HomeMy WebLinkAbout2016-255 1 RESOLUTION NO.2016-255
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 2347 WEST
5 COLLEGE 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 Bernardin
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 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 AB 1 X26 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 2347 West College Avenue, San
23 Bernardino, California ("Property") exists as of May 29, 2008, and recorded on June 6, 2008, as
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Instrument Number 2008-259089 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 (Laura L Newcomb and Gary H Geffen) request the subordination so that they can proceed on
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refinance 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 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 NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON COUNCI
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OF THE CITY OF SAN BERNARDINO, ACTING AS THE SUCCESSOR HOUSING AGENCY
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OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO, A
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FOLLOWS:
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18 Section 1. Pursuant to Health &Safety Code Section 34176,the Successor Housing Agency
19 to the Redevelopment Agency of the City of San Bernardino does hereby find and determine that th
20 Deed of Trust is a housing asset and hereby authorizes the City Manager or his/her designee, to execute
21 the Subordination Agreement (attached and incorporated herein as Exhibit "A") and cause it to be
22 recorded with the San Bernardino County Recorder.
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Section 2. This resolution shall take effect upon its adoption and execution in the manner a
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required by the City Charter.
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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 2347 WEST
4 COLLEGE AVENUE,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`h day of
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December,2016,by the following vote,to wit:
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9 Council Members Ayes Nays Abstain Absent
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MARQUEZ X
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BARRIOS X
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VALDIVIA X
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14 SHORETT X
15 NICKEL X
16 RICHARD X
17 MULVIHILL g
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19 ✓` CC
Georgea anna, M City Clerk
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The foregoing Resolution is hereby approved this day of December 016.
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A
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R. Carey Davis, ayor
23 City of San B ardino
Approved as to Form:
24 Gary D. Saenz, City Attorney
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By: E-
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