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JAH:df- 5/13/92 (049/30) <br /> O R I G I N A L 5/18/92 <br /> R E S O L U T I O N NO. 11752 <br /> RESOLUTION ACKNOWLEDGING AND ACCEPTING TRANSFER OF <br /> REDWOOD PLAZA PROJECT, AND APPROVING AGREEMENTS <br /> ASSIGNING OBLIGATIONS UNDER FINANCING AND REGULATORY <br /> AGREEMENT AND FINANCING AND DEVELOPMENT AGREEMENT <br /> WHEREAS , in 1987 the Redwood Plaza Project was completed by <br /> Redwood Plaza Investors; and <br /> WHEREAS , the City of Redwood City issued its Series 1985 <br /> Multifamily Housing Revenue Bonds (FHA Insured Mortgage Loan - <br /> Redwood Plaza Project) in the aggregate principal amount of <br /> $5 , 000 , 000 to provide monies to fund a mortgage loan for the <br /> development of the Redwood Plaza Project; and <br /> WHEREAS, in 1987 the City of Redwood City issued its Series <br /> A 1987 Multifamily Housing Revenue Refunding Bonds (GNMA <br /> Collateralized - Redwood Plaza Project) in the aggregate <br /> principal amount of $4 , 615 , 000 to provide monies to refund the <br /> 1985 Bonds; and <br /> WHEREAS, the owner of Redwood Plaza Project has agreed to <br /> sell and transfer the Project to Hong Seh Lim, a married man, <br /> Jeff C. Kwok and Gladys W. Kwok, husband and wife, and Sze K. Ho <br /> and Chiuyee J. Ho, husband and wife, all as Tenants in Common <br /> (collectively, "Buyers") on the condition, among others , that the <br /> Buyers each agree to assume and be bound by all of the terms and <br /> conditions of the agreements, as amended, on which the issuance <br /> of the bonds was based; <br /> NOW, THEREFORE; <br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY, <br /> AS FOLLOWS : <br />