HomeMy WebLinkAbout2016-157 1 RESOLUTION NO.2016-157
2 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SA
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 279 EAST
5 48TH 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 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 AB 1 X26 the Oversight
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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 279 East 48th Street, San
23 Bernardino, California ("Property") exists as of November 6, 2008, and recorded on December 22, 2008
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as Instrument Number 2008-0562600 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 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 (Carrol and Sharon Goacher) request the subordination so that they can proceed on a refinance
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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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7 housing asset and/or housing function, and desires to authorize Successor Housing Agency staff t
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 interest
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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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 execut
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the Subordination Agreement (attached and incorporated herein as Exhibit "A") and cause it to b
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26 recorded with the San Bernardino County Recorder.
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.
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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 279 EAST
4 48TH STREET, SAN BERNARDINO, CALIFORNIA(#4523)
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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 18'h day of
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8 July, 2016, by the following vote,to wit:
9 Council Members Ayes Nays Abstain Absent
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MARQUEZ X
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BARRIOS X
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13 VALDIVIA g
14 SHORETT X
15 NICKEL X
16 RICHARD g
17 MULVIHILL X
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19 of Of
Georgean anna,C City Clerk
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21 The foregoing Resolution is hereby approved this l S day o uly, 2016.
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23 R. Carey Davis, . yor
City of San Bernardino
24 Approved as to Form:
Gary D. Saenz, City Attorney
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26 By
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