HomeMy WebLinkAboutCC RESO 2015-147RESOLUTION 2015 — 147
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY
AUTHORIZING THE MAYOR TO EXECUTE A SUBORDINATION AGREEMENT
WITH T&T COMMUNITY PROPERTIES, LLC, A CALIFORNIA LIMITED LIABILITY
COMPANY, SUBORDINATING THE DEED OF TRUST THAT SECURES
A HOME INVESTMENT PARTNERSHIP PROGRAM LOAN FOR $717,500
ON EIGHT RESTRICTED RENTAL UNITS LOCATED AT 138 NORTON AVENUE
IN NATIONAL CITY FOR THE PURPOSE OF REFINANCING EXISTING DEBT
WHEREAS, T&T Community Properties, LLC, a California limited liability
company, organized under the laws of the State of California ("Borrower"), is the owner of an
eight -unit multifamily rental housing project (the "Project") located at 138 Norton Avenue in
National City; and
WHEREAS, in 2011, the Community Development Commission of the City of
National City made a loan for $717,500 from the HOME Investment Partnerships Program to
assist in the substantial rehabilitation of the Project; and
WHEREAS, the Borrower desires to refinance existing debt of approximately
$550,000 on the Project through a new mortgage for the principal amount not -to -exceed
$550,000 from California Bank & Trust (the "Lender"); and
WHEREAS, In order to provide the loan, the Lender requires the subordination of
the Deed of Trust that secures the HOME funds.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
National City hereby authorizes the Mayor to execute a Subordination Agreement and any other
Escrow related documents as necessary. After being recorded by the County of San Diego, a
copy of the Subordination Agreement will be on file in the office of the City Clerk.
PASSED and ADOPTED this 6th day of October, 20
on Morrison, or
ATTEST:
a
Michael R. Dalla, City Clerk
ROVED AS. 0 FO
' . udia a itu : Silva
City Attorne
Passed and adopted by the Council of the City of National City, California, on October
6, 2015 by the following vote, to -wit:
Ayes: Councilmembers Cano, Mendivil, Morrison, Rios, Sotelo-Solis.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Mayor of the City of National City, California
i,t;#46t City erk of the City o National City, California
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2015-147 of the City of National City, California, passed and
adopted by the Council of said City on October 6, 2015.
City Clerk of the City of National City, California
By:
Deputy