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299 REL:5/8/92 RESOLUTION NO. 92-051 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA AUTHORIZING THE EXECUTIVE DIRECTOR OF THE COMMUNITY DEVELOPMENT AGENCY TO IMPLEMENT THE RESIDENTIAL LOAN PROGRAMS APPROVED BY THE CITY COUNCIL AND TO TAKE APPROPRIATE ACTION TO PROTECT THE CITY'S SECURITY FOR THE REPAYMENT OF RESIDENTIAL LOANS MADE BY THE CITY WHEREAS, the City Council of the City of Santa Ana has approved loan programs to promote and preserve the supply of housing affordable to persons and families of low and moderate income, whereby loans are made to owners of residential property; and WHEREAS, the obligation to repay such a loan is evidenced by a promissory note and secured by a deed of trust on the property which is often subordinate to one or more other deeds of trust or liens securing other'indebtedness of the property owner; and WHEREAS, it is necessary that the City have the ability, in appropriate circumstances, to protect the security for its loans in the event of foreclosure on senior deeds of trust or other senior liens or in the event of default under City notes or trust deeds; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS FOLLOWS: 1. The Executive Director of the Community Development Agency, or his or her designated representative, is hereby authorized to implement said residential loan programs. The actions hereby authorized include, but are not limited to, the following: a. Approval or disapproval of loan applicants. Execution, on behalf of the Agency, of loan agreements, loan escrow instructions, acceptances of deeds of trust, loan disbursement authorizations, amendments to loan agreements and promissory notes, and other documents pertaining to such loans. 2. The Executive Director of the Community Development