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HomeMy WebLinkAbout1981-122 RESOLUTION NO. '/- RESOLUTION OF THE CITY OF SAN BERNARDINO APPROVING THE FORM OF A CERTAIN OPERATING MEMORANDUM WHEREAS, various Owner Participation Agreements and a Disposition and Development Agreement, by and between the CITY OF SAN BERNARDINO (the "City") and several developers of single family residences (the "Participating Owners") have been duly approved and signed by the City and the Participating Owners with respect to the City's $41,625,000 Single Family Residential Mortgage Revenue Bonds, 1980 Series A (the "Bonds"); and WHEREAS, Section 26 of the Agreements provides for the use of Operating Memoranda to be attached to the Agreements as an addendum which shall set forth details necessary for the implementation of the Agreements; and WHEREAS, it has become necessary that an Operating Memorandum be approved at this time. NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE CITY OF SAN BERNARDINO, CALIFORNIA, AS FOLLOWS: Section 1. The City hereby approves the form of the Operating Memorandum attached hereto as Exhibit "A". Staff shall finalize said Operating P ng Memorandum for each Participating Owner who has unsold units remaining to be financed with the proceeds of the Bonds and submit same to each Participating Owner for approval. Section 2. The Mayor and City Clerk of the City are hereby authorized and directed to sign the final Operating Memorandum on behalf of the City upon approval as to final form the by City Attorney, and the City Clerk shall attach said Operating Memorandum to the Agreement as an addendum thereto. I HEREBY CERTIFY that the foregoing resolution was duly adopted by the Mayor and Common Council of the City of San Bernardino at awn.. �2) meeting thereof, held on theme_ day of _, 1981, by th following vote, to-wit: - 1 - /0 AYES: Councilmen X +Z. /iAl�l1C NAYS: ABSENT: City Clerk The foregoing resolution is hereby approved this day of ) LI , 1981. May o the y of San Bernardi Approved as to form: z4L City A t rney - 2 - OPERATING MEMORANDUM NO. (INSERT DEVELOPER NAME) The City and the Participating Owner hereby agree to the following items: 1. The Residences to be financed with the proceeds of the Bonds for the purchasing of Mortgage Loans by the City is being made pursuant to a governmental program to accomplish a public purpose. To this end, the Partici- pating Owner recognizes that the City may legally impose various restrictions upon the use of such mortgage funds. 2. The Participating Owner agrees that the Participating Owner and all licensed real estate sales personnel directly or indirectly responsible for the procurement of sales of Residences constructed or to be constructed by the Participating Owner shall not misrepresent any aspect of the City's Program, including, but not limited to, the owner-occupancy requirements both upon the making of the original Mortgage Loan and upon assumption thereof. The Participating Owner represents and warrants that it has not nor will not permit any representations to be made that the Residences to be financed by the City are available for purchase by individuals other than owner-occupants who intend to maintain such Residence as their principal place of residence. 3. The Participating Owner agrees to include with each loan appli- cation package a statement made under oath and under penalty of perjury of both the Participating Owner and the licensed real estate salesperson procuring the sale of a Residence who will be compensated directly or indirectly therefor, that neither they nor anyone else to their knowledge have made statements or representations to the intended Mortgagor as to methods by which the City's owner-occupancy requirements may be circumvented, and that they have no reason to believe that such intended Mortgagor will not in fact occupy the Residence as his principal place of residence. IN WITNESS WHEREOF, the City and the Participating Owner have executed this Operating Memorandum as of the day of , 1981. - 1 - CITY OF SAN BERNARDINO By Mayor (SEAL) ATTEST: City Clerk Approved as to Legal Form and Adequacy: City Attorney PARTICIPATING OWNER By (SEAL) Title PARTICIPATING OWNER By Title - 2 - a OPERATING MEMORANDUM NO. 2 �' o $41 ,280,000 MORTGAGE REVENUE BOND ISSUE OF 1980 (BELGATE I , II , III , & IV LTD. ) VO 3H The City and the Participating Owner hereby agree to the following items: 1 . The Residences to be financed with the P roceeds of the Bonds for the purchasing of Mortgage Loans by the City is being made pursuant to a governmental program to accomplish a public purpose. To this end, the Participating Owner recognizes that the City may legally impose various restrictions upon the use of such mortgage funds. P 2. The Participating Owner agrees that the Participating Owner and all licensed real estate sales personnel directly or indirectly responsible for the procurement of sales of Residences constructed or to be constructed by the Participating Owner shall not misrepresent any aspect of the City's Program, including, but not limited .to, the owner-occupancy requirements both upon the making of the original Mortgage Loan and upon assumption thereof. The Participating Owner represents and warrants that it has not nor will not permit any representations to be made that the Residences to be financed by the City are available for purchase by individuals other than owner- occupants who intend to maintain such Residence as their principal place of residence. 3. The Participating Owner agrees to include with each loan application package a statement made under oath and under penalty of perjury of both the Participating Owner and the licensed real estate salesperson procuring the sale of a Residence who will be compensated directly or in- directly therefor, that neither they nor anyone else to their knowledge -1 - have made statements or representations to the intended Mortgagor as to methods by which the City's owner-occupancy requirements may be circumvented, and that they have no reason to believe that such intended Mortgagor will not in fact occupy the Residence as his principal place of residence. IN WITNESS WHEREOF, the City and the Participating Owner have executed this Operating Memorandum as of the L4-- day of 1981 . CITY OF SAN BERNAR INO B Mayor (SEAL) ATTEST: City Clerk Approved as to Legal F and Adequacy: City ttorney PARTICIPATING OWNERS (SEAL) BELGATE 1 , LTD. By: Northgate Corporation, General Partner By: ;�- C de D. Alexander, President (SEAL) ATTEST: By: -Rob rt L. Ellsworth, Secretary -2- i. BELGATE I I , L TD. By: Northgate Corporation, General Partner By: yde D. Alexander, President (SEAL) ATTEST: f,. By: /Robert L. Ellsworth Secretary BELGATE III , LTD. By: Northgate Corporation, General Partner By: (1a� Clyde D. Alexander, President (SEAL) ATTEST: By Ro er L. Ellsworth Secretary BELGATE IV, LTD. By: Northgate Corporation, General Partner By: C yde D. Alexander, President (SEAL) ATTEST: B . Y ., Robert L. Ellsworth Secretary -3- OPERATING MEMORANDUM NO. 2 $41 ,280,000 MORTGAGE REVENUE BOND ISSUE OF 1980 (HUNTER) The City and the Participating Owner hereby agree to the following items: 1 . The Residences to be financed with the proceeds of the Bonds for the purchasing of Mortgage Loans by the City, is being made pursuant to a governmental program to accomplish a public purpose. To this end, the Participating Owner recognizes that the City may leqally impose various restrictions upon the use of such mortgage funds. 2. The Participating Owner agrees that the Participating Owner and all licensed real estate sales personnel directly or indirectly responsible for the procurement of sales of Residences constructed or to be constructed by the Participating Owner shall not misrepresent any aspect of the City' s Program, including, but not limited to, the owner-occupancy requirements both upon the making of the original Mortgage Loan and upon assumption thereof. The Participating Owner represents and warrants that it has not nor will not permit any representations to be made that the Residences to be financed by the City are available for purchase by individuals other than owner- occupants who intend to maintain such Residence as their principal place of residence. 3. The Participating Owner agrees to include with each loan application package a statement made under oath and under penalty of perjury of both the Participating Owner and the licensed real estate salesperson procuring the sale of a Residence who will be compensated directly or in- directly therefor, that neither they nor anyone else to their knowledge -1- have made statementsor representations to the intended Mortgagor as to methods by which the City's owner-occupancy requirements may be circumvented, and that they have no reason to' believe that such intended Mortgagor will not in fact occupy the Residence as his principal place of residence. IN WITNESS WHEREOF, the City and the Participating Owner have executed this Operating Memorandum as of the day of 1981 . CITY OF SAN BERN 10 �� B . yor (SEAL) ATTEST: City Clerk Approved as to Legal 4Forand de uac q Y ney PARTICIPATING OWNER (SEAL) James Hunter Construction Corp. By: Tit e: 21 a -2- l �Z-z OPERATING MEMORANDUM NO. 2 $41 ,280,000 MORTGAGE REVENUE BOND ISSUE OF 1980 (EDGENILL) The City and the Participating Owner hereby agree to the following items: 1 . The Residences to be financed with the proceeds of the Bonds for the purchasing of Mortgage Loans by the City is being made pursuant to a governmental program to accomplish a public purpose. To this end, the Participating Owner recognizes that the City may legally impose various restrictions upon the use of such mortgage funds. 2. The Participating Owner agrees that the Participating Owner and all licensed real estate sales personnel directly or indirectly responsible for the procurement of sales of Residences constructed or to be constructed by the Participating Owner shall not misrepresent any aspect of the City' s Program, including, but not limited -to, the owner-occupancy requirements both upon the making of the original Mortgage Loan and upon assumption thereof. The Participating Owner represents and warrants that it has not nor will not permit any representations to be made that the Residences to be financed by the City are available for purchase by individuals other than owner- occupants who intend to maintain such Residence as their principal place of residence. 3. The Participating Owner agrees to include with each loan application package a statement made under oath and under penalty of perjury of both the Participating Owner and the licensed real estate salesperson procuring the sale of a Residence who will be compensated directly or in- directly therefor, that neither they nor anyone else to their knowledge -1- have made statements or representations to the intended Mortgagor as to methods by which the City's owner-occupancy requirements may be circumvented, and that they have no reason to believe that such intended Mortgagor will not in fact occupy the Residence as his principal place of residence. IN WITNESS WHEREOF, the City and the Participating Owner have executed this Operating Memorandum as of the ay of /vtf_i 1981 . CITY OF SAN BERNARD 0 By: yor (SEAL) ATTEST: City Clerk Approved as to Legal F rm and Ade uacy: )_Q1Xb Ci y Attorney (SEAL) PARTI hPAT 01 Easte n Paci Dev lopment By: Title: 4000 PARTICIPATING OWNER Warner W. Hodgdon Development Company By: Title: -2- ounningham HOMES I_ l ��l�1, ° CUNNINGHAM PROPERTIES, INC. `off Builders - Developers 2915 Red Hill - Suite C-101 Costa Mesa, California 92626 4 . (714) 540-8530 May 6 , 1981 Ms . Sandy Lowder, Admin. Asst. Redevelopment Agency City of San Bernardino 300 North "D" Street San Bernardino, California 92401 Dear Ms. Lowder: We return herewith the enclosures forwarded with your letter of May 5 , 1981. Inasmuch as the escrows on the property in question have closed and sales in the entire tract have been completed, we do not feel we are at liberty to sign the Operating Memorandum No. 2 . Yours very truly, CUNNINGHAM PROPERTIES, INC. B w��c��OU� Marlene Koss Administrative Assistant mac INVESTMENT CONSTRUCTION MULTI-HOUSING LAND DEVELOPMENT i OPERATING MEMORANDUM NO. 2 $41 ,280,000 MORTGAGE REVENUE BOND ISSUE OF 1980 (CUNNINGHAM) The City and the Participating Owner hereby agree to the following items: 1 . The Residences to be financed with the proceeds of the Bonds for the purchasing of Mortgage Loans by the City is being made pursuant to a governmental program to accomplish a public purpose. To this end, the Participating Owner recognizes that the City may leqally impose various restrictions upon the use of such mortgage funds. 2. The Participating Owner agrees that the Participating Owner and all licensed real estate sales personnel directly or indirectly responsible for the procurement of sales of Residences constructed or to be constructed by the Participating Owner shall not misrepresent any aspect of the City' s Program, including, but not limited to, the owner-occupancy requirements both upon the making of the original Mortgage Loan and upon assumption thereof. The Participating Owner represents and warrants that it has not nor will not permit any representations to be made that the Residences to be financed by the City are available for purchase by individuals other than owner- occupants who intend to maintain such Residence as their principal place of residence. 3. The Participating Owner agrees to include with each loan application package a statement made under oath and under penalty of perjury of both the Participating Owner and the licensed real estate salesperson procuring the sale of a Residence who will be compensated directly or in- directly therefor, that neither they nor anyone else to their knowledge -1- have made statements or representations to the intended Mortgagor as to methods by which the City's owner-occupancy requirements may be circumvented, and that they have no reason to believe that such intended Mortgagor will not in fact occupy the Residence as his principal place of residense. IN WITNESS WHEREOF, the City and the Participating Owner have executed this Operating Memorandum as of the IQP-- day of 1981 . CITY OF SAN BER A 0 ay r (SEAL) ATTEST: City Clerk Approved as to Legal 4mandd Adequacy: rney PARTICIPATING OWNER (SEAL) Cunningham Properties, Inc. By: Title: PARTICIPATING OWNER John Pelt & Assoc. , Inc. By: Title: -2-