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30A - DEED - CAMBODIAN FAMILY PROPERTY REFINANCE
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01/07/2013
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30A - DEED - CAMBODIAN FAMILY PROPERTY REFINANCE
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Last modified
1/22/2013 12:21:19 PM
Creation date
1/3/2013 12:07:56 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
30A
Date
1/7/2013
Destruction Year
2018
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Cambodian Family Refinance <br />January 7, 2013 <br />Page 2 <br />The Empowerment Zone designation ended September 30, 2010. The SAEC adopted a <br />resolution to dissolve the corporation and City Council authorized the City Manager to proceed <br />with formal dissolution through the California Secretary of State, with the City assuming <br />responsibility for any agreements or obligations still in place. <br />Recently, Cambodian Family gave 30-day notice of their intent to refinance the existing first trust <br />deed loan to take advantage of the historically low interest rates. They have opened escrow and <br />are working with Union Bank to refinance from a 6.5 to a 4.25% 10-year fixed, 25-year <br />amortization. The refinancing necessitates the City to sign an Assignment of Deed of Trust, a <br />Subordination of Deed of Trust, and a Substitution of Beneficiary removing the SAEC from these <br />documents and inserting the City's name in its place. The City's position in chain of title will not <br />change. No cash will be taken from equity and Cambodian Family intends to pay the fees <br />associated with the refinance separate from the loan itself. <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />Nancy T. E ards <br />Interim Exe tive Director <br />Community Development Agency <br />NTE/LAO/DS/kg <br />Exhibit: 1. Assignment of Deed <br />2. Subordination Deed of Trust <br />3. Substitution of Beneficiary <br />30A-2
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