HomeMy WebLinkAboutResolution No. 83L
RESOLUTION NO. 83
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A RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF AZUSA APPROVING A COMMIT-
MENT CONTRACT, A SERVICING AGREEMENT,
SERVICERS' GUIDE, MORTGAGE LOAN PURCHASE
AGREEMENT AND SELLERS' GUIDE_ AND AUTHO-
RIZING CERTAIN TRANSACTIONS
WHEREAS, the Redevelopment Agency of the City of Azusa (the
"Agency") is undertaking the implementation of the
Redevelopment Plan for the Azusa Central Business District
Redevelopment Project; and
WHEREAS, in connection with the implementation of the
project, the Agency desires to issue residential mortgage
revenue bonds for the purpose of providing financing for the
completion of the residential construction and in connection
therewith desires to approve certain documents substantially in
the form attached hereto.
NOW, THEREFORE, the Redevelopment Agency of the City of
Azusa does hereby resolve as follows:
SECTION 1: The Commitment Contract among the Agency, Atlas
Capital Corporation, First Interstate Bank of California as
Trustee and Sierra Properties, substantially in the form
attached hereto as Exhibit "A" is hereby approved.
SECTION 2: The Servicing Agreement among the Agency, Atlas
Capital Corporation and First Interstate Bank of California,
substantially in the form attached hereto as Exhibit "B" and
the Servicing Guide substantially in the form attached hereto
as Exhibit "C" are hereby approved.
SECTION 3: The Mortgage Loan Purchase Agreement among the
Agency, Atlas Capital Corporation and First Interstate Bank of
California, substantially in the form attached hereto as
Exhibit "D", and Sellers' Guide substantially in the form
attached hereto as Exhibit "E" are hereby approved.
SECTION 4: The Chairman and/or the Executive Director of
the Agency or his deputy are hereby authorized and directed to
execute said documents substantially in the form attached with
such additions, corrections, modifications or deletions
including the substitution of trustee or originator as are
approved by bond counsel and are further authorized to take
such additional actions as are necessary to insure the prompt
and expeditious sale of the bonds.