HomeMy WebLinkAboutResolution No. 99-R250 0
RESOLUTION NO. 9 9-R2 5
A RESOLUTION OF THE GOVERNING BOARD OF THE REDEVELOPMENT
AGENCY OF THE CITY OF AZUSA, CALIFORNIA, APPROVING A
SUBORDINATION AGREEMENT RELATED TO THE AZUSA SENIOR
PARTNERS, L.P. OWNER PARTICIPATION AGREEMENT
WHEREAS, the Redevelopment Agency of the City of Azusa ("Agency") entered
into that certain Owner Participation Agreement ("OPA") with American Retirement Villas
Properties 111, L.P.; and
WHEREAS, the Azusa Senior Partners, L.P. became the successor -in -interest to
American Retirement Villas Properties; and
WHEREAS, the Agency and Azusa Senior Partners entered into a First
Amendment to the OPA on February 1, 1999; and
WHEREAS, the terms of the OPA provide that that certain Deed of Trust
recorded for the benefit of the Agency on September 24, 1993, as Instrument No. 93-1865270 in
the Official Records of the County of Los Angeles, may be subordinated and made junior to a
First loan; and
WHEREAS, Azusa Senior Partners desires to refinance the first loan with Century
Housing Corporation and subordinate the Agency's Deed of Trust to the Deed of Trust to be
recorded to secure Century's loan; and
WHEREAS, the Agency and Azusa Senior Partners desire to enter into a
Subordination Agreement in the form attached hereto as Exhibit "A;" and
WHEREAS, it can be seen with certainty that the Agency's entering into the
Subordination Agreement will not cause any significant environmental effects.
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF
AZUSA, CALIFORNIA DOES FIND AND DECLARE THAT:
SECTION 1. The Agency Board hereby approves the Subordination Agreement
in substantially the form attached hereto as Exhibit A. The Agency's Executive Director is
hereby authorized and directed to execute the Subordination Agreement to be finalized and cause
its recordation with the Los Angeles County Recorder, and to execute such other documentation
and instruments as may be reasonably necessary to administer and implement the Subordination
Agreement.
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SECTION 2. The Agency's Executive Director is authorized, with the
concurrence of Agency Counsel, to make minor changes to the Subordination Agreement,
without further Agency Board approval.
SECTION 3. Agency staff is hereby directed to file with the Los Angeles County
Clerk's Office, within five (5) days from the adoption of this Resolution, a Notice of Exemption
pursuant to the Agency's CEQA Guidelines.
SECTION 4. This Resolution shall become effective upon its adoption.
PASSED, APPROVED AND ADOPTED this'7ttt ,dav of
Cristina C. Madrid
Chairperson
ATTEST:
Agency
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )ss
CITY OF AZUSA )
I, Adolph Solis, Agency Secretary of the Redevelopment Agency of the City of Azusa, do
hereby certify that the foregoing Resolution is the actual Resolution duly and regularly adopted
at a regular meeting of the Agency's Governing Board on the 7th day of June
1999, by the following vote to wit:
AYES: BOARDMEMBERS: HARDISON, STANFORD, ROCHA, BEEBE, MADRID
NOES: BOARDMEMBERS: NONE
ABSTAIN: BOARDMEMBERS: NONE
ABSENT BOARDMEMBERS: NONE