HomeMy WebLinkAbout2017-1491
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RESOLUTION NO. 2017-149
RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, ACTING AS THE SUCCESSOR HOUSING AGENCY TO THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO APPROVING THE
SUBORDINATION OF A DEED OF TRUST IN CONNECTION WITH A REFINANCING OF
THE SENIOR MORTGAGE RELATING TO REAL PROPERTY LOCATED AT 280 EAST 49TH
STREET, SAN BERNARDINO, CALIFORNIA
WHEREAS, on January 9, 2012, the Mayor and City Council of the City of San Bernardino,
California, ("Council") adopted Resolution No. 2012-12 confirming that the City of San Bernardino
would serve as the Successor Agency to the Redevelopment Agency ("Agency") of the City of San
Bernardino ("Successor Agency") effective February 1, 2012, pursuant to ABIX 26 (The Redevelopment
Agency Dissolution Act); and
WHEREAS, on January 23, 2012, the City Council adopted Resolution No. 2012-19 providing
for the City to serve as the Successor Housing Agency and perform the housing functions previously
performed by the Agency; and
WHEREAS, pursuant to Health & Safety Code Section 34181(c) of AB 1 X26 the Oversight
Board is to direct the transfer of housing responsibilities, including all rights, powers, duties, obligations
and assets, to the Successor Housing Agency; and
WHEREAS, pursuant to Health & Safety Code Section 34176(e)(1) of AB1484 the restrictions
on the use of real property such as affordability covenants entered into by the Agency are considered a
housing asset; and
WHEREAS, a Deed of Trust affecting real property located at 280 East 49U' Street, San
Bernardino, California ("Property") exists as of December 9, 2008, and recorded on December 22, 2008,
as Instrument Number 2008-0562703 in the Official Records of the County of San Bernardino ("Deed of
Trust"); and
WHEREAS, the terms of the Deed of Trust allow the Trustor to obtain the release of the security
interest of the First Mortgage Lender in the Property for the purpose of a third -party lender which
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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 (Angelic J Bustos) requests the subordination so that they can proceed on a refinance 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 a
housing asset and/or housing function, and desires to authorize Successor Housing Agency staff to
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 a
subordination agreement for the purposes of causing the new third -party lender to have a security interest
in the Property senior to that of the Successor Housing Agency.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF
THE CITY OF SAN BERNARDINO, CALIFORNIA, ACTING AS THE SUCCESSOR HOUSING
AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO, AS
FOLLOWS:
Section 1. Pursuant to Health & Safety Code Section 34176, the Successor Housing Agency
to the Redevelopment Agency of the City of San Bernardino does hereby find and determine that the
Deed of Trust is a housing asset and/or housing function and hereby authorizes the City Manager or
his/her designee, to execute the Subordination Agreement (attached and incorporated herein as Exhibit
"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 manner
as required by the City Charter and San Bernardino Municipal Code.
F
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2s
RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, ACTING AS THE SUCCESSOR HOUSING AGENCY TO THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO APPROVING THE
SUBORDINATION OF A DEED OF TRUST IN CONNECTION WITH A REFINANCING OF
THE SENIOR MORTGAGE RELATING TO REAL PROPERTY LOCATED AT 280 EAST 49TH
STREET, SAN BERNARDINO, CALIFORNIA
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor and
City Council of the City of San Bernardino at a Joint Regular Meeting thereof, held on the lob
day of August 2017, by the following vote, to wit:
Council Members: AYES NAYS
MARQUEZ X
BARRIOS
VALDIVIA X(M)
SHORETT X
NICKEL X
RICHARD X
MULVIHILL X(S)
ABSTAIN ABSENT
Georg hn Hanna, tMC, City Clerk
The foregoing Resolution is hereby approved this 16'x' day of August 2017.
R. Carey Davi , Mayor
City of San Mmardino
Approved as to form:
Gary D. Saenz, City Attorney
By.
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