HomeMy WebLinkAboutCC RESO 2017-218RESOLUTION NO. 2017 — 218
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 $265,100
TO BE AND REMAIN A LIEN PRIOR AND SUPERIOR TO A HOME PURCHASE
ASSISTANCE LOAN ON A SINGLE -UNIT PROPERTY LOCATED
AT 726 MARIPOSA CIRCLE IN NATIONAL CITY
WHEREAS, Cristopher G. Manlongat and Maverick V. Manlongat ("Borrowers")
are the owners of a condominium located at 726 Mariposa Circle in National City; and
WHEREAS, in 2017 the City of National City made a loan for $67,400 from the
HOME Investment Partnerships Program to assist in the purchase of the condominium; and
WHEREAS, the Borrowers desire to refinance the existing first mortgage to
reduce the interest rate to 4.125% with a new mortgage with a principal amount not -to -exceed
$265,100 from Impac Mortgage Corp dba Cashcall Mortgage (`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
Recorder's Office, a copy of the Subordination Agreement will be on file in the office of the City
Clerk.
PASSED and ADOPTED this 215t day of November, 2017.
ATTEST:
Michael R. Della, City Clerk
APPROVED
if.,.
TO FORM:
rris-Jones
orney
Passed and adopted by the Council of the City of National City, California, on
November 21, 2017 by the following vote, to -wit:
Ayes: Councilmembers Mendivil, Morrison, Rios, Sotelo-Solis.
Nays: None.
Absent: Cano.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Mayor of the City of National City, California
erk of the ty q�f
National City, California
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2017-218 of the City of National City, California, passed and
adopted by the Council of said City on November 21, 2017.
City Clerk of the City of National City, California
By:
Deputy
City