HomeMy WebLinkAbout2014-311 1 RESOLUTION NO. 2014-111
2 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SA
BERNARDINO ACTING AS THE SUCCESSOR HOUSING AGENCY TO TH
3 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO APPROVING T
4 SUBORDINATION OF A DEED OF TRUST IN CONNECTION WITH A REFINANCING 0
THE SENIOR MORTGAGE RELATING TO REAL PROPERTY LOCATED AT 2758 WES
5 WHITE PINE AVENUE,SAN BERNARDINO,CALIFORNIA(#3401)
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WHEREAS, on January 9, 2012, the Mayor and Common Council of the City of San Bernardino
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("Council") adopted Resolution No. 2012-12 confirming that the City of San Bernardino would serve a-
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the Successor Agency to the Redevelopment Agency ("Agency") of the City of San Bernardino
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10 ("Successor Agency") effective February 1, 2012, pursuant to AB1X 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 performe.
14 by the Agency; and
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WHEREAS,pursuant to Health &Safety Code Section 34181(c)of AB 1X26 the Oversight Board
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is to direct the transfer of housing responsibilities, including all rights, powers, duties, obligations an.
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assets,to the Successor Housing Agency; and
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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 2758 West White Pine Avenue
23 San Bernardino, California ("Property") exists as of July 10, 2008, and recorded on August 7, 2008 a-
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Instrument Number 2008-0360363 in the Official Records of the County of San Bernardino ("Deed o i
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Trust"); and
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WHEREAS, the terms of the Deed of Trust allow the Trustor to obtain the release of the securi
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interest of the First Mortgage Lender in the Property for the purpose of a third-party lender whic
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2014-311
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 owners (Jilberto and Luz Diaz) request the subordination so that they can proceed on a refinance and
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clear lenders title policy can be provided to the new lender of the Property; and
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WHEREAS, the Successor Housing Agency desires to confirm that the Deed of Trust is .
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housing asset and/or housing function, and desires to authorize Successor Housing Agency staff to
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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 th=
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County of San Bernardino and the Office of the Chief Executive Officer of the County of San Bernardino
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have been property notified prior to the adoption of this Resolution.
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NOW THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL 0
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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 th=
22 Deed of Trust is a housing asset and hereby authorizes the City Manager or his/her designee, to execut=
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the Subordination Agreement (attached and incorporated herein as Exhibit "A") and cause it to b=
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recorded with the San Bernardino County Recorder.
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Section 2. This Resolution shall take effect from and after its date of adoption and the
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27 expiration of five business days from its transmittal to the California Department of Finance.
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2014-311
1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF S
BERNARDINO ACTING AS THE SUCCESSOR HOUSING AGENCY TO TH
2 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO APPROVING TH
SUBORDINATION OF A DEED OF TRUST IN CONNECTION WITH A REFINANCING 0
3
THE SENIOR MORTGAGE RELATING TO REAL PROPERTY LOCATED AT 2758 WES
4 WHITE PINE AVENUE, SAN BERNARDINO,CALIFORNIA(#3401)
5 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor any
6 regular meeting thereof, held o
Common Council of the City of San Bernardino at a re g
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the 4th day of A„g,S t , 2014,by the following vote,to wit:
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9 Council Members Ayes Nays Abstain Absent
10 MARQUEZ X
11 X
BARRIOS
12
VALDIVIA X
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SHORETT X
15 NICKEL X
16 JOHNSON X
17 MULVIHILL X
18 ii
19 Georgeann lima, City 4 k
20 Augus 2014.
The foregoing Resolution is hereby approved this day
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u.
22 R. Carey Davis, ayor
City of San Be ardino
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Approved as to Form:
24 Gary D. Saenz, City Attorney
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By: l
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