HomeMy WebLinkAbout2015-102 1 RESOLUTION NO. 2015-102
2 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO ACTING AS THE SUCCESSOR HOUSING AGENCY TO TH
3
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO APPROVING T HE
4 SUBORDINATION OF A DEED OF TRUST IN CONNECTION WITH A REFINANCING O
THE SENIOR MORTGAGE RELATING TO REAL PROPERTY LOCATED AT 4394 NORTH
5 PERSHING AVENUE, SAN BERNARDINO, CALIFORNIA
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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 as
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9 the Successor Agency to the Redevelopment Agency ("Agency") of the City of San Bernardino
10 ("Successor Agency") effective February 1, 2012, pursuant to AB1X 26 (The Redevelopment Agency
11 Dissolution Act); and
12 WHEREAS, on January 23, 2012,the Council adopted Resolution No. 2012-19 providing for th
13 City to serve as the Successor Housing Agency and perform the housing functions previously performed
14 by the Agency; and
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WHEREAS, pursuant to Health & Safety Code Section 34181(c) of AB1X26 the Oversigh
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Board is to direct the transfer of housing responsibilities, including all rights, powers, duties, obligation
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18 and assets,to the Successor Housing Agency; and
19 WHEREAS, pursuant to Health & Safety Code Section 34176(e)(1) of AB1484 the restriction
20 on 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 4394 North Pershing Avenue, San
23 Bernardino, California ("Property") exists as of July 29, 2008, and recorded on August 27, 2008, as
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Instrument Number 2008-0391513 in the Official Records of the County of San Bernardino ("Deed o
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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 security
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interest of the First Mortgage Lender in the Property for the purpose of a third-party lender which
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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 which
3 owners (Tiffany Garcia) request the subordination so that they can proceed on a refinance and a clea
4
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
8 transfer all rights and interest in the Deed of Trust to the City in its capacity as the Successor Housing
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
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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 properly notified prior to the adoption of this Resolution.
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17 NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON COUNCI
18 OF THE CITY OF SAN BERNARDINO ACTING AS THE SUCCESSOR HOUSING AGENCY
19 OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO, A
20 FOLLOWS:
21 Section 1. Pursuant to Health & Safety Code Section 34176, the Successor Housing Agency
22 to the Redevelopment Agency of the City of San Bernardino does hereby find and determine that the
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Deed of Trust is a housing asset and hereby authorizes the City Manager or his/her designee, to execute
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the Subordination Agreement (attached and incorporated herein as Exhibit "A") and cause it to be
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recorded with the San Bernardino County Recorder.
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27 Section 2. This Resolution shall take effect from and after its date of adoption and the
28 expiration of five business days from its transmittal to the California Department of Finance.
2
1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SA
BERNARDINO ACTING AS THE SUCCESSOR HOUSING AGENCY TO THE
2 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO APPROVING THE
SUBORDINATION OF A DEED OF TRUST IN CONNECTION WITH A REFINANCING O
3 THE SENIOR MORTGAGE RELATING TO REAL PROPERTY LOCATED AT 4394 NORT
4 PERSHING AVENUE, SAN BERNARDINO, CALIFORNIA(#3811)
5
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor an
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Common Council of the City of San Bernardino at a joint regular meeting thereof,held on the 18th day o
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May, 2015,by the following vote,to wit:
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9 Council Members Ayes Nays Abstain Absent
10 MARQUEZ x
11
BARRIOS x
12
VALDIVIA x
13
14 SHORETT x
15 NICKEL x
16 JOHNSON x
17 MULVIHILL x
18
19
Georgeann lAnna, City Olerk
20 ?�
The foregoing Resolution is hereby approved this C day of May,�" (�21 a�-
22
R. Carey Davis/Mayor
23 City of San B ardino
Approved as to Form:
24 Gary D. Saenz, City Attorney
25 �
By:
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2015-102
Electronically Recorded in Officlal Records,County of San Bemardino 810312D15
11:30 AM
BOB DUTTON ALS
RECORDING REQUESTED BY, Y ASSESSOR-RECORDER-CLERK
MAIL TAX STATEMENTS TO, 867 SPL Title Services
AND WHEN RECORDED MAIL TO:
TSI TITLE COMPANY OF CA Doc#: 2015-0330415 Titles: 1 Pages: 9
17785 CENTER COURT DR#760 Fees 49.00
CERRITOS,CA 50703 Taxes .00
Other .00
PAID 49.00
SPACE ABOVE THIS LINE FOR D
SUBORDINATION AGREEMENT
2015-102
RECORDING REQUESTED BY,
MAIL TAX STATEMENTS TO,
AND WHEN RECORDED MAIL TO:
TSI TITLE COMPANY OF CA
17785 CENTER COURT DR#760
CERRITOS, CA 90703
SPACE ABOVE THIS LINE FOR RECORDER'$USE
SUBORDINATION AGREEMENT
2015-102
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: Tiffany Garcia
4394 N Pershing Avenue
San Bernardino,CA 92407
SPACE ABOVE THIS LINE FOR RECORDERS USE.
Form of
SUBORDINATION AGREEMENT
L0008'53 -1 a50tLP
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 18th day of May, 2015,by (Tiffany Garcia), 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 July 29, 2008, execute a Deed of Trust to Arrowhead Credit Union, a
California Corporation,as trustee,covering:
LEGAL DESCRIPTION: The land situated in the City of San Bernardino in the County of San Bernardino in
the State of California.
Lot 16 of Tract 2894, Edge Hill View Tract, City of San Bernardino, County of San Bernardino, State of
California,as per map recorded in Book 42,Page 64,in the office of the County Recorder of said County.
Assessor's Parcel Number(s): 0154-211-01-0000
to secure a Note in the sum of$56,400 dated July 29, 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 August 27,2008 as Instrument No.2008-0391513,Official Records of said county;
�+nsan Gur- .rdino Co"Aiy
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
$124,515.00, dated s�r?Isa 24•ZG1.g , in favor of JP Morgan Chase Bank,NA, hereinafter referred to
2015-102
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 patties 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:
I. 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.
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 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.
2015-102
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 + �(� rl r j
to the Redevelopment Agency of the City of San Bernardino c"� "v} In rl- 41-
4igF�-
(�
Allen Parker,City Manager Owner
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.
2015-102
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 Parker,City Manager
City of San Bernardino
��c�rtecL %4.. C&Arjoarf
V` 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.
2015-102
A notary public or other officer completing this certificate verifies only the
identity of the individual who signed the document to which this certificate is
attached, and not the truthfulness, accuracy, or validity of that document.
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO )
On �1�--/�/� ,before me, KATHERINE G. HERRERA ,Notary Public,
personally appeared ALLEN PARKER
who proved to me on the
basis of satisfactory evidence to be the personal whose nam is subscribed to the within
instrument and acknowledged to me that<jg�she!-they executed the same in is erltheip
authorized capacity*), and that b his en4h&signature on the instrument the person or
the entity upon behalf of which the personA acted, executed the instrument.
I certify UNDER PENALTY OF PERJURY under the laws of the State of California that the
foregoing paragraph is true and correct.
WITNESS my hand and official seal.
KATHERINE O.HIMMMA
Commisslon No. 194&WI
NOTARY NKIC4WFORMIA ,C
BAN BERNARDINO COMM
fAyComm.E�th�JULY26.2016 Na e: KATHER NE G. HERRERA
Name: Notary Public
2015-102
ILLEGIBLE NOTARY SEAL DECLARATION
GOVERNMENT CODE 27381.7
1 certify under penalty of perjury that the notary seal on the document to which this
statement is attached reads as follows:
Name of Notary KATHERINE G. HERRERA
Notary Identification Number 1945501
County Where Bond Is Filed SAN BERNARDINO
Date Commission Exp JULY 25, 2015
SPL, INC.
' DATE: 8 13 / 2045
S
Signature
2015-102
CALIFORNIA ALL-PURPOSE
CERTIFICATE OF ACKNOWLEDGMENT
A notary public or other officer completing this certificate verifies only the identity of the individual who signed
the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that
document.
State of California
County of v-\ rr\o,rr�+
'-C� -Z'NA— �5
On before me,Monica Taylor Walker, Notary Public, personally appeared
who proved
to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are
subscribed to the within instrument and acknowledged to me that he/she/they executed the
same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the
instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the
foregoing paragraph is true and correct.
WITNESS my hand and official seat.
,. MONICA TAYLOR WALKER
COMM. #2095604 z
NOTARY PUBLIC-CALIFORNIA K
SAN BERNARDINO COUNTY
My Conmt,Expires Jan.12,2019
Signature of Notary Public
{�lUr1 ti Cw '��y t Cis" V�Sr+'i 1L ter"
OPTIONAL INFORMATION
DESCRIPTION OF THE ATTACHED DOCUMENT
(Title or description of attached document)
(Title or description of attached document continued)
Number of Pages Document Date
(additional information)
2015-102
EXHIBIT A-LEGAL DESCRIPTION
Tax Id Number(s):0154-211-01-0000
Land Situated In the City of SAN BERNARDINO in the County of San Bernardino in the State of CA
Lot 16 of Tract 2894,EDGE HILL VIEW TRACT,City Of San Bernardino,County Of San Bernardino,State
Of California,As Per Map Recorded In Book 42,Page 64,in the office of the County Recorder of said
County.
Commonly known as: 4394 N PERSHING AVE,SAN BERNARDINO,CA 92407