92-051 - Laserfiche WebLink

Home Browse Search

301 Agency, or his or her designated representative, is further authorized to take such action on behalf of the City as the said Executive Director deems appropriate to protect the City's security for its housing loans in the event of foreclosure of senior deeds of trust or other liens, or in ~he event of default on a promissory note or deed of trust to the City as beneficiary. The actions hereby authorized include, but are not limited to, the following: a. Initiating foreclosure proceedings; Bidding at a foreclosure sale in an amount sufficient to protect the City's security interest; c. Purchasing a senior note and deed of trust or other lien; Acquiring property through foreclosure or deed in lieu of foreclosure; provided, however, the Executive Director may determine not to take any of the above actions when in the Executive Director's opinion such actions would be financially infeasible or would be counter- productive to the interests or objectives of the City. 3. The Executive Director of the Community Development Agency, or his or her designated representative, is further authorized to provide reasonable relocation assistance to persons who are required to vacate premises due to the acquisition of property by the City through actions taking by the Executive Director pursuant to section 2 hereinabove, on terms and conditions designed to assure such property is vacated. Nothing herein shall be construed to provide such persons with a claim for relocation benefits not otherwise available to them under State law. 4. The expenditure of City funds herein authorized is limited to those funds which have been duly appropriated for the implementation of the City's residential loan programs. 5. Ail previous actions of the Executive Director of the Community Development Agency and his or her designated representatives in the implementation of the residential loan programs are hereby approved and ratified.