HomeMy WebLinkAbout2018-1851
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RESOLUTION NO. 2018-185
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 263 EAST 49" 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
AB1X 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 ABIX26 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 263 East 49`h Street, San
Bernardino, California ("Property") exists as of December 3, 2008, and recorded on January 8,
2009, as Instrument Number 2009-0008326 in the Official Records of the County of San
Bernardino ("Deed of Trust"); and
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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 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(s) (Miguel Duran) request 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; and
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 hereby authorizes the City Manager or
his/her designee, to execute the Subordination Agreement (attached and incorporated herein as
Exhibit "A") and do all such acts and things necessary to cause it to be recorded with the San
Bernardino County Recorder.
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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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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 263 EAST 49" 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 5th
day of July 2018, by the following vote, to wit:
Council Members: AYES NAYS
MARQUEZ
BARRIOS
VALDIVIA 1C
SHORETT
)CCM
x
NICKEL
RICHARD
X
MULVIHILL
X (5
ABSTAIN ABSENT
Georgean anna, CMC, City Clerk
The foregoing Resolution is hereby approved this 5th day of July 2018.
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Approved as to form:
Gary D. Saenz, City Attorney
By:
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R. Carey Dav , Mayor
City of San Kernardino