Laserfiche WebLink
<br />. 7251C <br />.:', . '". <br /> <br />JHHW:ACH:ea <br /> <br />1<::/04/82 <br /> <br />" <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 82-109 <br /> <br />A RESOLUTION AMENDING SELLERS' GUIDE FOR THE <br />ORIGINATION OF MORTGAGE LOANS FOR THE <br />AGENCY'S RESIDENTIAL MORTGAGE LOAN FINANCING PROGRAM <br />AND PROVIDING OTHER MATTERS PROPERLY RELATING THERETO <br /> <br />COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA <br /> <br />RESOLVED, by the Community Redevelopment Agency of the City of Santa Ana, as <br />fo 11 ows: ' <br /> <br />WHEREAS, the Agency has issued, sold and delivered its Residential Mortgage <br />Revenue Bonds, Issue of 1981, Series A (Participation Purchase and Loan to Lender <br />Program) in order to provide funds for the financing of residences to be <br />constructed withi n the Agency's Redevelopment Project Area; <br /> <br />WHEREAS, in connection with the financing of such Mortgage Loans, the Agency <br />approved a Sellers' Guide dated May 1, 1981, for the origination of such Mortgage <br />Loans; <br /> <br />WHEREAS, the Agency is authori zed, subject to the approval of Fi rst <br />Nationwide Savings, a Federal Savings and Loan Association, as the Seller to the <br />Agency of participations in such Mortgage Loans, to further amend and supplement <br />the Seller's Guide in accordance with changing regulations and practices in the <br />mortgage industry; <br /> <br />WHEREAS, the developer of the residences to be financed with the proceeds of <br />the above described Bonds has requested that the Agency amend and supplement the <br />Sellers' Guide to permit the funding by the developer of a "buydown" of the <br />Mortgage Loan interest rate in accordance wi th present FHLMC regul ati ons and <br />practices; and <br /> <br />WHEREAS, the Agency believes it is in the public interest to provide for <br />such a "buydown" in connection wi th the Agency's Resi dent i a 1 Mortgage Fi nanci ng <br />Program; <br /> <br />NOW, THEREFORE, IT IS HEREBY ORDERED, as follows: <br /> <br />1, The Sellers' Guide, dated May 1, 1981, is hereby amended and <br />supplemented by the addition of a new Section 3.106 which shall read as follows: <br /> <br />"3.106. Interest Rate "Buydown". Under the circumstances and in the <br />manner permitted by applicable FHLMC regulations and practice, the Developer shall <br />be entitled to cause certain of the monthly payments due from the Mortgagor on any <br />Mortgage Loan to be reduced by payi ng to the Trustee at the time of purchase by the <br />Se 11 er of such Mortgage Loan the total of the aggregate amount by whi ch the month ly <br />payments are to be so reduced, but only as follows: <br /> <br />A..e~ <br /> <br />7A' <br />