Property affected by the Deed of Trust on whic 3 owner (Kyle C. Westbrook) requests the subordination so that he can proceed on a refinance and a clea 4 lenders title policy can be provided to the new lender of the Property; and 5 WHEREAS, the Successor Housing Agency desires to confirm that the Deed of Trust is 6 housing asset and/or housing function, and desires to authorize Successor Housing Agency staff to 7 8 transfer all rights and interest in the Deed of Trust to the City in its capacity as the Successor Housin: 9 Agency; and 10 WHEREAS, Successor Housing Agency staff desires to cause to be signed and recorded . 11 subordination agreement for the purposes of causing the new third-party lender to have a security interes 12 in the Property senior to that of the Successor Housing Agency; and 13 WHEREAS, the State of California Department of Finance, the County Auditor-Controller of the 14 County of San Bernardino and the Office of the Chief Executive Officer of the County of San Bernardino 15 have been properly notified prior to the adoption of this Resolution. 16 NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL 0 17 18 THE CITY OF SAN BERNARDINO ACTING AS THE SUCCESSOR HOUSING AGENCY OF TH 19 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO, AS FOLLOWS: 20 Section 1. Pursuant to Health &Safety Code Section 34176, the Successor Housing Agenc 21 to the Redevelopment Agency of the City of San Bernardino does hereby find and determine that the 22 Deed of Trust is a housing asset and hereby authorizes the City Manager or his/her designee, to execut: 23 the Subordination Agreement (attached and incorporated herein as Exhibit "A") and cause it to b: 24 recorded with the San Bernardino County Recorder. 25 Section 2. This Resolution shall take effect from and after its date of adoption and the 26 27 expiration of five business days from its transmittal to the California Department of Finance. 28 /// 2 2013-312 1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SA BERNARDINO ACTING AS THE SUCCESSOR HOUSING AGENCY TO TH 2 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO APPROVING TH 3 SUBORDINATION OF A DEED OF TRUST IN CONNECTION WITH A REFINANCING 0 THE SENIOR MORTAGE RELATING TO REAL PROPERTY LOCATED AT 2474 CHERYL 4 COURT,SAN BERNARDINO,CALIFORNIA. 5 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor an. 6 Common Council of the City of San Bernardino at a joint regular meeting thereof, held o 7 the 4th day of November , 2013,by the following vote,to wit: 8 9 Council Members Ayes Nays Abstain Absent 10 MARQUEZ X 11 JENKINS X 12 VALDIVIA X 13 14 SHORETT X 15 VACANT 16 JOHNSON X 17 MCCAMMACK X 18 >. 19 Georgeann na, City Clerk 20 The foregoing Resolution is hereby approved this S day of November , 2013. 21 22 P. rick J. Mo ris, Mayor 23 City c . 1 :ernardino Approved as to Form: 24 JAMES F. PENMAN, City Attorney 25 'By 26 27 28 3 When recorded mail to: City of San Bernardino, acting in its capacity as the Successor Housing Agency to the Redevelopment Agency of the City of San Bernardino 300 North D Street San Bernardino, CA 92401 Owner Name: Kyle C Westbrook 2474 Cheryle Court San Bernardino, CA 92407 �M ZG 13 - 3 U— Electronically Recorded in Official Records, County of San Bernardino 12126/2013 DENNIS DRAEGER 10:50 AM FV r ASSESSOR - RECORDER - CLERK 401 LSI Title Company Doc #: 2013-0549603 Titles: 1 Pages; s Fees DO Taxes 00 Other 00 PAID 00 IP _ 04 � Oq RECORDERS USE. SPACE ABOVE THIS LINE FOR RECORDEUSE. l/� Form of SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. This AGREEMENT, made this 4th day of November, 2013, by (Kyle C Westbrook), Owner of the land hereinafter described and hereinafter referred to as "Owner," and the City of San Bernardino, acting in its capacity as the Successor Housing Agency to the Redevelopment Agency of the City of San Bernardino, present owner and holder of the Deed of Trust and Note; WITNESSETH WHEREAS, Owner(s) did on June 19, 2008, execute a Deed of Trust to Ticor Title, as trustee, covering: LEGAL DESCRIPTION: All that Real Property situated in the City of San Bernardino, County of San Bernardino, State of California, described as: Lot 24, of Tract 13355, as per Map recorded in.Book 191, Page(s) 79 and 80 in the Office of the County Recorder of said County. Assessor's Parcel Number(s): 0261-411-24-0-000 to secure a Note in the sum of $69,000 dated June 19, 2008 in favor of the Redevelopment Agency of the City of San Bernardino first hereinafter described and hereinafter referred to as "Beneficiary", which Deed of Trust was recorded June 27, 2008, as Instrument No. 2008-0294231, Official Records of said county; WHEREAS, all rights -and obligations of the Beneficiary have since been transferred to the City of San Bernardino as the Successor Housing Agency to the Redeveiopment Agency of the City of San Bernardino ("Successor Beneficiary") pursuant to Mayor and Common Council Resolution No. 2012-19 dated January 23, 2012; WHEREAS, Owner has executed, or is about to execute, a Deed of Trust and Note in the sum of $146,698, dated December 16, 2013 in favor of United Fidelity Funding Corp, hereinafter referred to as "Lender," payable with interest and upon the terms and conditions described therein, which Deed of Trust is to be recorded concurrently herewith; and When recorded mail to: City of San Bernardino, acting in its capacity as the Successor Housing Agency to the Redevelopment Agency of the City of San Bernardino 300 North D Street San Bernardino, CA 92401 Owner Name: Kyle C Westbrook 2474 Cheryle Court San Bernardino, CA 92407 RP O(p dl� O j � (J95 SPACE ABOVE THIS LINE FOR RECORDERS USE. Form of SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. This AGREEMENT, made this 4th day of November, 2013, by (Kyle C Westbrook), Owner of the land hereinafter described and hereinafter referred to as "Owner," and the City of San Bernardino, acting in its capacity as the Successor Housing Agency to the Redevelopment Agency of the City of San Bernardino, present owner and holder of the Deed of Trust and Note; WITNESSETH WHEREAS, Owner(s) did on June 19, 2008, execute a Deed of Trust to Ticor Title, as trustee, covering: LEGAL DESCRIPTION: All that Real Property situated in the City of San Bernardino, County of San Bernardino, State of California, described as: Lot 24, of Tract 13355, as per Map recorded in Book 191, Page(s) 79 and 80 in the Office of the County Recorder of said County. Assessor's Parcel Number(s): 0261-411-24-0-000 to secure a Note in the sum of $69,000 dated June 19, 2008 in favor of the Redevelopment Agency of the City of San Bernardino first hereinafter described and hereinafter referred to as "Beneficiary", which Deed of Trust was recorded June 27, 2008, as Instrument No. 2008-0294231, Official Records of said county; WHEREAS, all rights and obligations of the Beneficiary have since been transferred to the City of San Bernardino as the Successor Housing Agency to the Redevelopment Agency of the City of San Bernardino ("Successor Beneficiary") pursuant to Mayor and Common Council Resolution No. 2012-19 dated January 23, 2012; WHEREAS, Owner has executed, or is about to execute, a Deed of Trust and Note in the sum of $146,698, dated December 16, 2013 in favor of United Fidelity Funding Corp, hereinafter referred to as "Lender," payable with interest and upon the terms and conditions described therein, which Deed of Trust is to be recorded concurrently herewith; and WHEREAS, it is a condition precedent to obtaining said loan that said Deed of Trust last above mentioned shall unconditionally be and remain at all times a lien or charge upon the land herein before described, prior and superior to the lien or charge of the Deed of Trust first above mentioned; and WHEREAS, lender is willing to make said loan provided the Deed of Trust securing the same is a lien or charge upon the above described property prior and superior to the lien or charge of the Deed of Trust first above mentioned and provided that Successor Beneficiary will specifically and unconditionally subordinate the lien or charge of the Deed of Trust first above mentioned to the lien or charge of the Deed of Trust in favor of Lender; and WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such loan to Owner; and Successor Beneficiary is willing that the Deed of Trust securing the same shall, when recorded, constitute a lien or charge upon said land which is unconditionally prior and superior to the lien or charge of the Deed of Trust first above mentioned. NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce Lender to make the loan above referred to, it is hereby declared, understood and agreed as follows: 1. That said Deed of Trust securing said Note in favor of Lender, and any renewals or extensions thereof, shall unconditionally be and remain at all times a lien or charge on the property therein described, prior and superior to the lien or charge or the Deed of Trust first above mentioned. 2. That Lender would not make its loan above described without this Subordination Agreement. That this Agreement shall be the whole and only agreement with regard to the subordination of the lien or charge of the Deed of Trust first above mentioned to the lien or charge of the Deed of Trust in favor of the lender above referred to and shall supersede and cancel, but only insofar as would affect the priority between the Deeds of Trust hereinbefore specifically described, any prior agreement as to such subordination including, but not limited to, those provisions, if any, contained in the Deed of Trust first above mentioned, which provide for the subordination of the lien or charge thereof to. another Deed or Deeds of Trust or to another mortgage or mortgages. Successor Beneficiary declares, agrees and acknowledges that: (a) Lender in making disbursements pursuant to any such agreement is under no obligation or duty to, nor has Lender represented that it will, see to the application of such proceeds by the person or persons to whom Lender disburses such proceeds and any application or use of such proceeds for purposes other than those provided for in such agreement or agreements shall not defeat the subordination herein made in whole or in part; (b) Successor Beneficiary intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the Deed of Trust first above mentioned in favor of the lien or charge upon said land of the Deed of Trust in favor of Lender above referred to and understands that in reliance upon, and in consideration of, this waiver, relinquishment and subordination specific loans and advances are being and will be make and, as part and parcel thereof, specific monetary and other obligations are being and will be entered into which would not be made or entered into but for said reliance upon this waiver, relinquishment and subordination; and (c) An endorsement has been placed upon the Note secured by the Deed of Trust first above mentioned that said Deed of Trust has by this instrument been subordinated to the lien or charge of the Deed of Trust in favor or Lender above referred to. NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF WHICH MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND. City of San Bernardino, acting as the Successor Housing Agency to the Redevelopment Agency of the City of San Bernardino Allen P er, City Manager Owner K y 1--e Westbrook City of San Bernardino Owner (ALL SIGNATURES MUST BE ACKNOWLEDGED) IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CML CODE § 1189 State of California County of��<r U _ before me,'0 u Date f%� Here Insert 1! a hle of the Officer personally appeared//�/I 10101 /I� Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person( whose name(sis/are subscribed to the within instrument and acknowledged to me that he/skerAW executed the same in his/hoothe-r authorized capacity(i,es'), and that by his/her/ther signature(a) on the instrument the person(Kor the entity upon behalf of which the person(sracted, executed the instrument. VALERIE R MONTOYA Commtss+on # 1985357 z I certify under PENALTY OF PERJURY under the Notary Public - calltornia laws of the State of California that the foregoing San Bernardino county - paragraph is true and correct. My Comm. Expires 4Uo 2. 2016 WITNESS my ha and official seal. Signature: Place Notary Seal Above Signature of Notary Pu c OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document Title or Type of Document: Document Date:nber of Pages: Signer(s) Other Than Named Above: Capacity(les) Claimed by Signer(s) Signer's Name: Igner's Name: _ ElCorporate Officer — Title(s): _ ❑ Corporate Officer — Title(s): ❑ Individual ❑ Individual ❑ Partner — ❑ Limited ❑ General Attorney in Fact ❑ Trustee ❑ Guardian or Conserv r El Other: Signer Is Resenting: ❑ Partner — ❑ Limited ❑ General ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: 2012 National Notary Association • NationalNotary.org • 1 -800 -US NOTARY (1-800-876-6827) Item #5907 When recorded mail to: City of San Bernardino, acting in its capacity as the Successor Housing Agency to the Redevelopment Agency of the City of San Bernardino 300 North D Street San Bernardino, CA 92401 Owner Name: Kyle C Westbrook 2474 Cheryle Court San Bernardino, CA 92407 �j 0 p SPACE ABOVE THIS LINE FOR RECORDERS USE. Form of SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. This AGREEMENT, made this 4th day of November, 2013, by (Kyle C Westbrook), Owner of the land hereinafter described and hereinafter referred to as "Owner," and the City of San Bernardino, acting in its capacity as the Successor Housing Agency to the Redevelopment Agency of the City of San Bernardino, present owner and holder of the Deed of Trust and Note; WITNESSETH WHEREAS, Owner(s) did on June 19, 2008, execute a Deed of Trust to Ticor Title, as trustee, covering: LEGAL DESCRIPTION: All that Real Property situated in the City of San Bernardino, County of San Bernardino, State of California, described as: Lot 24, of Tract 13355, as per Map recorded in Book 191, Page(s) 79 and 80 in the Office of the County Recorder of said County. Assessor's Parcel Number(s): 0261-411-24-0-000 to secure a Note in the sum of $69,000 dated June 19, 2008 in favor of the Redevelopment Agency of the City of San Bernardino first hereinafter described and hereinafter referred to as 'Beneficiary", which Deed of Trust was recorded June 27, 2008, as Instrument No. 2008-0294231, Official Records of said county; WHEREAS, all rights and obligations of the Beneficiary have since been transferred to the City of San Bernardino as the Successor. Housing Agency to the Redevelopment Agency of the City of San Bernardino ("Successor Beneficiary") pursuant to Mayor and Common Council Resolution No. 2012-19 dated January 23, 2012; WHEREAS, Owner has executed, or is about to execute, a Deed of Trust and Note in the sum of $146,698, dated December 16, 2013. in favor of United Fidelity. Fundin Corp. hereinafter referred to as "Lender," payable with interest and upon the terms and conditions described therein, which Deed of Trust is to be recorded concurrently herewith; and WHEREAS, it is a condition precedent to obtaining said loan that said Deed of Trust last above mentioned shall unconditionally be and remain at 0 times a lien or charge upon the Iand herein before described, prior and superior to the lien or charge of the Deed of Trust fust above mentioned; and WHEREAS, lender is willing to make said loan provided the Deed of Trust securing the same is a lien or charge upon the above described property prior and superior to the lien or charge of the Deed of Trust fust above mentioned and provided that Successor Beneficiary will specifically and unconditionally subordinate the lien or charge of the Deed of Trust first above mentioned to the lien or charge of the Deed of Trust in favor of Lender; and WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such loan to Owner; and Successor Beneficiary is willing that the Deed of Trust securing the same shall, when recorded, constitute a lien or charge upon said land which is unconditionally prior and superior to the lien or charge of the Deed of Trust first above mentioned. . NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce Lender to make the loan above referred to, it is hereby declared, understood and agreed as follows: 1. That said Deed of Trust securing said Note in favor of Lender, and any renewals or extensions thereof, shall unconditionally be and remain at all times alien of charge on the property therein described, prior and superior to the lien or charge or the Deed of Trust first above mentioned. 2. That Lender would not make its loan above described without this Subordination Agreement. 3. That this Agreement shall be the whole and only agreement with regard to the subordination of the lien or charge of the Deed of Trust fast above mentioned to the lien or charge of the Deed of Trust in favor of the lender above referred to and shall supersede and cancel, but only insofar as would affect the priority between the Deeds of Trust hereinbefore specifically described, any prior agreement as to such subordination including, but not limited to, those provisions, if any, contained in the Deed of Trust fust above mentioned, which provide for the subordination of the lien or charge thereof to another Deed or Deeds of Trust or to another mortgage or mortgages. Successor Beneficiary declares, agrees and acknowledges that: (a) Lender in making disbursements pursuant to any such agreement is under no obligation or duty to, nor has Lender represented that it will, see to the application of such proceeds by the person or persons to whom Lender disburses such proceeds and any application or use of such proceeds for purposes other than those provided for in such agreement or agreements shall not defeat the subordination herein made in whole or in part; (b) Successor Beneficiary intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the Deed of Trust first above mentioned in favor of the lien or charge upon said land of the Deed of Trust in favor of Lender above referred to and understands that in reliance upon, and in consideration of, this waiver, relinquishment and subordination specific loans and advances are being and will be make and, as part and parcel thereof, specific monetary and other obligations are being and will be entered into which would not be made or entered into but for said reliance upon this waiver, relinquishment and subordination; and (c) An endorsement has been placed upon the Note secured by the Deed of Trust fust above mentioned that said Deed of Trust has by this instrument been subordinated to the lien or charge of the Deed of Trust in favor or Lender above referred to. NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF WHICH MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND. City of San Bernardino, acting as the Successor Housing Agency to the Redevelopment Agency of the City of San Bernardino A � Allen P er, City Manager OWn /fit/��(; fi(j1Jfj�ry/C City o San Bernardino Owner (ALL SIGNATURES MUST BE ACKNOWLEDGED) IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT C;,-�.<'.r�.r-:C:,-rx:i'.�:c=.r:�'.�r n:t-.r:C'.c:c^.c:f-.c:4::.<::x-rr-.�l�.i;{.-::r.,�srrY's�rr:l::�� •.t .r:[7i:t..c-.{'.,r-:tc� CIVIL CODE § 1189 State of California n County ofv�v�dU�n-� On �'a a3 13 before me, Jererz_ . A- A,7 cx-ral4 Yu_b! Date Here Inse4 Name and Title of the Cfticer personally appeared T�,rc�py_, — Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person* whose name�re subscribed to t e within instrument and acknowledged 6i�nme that /she/they executed the same in er/their authorized capacity(*), and that by er/their signature(jo on the instrument the ISIDRO JEREZ persor, or the entity upon behalf of which the Commission # 1957051 person(* acted, executed the instrument. z _m Notary Public - California z Z San Bernardino County I certify under PENALTY OF PERJURY under the My CommEx i�Oct 17, 2015 t laws of the State of California that the foregoing paragraph is true and correct. WITNESS my han d official seal. Signature: Place Notary Seal Above of Mary Public OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Docu Title or Type of Document: a Document Date: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: ❑ Corporate Officer — Title(s): ❑ Individual ❑ Partner —[:]Limited ❑ General Top of thumb here ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: i Number of Pages: 3 Signer's Name: ❑ Corporate Officer — Title(s): ❑ Individual ❑ Partner — ❑ Limited ❑ General Top of thumb here ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: © 2010 National Notary Association • NationalNotary.org • 1 -800 -US NOTARY (1-800-876-6827) Item #5907