HomeMy WebLinkAbout1990-05 HA
.
.
.
.
.
RESOIIJI'ICN NO. 90-5
A RESOIIJI'ICN OF nIE IWSING AIJIHORITY OF nIE
CITY OF SANTA ANA APPROVING nIE ASSUMPl'ICN
OF OBLIGATICNS REIATING 'ro nIE TRADEWINDS
SENIORS APARIMENI'S PR:IJECI', APPROVING nIE
SAIE OF SAID PR:IJECI', AUIHDRIZING nIE EXEaJTICN
OF ooaJMEN'1"S REIATING 'IHEREIO, AND AUIHDRIZING
CERI'AIN ACTICNS IN exEœel'ICN WI'lH nIE FOREX;OING
WHEREAS, the Housin:J Authority of the City of Santa Ana (the
"Authority") has previously issued its MUlti-Family Hcusin:J Revenue Borns,
1985 Series A (Fannie Mae Program) (the "Borns") to assist in the financin:J of
the Tradewiros Seniors Apartments project (the "Project"): arxl
WHEREAS, the Regulatory J\greement arxl Declaration of Restrictive
Covenants dates as of July 1, 1985, ~ the Authority, The Bank of
Califomia, N.A., as the mortgage servicer (the "Mortgage Servicer"), Pulliam
Properties, the developer arxl original owner of the Project (the "Develq¡er"),
arxl The Bank of California, N.A., the original trustee (the "Regulatory
J\greement"), execute:i in connection with the issuance of the Borns arxl
enctnnhP.rin:J the Project, requires that, prior to the sale of the Project, the
prior written consent of the Authority 1IIL1St be ciJtained arxl certain other
comitions 1IIL1St be met: arxl
WHEREAS, Frank Joseph Araiza arxl Julia Araiza, as Trustees of the Frank
J. Araiza Family Trust, date:i March 10, 1980, the current owner of the Project
(the "0Wner") desire to sell the Project to 1609 Tradewiros Apartments, L.P.,
a Califomia limite:i partnership (the "Buyer") arxl have requested the consent
of the Authority thereto;
NCW, ~UlŒ, BE IT RESOLVED by the Hcusin:J Authority of the City of
Santa Ana, as follOílS:
SECI'ICN 1. The transfer of the Project fran the OWner to the Buyer arxl
the assumption by the Buyer of the obligations of the OWner urrler the
Regulatory Agreement arxl the Developer !Dan o.::.:,nnørrt:s (as defined in the
Regulatory Agreement) are hereby awrcved pursuant to, ~ other documents,
the Assumption of Regulatory J\greement arxl Declaration of Restrictive
Covenants date:i as of July 1, 1990 ~ the OWner, the Buyer, Bankers Trust
~11Y of California, the current trustee (the "Trustee"), the Mortgage
servicer arxl the Authority, (the "Assumption J\greementll), a copy of which is
attached hereto arxl incorporate:i herein; subject to (a) the execution by the
OWner, the Buyer, the Trustee arxl the Mortgage Servicer of the Assumption
Agreement, as approved in Section 2 below, arxl the due recordation of the
Assumption Agreement as an encumbrance upon the Project, (b) evidence
reasonably satisfactory to the Executive Director, the Mortgage Servicer arxl
the Trustee that the Buyer has assumed in writin;J arxl in full the obligations
of the Developer urrler the Developer Loan Documents, (c) receipt by the
Authority arxl the Trustee of an opinion of Counsel to the Buyer arxl opinion of
counsel to the Authority arxl the Trustee, as required by Section 11 of the
.
.
.
.
.
Regulatory Agreement, ani (d) receipt by the AuthoritY of all current fees
CMin;J by the OWner to the AuthoritY umer ani in connection with the
Regulatory h,¡L':.::IIIE!I/t ani the Developer !Dan TW1III<>1'1ts ani its fees for its
legal COln1Sel, stradliIq, Yocca, Carlson ani Rauth, ~ the AuthoritY
as further described in Section 4 hereof.
SECTICN 2. '!he ~ion 1Igreement, in the form on file with the
Executive Director, is hereby a¡:praved. '!he Executive Director is hereby
authorized ani directed to execute ani deliver the ~ion Agreement, for
ani in the name ani on behalf of the AuthoritY, in such form or with such
chan;1es thereto as the Executive Director shall approve, the execution ani
delivery of the Assumption 1Igreement by the Executive Director to be
conclusive evidence of his approval of any such chan;Jes.
SECTICN 3. The AuthoritY hereby designates ani authorizes the Executive
Director of the AuthoritY or his designee to take all actions ani to execute
any certificates or other d"CI"""'TTts in connection with the fulfillment of the
AuthoritY's obligations umer the Developer !Dan Th-oI"""'TTts, the Regulatory
Agreement or other documents executed in connection with the BoOOs.
SECI'ICN 4. StradliIq, Yocca, Carlson ani Rauth is hereby appointed to
act as COln1Sel to the AuthoritY ani Trustee in connection with the transfer of
the Project ani is requested to deliver the opinion required by Section 11 of
the Regulatory Agreement to be delivered by such COln1Sel, upon the
satisfaction of all corrlitions to the issuance of such opinion set forth
herein ani in the Regulatory Agreement.
SECTICN 5. 'Ibis Resolution shall take effect illlmAdiately upon its
adoption.
AOOPl'ED this 2nd. day of
July
, 1990 by the fo11owiIq vote:
AYES: 7 MEMBERS: Young, Acosta, Griset, May
McGuigan, Norton, Pulido
NOES: 0 MEMBERS:
ABSENT: 0 MEMBERS:
$.-¿:MLd' -r-
APPR:JVED AS 'ro FORM: