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HomeMy WebLinkAbout2017-2502 3 5 6 7 a 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. 2017-250 RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY OF ; BERNARDINO, CALIFORNIA, ACTING AS THE SUCCESSOR HOUSING AGENCY TO I REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO APPROVING I SUBORDINATION OF A DEED OF TRUST IN CONNECTION WITH A REFINANCING THE SENIOR MORTGAGE RELATING TO REAL PROPERTY LOCATED AT 275 E, 49TH STREET, SAN BERNARDINO, CALIFORNIA WHEREAS, on January 9, 2012, the Mayor and City Council of the City of San Bernardi California, ("Council') adopted Resolution No. 2012-12 confirming that the City of San Bernard would serve as the Successor Agency to the Redevelopment Agency ("Agency") of the City of c Bernardino ("Successor Agency") effective February 1, 2012, pursuant to AB 1 X 26 (The Redevelopm Agency Dissolution Act); and WHEREAS, on January 23, 2012, the City Council adopted Resolution No. 2012-19 provid for the City to serve as the Successor Housing Agency and perform the housing functions previoi performed by the Agency; and WHEREAS, pursuant to Health & Safety Code Section 34181(c) of ABIX26 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 275 East 49"' Street, S Bernardino, California ("Property") exists as of December 15, 2008, and recorded on January 30, 2009, Instrument Number 2009-0042498 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 securi interest of the First Mortgage Lender in the Property for the purpose of a third -party lender 1 2 3 4 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 i owner (Curtis W Philbert) requests the subordination so that they can proceed on a refinance and a 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 staff transfer all rights and interest in the Deed of Trust to the City in its capacity as the Successor Housi 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 int( in the Property senior to that of the Successor Housing Agency. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL THE CITY OF SAN BERNARDINO, CALIFORNIA, ACTING AS THE SUCCESSOR HOUSI AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO, FOLLOWS: Section 1. Pursuant to Health & Safety Code Section 34176, the Successor Housing Agex 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 as required by the City Charter and San Bernardino Municipal Code. 2 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 Tit REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO APPROVING TH SUBORDINATION OF A DEED OF TRUST IN CONNECTION WITH A REFINANCING O THE SENIOR MORTGAGE RELATING TO REAL PROPERTY LOCATED AT 275 EAST 49' STREET, SAN BERNARDINO, CALIFORNIA I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor ar City Council of the City of San Bernardino at a Joint Regular Meeting thereof, held on the 2C day of December 2017, by the following vote, to wit: Council Members: AYES MARQUEZ X BARRIOS X VALDIVIA X(M) SHORETT X(S) NICKEL X RICHARD X MULVIHILL X NAYS ABSTAIN ABSENT Georgeann FVuia, CMC, Cit Jerk The foregoing Resolution is hereby approved this 20a' day of December 2 �?' J J Approved as to form: Gary D. Saenz, City Attorney 1 B . 3 R. Carey Davi,, Mayor City of San Vernardino 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: Curtis Philbert 275 East 491h Street San Bernardino, CA 92404 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 20th day of December, 2017, by (Curtis Philbert), 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 December 15, 2008, execute a Deed of Trust to Fidelity National 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 7 in Block 19 of Tract No. 1834, San Bernardino Heights, in the City of San Bernardino, County of San Bernardino, State of California as per map recorded in Book 26, Pages 52, of maps, in the office of the County Recorder of said County. (APN 0154-126-27) to secure a Note in the sum of $67,500 dated December 15, 2008 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 30, 2009, as Instrument No. 2009-0042498, 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 $137,936, dated , in favor of Network Capital Funding Corporation. 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 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 WHEREAS, lender is willing to make said loan provided the Deed of Trust securing the same is alien 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 fust 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. 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 Agency of the City of San Bernardino Andrea M Miller, City Manager Owner City of San Bernardino Owner (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.