Res98 RD-98-09 - Laserfiche WebLink

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NOW, THEREFORE; BE IT RESOLVED BY THE REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY, AS FOLLOWS: 1. Subordination of the Affordable Housing Covenant as recorded against the Project Site in favor of a Deed of Trust benefiting Citibank securing a loan in an amount not exceeding $3,000,000 for thirty (30) years is hereby approved. 2. Subordination of the Affordable Housing Covenant as recorded against the Project Site in favor of a Deed of Trust benefiting Union Bank securing a loan in an amount not exceeding $6,800,000 for four (4) years, is hereby approved. 3. The Executive Director of this Agency or his designee and the City Clerk, as Secretary of the Agency, are hereby authorized and directed to execute, and to attest thereto, respectively, subordination agreements in favor of Citibank and Union Bank, conforming substantially to the form of Exhibits "A" and "B," respectively, attached hereto and incorporated herein. 4. The Executive Director of this Agency, or his designee and the City Clerk, as Secretary of this Agency, are hereby authorized and directed to execute, and attest thereto, respectively, (i) a Certificate of Completion of the Project; (ii) an Estoppel Certificate in favor of Transamerica Occidential Life Insurance Company as limited partner to MCA regarding the Redevelopment Agency's position as holder of a third Deed of Trust in the amount of $1,445,000; (iii) escrow instructions to First American Title Insurance Company regarding the specific use of the loaned funds provided by Citibank and Union Bank; and (iv) an Estoppel Certificate in favor of Union Bank regarding the existence of the RD-007 2 RKB:rg RD 98-09 06/19/98 06/23/98R