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06/12/2017 <br />WHEREAS, the Redwood Family House, located at 110 Locust Street, <br />Redwood City, CA (the "Property"), has been serving extremely low income and <br />homeless families in San Mateo County for the past 30 years; and <br />WHEREAS, in December 1988, the City of Redwood City also provided Mid Pen <br />a property rehabilitation loan in the amount of $55,000 from the City's CDBG <br />entitlement at 0% interest (the "1988 Loan" and, together with the 1986 Loan, the <br />"Loans"); and <br />WHEREAS, the 1988 Loan is secured by a Deed of Trust in favor of the City <br />recorded against the Property as Instrument No. 88146648 in the Official Records of the <br />County of San Mateo, State of California (the "1988 Deed of Trust"); and <br />WHEREAS, the City Council desires to forgive the Loans; and <br />WHEREAS, in order to effectuate forgiveness of the 1986 Loan, the City will <br />execute a Substitution of Trustee and Full Reconveyance, substantially in the form <br />attached hereto as Exhibit A and incorporated herein by reference (the "1986 Loan <br />Reconveyance"); and <br />WHEREAS, as a co -lender under the 1986 loan, the County will co -execute the <br />1986 Loan Reconveyance with the City; and <br />WHEREAS, in order to effectuate forgiveness of the 1988 Loan, the City will <br />execute a Substitution of Trustee and Full Reconveyance, substantially in the form <br />attached hereto as Exhibit B and incorporated herein by reference (the "1988 Loan <br />Reconveyance" and, together with the 1986 Loan Reconveyance, the <br />"Reconveyances"); and <br />WHEREAS, concurrently with forgiveness of the Loans, Mid -Peninsula <br />Page 2 of 5 <br />REV: 06-06-1715 RESO. NO. 15591 <br />ATTY/RESO.0051/CC RESO REDWOOD FAMILY HOUSE TRANSITIONAL HOUSING LOAN FORGIVENESS MUFF NO. 454 <br />