HomeMy WebLinkAboutCC RESO 2016-149RESOLUTION NO. 2016 — 149
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY
AUTHORIZING THE MAYOR TO EXECUTE A SUBORDINATION AGREEMENT
ALLOWING A NEW MORTGAGE NOT -TO -EXCEED $268,000
TO BE AND REMAIN A LIEN PRIOR AND SUPERIOR TO A HOME
PURCHASE ASSISTANCE LOAN ON A SINGLE -UNIT PROPERTY
LOCATED AT 2738 MELROSE STREET IN NATIONAL CITY
WHEREAS, Venus McKnight ("Borrower") is the owner of a single -unit property
located at 2738 Melrose Street in National City; and
WHEREAS, on April 1, 2015 the City of National City made a loan to Borrower
for $23,809 from the HOME Investment Partnerships Program to assist in the rehabilitation of
the single -unit property; and
WHEREAS, the Borrower desires to refinance the existing first mortgage to
reduce the interest rate to 3.49% with a new mortgage with a principal amount not -to -exceed
$268,000 from First California Funding, a California Corporation. ("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 20`h day of Septembe - 1 16
4
ATTEST:
Michael R. Dalla, ty Clerk
APPROVED AS TO FORM.
audia Gacitua
City Attorney
Morrison, Mayor
Passed and adopted by the Council of the City of National City, California, on
September 20, 2016 by the following vote, to -wit:
Ayes: Councilmembers Cano, Mendivil, Morrison, Rios.
Nays: None.
Absent: Councilmember Sotelo-Solis.
Abstain: None.
AUTHENTICATED BY:
RON MORRISON
Mayor of the City of National City, California
City CI rk of the City ofational City, California
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2016-149 of the City of National City, California, passed and
adopted by the Council of said City on September 20, 2016.
City Clerk of the City of National City, California
By:
Deputy