HomeMy WebLinkAboutCC RESO 2018-7RESOLUTION NO. 2018 — 7
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY
REPEALING RESOLUTION NO. 2017-218, AND AUTHORIZING
THE MAYOR TO EXECUTE A CORRECTED SUBORDINATION AGREEMENT
ALLOWING A NEW MORTGAGE THAT IS NOT -TO -EXCEED $272,400
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, in 2017, the City of National City approved a loan for $67,400 from
the HOME Investment Partnerships Program to assist in the purchase of a condominium
located at 726 Mariposa Circle in National City (the "Condominium"): and
WHEREAS, the owners of the Condominium desire to refinance the existing first
mortgage to reduce the interest rate to 4.125% for a new mortgage with a principal amount not -
to -exceed $272,400, which has been approved by Impac Mortgage Corp dba Cashcall
Mortgage (the "Lender"): and
WHEREAS, on November 21, 2017, the City Council adopted Resolution 2017-
218 approving the new mortgage with a principal amount not -to -exceed $265,100; and
WHEREAS, the closing costs in the not to exceed amount of $7,300 were not
included in the new mortgage approved by Council on November 21, 2017, therefore, it is
necessary to repeal Resolution No. 2017-218 and approve a new Subordination Agreement with
the corrected not to exceed amount of $272,400; 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 repeals Resolution No. 2017-218, adopted on November 21, 2017.
BE IT FURTHER RESOLVED that the City Council of the City of National City
hereby authorizes the Mayor to execute a new Subordination Agreement, with the corrected not
to exceed amount of $272,400, and any 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.
ATTEST:
PASSED and ADOPTED this 6`h day of February,
Morrison, Mayor
APPROVED AS TO F
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Passed and adopted by the Council of the City of National City, California, on
February 6, 2018 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
tii
City Clerk of the City of tional City, California
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2018-7 of the City of National City, California, passed and adopted
by the Council of said City on February 6, 2018.
City Clerk of the City of National City, California
By:
Deputy