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<br />RESOWrICtI' 89-4
<br />
<br />A RESOWrIŒ OF '!HE JØJSIlG JW'l1ÐRlT1( OF '!HE Cl'lY OF
<br />SANm ANA APIØJVDÐ, 'I9IIJI!Ø'I!:R OF 'œLICaTIœS UNIER A
<br />~ ~ AND IOI\N AGREDŒIfl', APPRJ\7ING AND
<br />AtJIK)RIZING '!HE E]w,uJ:Åd AND IBLIVERY OF AN ASSUMPl'IŒ
<br />AGREEJIENI', AND AIJ11I:RIZJJI; .iIC'l'IŒS RElATED ~.1ó
<br />
<br />WHERFAS, the Hcusin; Authority of the city of santa Ana (the
<br />"Authority'I) is a party to a R8gulatozy Ao,¡.........../t and ~''''I''8.tion of
<br />Restrictivs CCMmIInts, dated as of ~ 1, 1985 (the Røgulatœ:y
<br />A.".. d."), ê!IIIIOtJ¡ the Authority, seattle First Natia'llll Bank, as trustee
<br />(the "Trustee"), Mercury SaviJ'lgø and Iœn As8OC'iation ("M8raIry") and,
<br />initially, --, A. Hardage, and a Iœn Oriqinatica and sexvicin;
<br />A.".. - íL, dated as of [)&. -"'.er 1, 1985 (the "Iœn A."............,L"), 1!IIIICI¡g the
<br />Authority, the Trustee, Marcury and Mr. Hardage;
<br />
<br />1iIŒRFAS, the å)liqaticnl of Mr. Hardage UIØr the Regulatozy 4-......t .
<br />and the Iœn Agl-m; wre U81- !:Iy 4210 villa Verda P8rtn8rs, a
<br />California limited partnerIIh1p (tba "0IMùcper") pur8UIU'rt: to an J\s81.."._lt
<br />and A8IImpticn ~......}t, dated as of JUly 15, 1987, !:Iy and IIIIØIq the
<br />Authority, the Trustee, Marcury, Mr. Hardage, Iatt Realty, a california
<br />OO1.....,....tiat, and the Develq)8r.
<br />
<br />WHERFAS, the Develq)8r has requested that the Autharity '"K"'U¥9 a
<br />transfér of the Project (as defined in the Regulatozy Ao,¡..-.L) traa the
<br />Developer to Joe Jooda1q Jean and Yan¡ Hae Jean, "'-""wi and wife, as joint
<br />tenants (CXl11ectively, the "Buyers") and the a&8UIIption !:Iy the Buyers of the
<br />obligatiaw of the Developer UIØr the Regulatozy Ao,¡...........d. and the
<br />Authority desiœs to ~uve 8UCh tmmfer and ~wopt:ion, subject to the
<br />CCDiiticnl set forth below.
<br />
<br />NCØ, 'l'hIs1<I!orau¡, BE IT RESOIJJm !:Iy the Hcusin; Authority of the city of
<br />santa Ana, as follows:
<br />
<br />1. '1he transfer of the Project frcm the Develq)8r to the 8lyers and
<br />the f''''''~ion !:Iy the Buyers of the å:!liqatiaw of the Develq)8r UIØr the
<br />Regulatory Agreeœnt and the Iœn aq..eeIIII8Ilt axe hereby a¡:proved; subject to
<br />(a) the li!lX8CUtion !:Iy the Developer, the Buyers, the Trustee and Marcury of
<br />the AsSl"'l";ion J¥...........,t (the "AssuIIption Ao,¡...........d.") approved in ~
<br />2 below, (b) receipt!:ly the Authority and the Trustee of an opinion of
<br />comsel to the Buyers as required. !:Iy section 11 of the Regulatozy ...,...........It,
<br />and (c) receipt!:ly the Autharity of all f- cwin;J !:Iy the DIIY8loper to the
<br />Authority W1der and in <:x:tDwctiat with the Regulatozy...,.. -tt and the Iœn
<br />~~.t.
<br />
<br />2. '1he AssuDption Agr-,t, in the fom on file with the ---Itivs
<br />Director, is here aRX':owd.. 'ltIa ~ItiV8 Director is hereby authorized and
<br />directed. to 8X8CUte and deliver the þ-woption ~L........./t, far and in the
<br />name and on behalf of the Authority, in suå1 fom arwith such c::han¡ es
<br />thereto as the Executive Director shall -......, the execution and delivery
<br />of the Asatmption JIgreement !:Iy the J!:xIIaItivs Director to be cc:n::lusive
<br />evid.enœ of his approval of any 8UCh àvm¡es.
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