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Home My Public Portal About1994-03-09 CDBGci 3 A G E N D A COMMUNITY DEVELOPMENT BLOCK GRANT ADVISORY BOARD - COMMISSION SPECIAL MEETING WEDNESDAY MARCH 9, 1994 6:00 P.M. / LYNWOOD CITY HALL, 11330 BULLIS ROAD KENNETH ALFORD CHAIRPERSON MARGARET ARAUJO VICE CHAIRPERSON KEN WIBECAN COMMISSIONER ANA VENTURA COMMISSIONER OPENING CEREMONIES: A. CALL TO ORDER B. FLAG SALUTE C. ROLL CALL D. CERTIFICATION OF AGENDA POSTING BY CITY CLERK E. APPROVAL OF MINUTES - MARCH 2, 1994 F. PUBLIC ORALS: (ITEMS ON AGENDA ONLY) G. NEW BUSINESS 1. PUBLIC SERVICE PROPOSALS FOR FY 1994 -95 H. STAFF ORALS I. BOARD.ORALS J. ADJOURNMENT CONSTANCE FRANKLIN COMMISSIONER CLAUDE LAW COMMISSIONER LAURA BYRD COMMISSIONER Adjourn to the next regularly scheduled meeting at 6:00 p.m. in the Chambers of Lynwood City Hall, 11330 Bullis Road, Lynwood, California. v • . s MINUTES OF A REGULAR MEETING COMMUNITY DEVELOPMENT BLOCK GRANT ADVISORY BOARD COMMISSION CITY OF LYNWOOD WEDNESDAY, MARCH 2, 1994 OPENING CEREMONIES A. CALL TO ORDER The meeting was called to order on the above captioned date at 6:17 p.m. in the Council Chambers of Lynwood City 'Hall, 11330 Bullis Road. B. ROLL CALL Commissioner Wibecan requested the roll call and staff complied. Present: Commissioner Wibecan Commissioner Franklin Commissioner Araujo Commissioner Law Commissioner Alford Commissioner Ventura Absent: Commissioner Byrd 'Staff: Chondra Handley, Minutes Clerk Annette Clark, HCD Manager Donyea Adams, Rehab. Assistant Scott Ehrlich, Rehab. Spec. D. CERTIFICATION OF AGENDA POSTING Ms. Handley stated that the agenda was posted per the Brown Act. E. APPROVAL OF MINUTES Motion was made by Commissioner Law to approve the minutes of February 2, 1994. Seconded by Commissioner Araujo. Motion carried unanimously. F. PUBLIC ORALS NONE g. NEW BUSINESS 1. LOAN REVIEW COMMITTEE (CLOSED SESSION) In order to discuss a request for subordination and two request for rehabilitation grants, the Commission adjourned to closed session at 6:20 p.m. 2. The regular meeting of the CDBG Commission conveyed at 6:40 p.m. 3. ELECTION OF NEW OFFICERS: Commissioner Franklin nominated Commissioner Alford for Chairperson. No other nominations were made. Motion was made by Commissioner Law to close nominations, seconded by Commissioner Franklin. Motion carried unanimously to elect Commissioner Alford for chairperson. 4. Nominations for vice chairperson were: Commissioner Araujo, and Commissioner Law. Motion was made by Commissioner Law to close nominations for vice chairperson, seconded by Commissioner Alford. Commissioner Law received 3 votes, Commissioner Araujo received 4 votes. Commissioner Araujo was elected the new vice chairperson. H. 111 STAFF ORALS As an informational item, staff forwarded a copy of the recent memo received from the City Managers office in regards to Commissioners attendance. Ms. Clark informed the Commission that beginning with the Commission meetings of January, Commissioners attendance will be closely followed and any commissioner who is absent on more that 3 occasions, will automatically be replaced. Ms. Clark asked if the commission was available for a special meeting next Wednesday March 9, 1994 in addition to the following Wednesday March 16, 1994. In order to review proposals for funding for fiscal year 1994 -95. The Commission replied yes. BOARD ORALS Commissioner Franklin said she received a flyer from Genesys, advertising registration for the program for $125.00 . She stated that Genesys receive CDBG funds, how is it possible for them to charge a fee for services and receive program income. Ms. Clark stated that Genesys has not 'received any funding for the new year. Motion was made by Commissioner Law, Seconded by Commissioner Alford requesting staff to look into the registration fees charged by Genesys Academy. Motion carried unanimously. ADJOURNMENT Motion was made by Commissioner Ventura, seconded by Commissioner Alford to adjourn to the next regularly scheduled meeting. CHAIRPERSON ANNETTE CLARK, HCD MANAGER I MINUTES OF A REGULAR MEETING LOAN REVIEW COMMITTEE MARCH 2, 1994 LOAN REVIEW COMMITTEE 1. Mr. Jimmy Paschall requested approval of an emergency grant in the maximum amount of $3,000.00. Mr. Ehrlich stated that the homeowner is requesting a'grant to repair the roof, which is leaking and considered to be a fire hazard. Commissioner Araujo, stated that the evaluation form list a total of 5 people in the household, however, the only income listed is from Mr. Paschall. Is there additional income that was not considered in the evaluation. Commissioner Alford pointed out that the estimate is $4,000.00, but the request is for the maximum of $3,000.00, will the homeowner be responsible for the difference or will this case come back to the Commission for an increase in the funding amount. Mr. Ehrlich stated that the price on the work write up is an estimate, however when bids are received, if the cost exceeds the grant amount than the homeowner will be responsible for the additional cost. Commissioner Wibecan suggested that the request be denied pending a review of all income received in the household. Motion was made by Commissioner Law to approve, the commission opposed the motion, thereby unanimously denying the request pending additional information. 2. Matthew Cole requested approval of an emergency grant in the maximum amount of $3,000.00 to repair /replace plumbing. Motion was made by Commissioner Alford, seconded by Commissioner Franklin to approve an emergency grant in the amount of $3,000.00. REQUEST FOR SUBORDINATION Ms. Joyce Dorcey of 3300 E. Louise Street request a subordination of a Deferred Payment Loan which she received in June 1993. Commissioner Franklin stated in her opinion the applicant could payoff the City's loan with the proceeds of the new loan. Commissioner Araujo stated that according to the submitted information the applicant has sufficient equity in the property to request an increase in the loan amount to include the payoff of the City's loan. Mr. Ehrlich stated that the amount of the loan is less that 50% of the value of the property, and the City is in a safe position to recapture the loan. Her reason for requesting the loan is to lower her interest rate and mortgage. Ms. Clark stated that the applicants proposed interest rate is adjustable and can increase at any time depending on the market, which means that the proposed monthly payments will increase. Therefore, there is no guarantee that the monthly payment will remain lower than the current monthly payment. 0 Commissioner wibecan asked if the applicant could pay 50% of the loan. Ms. Clark replied yes. Mr. Ehrlich asked if the homeowner requested a subordination of the City's loan to pay off existing debts and the proposed interest rate was fixed with no cash back, would her request be considered for approval. Ms. Clark stated that the HUD regulations does not allow subordinations for refinance purposes. Her request would not be eligible. After brief discussion, motion was made by Commissioner Law, seconded by Commissioner Alford to deny Ms. Dorsey's request for subordination. Motion carried unanimously. The Commission convened to the regular meeting at 6:40 p.m. CHAIRPERSON ANNETTE CLARK, HCD MANAGER A G E N D A COMMUNITY DEVELOPMENT BLOCK GRANT ADVISORY BOARD- COMMISSION i REGULAR MEETING WEDNESDAY MARCH 2, 1994 6:00 P.M. L f /r,tf ` fF ��_i LYNWOOD CITY HALL, 11330 BULLIS ROAD KEN WIBECAN CHAIRPERSON KENNETH ALFORD VICE CHAIRPERSON MARGARET ARAUJO COMMISSIONER ANA VENTURA COMMISSIONER OPENING CEREMONIES: A. CALL TO ORDER B. FLAG SALUTE C. ROLL CALL D. CERTIFICATION OF AGENDA POSTING BY CITY CLERK E. APPROVAL OF MINUTES - FEBRUARY 2, 1994 F. PUBLIC ORALS: (ITEMS ON AGENDA ONLY) G. NEW BUSINESS CONSTANCE FRANKLIN COMMISSIONER CLAUDE LAW COMMISSIONER LAURA BYRD COMMISSIONER 1. ELECTION OF NEW OFFICERS (CHAIRPERSON AND VICE CHARRPERSON) 2. LOAN REVIEW COMMITTEE (CLOSED SESSION) 3. REQUEST FOR SUBORDINATION (CLOSED SESSION) 4. INFORMATIONAL ITEM: COMMISSIONERS ATTENDANCE MEMO H. STAFF ORALS I. BOARD ORALS J. ADJOURNMENT Adjourn to the next regularly scheduled meeting at 6:00 p.m. in the Council Chambers of Lynwood City Hall, 11330 Bullis Road, Lynwood, California. 1> f SOLITHLOD TITLE CORPORATICO' C 300 E. MAGNOLIA BLVD SUITE 600 BURBANK, CALIFORNIA 91 502 • (818) 841 -0666 • (800) 826 -2853 ❑ TWO VENTURE PLAZA, SUITE 120 IRVINE, CALIFORNIA 92718 -3314 • (714) 453 -9000 • (800) 498 -7000 ❑ 4520 EXECUTIVE DRIVE, SUITE 100, SAN DIEGO CALIFORNIA 92121 • (619) 552 -0333 • (800) 464 -8444 OUR PRELIMINARY REPORT DATED January 1G, 1994 IS SUPPLEMENTED AS FOLLOWS: Please be advised that we are amending our Preliminary Title Report to include the following: To amend Item ;10 to show: 10. A deed of trust to secure an indebtedness in the amount shown below and any other obligations secured thereby. Amount: $20,000 -00 Dated: July 22, 1993. Trustor: Joyce Dorsey Trustee: Chicago Title Insurance Com%any a California corporation. Peneficiary: City of Lynwood. Recorded: August 12, 1993 as Instrument No_ 93- 1567094, Official Records. Affects: The herein described property with other property- fiery Truly Yours Annette Savely Title Officer AS/ga too Great Western 15141 E. Whittier Blvd. Whittier California Attn: Pam Re: Dorsey Loan 3 i rchwood Escrow 14613 E. Whittier Blvd. `'shittier California Attention Debbie Date February 8 1994 Your No 11'732 Our No 185778 -2 OUR PRELIMINARY REPORT DATED January 1G, 1994 IS SUPPLEMENTED AS FOLLOWS: Please be advised that we are amending our Preliminary Title Report to include the following: To amend Item ;10 to show: 10. A deed of trust to secure an indebtedness in the amount shown below and any other obligations secured thereby. Amount: $20,000 -00 Dated: July 22, 1993. Trustor: Joyce Dorsey Trustee: Chicago Title Insurance Com%any a California corporation. Peneficiary: City of Lynwood. Recorded: August 12, 1993 as Instrument No_ 93- 1567094, Official Records. Affects: The herein described property with other property- fiery Truly Yours Annette Savely Title Officer AS/ga too Great Western 15141 E. Whittier Blvd. Whittier California Attn: Pam Re: Dorsey Loan QOUTHLAND TITLE CORPORATIN , t> 300 EAST MAGNOLIA BOULEVARD, SUITE 600 BURBANK, CALIFORNIA 91502 (818) 841 -0666 GREAT WESTERN BANK 15141 E. WHITTIER BLVD WHITTIER, CA 90603 I_iof"►fi[i7►mJAv YOUR NO DORSEY OUR NO 185778.2 DATED AS OF JANUARY 10, 1994 AT 8:00 A.M LENDERS SUPPLEMENT REPORT �� THE ABOVE NUMBERED REPORT (INCLUDING ANY SUPPLEMENTS THERETO) IS HEREBY r MODIFIED AND /OR SUPPLEMENTED IN ORDER TO REFLECT THE FOLLOWING ADDITIONAL ITEMS RELATING TO THE ISSUANCE OF AN AMERICAN LAND TITLE ASSOCIATION FO_ RM POLICY AS FOLLOWS. 1 NONE OF THE ITEMS SHOWN IN THIS REPORT WILL CAUSE THE COMPANY TO DECLINE TO ATTACH CLTA ENDORSEMENT FORM 100 TO AN ALTA LOAN POLICY, WHEN ISSUED THERE IS LOCATED ON SAID LAND A SINGLE FAMILY RESIDENCE NOWN AS: /I 3 00 LOUISE STREET / L NWOOD, CALIFORNIA 2. THE ONLY CONVEYANCES AFFECTING SAID LAND, WHICH RECORDED WyTHiN SIX (6) MONTHS OF THE DATE OF THIS REPORT, ARE AS FOLLOWS. NIL a'l� Z�a� TITLE OFFICER, ANNeTTE SAVELY SO #rHLAND TITLE CORPORATION 300 EAST MAGNOLIA BOULEVARD, SUITE 600 BURBANK, CALIFORNIA 91502 (818) 841 -0666 BIRCHWOOD ESCROW 14613 EAST WHITTIER BLVD. WHITTIER, CA 90605 ATTENTION DEBBIE YOUR NO 11732 OUR NO 185778.2 DATED AS OF JANUARY 10, 1994 AT 7.30 A.M / - IN RESPONSE TO THE ABOVE REFERENCED APPLICATION FOR A POLICY OF TITLE IN SOUTHLAND TITLE CORPORATION HEREBY REPORTS THAT IT IS PREPARED TO ISSUE, OR CAUSE TO BE ISSUED AS OF THE DATE HEREOF, A POLICY OR POLICIES OF TITLE INSURANCE DESCRIBING THE LAND AND THE ESTATE OR INTEREST THEREIN HEREINAFTER SET FORTH, INSURING AGAINST LOSS WHICH.MAY BE SUSTAINED BY REASON OF ANY DEFECT, LIEN OR ENCUMBRANCE NOT SHOWN OR REFERRED TO AS AN EXCEPTION IN SCHEDULE B OR NOT EXCLUDED FROM COVERAGE PURSUANT TO THE PRINTED SCHEDULES, CONDITIONS AND STIPULATIONS OF SAID POLICY FORMS. THE PRINTED EXCEPTIONS AND EXCLUSIONS FROM THE COVERAGE OF SAID POLICY OR POLICIES ARE SET FORTH IN THE ATTACHED LIST. COPIES OF THE POLICY FORMS SHOULD BE READ THEY ARE AVAILABLE FROM THE OFFICE WHICH ISSUED THIS REPORT. THIS REPORT (AND ANY SUPPLEMENTS OR AMENDMENTS HERETO) IS ISSUED SOLELY FOR THE PURPOSE OF FACILITATING THE ISSUANCE OF A POLICY OF TITLE INSURANCE AND NO LIABILITY IS ASSUMED HEREBY. IF IT IS DESIRED THAT LIABILITY BE ASSUMED PRIOR TO THE ISSUANCE OF A POLICY OF TITLE INSURANCE, A BINDER OR COMMITMENT SHOULD BE REQUESTED. THE FORM OF POLICY OF TITLE INSURANCE CONTEMPLATED BY THIS REPORT IS. 1 . CALIFORNIA LAND TITLE ASSOCIATION STANDARD COVERAGE POLICY [ ] 2. AMERICAN LAND TITLE ASSOCIATION LOAN POLICY IXI 3. AMERICAN LAND TITLE ASSOCIATION RESIDENTIAL TITLE INSURANCE POLICY [ ] 4 AMERICAN LAND TITLE ASSOCIATION OWNER'S POLICY FORM B [] Gz zzffx-" TITLE OFFICER, ANNE17E SAVELY , , . ORDER NO.- 185778.2 SCHEDULE A THE ESTATE OR INTEREST IN THE LAND HEREINAFTER DESCRIBED OR REFERRED TO COVERED BY THIS REPORT IS. A FEE 1 TITLE TO THE ESTATE OR INTEREST AT THE DATE HEREOF VESTED IN JOYCE I. DORSEY, AN UNMARRIED WOMAN V THE LAND REFERRED TO IN THIS REPORT IS DESCRIBED AS FOLLOWS. LOT 651 OF TRACT NO 2992, IN THE CITY OF LYNWOOD, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 30 PAGES) 78 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY EXCEPT THE EAST 50 FEET AND EXCEPT THE SOUTH 50 FEET OF SAID LOT A w ll � I SOUTHLAND TITLE CORPORATION 2 0 i . ORDER NO.: 185778.2 SCHEDULE B AT THE DATE HEREOF EXCEPTIONS TO COVERAGE IN ADDITION TO THE PRINTED EXCEPTIONS AND EXCLUSIONS IN THE POLICY FORM DESIGNATED ON THE FACE PAGE OF THIS REPORT WOULD BE AS FOLLOWS. A. PROPERTY TAXES, INCLUDING ANY PERSONAL PROPERTY TAXES AND ANY ASSESSMENTS COLLECTED WITH TAXES, FOR THE FISCAL YEAR 1993 -1994 1ST INSTALLMENT $267.36, PAID \ \ 2ND INSTALLMENT $267.35 \ EXEMPTION $7,000 00, HOMEOWNERS CODE AREA. 6089 � ASSESSMENT NO 6171 -23 -16 S. THE LIEN OF SUPPLEMENTAL TAXES, IF ANY, ASSESSED PURSUANT TO THE PROVISIONS OF CHAPTER 3.5 (COMMENCING WITH SECTION 75) OF THE REVENUE AND TAXATION CODE OF THE STATE OF CALIFORNIA. C. IF SOUTHLAND TITLE CORPORATION IS ASKED TO HOLD MONEY FOR ANY TAXES SHOWN ABOVE, A SATISFACTORY INDEMNITY ALONG WITH WRITTEN CONSENT BY BORROWER /SELLER AND /OR LENDER MUST BE SUBMITTED PRIOR TO CLOSING. PLEASE CONTACT YOUR TITLE OFFICER FOR THE APPROPRIATE FORMS. � 1 WATER RIGHTS, CLAIMS OR TITLE TO WATER. 2. AN EASEMENT FOR THE PURPOSE SHOWN BELOW AND RIGHTS INCIDENTAL THERETO AS SET FORTH IN A DOCUMENT PURPOSE: PUBLIC UTILITIES RECORDED IN BOOK 6439 PAGE 179 OF DEEDS AFFECTS. SAID LAND THE -EXACT LOCATION AND EXTENT OF SAID EASEMENT IS NOT DISCLOSED OF RECORD J 3. COVENANTS, CONDITIONS AND RESTRICTIONS (DELETING THEREFROM ANY RESTRICTIONS BASED ON RACE, COLOR OR CREED) AS SET FORTH IN THE DOCUMENT RECORDED IN BOOK 16216 PAGE 94 OFFICIAL RECORDS. SAID COVENANTS, CONDITIONS AND RESTRICTIONS PROVIDE THAT A VIOLATION THEREOF SHALL NOT DEFEAT THE LIEN OF ANY MORTGAGE OR DEED OF TRUST MADE IN GOOD FAITH AND FOR VALUE. MODIFICATIONS OF SAID COVENANTS, CONDITIONS AND RESTRICTIONS RECORDED- IN BOOK 18559 PAGE 131 OFFICIAL RECORDS 4 AN EASEMENT FOR THE PURPOSE SHOWN BELOW AND RIGHTS INCIDENTAL THERETO AS SET FORTH IN A DOCUMENT PURPOSE: PUBLIC UTILITIES RECORDED- IN BOOK 29934 PAGE 96 OFFICIAL RECORDS SOUTHLAND TITLE CORPORATION 3 ORDER NO.: 185778,2 I t AFFECTS. THE REAR 2.5 FEET OF SAID LAND 5 AN EASEMENT FOR THE PURPOSE SHOWN BELOW AND RIGHTS INCIDENTAL THERETO AS SET FORTH IN A DOCUMENT PURPOSE: PUBLIC UTILITIES RECORDED- IN BOOK 36149 PAGE 2 OFFICIAL RECORDS AFFECTS THE REAR 6 FEET OF SAID LAND C J 6 AN OIL AND GAS LEASE FOR THE TERM THEREIN PROVIDED WITH CERTAIN COVENANTS, CONDITIONS AND PROVISIONS, TOGETHER WITH EASEMENTS IF ANY, AS SET FORTH l THEREIN LESSOR: GLEN R. HARRINGTON AND HESTER I HARRINGTON, HUSBAND ' AND WIFE AS JOINT TENANTS LESSEE: AMERICAN PETROFINA EXPLORATION COMPANY RECORDED- IN BOOK M3162 PAGE 314 OFFICIAL RECORDS NO ASSURANCE IS MADE AS TO THE PRESENT OWNERSHIP OF THE LEASEHOLD CREATED BY SAID LEASE, NOR AS TO OTHER MATTERS AFFECTING THE RIGHTS OR INTEREST OF THE LESSOR OR LESSEE IN SAID LEASE. SAID LEASE AFFECTS THAT PORTION OF SAID LAND LYING BELOW A DEPTH OF 500 FEET FROM THE SURFACE THEREOF NO ASSURANCE IS MADE AS TO THE PRESENT OWNERSHIP OF THE LEASEHOLD CREATED BY SAID LEASE, NOR AS TO OTHER MATTERS AFFECTING THE RIGHTS OR INTEREST OF THE LESSOR OR LESSEE IN SAID LEASE. SAID LEASE AFFECTS THAT PORTION OF SAID LAND LYING BELOW A DEPTH OF 500 FEET FROM THE SURFACE THEREOF SAID LEASE DOES NOT PROVIDE FOR THE RIGHT OF SURFACE ENTRY SAID LEASE DOES NOT PROVIDE FOR THE RIGHT OF SURFACE ENTRY 7 AN OIL AND GAS LEASE FOR THE TERM THEREIN PROVIDED WITH CERTAIN COVENANTS, CONDITIONS AND PROVISIONS, TOGETHER WITH EASEMENTS IF ANY, AS SET FORTH THEREIN. DATED: JULY,1986 LESSOR: JOYCE I. DORSEY, AN UNMARRIED WOMAN LESSEE: TEXACO, INC., A DELAWARE CORPORATION 9. RECORDED- _ MAY 12, 1987 AS INSTRUMENT NO. 87- 744841 OFFICIAL ( \v RECORDS NO ASSURANCE IS MADE AS TO THE PRESENT OWNERSHIP OF THE LEASEHOLD CREATED BY SAID LEASE, NOR AS TO OTHER MATTERS AFFECTING THE RIGHTS OR INTEREST OF THE LESSOR OR LESSEE IN SAID LEASE. SAID LEASE AFFECTS THAT PORTION OF SAID LAND LYING BELOW A DEPTH OF 500 FEET FROM THE SURFACE THEREOF SAID LEASE DOES NOT PROVIDE FOR THE RIGHT OF SURFACE ENTRY SOUTHLAND TITLE CORPORATION 4 8. A HOMESTEAD DECLARATION EXECUTED BY JOYCEL DORSEY DATED: MARCH 11, 1975 RECORDED- MARCH 14, 1975 AS INSTRUMENT NO. 3342 OFFICIAL RECORDS 9. A DEED OF TRUST TO SECURE AN INDEBTEDNESS IN THE AMOUNT SHOWN BELOW, ( \v AND ANY OTHER OBLIGATIONS SECURED THEREBY: v AMOUNT $44,100.00 SOUTHLAND TITLE CORPORATION 4 . ORDER NO.. 185778.2 RECORDS AFFECTS THE HEREIN DESCRIBED PROPERTY WITH OTHER PROPERTY, TO AVOID DELAYS AT THE TIME OF CLOSING, PLEASE SUBMIT THE ORIGINAL NOTE, DEED OF TRUST AND THE (PROPERLY EXECUTED) REQUEST FOR RECONVEYANCE, TO THIS OFFICE, AT LEAST ONE WEEK PRIOR TO THE CLOSE OF ESCROW. IF THE PRESENT BENEFICIARY FURNISHES US WITH A DOCUMENT ENTITLED "SUBSTITUTION - OF TRUSTEE AND FULL RECONVEYANCE ", THIS COMPANY WILL REQUIRE THE EXECUTION OF AN AFFIDAVIT (COPY FURNISHED UPON DEMAND) PRIOR TO THE ELIMINATION OF THE DEED OF TRUST FROM OUR TITLE REPORT OR POLICY. 11 WE WILL REQUIRE A STATEMENT OF INFORMATION FROM THE PARTIES NAMED BELOW IN ORDER TO COMPLETE THIS REPORT, BASED ON THE EFFECT OF DOCUMENTS, PROCEEDINGS, LIENS, DECREES, OR OTHER MATTERS WHICH DO NOT SPECIFICALLY DESCRIBE SAID LAND, BUT WHICH, IF ANY DO EXIST, MAY AFFECT THE TITLE OR IMPOSE LIENS OR ENCUMBRANCES THEREON. PARTIES: ALL PARTIES (NOTE. THE STATEMENT OF INFORMATION IS NECESSARY TO COMPLETE THE SEARCH AND EXAMINATION OF TITLE UNDER THIS ORDER. ANY TITLE SEARCH INCLUDES MATTERS THAT ARE INDEXED BY NAME ONLY, AND HAVING A COMPLETED STATEMENT OF INFORMATION ASSISTS THE COMPANY IN THE ELIMINATION OF CERTAIN MATTERS WHICH APPEAR TO INVOLVE THE PARTIES BUT IN FACT AFFECT ANOTHER PARTY WITH THE SAME OR SIMILAR NAME. BE ASSURED THAT THE STATEMENT OF INFORMATION IS ESSENTIAL AND WILL BE KEPT STRICTLY CONFIDENTIAL TO THIS FILE.) 12. IF ANY OF THE VESTEES HEREIN ARE NOW MARRIED, THIS COMPANY WILL REQUIRE THAT THE SPOUSES OF SAID VESTEES JOIN IN THE EXECUTION OF ANY CONVEYANCE OR ENCUMBRANCE OF SAID PROPERTY END OF SCHEDULE B SOUTHLAND TITLE CORPORATION DATED: DECEMBER 21, 1992 TRUSTOR: JOYCE I. DORSEY, AN UNMARRIED WOMAN TRUSTEE: ORANGE COAST TITLE, A CALIFORNIA CORPORATION BENEFICIARY SEARS CONSUMER FINANCIAL CORPORATION RECORDED: DECEMBER 29, 1992 AS INSTRUMENT NO 92- 2436777 OFFICIAL RECORDS 10 A DEED OF TRUST TO SECURE AN INDEBTEDNESS IN THE AMOUNT SHOWN BELOW, AND ANY OTHER OBLIGATIONS SECURED THEREBY J AMOUNT $30,000 00 DATED JULY 22, 1993 v TRUSTOR. JOYCE DORSEY TRUSTEE. CHICAGO TITLE INSURANCE COMPANY, A CALIFORNIA CORPORATION BENEFICIARY CITY OF LYNWOOD RECORDED: AUGUST 12,1993 AS INSTRUMENT NO 93- 1567094 OFFICIAL RECORDS AFFECTS THE HEREIN DESCRIBED PROPERTY WITH OTHER PROPERTY, TO AVOID DELAYS AT THE TIME OF CLOSING, PLEASE SUBMIT THE ORIGINAL NOTE, DEED OF TRUST AND THE (PROPERLY EXECUTED) REQUEST FOR RECONVEYANCE, TO THIS OFFICE, AT LEAST ONE WEEK PRIOR TO THE CLOSE OF ESCROW. IF THE PRESENT BENEFICIARY FURNISHES US WITH A DOCUMENT ENTITLED "SUBSTITUTION - OF TRUSTEE AND FULL RECONVEYANCE ", THIS COMPANY WILL REQUIRE THE EXECUTION OF AN AFFIDAVIT (COPY FURNISHED UPON DEMAND) PRIOR TO THE ELIMINATION OF THE DEED OF TRUST FROM OUR TITLE REPORT OR POLICY. 11 WE WILL REQUIRE A STATEMENT OF INFORMATION FROM THE PARTIES NAMED BELOW IN ORDER TO COMPLETE THIS REPORT, BASED ON THE EFFECT OF DOCUMENTS, PROCEEDINGS, LIENS, DECREES, OR OTHER MATTERS WHICH DO NOT SPECIFICALLY DESCRIBE SAID LAND, BUT WHICH, IF ANY DO EXIST, MAY AFFECT THE TITLE OR IMPOSE LIENS OR ENCUMBRANCES THEREON. PARTIES: ALL PARTIES (NOTE. THE STATEMENT OF INFORMATION IS NECESSARY TO COMPLETE THE SEARCH AND EXAMINATION OF TITLE UNDER THIS ORDER. ANY TITLE SEARCH INCLUDES MATTERS THAT ARE INDEXED BY NAME ONLY, AND HAVING A COMPLETED STATEMENT OF INFORMATION ASSISTS THE COMPANY IN THE ELIMINATION OF CERTAIN MATTERS WHICH APPEAR TO INVOLVE THE PARTIES BUT IN FACT AFFECT ANOTHER PARTY WITH THE SAME OR SIMILAR NAME. BE ASSURED THAT THE STATEMENT OF INFORMATION IS ESSENTIAL AND WILL BE KEPT STRICTLY CONFIDENTIAL TO THIS FILE.) 12. IF ANY OF THE VESTEES HEREIN ARE NOW MARRIED, THIS COMPANY WILL REQUIRE THAT THE SPOUSES OF SAID VESTEES JOIN IN THE EXECUTION OF ANY CONVEYANCE OR ENCUMBRANCE OF SAID PROPERTY END OF SCHEDULE B SOUTHLAND TITLE CORPORATION e 0 NOTES • ORDER NO,; 185778.2 THE CHARGE FOR A POLICY OF TITLE INSURANCE, WHEN ISSUED THROUGH THIS TITLE ORDER, WILL BE BASED ON THE SHORT -TERM RATE. NOTE NO 1 SOUTHLAND TITLE CORPORATION 6 1 d� 9 e ^\ V^ ✓0 , 0 EFFECTIVE JANUARY 1, 1990, ASSEMBLY BILL 512, (ENACTED AS CHAPTER 598) ADDED SECTION 12413 1 TO THE CALIFORNIA INSURANCE CODE. THIS DEALS WITH THE "GOOD FUNDS" ISSUE. FUNDS DEPOSITED BY CASH AND ELECTRONIC TRANSFER (BANK WIRE) WILL BE AVAILABLE FOR SAME DAY DISBURSEMENTS, CASHIER'S CHECKS, CERTIFIED CHECKS, AND TELLER'S CHECKS WILL BE AVAILABLE FOR NEXT DAY DISBURSEMENT ALL OTHER TYPES OF CHECKS WILL NOT BE AVAILABLE FOR DISBURSEMENT UNTIL THE DAY PROVIDED IN REGULATION ADOPTED BY THE FEDERAL RESERVE BOARD OF GOVERNORS. DRAFTS WILL NOT BE AVAILABLE FOR DISBURSEMENT UNTIL THE DRAFT HAS BEEN SUBMITTED FOR COLLECTION AND PAYMENT RECEIVED BY OUR BANK. PLEASE NOTE: SHOULD SOUTHLAND TITLE CORPORATION BE REQUESTED TO DISBURSE FUNDS BY ELECTRONIC TRANSFER (WIRED FUNDS), WE WILL REQUIRE THAT FUNDS BE DEPOSITED INTO OUR ACCOUNT BY ELECTRONIC TRANSFER. OUR WIRE TRANSFER INFORMATION IS AS FOLLOWS. GUARDIAN BANK 800 SOUTH FIGUEROA STREET LOS ANGELES, CALIFORNIA 90017 ROUTING. #122040427 ACCOUNT- #001- 708368 FOR THE ACCOUNT OF: SOUTHLAND TITLE CORPORATION, LOAN PAYOFF ACCOUNT. TO INSURE PROPER CREDIT - THE WIRE MUST CONTAIN: 11 OUR TITLE ORDER NUMBER AND OUR TITLE OFFICER'S NAME I SHOULD YOU HAVE ANY QUESTIONS REGARDING THE DEPOSIT OR DISBURSEMENT OF FUNDS, PLEASE CONTACT YOUR TITLE OFFICER IMMEDIATELY " A'OTICE TO BORROWER. THI0 E CONTAINS PROVISIONS FOR AN ADJP BAL. OON PAYMENT MAYBE DUE AT MATURITY. PROMISSORY NOTE ADJUSTABLE RATE MORTGAGE LOAN Limited Rate PRINCIPAL. $63,000.00 Initial Interest Rate 6.000% Initial Monthly Installment Rate Differential 2.500 Installment Due Date list Minimum Rate* 6.000% First Installment Adjustment Date Maximum Rate' 10.950% Late Charge 6% of P. & I. 'Subject to Adjustment, upon sale or transfer as provided in Paragraph 2 TLE INTEREST RATE AND A ARM G -36 4700 LOAN NO.: 1- 558290 -3 DATE: February 1, 1994 WHITTIER CA $377.72 Commencing on April 1, 1994 Maturity Date March 1, 2024 April 1, 1997 installment if not received within 15 days of due date The undersigned promises to pay in lawful money of the United States to GREAT WESTERN BANK, A FEDERAL SAVINGS BANK or order 1 "Holder "), at Holder's office at 9451 Corbin Avenue, Northridge, California 91324 -2496, or at such other address Holder designates, the Principal shown above with interest from date of disbursement of funds on unpaid principal at the initial adjustable interest rate per annum VInitial Interest Rate ") shown above, payable in Initial Monthly Installments in the amount shown above, commencing on the Commencement Date shown above and continuing on the Installment Due Date of each and every month thereafter until the Maturity Date, when all sums then remaining unpaid shall immediately become due and payable. Each installment shall be credited first to interest which became due during the month for which payment is being made, then to any unpaid interest which became due previously, and the remainder to principal; interest shall then cease on the portion of principal credited. Monthly interest will be computed at 1 /12th of the annual rate and any partial month's interest at 1 /30th of the monthly calculation per day. To the extent that any scheduled monthly installment due is insufficient to pay all interest required for the period for which payment is being made, the amount of such unpaid interest ( "Deferred Interest ") shall be added to and become a part of the unpaid principal as of the due date of any such monthly installment, and shall bear interest thereafter as provided in this Note. In the event any sum has not been paid at the Maturity Date, interest shall be due from the Maturity Date on such unpaid sums, without extending the Maturity Date or waiving such default, at the rate applicable to the final monthly installment. 1. DEFINITIONS. As used in this Note: (a) "Standard" means the monthly weighted average cost of savings, borrowings and advances by the Federal Home Loan Bank of San Francisco ( "Bank ") to Arizona, California, and Nevada savings institutions of a type that were eligible to be members of the Bank under applicable federal law in effect on August 8, 1989 ( "Eligible Savings Institutions "), based on statistics tabulated and published by the Bank during the term of this Note, or if the Standard is no longer published or is deemed by the Holder, in its sole discretion, to be substantially recalculated in a manner that in the Holder's judgement no longer represents the monthly weighted average cost of savings, borrowings and advances by the Bank to Eligible Savings Institutions, then the Holder may select an alternate standard to permit interest rate adjustments and that alternate standard shall be the Standard. In the event the alternate standard selected by the Holder is no longer published, the Holder may, in its sole discretion, choose another alternate standard to permit interest rate adjustments and that alternate standard shall be the Standard; (b) "Current Index" shall mean each published update of the Standard; (c) "Rate Differential" shall mean the number of percentage ports specified above or, in the event an alternate standard is selected by the Holder, the term *Rate Differential" shall mean the positive or negative difference (expressed in percentage points) between the adjusted interest rate in effect on the day immediately preceding the day on which the alternate standard is to become applicable to this Note and the level of the alternate standard on such date, 2. ADJUSTABLE INTEREST RATE TERMS. The Initial Interest Rate shall be adjusted on the Instillment Due Date of the 36th monthly installment of this Note and monthly thereafter as follows: (a) Holder will increase or degreasB the interest rate of this Note each month by adding the Rate Differential to the most recently published Current Index, which sun/ shah be the adjusted interest rate; (b) The first rate adjustment will be effective commencing with the Installment Due Date of the 36th monthly installment, and subsequent rate changes will be effective on the Installment Due Date of each monthly installment thereafter. (It is understood that the Current Index is calculated for each calendar month, but publication of the Index may be delayed. The Standard will be deemed to have been published once each successive calendar month for purposes of rate adjustments.); (c) Holder (nay Olect to defer all or any part of the rate adjustment that will result in an increase of that rate. No prior notification of interest rate ad'pstmfnts shall be required. RATE ADJUSTMENT LIMITATION. The interest rate may not be adjusted to exceed the Mipimugt and Maximum Rates shown above, unless there is a sale or transfer of the real property described in the Deed of Trust seeurinp this Note which requires Holder's consent. Upon such sale or transfer of said real property, the Holder reserves the right to adjust the Maximum Rate five (5) percentage points above, and the Minimum Rate five (5) percentage points below the sum of the Rate Differential and the Current Index most recently published either prior to the date of such sale or transfer or the date this loan obligation is asiumed• ALL TERMS AND CONDITIONS CONTINUED ON THE REVERSE SIDE HEREOF ARE INCLUDED IN THIS PROMISSORY NOTE. (Please sign your name exactly as it appears below.) JOYCE6f. DO EY PROMISSORY NOTE ADJUSTABLE RATE MO ?TrA rF f Api -i !�, +,!TcD PaTF 4 PROMISSORY NOTE . ADJUSTABLE RATE MORTGAGE LOAN• Limited Rate (continued) 3. INSTALLMENT ADJUSTMENT. The Initial Monthly Installment amount shall be adjusted commencing on the First Installment Adjustment Date and annually thereafter as follows. Within approximately sixty (60) days prior to each Installment Adjustment Date a review of the loan shall be made for the purpose of calculating the installment adjustment. The loan balance as of the time of the review shall be projected to the Installment Adjustment Date, without regard to any delinquent or prepaid installments, to calculate the new installment. The interest rate in effect at the time of review shall not be used for calculation of the first installment adjustment. Instead, a rate equal to the sum of the Current Index published immediately prior to the time of the review plus the Rate Differential shown on page one shall be used for calculation of the adjustment (the interest rate used shall not be less than the "Minimum Rate" or more than the Maximum Rate" as defined in this Note). The monthly installment shall be adjusted to an amount which would be sufficient to then amortize the projected loan balance at said rate over the remaining term of this loan. Subsequent adjustments in the interest rate and actual adjustments to the loan balance that may occur between the time of the installment review and the effective date of the installment adjustment shall not be considered. After the first installment adjustment, future installment adjustments shall be calculated as described in this paragraph, except the interest rate in effect at the time of review shall be used for those installment adjustments. INSTALLMENT ADJUSTMENT LIMITATION. Any monthly installment increase or decrease required under the provisions of this Paragraph 3 shall not exceed 7 1/2% of the monthly installment due prior to the effective date of an installment adjustment except at the end of the tenth (1 Oth) year from the commencement date of the monthly installments due on this Note, and at the end of each fifth (5th) year thereafter, when installments will be adjusted without the 7 1/2% limitation. 4. LATE CHARGES. The undersigned promises to pay a Late Charge equal to the above specified percentage of the monthly principal and interest of any installment or portion thereof which is not received within the above stated number of days after its due date. Holder is under no obligation to accept a partial installment(s). The undersigned acknowledges that it would be extremely difficult or impracticable to determine Holder's actual damages resulting from any late installment and this Late Charge is a reasonable estimate of those damages. Holder agrees to accept this Late Charge as its sole right to damages for any late installment. Acceptance of any Late Charge shall not limit any of Holder's other rights under this Note, Deed of Trust or other documents executed to induce Holder to make the loan evidenced by this Note. 5. COLLECTION STEPS WAIVED. The undersigned waives the taking of any formal steps by the holder to collect this Note after a default on undersigned's part. Such steps include, among others, giving notice that an installment is about to become due, giving notice that amounts due have not been paid, and demanding payment of amounts due. 6. COLLECTION COSTS. The undersigned promises to pay Holder all its costs, expenses, and reasonable attorneys' fees incurred in connection with this Note. 7. DEFAULT AND ACCELERATION. Upon failure to pay any installment when due or to perform when due any obligation, covenant, or agreement in this Note, in the Deed of Trust or other security instruments which secure this Note, or in any other document executed by the undersigned to induce Holder to make the loan evidenced by this Note, or if any statement made by the undersigned in any such document is false or misleading, then all indebtedness will become immediately due at Holder's option. Paragraph 13 of the Deed of Trust contains the following provisions: (Beneficiary means Holder; Trustor means undersigned.) "13. BENEFICIARY'S CONSENT REQUIRED. Beneficiary may declare all sums secured hereby immediately due and payable within 30 days after such declaration except as expressly limited by law, if Trustor, without Beneficiary's prior written consent: la) sells, conveys, contracts to sell, alienates or further encumbers all or any part of the property; or (b) leases all or any part of the property for a term, together with all exercisable options, of 5 years or more; or (c) suffers the title or any interest in the secured property to be divested, whether voluntarily or involuntarily; or (d) changes or permits to be changed the character or use of the property; or (e) is a partnership and any of the general partners' interests are transferred or assigned, whether voluntarily or involuntarily; or (f) is a corporation with fewer than 100 stockholders at the date of execution of this Deed of Trust and more than 10% of its capital stock is sold, transferred or assigned during a 12 -month period." If Holder has previously recorded a Deed of Trust which describes the same property that is described in the Deed of Trust securing this Note, it is the intention of Holder and the undersigned that such prior Deed of Trust not secure the obligation evidenced by this Note, any provision of such prior Deed of Trust to the contrary notwithstanding. 8. DUE -ON -SALE PROVISIONS. Paragraph 13 of the Deed of Trust, as reprinted above, contains provisions which permit Beneficiary, at its option, to declare all principal and accrued interest immediately due and payable if Trustor, without Beneficiary's prior written consent, transfers any interest in the security property by any means of transfer there specifically set forth. LIMITED WAIVER. Notwithstanding those provisions, after the due date of the thirty -sixth (36th) monthly installment due under this Note, the undersigned, acting jointly it more than one, will be permitted to transfer the property without an acceleration of the loan, to a transferee who agrees to assume all of the undersigned's obligations with respect to this loan upon the following conditions: 1) The prospective transferee's creditworthiness must be approved in writing by the Holder using the Holder's underwriting criteria in effect at the date the transferee applies for assumption of the loan obligations. 21 The transferee must execute Holder's assumption documentation to evidence the assumption of the loan obligations, and the adjustment, if Holder elects, to the Maximum and Minimum Rate limits. 3) The transferee must pay an assumption fee equal to one percent of the outstanding principal at the time of the assumption. 9. RIGHT TO PREPAY. The undersigned has the right to prepay all or any part of the outstanding principal at any time without prepayment charge. 10. MULTIPLE SIGNERS. If more than one person signs this Note, their liability is joint and several. 11. LAW. This Note and the rights and obligations of the Holder and the undersigned hereunder shall be interpreted, enforced and construed in accordance with the laws of the State in which the real property securing this Note is located, except to the extent the same may be preempted by applicable federal law. 12. INVALIDITY In case any one or more of the provisions contained in this Note shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions hereof and this Note shall be construed as if such invalid, illegal or unenforceable provision(s) had never been included. Page 2 I i Cit of LYNWOOD cc= a1..MOIC. CITY LA City -Meeting Nffenges ( I I 11330 BULLIS ROAD LYNWOOD, CALIFORNIA 90262 (310) 603 -0220 I N T E R O F F I C E M E M O February 7, 1994 All Department Heads DATE: TO: FROM: BY: Faustin Gonzales, Andrea L. Hooper, City Manager City Clerk SUBJECT: Commissioners Attendance It has been brought to our attention that there seems to be some confusion with regard to "Attendance for Commissioners ". Please find attached, ordinance #1356, Section 2 -12A, paragraph a) Three (3) absences An excused absent is still considered an absence. This ordinance has been in effect since February, 1991. Therefore, beginning with the Commission Meetings of January 1994, this ordinance will be adhered to. Also, we are requesting that your monthly Commission Attendance Reports be submitted as part of your monthly reports to the City Manager. It is your responsibility as staff person to inform your Commissioners regarding this ordinance and-new revised Commissioners Handout ORDINANCE NO. 1356 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF LYNWOOD CALIFORNIA, AMENDING SECTION 2- 12.1.a.1 OF THE LYNWOOD MUNICIPAL CODE RELATING TO ABSENCES FROM COMMISSION, BOARD, AND COMMITTEE MEETINGS; REMOVAL. The City Council of the City of Lynwood California, does ordain as follows: Section 1. Section 2- 12.1.a.1 of the Lynwood Municipal Code is amended in its entirety to read as follows: Section 2- 12.1.a.1 Regardless of other stipulations in legislation or guidelines establishing any boards, commissions or committees, the following policy will be adhered to: a) Three (3) absences within a 12 month period shall constitute a vacating of the position for boards, commissions or committees meeting once a month. b) Four (4) absences within a 12 month period shall constitute a vacating of the position for boards, com missions or committees Meting twice a month. c) In order for the Boards, Commissioners and Committees' Chairman to appropriately plan for their meetings, any member who has to be absent should notify the chairman of the respective board, cammissicn and committee or in his /her absence, the staff representative. d) If any section of this ordinance is found to be in conflict with any other section of the Municipal Code, this section hereby supersedes all other codes. PASSED, APPROVED AND ADOPTED THIS 1991 9th 1 DAY O! February A ST: CtyCerk FORM: APPROVER AS TO CONTENT: Zs/ CHARLES G. GOMEZ Attorney City Manager of Lynwood City of Lynwood STATE OF CALIFORNIA ) ss. COUNTY OF LOS ANGELES ) I. the undersigned, City Clerk of the City of Lynwood, and ex- officio clerk of the Council of said City, do hereby certify that the above is a true and correct copy of Ordinance No. 1356 adopted by the City Council of the City of Lynwood, and that the same was passed on the date and by the vote therein stated. DATED this 20th day of February , 19 91 'x J city clerk City of Lynwood DEPARTMENT OF PUBLIC SOCIAL SERVICES °':�fl B�fs b . BUREAU OF ASSISTANCE PAYMENTS January 27, 1994 TO GREAT WESTERN BANK 15141 EAST WHITTIER, SUITE 130 WHITTIER, CA 90603 -2100 FROM NORWALK ASSISTANCE PAYMENTS 12727 NORWALK BLVD., NORWALK, CA 90650 SUBJECT JOYCE DORSEY, SS #557 -44 -3785 EMPLOYEE #023592 Ms. Dorsey is an Eligibility Worker II for Los Angeles County. She is a full time, permanent employee and has been working for the County since January 20, 1964. Her salary is $2,321.18 per month. Doris McWilliams, Assistant Payroll Clerk I 76F180B -PA 911 14 (1.v 21751- IS1.15 .. .,r -ur. . �...uW:[aLa +.� +�- �....,��a .- _ -.•. r� : 1u�u.rvY.�.C1(Jr"�L."..�(:c:Yr' :'SL.'..,'.—a. 1 .. ... IP 'I.AY.WT • .. 1 i r.Wlrm Nmnn«. mnlo.+ +s nem =7'.7umer 4 ,, p Liao d NL. p IeE rp seroblee eJFOFPII "'n 95- 6000927W 800 -9593 L �„r ,,u,n.,,I. — w,, 12 Emnbwr s Nanw O rrsa. aq ZIP Cam GDeeuso R�(Km lr mnN Can,,nn,lv"i j COUNTY OF LOS ANGELES 91`e, pVlira.e ra. wnm<ro I AUDITOR- CONTROLLER ROOM 505 0 '` "'' "" O° " " """' j HALL OF ADMINISTRATION wae 741,99 10320.73 n JnfiN SeanW ias arww^ - Cb LOS ANGELES, CA 90012 0 I I Wh.>uew.rps U nn , c,. nJliL.11 nur 0 r90__ i S Enn +rv• ^ a w.'.,I tiamnv Numt ", a An.o.el EIC Pavmen, 0.00 0. 557 -44 -3785 1 0.00 "`°" ^ °�^` °a. " h9 E:rnr,.ee s Na, Ancross. om Lm Cent G 934.25 140 N3 023592 NMGOlZ DORSEY, JOYCE I Poem W -2 Wage and Tax Statement 1992 +SI R:rau, Si Rm' 0.00 mt :n•0..----- 0.00 ,..- ___ 14.72 —__ __ 27.78 DCpmrYrY l:.vt OtybLls '- ] Inr.-n.•ml6•p. .n S.. IU o.00 CASDI S0 o ,00 227.58 10320.73 CA c I • A rn o CU04 �t (- euj Loau r, nC. t- QJia� -4 �3, em . 13 - - in 0 LoaiJ CwJi N°,_ LIA-% L�n000J t X3,000. q 51 800 or �a,l..o o ►� � rne.� cn-� Gr ATTACHMENT "B REQUEST FOR SUBORDINATION SECTION 6.02 A. According to Section 6.02 of the Rehabilitation Regulations, the Loan Review Committee shall evaluate all request for subordination for the City's Deferred Payment Loans (DPL) and either recommend City Council's approval and execution or reject the request. Only those request which provide evidence of (1) financial hardship with impending loss of the subject property through default and foreclosure, or (2) intent to perform additional home improvement work may be considered. Additionally, after proper consideration of the reasons described above, only those request which provide evidence of (1) sufficient equity to fully collateralize the loan, and (2) sufficient income to gurantee a primary source of repayment may be granted to subordination. B. INFOMATION ON APPLICANTS Program staff shall submit to the LRC a summary sheet stating applicant's name and address, income, amount of DPL, reason for request and other information needed to establish the propriety of the request. Applicant must demonstrate both the need for the subordination and his /her inability to pay back the City's loan. C. PROTECTION OF THE PUBLIC INVESTMENT Protection of the public investment shall be of paramount importance to program staff and th LRC when evaluating equest for subordination. In those cases in which the applicant's ability to pay back the City loan has been established, both program staff and the LRC shall recommend rejection of the request for subordination. D. Program staff shall strive to impress upon the applicant(s) both (1) the impropriety of obtaining windfall profits from public funds and (2) the need to recapture the public investment for recycling into the property rehabilitation loan pool so as to maximize the benefits of these funds to the community. 6 to *S • i FEBRUARY 23, 1994 MR. FAUSTIN GONZALES, CITY MANAGER CITY OF LYNWOOD BULLIS ROAD LYNWOOD, CALIF. 90262 dr TTACHMENT "A" RE: REASON FOR SUBORDINATION REQUEST /3300 LOUISE, LYNWOOD DEAR MR. GONZALES: I WOULD APPRECIATE IT IF THE CITY WOULD SUBORDINATE THEIR LOAN, BY DOING SO, MY MORTGAGE PAYMENT WILL BE CUT BY $189. PER MONTH. ALSO, I'LL PAY LESS INTEREST WITH MORE OF MY PAYMENT BEING APPLIED TO THE PRINCIPAL BALANCE. I PLAN TO RETIRE IN THE NOT TOO FAR FUTURE, THE REDUCTION OF MY MORTGAGE PAYMENT WILL ASSIST ME WITH THE DEVELOPMENT OF MY RETIRE- MENT PLAN; ONCE I RETIRE, I DO NOT WISH TO RELY ON THE "SYSTEM" AS A SOLE MEANS OF SUPPORT. UNFORTUNATELY, DUE TO MY INCOME AND NEGATIVE INFORMATION ON MY CREDIT REPORT, GREAT WESTERN BANK IS NOT WILLING TO INCREASE THEIR LOAN AMOUNT FURTHER TO INCLUDE THE AMOUNTS OWED YOU (PARTICULARLY SINCE IT IS STATED IN DOCUMENTATION PROVIDED GREAT WESTERN BANK OF YOUR LOAN REPAY CONDITIONS) .... THE BANK GRANTED ME THEIR LOAN TO BETTER MY POSITION IN THE FUTURE WHICH WOULD INCLUDE PAYING OFF YOUR LOAN. IT IS VERY IMPORTANT TO ME THAT YOUR DECISION IS MADE PRIOR TO 2/28/94, AS MY LOAN DOCUMENTS WILL EXPIRE ON THIS DATE AND NOT ONLY WILL I HAVE TO PAY A $150. RE -DRAW FEE, I WILL BE FACED WITH A HIGHER INTEREST RATE, AS THE RATES HAVE INCREASED SINCE I BEGAN MY TRANSACTION. MR. GONZALES, THIS ENTIRE ORDEAL HAS BEEN VERY STRESSFUL. I HAD NO IDEAL OF THE CITY'S POSITION ON SUBORDINATION WHEN I OBTAINED THEIR LOAN, HAD I KNOWN, I WOULD HAVE CONDUCTED MY AFFAIRS IN A DIFFERENT MANNER. I AM NOT REQUESTING OF THE CITY TO TAKE A "THIRD" POSITION OR GIVE UP THEIR REPAYMENT RIGHTS, I AM ONLY REQUESTING THAT THE CITY ALLOW ME THE OPPORTUNITY GRANTED ME TO REFINANCE MY HOME WITH A SOUND LENDER AND LOWER INTEREST RATES. f CITY OF LYNWOOD FEBRUARY_ 23, 1994 PAGE 2' I TRULY HOPE THAT THE CITY WILL SHARE IN MY OPPORTUNITY BY GRANTING ME A POSITIVE RESPONSE TO MY REQUEST FOR SUBORDINATION. I LOOK FORWARD TO HEARING FROM YOU SOON. SINCERELY, MS. JOYCE DORSEY /JD CC: PAUL RICHARDS ROBERT HENNING LOUIS HEINE ARMONDO REA SOL BLUMENFEL _ CITY OF LYNWOOD �# 11330 BUUIS ROAD 1.YNWOOD, CALIFORNIA 90264 RE QUEST FOR SUBORDINATION OF CITY DEFERRED PAYMENT LOAN (For Office Use Deed of Trust: Title Order Number Applicant(s) Name J 20 �, Z_OZUs& s7 Street Address $� / m . $ l� l� mo . come Income I Recordation Date Loan ?[rount in Household $ Annual Income l,gAIU) awn 04 City State Zip Code $ rJ N/ Pr Othe Income Source* *Such as Social Security, SSI, Child Support, Income Property, Disability,etc. DEBITS: List all fixed obligations, installment accounts, FHA Loans, and debts to Banks, Finance Companies and Goverment Agencies. M it Mortgage /Contract Name of Company Address Incurred Amount Balance Payments 1 011 k&nz P 6. &C, J15 #,� 7�6 r- ; D. 9,� ma y / Inni nu rU-1_� tiN. �71i /gym �i 6 �✓•9/ `? rki 5r C LT�f C(C��Dez laFJ1.J -J �� Po, . Are any balloon payments d`ue on` above loan`(s) ?'-'� If yes, please explain on separate sheet of paper. ¢o ^ ] / C o tJ b - If financing a new loan or refinancing existing one, please indicate amount of new loan and your monthly payments with refinancing (paying off) City's loan: 4LOAN AMOUNT $�� XLOAN AMOUNT $ 84,&z w�.tho.k with PAYMENTS $ �77 ? PAYMENTS $ 5jQ.00 mo. withouk withnnt Is there a balloon payment on proposed loan? YES NO If yes, please explain on separate sheet of paper. Please explain below the reason(s) for requesting the subordination. L. E . -% 5EE P4pched SFa e. ww. u);4L U" Pf noa d-s t42 CW,�>j Siyrature Date �i rature iz.&-3,