RESOLUTION 2000-02 VINTAGEAPTS - Laserfiche WebLink

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.' . . . RESOLUTION NO. 2000-2 A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA APPROVING A SUPPLEMENTAL INDENTURE OF TRUST, AN AMENDMENT TO LOAN AGREEMENT AND AN AMENDMENT TO REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS, AN INTERCREDITOR AGREEMENT AND AUTHORIZING THE EXECUTION AND DELIVERY THEREOF, AND OTHER AGREEMENTS IN CONNECTION THEREWIm, AND AUTHORIZING AND DIRECTING THE EXECUTION AND DELIVERY OF DOCUMENTS AND ACTIONS TAKEN IN CONNECTION THEREWITH, ALL WITH RESPECT TO THE VINTAGE APARTMENTS WHEREAS, the Housing Authority of the City of Santa Ana (the "Authority") has issued its Variable Rate Demand Multifamily Housing Revenue Refunding Bonds, 1996 Series A (Vintage Apartments) in the aggregate principal amount of $7,900,000 (the "Bonds") pursuant to an Indenture of Trust (the "Indenture"), dated as of February I, 1996, by and between the Authority and V.S, Bank Trust National Association, as successor 1rustee (the "Trustee"); and WHEREAS, the proceeds of the Bonds were used by the Authority to fund a loan to provide refinancing with respect to a multifamily rental housing development commonly known as Vintage Apartments (the "Project"), owned by Vintage Apartments, a California general partnership (the "Original Borrower"), predecessor to Catalina, LLC, a California limited liability company (the "Borrower"); and WHEREAS, the Bonds are secured by a letter of credit (the "Letter of Credit") issued by Bank of American, National Trust and Savings Association; and WHEREAS, the Borrower has requested that substitute credit enhancement and liquidity be provided for the Bonds; and WHEREAS, Fannie Mae has agreed to provide substitute credit enhancement and liquidity for the Bonds; and WHEREAS, to accomplish the substitution of Fannie Mae's credit enhancement for the Letter of Credit, the Borrower has requested the Issuer supplement the Indenture, amend the Loan Agreement and amend the Regulatory Agreement (each as defined in the Indenture) to conform such documents to the requirements of Fannie Mae; and WHEREAS, all actions to be taken or consents to be given prior to the execution and delivery of a supplement to the Indenture, an amendment to the Loan Agreement and an amendment to Regulatory Agreement prior to the effective dates thereof, shall be taken or given as required by the Indenture, the Loan Agreement and the Regulatory Agreement, respectively, NOW, THEREFORE, BE IT RESOLVED by the Housing Authority of the City of Santa Ana as follows;