HomeMy WebLinkAbout2025-124 - T& T Community Properties, LLC, Neighborhood National Bank - Subordination of the HOME Investment Partnerships Program Loan for 138 Norton Avenue to Refinance the PropertyRESOLUTION NO. 2025 - 124
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY, CALIFORNIA,
AUTHORIZING THE CITY MANAGER OR THEIR DESIGNEE TO EXECUTE A
SUBORDINATION AGREEMENT WITH T & T COMMUNITY PROPERTIES LLC, A
CALIFORNIA LIMITED LIABILITY COMPANY, AND NEIGHBORHOOD NATIONAL BANK,
SUBORDINATING THE DEED OF TRUST THAT SECURES THE CITY'S HOME INVESTMENT
PARTNERSHIPS LOAN FOR $717,500 ON EIGHT RESTRICTED RENTAL UNITS LOCATED
AT 138 NORTON AVENUE IN NATIONAL CITY.
WHEREAS, T & T Community Properties, LLC, a California limited liability company,
("Borrower") is the owner of an 8-unit multifamily rental housing project ("Property") located at 138
Norton Avenue in National City; and
WHEREAS, in 2011, the City of National City made a loan for $717,500 from the HOME
Investment Partnerships ("HOME") Program restricting the eight units to between 30-60% of the
Area Median Income ("AMI") to assist in the substantial rehabilitation of the Property which was
secured with a Deed of Trust ("City Deed of Trust"); and
WHEREAS, Borrower desires to refinance existing debt of approximately $403,700 on the
Property through a new mortgage and cover the closing costs with the not -to -exceed principal
amount of $417,000 from Neighborhood National Bank ("Lender"); and
WHEREAS, in order to provide the new loan, the Lender requires the subordination of the
City Deed of Trust to the Lender's Deed of Trust.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF NATIONAL CITY,
CALIFORNIA, DOES RESOLVE, DECLARE, DETERMINE, AND ORDER AS FOLLOWS:
Section 1: That the City Council hereby authorizes the City Manager or his designee to
execute a Subordination Agreement with T & T Community Properties, LLC and Neighborhood
National Bank, and any other Escrow related documents as necessary.
Section 2: That the City Clerk shall certify to the passage and adoption of this Resolution
and enter it into the book of original Resolutions.
PASSED and ADOPTED this 16th day of S ber 2025.
n Morrison, Mayor
ATTEST:
Shelle hapel, MMC, City Clerk
APPROVED AS TO FORM:
2144 .1 d P, 0 4/� —
Barry J. S , City Attorney
Passed and adopted by the City Council of the City of National City, California, on
September 16, 2025 by the following vote, to -wit:
Ayes:
Molina, Rodriguez, Yamane, Bush, Morrison
Nays:
None.
Absent:
None.
Abstain:
None.
AUTHENTICATED BY: RON MORRISON
Mayor of the City of National City, California
Shelley Chapel
City Clerk of the City of National City, California
BY: -
/' Shelley pel, MMC, City Clerk