HomeMy WebLinkAbout2015-185 1 RESOLUTION NO.2015-185
2 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
3 BERNARDINO ACTING AS THE SUCCESSOR HOUSING AGENCY TO THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO APPROVING T
4 SUBORDINATION OF A DEED OF TRUST IN CONNECTION WITH A REFINANCING O
THE SENIOR MORTGAGE RELATING TO REAL PROPERTY LOCATED AT 1650 NORTH
5 STREET,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 Bernardin
10 ("Successor Agency") effective February 1, 2012, pursuant to AB 1 X 26 (The Redevelopment Agency
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 performed
14 by the Agency; and
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WHEREAS, pursuant to Health & Safety Code Section 34181(c) of ABIX26 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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and 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 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 1650 North J Street, San
23 Bernardino, California("Property") exists as of September 25, 1998, and recorded on October 1, 1998, as
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Instrument Number 19980421854 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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28 interest of the First Mortgage Lender in the Property for the purpose of a third-party lender whic
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I 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 (Victor and Argelia Vidaurri) request the subordination so that they can proceed on a refinanc
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and a 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
8 transfer all rights and interest in the Deed of Trust to the City in its capacity as the Successor Housing
g 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
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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 Bernardin
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have been properly notified prior to the adoption of this Resolution.
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NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON COUNCI
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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 Agenc
22 to the Redevelopment Agency of the City of San Bernardino does hereby find and determine that th
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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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Section 2. This Resolution shall take effect from and after its date of adoption and th
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28 expiration of five business days from its transmittal to the California Department of Finance.
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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
3 SUBORDINATION OF A DEED OF TRUST IN CONNECTION WITH A REFINANCING O
THE SENIOR MORTGAGE RELATING TO REAL PROPERTY LOCATED AT 1650 NORTH
4 STREET,SAN BERNARDINO,CALIFORNIA.
5 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the
Mayor and Common Council of the City of San Bernardino at a joint regular meeting thereof,held on the
6 17`h day of August, 2015,by the following vote,to wit:
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8 Council Members Ayes Nays Abstain Absent
9 MARQUEZ x
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BARRIOS x
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VALDIVIA x
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13 SHORETT x
14 NICKEL X
15 JOHNSON x
16 MULVIHILL x
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18 Georgeann na,CMC, ity Clerk
19 The foregoing Resolution is hereby approved this day of August, 2015.
20 J
21 L
22 R. Carey Davis ayor
City of San B rnardino
23 Approved as to Form:
Gary D. Saenz, City Attorney
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25 By: (1 ��a ► CCL_� r
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