ARA1990-28RESOLUTION NO. ARAg0-28
A RESOLUTION OF THE ANAHEIM REDEVELOPMENT
AGENCY AUTHORIZING THE EXECUTIVE DIRECTOR TO
SIGN SUBORDINATION AGREEMENTS FOR FIRST TIME
HOMEBUYER DOWN PAYMENT ASSISTANCE PROGRAM
WHEREAS, the Anaheim Redevelopment Agency (the "Agency")
has established the First Time Homebuyers Down Payment
Assistance Program (the "Program") to assist persons of low and
moderate income to purchase homes at an affordable cost in
certain areas of the City of Anaheim; and
WHEREAS, pursuant to the Program, the Agency has agreed to
make certain loans to first time homebuyers, has required a
deed of trust (the 'Agency Deed of Trust') to be executed in
'favor of the Agency to secure such loans and has required the
execution and recording of a declaration of covenants,
conditions and restrictions (the 'CC&Rs') to be placed against
the property to be purchased by the first time homebuyer; and
WHEREAS, the Agency has found that home mortgage lending
institutions in the community are unwilling to make loans to
participants in the Program unless the CC&Rs and the Agency
Deed of Trust are subordinated to the first deeds of trust to
be obtained by such lenders; and
WHEREAS, the Agency finds'that an economically feasible
alternative method of financing, refinancing or assisting
properties pursuant to the Program on substantially comparable
terms and conditions, but without subordination, is not
reasonably available; and
WHEREAS, the Agency finds that it will obtain written
commitments from such lenders reasonably designed to protect
the Agency's investment, including the Agency's right to cure
in the event of a default under loans to which the provisions
of the Agency Deed of Trust and the CC&Rs are subordinate;
NOW, THEREFORE, BE IT RESOLVED by the Anaheim Redevelopment
Agency that the Executive Director of the Agency or her
designee is authorized to execute all documents and take all
other actions necessary to subordinate the Agency Deed of Trust
and the CC&Rs to those first deeds of trust encumbering that
real property to be purchased by participants of the First Time
Homebuyers Down Payment Assistance Program.
PASSED, 'APPROVED AND ADOPTED THIS 25th DAY OF September ,
1990.
AYES -
NOES '
ABSENT:
ABSTAIN'
ATTEST'
Agency Secretary
~alrman /
-2-
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF ANAHEIM )
I, LEONORA N. SOHL, Secretary of the Anaheim Redevelopment Agency, do hereby
certify that the foregoing Resolution No. ARA90-28 was passed and adopted at a
regular meeting of the Anaheim Redevelopment Agency held on the 25th day of
September, 1990, by the following vote of the members thereof:
AYES' AGENCY MEMBERS' Dally, Ehrle, Kaywood, Pickler and Hunter
NOES' AGENCY MEMBERS' None
ABSENT' AGENCY MEMBERS' None
AND I FURTHER CERTIFY that the Chairman of the Anaheim Redevelopment Agency
signed said Resolution on the 27th day of September, 1990.
IN WITNESS WHEREOF, I have hereunto set my hand and seal this 27th day of
September, 1990.
SECRETARY OF THE ANAHEIM REDEVELOPMENT AGENCY
( SEAL)