HomeMy Public PortalAbout1999.054 (04-19-99)RESOLUTION NO . 99.54
A RESOLUTION OF THE CITY COUNCIL OF~ THE .CITY OF LYNWOOD -
• APPROVING. A ~ HOUSING „ REhABILITATION LOAN SUBORDINATION
AGREEMENT FORA $15,000+ DEFERRED PAYMENT LOAN RECEIVED BY
- MR. BENJAMIN STEPHENS FOR THE PROPERTY LOCATED AT 11946
BUL~LIS ROAD, IN THE _ CITY OF LYNWOOD, CALIFORNIA 90262,
PURSUANT TO THE CITY OF LYNWOOD HOUSING REHABILITATION .
.PROGRAM REGULATIONS. ~ -
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WHEREAS, Mr. Benjamin Stephens and Mozella Stephens received a $15,000
Deferred Payment Loan from the City of Lynwood in 1988 for the purpose of
. rehabilitating there property; and
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WHEREAS, Ms. Stephens has passed away leaving her half.interest~ to the heirs
of the Estate of Ms. Stephens, requiring Mr. Stephens to refinance his property to pay off
the estate and maintain his residence at his present home that, he has occupied for the last
20 years; and ~ ~ .. -
WHEREAS, Mr: Stephens has been approved for a new first mortgage. The new -
loan will not bet~enough to pay off the City's Deferred ;and;
. WHEREAS, Mr. Stephens hasapplied for and meets the qualifications for a
subordination of,the City's•Deferred Payment Loan; and;.
- ' . WHEREAS, The City Council authorizes the Interim City Manager or his
designee to prepare and' execute the appropriate subordination agreement on behalf of the
~`~ City Council ..
NOW, THEREFORE, The City Council does hereby resolve as follows:.
Section L That the Cty;Council approves a Housing Rehabilitation Loan Subordination
Agreement for a Deferred Payment Loan in the amount.of 15,000 for'1VIr. Benjamin
Stephens located at 11946 Bullis Road,' Lynwood, California 90262
Section 2. That the Interim City Manager or his designee is authorized to prepare and
execute the said subordination agreement
Ric o Sanchez, Mayor a
.. ATTEST
~-; ` Andrea L. Hoo er Ci Jerk ~ ~ -
p ~ tY Ralp av' ,Interim City Manager
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APPROVED AS TO FORM : : , APPROVED TO CONTENT
,. /~ _ ~
_ ity Attorney
Gary Chicots, Community Development
` u Director ~ ~ `
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Section 1. That the City Clerk shall certify to the adoption of this resolution and
shall deliver a certified copy thereof in his own records. - j
APPROVED and` ADOPTED this 19th day of Apri1,1999
ATTEST:
'~~.. ~,
ANDREA L. HOOPER, City Clerk
I certify. that the above and foregoing resolution was duly adopted by the _City.of
Lynwood at a regular meeting thereof held on the 19th day of Apri1,1999 and passed
by the following vote:
AYES: - COUNCILMAN BYRD, RICHARDS, SANCHEZ
NOES: NONE
ABSENT: COUNCILMAN REA; REYES
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City Clerk
resolution/resobp -
STATE OF CALIFORNIA )
SS.
COUNTY OF LOS ANGELES )
I, the undersigned, City Clerk of the. City of Lynwood, do hereby certify that the
foregoing resolution was:passed and adopted by the City Council of the City. of Lynwood
at a regular meeting held on the 19th, day of April, 1999.
AYES: COUNCILMAN BYRD, RICHARDS, SANCHEZ -
NOES: NONE
ABSENT: COUNCILMAN REA, REYES
City Clerk, City of Lynwood
STATE OF CALIFORNIA )
SS. .
COUNTY OF .LOS ANGELES )
I, the undersigned City Clerk of the City of Lynwood, and Clerk of the City
Council of said City, do hereby certify that the above and foregoing. is a full, true and
correct copy of Resolution No. 99.54 on file in my office and that said resolution was
adopted on the date and by the vote therein stated.
Dated this 19th day`of April, 1999. -
City Clerk