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HomeMy WebLinkAbout2017-1201 2 3 4 5 6 7 s 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 2s RESOLUTION NO. 2017-120 RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY OF S BERNARDINO, CALIFORNIA, ACTING AS THE SUCCESSOR HOUSING AGENCY TO T REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO APPROVING T SUBORDINATION OF A DEED OF TRUST IN CONNECTION WITH A REFINANCING THE SENIOR MORTGAGE RELATING TO REAL PROPERTY LOCATED AT 766 NOR SAN CARLO AVENUE, SAN BERNARDINO, CALIFORNIA WHEREAS, on January 9, 2012, the Mayor and City Council of the City of San Bernarc California, ("Council") adopted Resolution No. 2012-12 confirming that the City of San Bernar would serve as the Successor Agency to the Redevelopment Agency ("Agency") of the City of Bernardino ("Successor Agency") effective February 1, 2012, pursuant to AB1X 26 (The Redevelop Agency Dissolution Act); and WHEREAS, on January 23, 2012, the City Council adopted Resolution No. 2012-19 providi for the City to serve as the Successor Housing Agency and perform the housing functions previot performed by the Agency; and WHEREAS, pursuant to Health & Safety Code Section 34181(c) of AB1X26 the Oversi Board is to direct the transfer of housing responsibilities, including all rights, powers, duties, obligati and assets, to the Successor Housing Agency; and WHEREAS, pursuant to Health & Safety Code Section 34176(e)(1) of AB1484 the restrictioi on the use of real property such as affordability covenants entered into by the Agency are considered housing asset; and WHEREAS, a Deed of Trust affecting real property located at 766 North San Carlo Avenue, S Bernardino, California ("Property") exists as of August 15, 2007, and recorded on September 4, 2007, Instrument Number 2007-0509887 in the Official Records of the County of San Bernardino ("Deed Trust"); and WHEREAS, the terms of the Deed of Trust allow the Trustor to obtain the release of the interest of the First Mortgage Lender in the Property for the purpose of a third -party lender ON 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 refinances the purchase money mortgage of the First Mortgage Lender; and WHEREAS, an escrow has been opened on the Property affected by the Deed of Trust on which. owner (Yolanda Quintero) requests the subordination so that they can proceed on a refinance and a clew 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 a housing asset and/or housing function, and desires to authorize Successor Housing Agency staff tc transfer all rights and interest in the Deed of Trust to the City in its capacity as the Successor Housing Agency; and WHEREAS, Successor Housing Agency staff desires to cause to be signed and recorded subordination agreement for the purposes of causing the new third -party lender to have a security intere in the Property senior to that of the Successor Housing Agency. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL C THE CITY OF SAN BERNARDINO, CALIFORNIA, ACTING AS THE SUCCESSOR HOUSIN AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO, A FOLLOWS: Section 1. Pursuant to Health & Safety Code Section 34176, the Successor Housing to the Redevelopment Agency of the City of San Bernardino does hereby find and determine that Deed of Trust is a housing asset and/or housing function and hereby authorizes the City Manager his/her designee, to execute the Subordination Agreement (attached and incorporated herein as Exhi "A") and cause it to be recorded with the San Bernardino County Recorder. Section 2. This Resolution shall take effect upon its adoption and execution in the man: as required by the City Charter and San Bernardino Municipal Code. E 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY OF SA! BERNARDINO, CALIFORNIA, ACTING AS THE SUCCESSOR HOUSING AGENCY TO TI#1 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO APPROVING Till SUBORDINATION OF A DEED OF TRUST IN CONNECTION WITH A REFINANCING Ol THE SENIOR MORTGAGE RELATING TO REAL PROPERTY LOCATED AT 766 NORTI SAN CARLO AVENUE, SAN BERNARDINO, CALIFORNIA I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor an. City Council of the City of San Bernardino at a Joint Regular Meeting thereof, held on the 5' day of July 2017, by the following vote, to wit: Council Members: AYES NAYS ABSTAIN ABSENT MARQUEZ X BARRIOS X VALDIVIA X SHORETT X NICKEL X(S) RICHARD X MULVIHILL X(M) .0 LrL Georgea Hanna, C , City Clerk The foregoing Resolution is hereby approved this 5th day of July 2017. /e R. Carey Da's, Mayor City of San ernardino Approved as to form: Gary D. Saenz, City Attorney By 3 USA National Title Co When recorded mail to: City of San Bernardino, acting in its ' capacity as the Successor Housing Agency to the Redevelopment Agency of the City of San Bernardino 300 North D Street San Bernardino, CA 92401 Owner Name: Yolanda Quintero 766 N San Carlo Avenue Electronically Recorded in Official Records, County of San Bernardino BOB DUTTON rte'' ASSESSOR - RECORDER - CLERK 931 USA National Title Co Doc #: 2017-0419480 Titles: 1 10/11/2017 11;09 AM CG Pages: 11 -San Bernardino, CA 92410 �1l� '?� SPACE 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 15th day of May, 2017, by Yolanda Quintero and Daniel uintero), Owner of the land hereinafter described and hereinafter referred to as "Owner," and the Ciy 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; WITNESSETH WHEREAS, Owner(s) did on August 15, 2007, execute a Deed of Trust to First American Title Compam, 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: //&(, /kA Lot 18 of Tract No. 17524 in the City of San Bernardino, County of San Bernardino, State of California as per map recorded in Book 319 Pages 39 to 42 inclusive of maps, in the office of the County Recorder of said County. (APN 0142-033-18) to secure a Note in the sum of $81,180 dated August 15, 2007 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 September 4. 2007, as Instrument No. 2007-0509887, 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 ("Successor Beneficiary") 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 $313,000, dated September 27, 2,at1 fhvor ofParamount Residential Morteaee Group, Inc„ 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 W�� &Ifah � 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 1 Fees 55.00 Taxes .00 Other .00 PAID 55.00 -San Bernardino, CA 92410 �1l� '?� SPACE 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 15th day of May, 2017, by Yolanda Quintero and Daniel uintero), Owner of the land hereinafter described and hereinafter referred to as "Owner," and the Ciy 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; WITNESSETH WHEREAS, Owner(s) did on August 15, 2007, execute a Deed of Trust to First American Title Compam, 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: //&(, /kA Lot 18 of Tract No. 17524 in the City of San Bernardino, County of San Bernardino, State of California as per map recorded in Book 319 Pages 39 to 42 inclusive of maps, in the office of the County Recorder of said County. (APN 0142-033-18) to secure a Note in the sum of $81,180 dated August 15, 2007 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 September 4. 2007, as Instrument No. 2007-0509887, 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 ("Successor Beneficiary") 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 $313,000, dated September 27, 2,at1 fhvor ofParamount Residential Morteaee Group, Inc„ 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 W�� &Ifah � 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 1 USA National Title Co When recorded mail to: City of San Bernardino, acting in its ' capacity as the Successor Housing Agency to the Redevelopment Agency of the City of San Bernardino 300 North D Street San Bernardino, CA 92401 Owner Name: Yolanda Quintero 766 N San Carlo Avenue San Bernardino, CA 92410 SPACE ABOVE THIS LINE FOR RECORDERS USE. 1 I 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 15th day of May, 2017, by (Yolanda Quintero and Daniel Quintero), 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; WITNESSETH WHEREAS, Owner(s) did on August 15. 2007, execute a Deed of Trust to First American Title Company 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: Lot 18 of Tract No. 17524 in the City of San Bernardino, County of San Bernardino, State of California as per map recorded in Book 319 Pages 39 to 42 inclusive of maps, in the office of the County Recorder of said County. (APN 0142-033-18) to secure a Note in the sum of $81,180 dated August 15, 2007 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 September 4, 2007, as Instrument No. 2007-0509887, 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 ("Successor Beneficiary") 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 $313,000, dated September 2 7, 204 f,6vor of Paramount Residential Mortgaee Group, Inc., 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 L 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 1 GOVERNMENT CODE 27361.7 I CERTIFY UNDER PENALTY OF PERJURY THAT THIS MATERIAL IS A TRUE COPY OF THE ORIGINAL MATERIAL CONTAINED IN THE DOCUMENT: ATTACHED FOR CLARITY: ..dated September 27. 2017 in favor of Paramount Residential Mortgage Group, Inc., hereinafter.. SYNRGO INC, AS AGENT DATE. rko",-- Signaturl—/ Place of Execution: Redlands, CA 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: 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. 2. That Lender would not make its loan above described without this Subordination Agreement. 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 of the lender 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. 2 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 Re evelopment Agency of the City of San Bernardino Andrea M Miller, City Manager Owner City of San Bernardino Owner SIGNED IN COUNTERPARTS (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. CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 A otary npublic 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 1:%7 On o '��� before me, Date �j Here insert Name a, d Title of the O ' er personally appeared . _ ��' /' ` 1,171AGr Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the perso�hose nameksr-Watv- sub,acribed to the within instrument and acknowledged to me that Avvshe/t executed the same in /her/th authorized capacity(ies and that byrMs%her/theT-signatureksro—n the instrument the persorj(*-,- or the entity upon behalf of which the personated, 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. WITNESSmy hand official seal. VALERIE R. MONTOYA Notary Public - California Signature �OL�245�z_ = son Bernardino County Signature of Notary tic Commission * 2159279 MyComm Ex ues Au 2.2020 Place Notary Seal Above OPTIONAL Though this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended.,document. Description of Attached Document Title or Type of Document: Document Date:or Number of Pages: �— Signer(s) Other Than Named Above: Capacity(ies) ClaimAp bp Signer s Signer's Name: /�'�- • A ��Signer's Name: ❑ Corporate Officer — Title(s): Corporate Officer — Title(s): ❑ P er — Limited El General Partner — Limited C_l General ndividual ❑ Attorney in Fact Individual CI Attorney in Fact ❑ Trustee f 7 Guardian or Conservator Trustee Cl Guardian or Conservator ❑ Other: 1 Other: Signer Is Representing: er Is Representing:. L:'e .'✓:'✓'.`�,:�UG'✓. tiG.•rit�!<'✓:<r�:C✓.C:!:'✓.v3s�ri:�'!.'✓.�5:�'i.tiS.C'!.�SI:�S.�::v_it<'. 'ri:�a ism.:��'!.�!:C_!.C'%�✓:v�.G_�:��:�S:v!:C✓:� � 1 � • • � • • • • • • :11 � " ill i • •i •1 ILLEGIBLE NOTARY SEAL DECLARATION GOVERNMENT CODE 27361.7 1 certify under penalty of perjury that the notary seal on the document to which this statement is attached reads as follows: Name of Notary Notary Identification Number County Where Bond Is Filed Date Commission Exp Vendor# Place of Execution: Redlands, CA iC-. Mun10.AL,,, 2,11 2020 NNft-I (01 SYNRGO, Inc. as agent DATE: / H ! I I Signature 909 980 1160 ON 00:29:27 10-03-2017 111 NOTICE: THIS SUBORDINATION AGREEMENT COWAINS A PROVISION WHICH ALLOWS TI{E PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF WHICH MAY BE.EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF TME LAND. City of San Bernardino, acting as the Successor Housing Agency to the Redevelopment Agency of the City of San BernardinoSIGNED IN COUNTERPARTS Mark Scott, City Manager Qwher -�- - --_ City of San Bernardino O%rner c'v\!Q-: (ALL SIGNATURES MUST BE ACKNOWLEDGED) IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMEN.r. THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. State of- -Pel I'l County of:G\avv 1 - Sign ancksworn to Lo nature of N to affirmed) before me rial Officer ,. , MA V. MEJU N YrAW PUeI.�, STATE OF NEVADA IV Cw=bWw Bow 12�14 „ r Comte Nx 1rr10U&1 ILLEGIBLE NOTARY SEAL DECLARATION GOVERNMENT CODE 27361.7 1 certify under penalty of perjury that the notary seal on the document to which this statement is attached reads as follows: Name of Notary Notary Identification Number County Where Bond Is Filed Date Commission Exp Vendor# Place of Execution: Redlands, CA } SYNRGO, Inc. as agent DATE: ! `� ! t Signature Ali 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 Agencv of the City of San Bernardino SIGNED IN COUNTERPARTS Mark Scott, City Manager=� City of San Bernardino Owner KIACALWa' t-l.IF*%o (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. ACKNOWLEDGMENT 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 Califo•nia County of C } On 1� U,' Q-01'? before me, 0. GA0*4z- i 1N C rELh(j�c- (insert name and title of the officer) personally appeared _ _�l1 �� M Q1a W.kyrU who proved to me on the basis of satisfactory evidence to be the person(f) whose name((6) is/a& subscribed to the within instrument and acknowledged to me that h6/she/tWey executed the same in hi�/herltoeir authorized capacity(ies), and that by hA/her/Keir signatureo) on the instrument the person(, or the entity upon behalf of which the persons) acted, 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. C. GOw-RIZO WITNESS my hand and official seal. comm. #2168359 c ., � Notary Public • Catiforma � Bernardino County on. ires OCL 16'2D Signature C r �� � (Seal) -� v EXHIBIT 'A' Lot 18 of Tract No. 17524 in the City of San Bernardino, County of San Bernardino, State of California as per map recorded in Book 319 Pages 39 to 42 inclusive of maps, in the office of the county recorder of said county. APN: 0142-033-18