HomeMy WebLinkAbout2018-2361
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RESOLUTION NO. 2018-236
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
A SUBORDINATION OF A DEED OF TRUST IN CONNECTION WITH A REFINANCING
OF THE SENIOR MORTGAGE RELATING TO REAL PROPERTY LOCATED AT 6044
GREGORY 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 6044 Gregory Street, San
Bernardino, California ("Property") exists as of June 4, 2008, and recorded on June 17, 2008, as
Instrument Number 2008-0275545 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) (Clifford H. Rodrick) 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.
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
A SUBORDINATION OF A DEED OF TRUST IN CONNECTION WITH A REFINANCING
OF THE SENIOR MORTGAGE RELATING TO REAL PROPERTY LOCATED AT 6044
GREGORY 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 15th day of
August 2018, by the following vote, to wit:
Council Members: AYES NAYS ABSTAIN ABSENT
MARQUEZ X( 5
BARRIOS
VALDIVIA X
SHORETT Y
NICKEL
RICHARD X
MULVIHILL y W
GeorgeamA anna, Cm'e,- City Clerk
The foregoing Resolution is hereby approved this 15a' day of August 2018.
/ /1� 6c e. 7 L
R. Carey Davi: , Mayor
City of San Bernardino
Approved as to form:
Gary D. Saenz, City Attorney
� NO � W I � 11!
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