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<br />. <br /> <br />. <br /> <br />. <br /> <br />or designee shall deem appropriate. A copy of the Agreement, <br />Attachments and Exhibits, when executed, shall be placed on file in <br />the office of the Clerk of the Agency. <br /> <br />SECTION 6. The Executive Director of the Agency or her <br />designee is hereby authorized, on behalf of the Agency, to sign all <br />documents necessary and appropriate to carry out and implement the <br />Agreement and to administer the Agency's obligations, <br />responsibilities and duties to be performed under said Agreement. <br /> <br />SECTION 7. The Agency finds and determines that the use of <br />the Housing Funds as authorized by this Resolution will be of <br />benefit to the Redevelopment Projects. <br /> <br />SECTION 8. The Agency finds and determines that an <br />economically feasible alternative method of obtaining permanent <br />financing for the Replacement Housing units on substantially <br />comparable terms and conditions, but without subordination, is not <br />reasonably available. <br /> <br />SECTION 9. The Agency Executive Director or his designee is <br />hereby authorized to execute such subordination agreements as may <br />be required, in order to subordinate the Agency's security interest <br />in the Property, as set forth in the Deed of Trust, and covenants <br />and restrictions set forth in the Agreement containing Covenants, <br />to the security interests and liens of any senior lender. . <br /> <br />APPROVED and ADOPTED this Third day of February, 1997. <br /> <br />ATTEST: <br /> <br />~ <br />Cha1rman <br /> <br />~~ <br />Cynth a J. Nelson <br />Executive Director <br /> <br />AYES: MEMBERS: Espinoza, Franklin, Lutz, <br /> McGuigan, Richardson <br /> (Moreno abstained) <br />NOES: MEMBERS: <br />ABSENT: MEMBERS: Pulido <br /> <br /> <br />-4- <br />