HomeMy WebLinkAboutCC RESO 2016-26RESOLUTION NO. 2016— 26
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY
AUTHORIZING THE MAYOR TO EXECUTE A SUBORDINATION AGREEMENT
ALLOWING A NEW MORTGAGE THAT IS NOT -TO -EXCEED $192,000
TO BE AND REMAIN A LIEN PRIOR AND SUPERIOR TO A HOME
PURCHASE ASSISTANCE LOAN ON A SINGLE -UNIT PROPERTY
LOCATED AT 2918 EAST DIVISION STREET IN NATIONAL CITY
WHEREAS, Martin and Isabel Vega ("Borrowers") are the owners of a single -unit
property located at 2918 East Division Street in National City; and
WHEREAS, in 2013 the City of National City made a loan for $40,000 from the
HOME Investment Partnerships Program to assist in the purchase of the single -unit property;
and
WHEREAS, the Borrowers desire to refinance the existing first mortgage to
reduce the interest rate to 3.75% with a new mortgage with a principal amount not -to -exceed
$192,000 from MUFG Union Bank, N.A. ("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 1st day of March, 2016.
on Morrison, Mayor
ATTEST:
Michael R. Dalla, Cit Clerk
ROVED AS TO FORM:
audia Gacit a Silva
City Attorney
Passed and adopted by the Council of the City of National City, California, on March 1,
2016 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
IN
City erk of the City of National City, California
By:
Deputy
I HEREBY CERTIFY that the above and 'foregoing is a full, true and correct copy of
RESOLUTION NO. 2016-26 of the City of National City, California, passed and adopted
by the Council of said City on March 1, 2016.
City Clerk of the City of National City, California
By:
Deputy