HomeMy WebLinkAbout2016-008 1 RESOLUTION NO.2016-8
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 THE
4 SUBORDINATION OF A DEED OF TRUST IN CONNECTION WITH A REFINANCING O
THE SENIOR MORTGAGE RELATING TO REAL PROPERTY LOCATED AT 1555 EAST
5 LYNWOOD DR,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 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 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 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 1555 East Lynwood Drive, San
23 Bernardino, California ("Property") exists as of December 5, 2008, and recorded on February 6, 2009, as
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Instrument Number 2009-0053748 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 securi
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28 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 whic
3 owners (Renee L. Siegel) request the subordination so that they can proceed on a refinance and a clea
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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 t
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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 th
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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 AGENC
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 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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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 SAN
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 1555 EAST
4 LYNWOOD DRIVE,SAN BERNARDINO,CALIFORNIA(# )
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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 19` day o
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January,2016,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
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19 Georgeann nna, C C, Clerk
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The foregoing Resolution is hereby approved this S da of January, 16.
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22 R. Carey Dav' , Mayor
23 City of San ernardino
Approved as to Form:
24 Gary D. Saenz,City Attorney
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By:
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2016-8
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Electronically Recorded in Official Records,County of San Bernardino 510312016
Redording requested:by" _ = 08:50 AM
PACIFIC COAST TITLE BOB DUTTON Ai S
ASSESSOR-RECORDER-CLERK
When recorded mail'to:: 952 Pacific Coast Title
City of San Bernardino,acting in its.- .
capacity as the Successor Housing Agency Doe#: 201 6-01 6931 3 Titles: 1 Pages: s
to the Redevelopment Agency of ..- Fees 46.00
the City of San Bernardino Taxes •00
300 North D Street
San Bemardmo,CA 92401 .' ' - PAID 46.00
Owner Name: Renee Slegel -
1555-East Lynwood Drive
San Bernardino,-CA 92404..,
OQ
_-SPACE ABOVE THIS LIME FOR RECORDERS USE.
. Form of ...•_ .
SUBORDINATION AGREEMENT
NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY
INTEREST IN THEPROPERTY BECOMING SUBJECT TO AND OF LOWER
PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY
INSTRUMENT.
This AGREEMENT,made-this 4th day of January,2016,by(Renee Siegel), 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; jam,
0k116rl' n WITNESSETH
WHEREAS, Owner(s) did on-December 5, 2008, execute a Deed of Trust to Califomia Title Company, a
Califomia Corporation,as-trustee,covering:
LEGAL DESCRIPTION:-The land referred to herein below is-situated in the City of San Bernardino,County
of San Bemardino, State of California, and is described as follows: Lot I of Tract No. 17793,as shown by 1.
map on file in Book 332,-Pages 86-through 89 of map,records of San Beniardino County,California. l
to secure a Note in the sum of$90,600.dated December 5,2008,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 February 6,2009,as instiument No:2009-0053748,Official Records of� cou�ntyx; ar Ina
WHEREAS, all rights and obligations of the Beneficiary have since been transferred to the City of San
Bernardino as the Successor Housing-"Agency-to fhe"Redevelopment Agency of the-City of San Bemardino
("Successor Beneficiary"-) pursudnYto 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 not to
exceed $188,200, dated 3-5' 2-.401-4o in favor of Greenlight Loans a division of Nationstar
Mortgage LLC, hereinafter referred-.to as."Lender," payable with interest and upon the terms and conditions
described therein,which deed of Trust is to be recorded conciuTently herewith;and
WHEREAS,it is a conditiori 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
and
superior to the lien or charge ofihe Deed of Trust first above mentioned;
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2016-8
Recording requested.by
PACIFIC COAST TITLE
When recorded maiho:'
City of San Bernardino,acting in its
capacity as the Successor Housing Agency
to the Redevelopment Agency oC
the City of San Bernardino
300 North D Street
San Bernardino,CA 9.2401 =
Owner Name: Renee Siegel
1555 East Lynwood Drive
San Bernardino,-CA 92403
/O r} 5PAC1: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 January, 2016, by (Renee Siegel), 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; t.
Q 1 ,I 16 t i WiTNESSETH
WHEREAS, Owner(s) did on December 5, 2008, execute a Deed of Trust to California Title Company, a
California Corporation,as trustee,covering:
1..EGAL DESCRIPTION:-The land referred to herein below is situated in the City of San Bernardino, County
of San Bernardino, State of California, and is described as follows: Lot 1 of Tract No. 17793, as shown by
map on file in Book 332,Pages 86 through 89 of map,records of San Bernardino County,California.
to secure a Note in the sum of$90,600 dated December 5,2008, 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 February 6,2009,as Instrument No.2009-0053748,Official Records of, county;
`:,a11 l�eYl1 Ctr�1►n 0
WHEREAS, all rights and obligations of the Beneficiary have since been transferred to the City of San
Bernardino as the Successor Housing-Agency to file-Redevelopment Agency of the City of San Bernardino
("Successor Beneficiary") pursua»t-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 not to
exceed $188,200, dated 3-5- Z,01 4 , in favor of Greenliglit Loans a division of Nationstar
Mortga ei; LLC, 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 Iien or charge of the Deed of Trust first above mentioned;and
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2016-8
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:
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 i
of the tender 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.
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2016-8
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
44— '64 eA Ott-
Interim ty Manager j of c R zio f? murR5 K A r7 Owner R+e l7 ee U-
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.
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2016-8
NOTICT: THIS SUBORDINATION AGRE.F.MENT CON'T'AINS A PROVISION WHICH ALLOWS THE'
PERSON OBLIGATED ON YOUR REAL PROPER'T'Y SECURI`rY 'rO OBTAIN A LOAN A
PORTION OF WI I1CFI MAY BE IT.XPI,NDI:D FOR OTHER PURPOSES 'l I IAN IMPROVEMENT
OF'HIF LAND.
ciiN of*San Bemardino,acting as the Successor I lousing, Agency
to the Redevelopment Agency ol'the City ot'San BCI'tl n'llinO
�t�l-re. ..ti✓�� 1 r
Interim Uiity Manager C�- Owner
0th oI san Bernardino
"t`feY}}CY�
(ALL SICNATURES MUST BB ACKNOWLEDGED)
H' I5 ItL:Ct)I4tYtl NDI D THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AURELiMFNr,
I1Ili I'ARTIFS CON:SIiI.T WITIL'll IEIR ATTORNEYS WIT11 RESPECT TIII RETO.
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2016-8
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE§ 1189
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 74
On�� ° �v before me,
ate Here Insert Name an Titfe of the Offi r
personally appeared
Na�1 (s)of Signer(s)
who proved to me on the basis of satisfactory evidence to be the persort(O whose name(4 is/are'
subscribed to the within instrument and acknowledged to me that he/shelthey,executed the same in
his/heY7 eif authorized capacity(ie<and that by his/hiTr7thersignatureWTo n the instrument the person(a)s
or the entity upon behalf of which the persorlWacted, 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 d official seal.
- -- +�
VALERIE- R. MONTOYA
k i s
*' Commission# 1985357 Signature
Notary Public-California z Signature of Notary lic
San Bernardino County r
'36 My Comm.Expires Aug 2,2016
Place Notary Seal Above
OPTIONAL
Though this section is optional, completing this information can deter alteration of the docume t or
fraudulent reattachment of this form to an unintended document.
Description of Attached Document
Title or Type of Document: Doc nt Date:
Number of Pages: Signer(s) Other T=Signer's 'ie:
Capacity(ies) Claimed by Signer(s)
Signer's Name: ame:
❑Corporate Officer — Title(s): ❑Corporate Officer — Title(s):
❑Partner — ❑Limited ❑Gene 11 Partner — F.1 Limited ❑General
[I Individual [J Attorn Fact ❑ Individual ❑Attorney in Fact
❑Trustee ❑ dian or Conservator LI Trustee El Guardian or Conservator
El Other: ❑ Other:
Signer Is esenting: Signer Is Representing:
02014 National Notary Association •www.NationalNotary.org • 1-800-US NOTARY(1-800-876-6827) Item#5907
2016-8
California All-Purpose Certificate of Acknowledgment
i
A notary public or other officer completing this certificate verifies only the identity of the individual who signed the 1
document to which this certificate is attached, and not the truthfulness,accuracy,or validity of that document is
- -
ig
State of California
County of �SG�n ���� r s.s. p
V dh
or before me, ,.
ee
ersonally appeared is
p
wh proved to me on the basis of satisfactory evidence to be the person(s)t�,q/thW hose name(s)
a subscribed to the within instrument and ac nowledged to me that h executed
l�la�re subsc
the same in h}'�/her/th it authorized capacity(ie�and that by h /fir/t tr signatures) on the
instrument tlfe erst(n(s , or the entity upon behalf of which the person( acted, executed the t
p
instrument.
l i ! certify under PENALTY OF PERJURY under the laws
i, y
of the State of California that the foregoing paragraph is 41i4iA'DP,�P v. ORTIZ
w`;<.:� =A CR""' k 2102188 to
true and correct. N fOC'yPMUC-CALIFORRIA t37
Couiny
My CONUf EXP.MAR.
WITNESS my hand and official s` al.
s
I
OPTIONAL INFORMATION
J.
Description of Attached Document i :r ' [ t_!, i_'�,, S_
Tile preceding Certificate of Acknowledgment is attached to a Method of Signer Identification
< i !
x i document titled/for the urpose Of Proved to on the basis of satisfactory evidence: '
form(s)of identification i, j credible witness(es) t
a, I
containing pages, and dated Notarial event Is detailed in notary journal on:
Page# Entry#
The signer(s)capacity or authority is/are as: i is
Individual(s) Notary contact:
Attorney-in-fact Other
Corporate officer(s)
__..
-
r..} g g p ( �.
., Additional Signer [ Si nerfs}Thumb rints s)
Guardian!Coiservator
Partner-Limited/General I
Other:
representing:
,
�:,.-cam --rrsrnrt-r•s1 m�T zs t-r s s --"'r,. ,:� s.. r�^T777, -,:- <.
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2016-8
Notary Seal
Under the provisions of Government Code 27361.7, I certify under the penalty of perjury
'
that the Notary Seal on the document to which this statement is follows:
attached reads as f
Name of Notary:
Commission# SAO Zk Z9%
Date Commission Expires: MRY 'JO i "
County where Bond is filed :
Vendor :
Place of Execution; Redlands, CA
Date: _�I �l( LP
Signature:
A. McDaniel
2016-8
PRELIMINARY REPORT PACIFIC COAST TITLE COMPANY
ESCROW NO.: 10018780-- TITLE NO.: 10018780-OCT-SM
LEGAL DESCRIPTION
EXHIBIT A
THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF SAN BERNARDINO, COUNTY OF SAN
BERNARDINO,STATE OF CALIFORNIA,AND IS DESCRIBED AS FOLLOWS:
LOT 1 OF TRACT NO. 17793, AS SHOWN BY MAP ON FILE IN BOOK 332, PAGES 86 THROUGH 89 OF MAP,
RECORDS OF SAN BERNARDINO COUNTY,CALIFORNIA.
APN: 1191-231-52-0-000
CLTA Preliminary Report Form—Modified(11/17/06) Page 3