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<br />RESOIIJI'ICN NO. 90-5
<br />
<br />A RESOIIJI'ICN OF nIE IWSING AIJIHORITY OF nIE
<br />CITY OF SANTA ANA APPROVING nIE ASSUMPl'ICN
<br />OF OBLIGATICNS REIATING 'ro nIE TRADEWINDS
<br />SENIORS APARIMENI'S PR:IJECI', APPROVING nIE
<br />SAIE OF SAID PR:IJECI', AUIHDRIZING nIE EXEaJTICN
<br />OF ooaJMEN'1"S REIATING 'IHEREIO, AND AUIHDRIZING
<br />CERI'AIN ACTICNS IN exEœel'ICN WI'lH nIE FOREX;OING
<br />
<br />WHEREAS, the Housin:J Authority of the City of Santa Ana (the
<br />"Authority") has previously issued its MUlti-Family Hcusin:J Revenue Borns,
<br />1985 Series A (Fannie Mae Program) (the "Borns") to assist in the financin:J of
<br />the Tradewiros Seniors Apartments project (the "Project"): arxl
<br />
<br />WHEREAS, the Regulatory J\greement arxl Declaration of Restrictive
<br />Covenants dates as of July 1, 1985, ~ the Authority, The Bank of
<br />Califomia, N.A., as the mortgage servicer (the "Mortgage Servicer"), Pulliam
<br />Properties, the developer arxl original owner of the Project (the "Develq¡er"),
<br />arxl The Bank of California, N.A., the original trustee (the "Regulatory
<br />J\greement"), execute:i in connection with the issuance of the Borns arxl
<br />enctnnhP.rin:J the Project, requires that, prior to the sale of the Project, the
<br />prior written consent of the Authority 1IIL1St be ciJtained arxl certain other
<br />comitions 1IIL1St be met: arxl
<br />
<br />WHEREAS, Frank Joseph Araiza arxl Julia Araiza, as Trustees of the Frank
<br />J. Araiza Family Trust, date:i March 10, 1980, the current owner of the Project
<br />(the "0Wner") desire to sell the Project to 1609 Tradewiros Apartments, L.P.,
<br />a Califomia limite:i partnership (the "Buyer") arxl have requested the consent
<br />of the Authority thereto;
<br />
<br />NCW, ~UlŒ, BE IT RESOLVED by the Hcusin:J Authority of the City of
<br />Santa Ana, as follOílS:
<br />
<br />SECI'ICN 1. The transfer of the Project fran the OWner to the Buyer arxl
<br />the assumption by the Buyer of the obligations of the OWner urrler the
<br />Regulatory Agreement arxl the Developer !Dan o.::.:,nnørrt:s (as defined in the
<br />Regulatory Agreement) are hereby awrcved pursuant to, ~ other documents,
<br />the Assumption of Regulatory J\greement arxl Declaration of Restrictive
<br />Covenants date:i as of July 1, 1990 ~ the OWner, the Buyer, Bankers Trust
<br />~11Y of California, the current trustee (the "Trustee"), the Mortgage
<br />servicer arxl the Authority, (the "Assumption J\greementll), a copy of which is
<br />attached hereto arxl incorporate:i herein; subject to (a) the execution by the
<br />OWner, the Buyer, the Trustee arxl the Mortgage Servicer of the Assumption
<br />Agreement, as approved in Section 2 below, arxl the due recordation of the
<br />Assumption Agreement as an encumbrance upon the Project, (b) evidence
<br />reasonably satisfactory to the Executive Director, the Mortgage Servicer arxl
<br />the Trustee that the Buyer has assumed in writin;J arxl in full the obligations
<br />of the Developer urrler the Developer Loan Documents, (c) receipt by the
<br />Authority arxl the Trustee of an opinion of Counsel to the Buyer arxl opinion of
<br />counsel to the Authority arxl the Trustee, as required by Section 11 of the
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