HomeMy WebLinkAbout2017-0701
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WHEREAS, on January 9, 2012, the Mayor and City Council of the City of S
Bernardino, California, ("Council") adopted Resolution No. 2012-12 confirming that the City o
San Bernardino z
is
! as the Successor Agency to the Redevelopment Agency ("Agency"
of the City of San Bernardino ("Successor _) effective February 1, 1
AgencyAB 1 X 26 (The Redevelopment
WHEREAS, on January 23, 2012, the City Council adopted Resolution No. 2012-1
providing f! the City to serve as the Successor Housing Agency and perform th- housin
WHEREAS,functions previously performed by the Agency; ant;
pursuant to Health & SafetyCode Section / ! 1, , . `, th
OversightBoard is to direct the transfer of housing responsibilities, including all rights,
duties, obligations and assets, to the Successor Housing Agency; and
WHEREAS, pursuant to Health & Safety Code Section 34176(e)(1) of AB1484 th
restrictions on the use of real property such as affordability covenants entered into by the rr
enc
are considered a housing asset; anit
WHEREAS, a Deed of Trust affecting real property located at 5080 Sundance Drive, I
Bernardino, Californiaof o2009, and recorded on January
2010, as Instrument Number 2010-0007358 in the Official Records of the County of It
Bernardino ("Deed ! and
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LIM ain
security interest of the First Mortgage Lender in the Property for the purpose of a thin part
lender which refinances the purchase money mortgage of the First Mortgage Lender -9 and
WHEREAS, an escrow has been opened on the Property affected by the Deed of Trust o
which owners (Lupe Ontiveros) request the subordination so that they can proceed on a refinanc
and a clear lenders title policy can be provided to the new lender of the Property; and
WHEREAS, the Successor Housing Agency desires to confirm that the Deed of Trust is
housing asset and/or housing function, and desires to authorize Successor Housing Agency sta
to transfer all rights and interest in the Deed of Trust to the City in its capacity as the Successt,
Housing Agency; and
WHEREAS, Successor Housing Agency staff desires to cause to be signed and recorde
a subordination agreement for the purposes of causing the new third -party lender to have
q,ecurity interest in the Property senior to that of the Successor Housing Agency; ani
Section 1. Pursuant to Health & Safety Code Section 34176, the Successor Housinj
Agency to the Redevelopment Agency of the City of San Bernardino does hereby find an(
determine that the Deed of Trust is a housing asset and hereby authorizes the City Manager o
his/her designee, to execute the Subordination Agreement (attached and incorporated herein as
exhibit "t to be recorded with the San Bernardino County Recorder.
.1 A 1.") and cause i
Section 2. This Resolution shall take effect upon its adoption and execution in the
manner as required by the City Charter.
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duly adopted by the Mayor and Ci
I HEREBY CERTIFY that the foregoing Resolution was
I I
Council of the City of San Bernardino at a joint regular meeting thereof, held on the 17th day
April, 2017 by the following vote, to wit:
C
a ouncil Members,,
MARQUEZ
BARRIOS
VALDIVIA
SHORETT
NICKEL
RICHARD x
MULVIHILL X()
GeorgeanAar',na, C ity Clerk
The foregoing Resolution is hereby approved this day of 7410k9lL 52017
Carey Davis, Mayor
ity of San Bernardino
Approved as to form:
Gary D. Saenz, City Attorne',Ij
I
B
3
City of San Bernardino,
acting in its
capacity as the SuccessorHousing Agency
to the Redevelopment Agency of
the City of • Bernardino
300 North . .
San Bernardino, CA 92401
Owner Name: Lupe Ontiveros
5080 Sundance Drive
San Bernardino,
SPACE ABOVE THIS LINE FOR RECORDERS USE.
NOTICE: THIS SUBORDINATION
i; N �` i; RESULTS
t S <i� SECURITY
�'_
INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF
LOWER
AGREEMENT,PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY
This made ' day i ', i 2017, by i 'Ontiveros Owner of
described and hereinafter referred to as "Owner, it and the City of San Bernardino, acting in its capacity as the
Successor HousingAgency to the Redevelopment of _ of
San Bernardino, 1 . owner • i' holder
of the Deed of Trust and Note;
WITNESSETH
WHEREAS, Owner(s) did on November 2, 2009, execute a Deed of Trust to Provident Title CoMpgpny, a
California Corporation, as trustee, covering:
LEGAL DESCRIPTION: The land herein after referred to is situated in the City of San Bernardino, County
of San Bernardino, State of California, and is described as follows:
to secure a Note in the sum of $14,500 dated November 9, 2009 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 January 7, 2010, as Instrument No. 2010-00073 5 8, Official Records of said county;
WHEREAS, all rights and obligations of the Beneficiary have since been transferred to the City of San
Bernardino as the Successor Housing Agency to the Redevelopment Agency of the City of San Bernardino
(`SuccessorBeneficiary") pursuant 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 $126,600 dated in favor of in
9 1 Quicken Loans, Inc., ISAOA, herei after
referred to as "Lender,," payable with interest and upon the terms and conditions described therein, which Deed of
Trust is to 1' recorded concurrently herewith; • !
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 lien or charge of the Deed of Trust first above mentioned; and
WHEREAS, lender is willing to make said loan provided the Deed of Trust securing the same is a lien or
charMe 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 Of
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:
1. 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.
V 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 lie
or charge of the Deed of Trust first above mentioned to the lien or charge of the Deed of Trust in fav
of the lender above referred to and shall supersede and cancel, but only insofar as would affect th
priority between the Deeds of Trust hereinbefore specifically described, any prior agreement as to suc
subordination including, but not limited to, those provisions, if any, contained in the Deed of Trust fir
above mentioned, which provide for the subordination of the lien or charge thereof to another Deed
Deeds of Trust or to another mortgage or mortgages. I
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.
NOTICE: THIS
SUBORDINATION
-ORD i,O AGREEMENT CONTAINS 1, PROVISION ALLOWS
PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A
PORTION OF WHICH MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENJ
OF THE LAVD
City of s Bernardino, s . • as the Successor Housing
Agency
to the Redevelopment Agency of the City of San Bernardino
Mark Scott, City Manager
City of San Bernardino
RAM
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