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RESOWrICtI' 89-4
A RESOWrIŒ OF '!HE JØJSIlG JW'l1ÐRlT1( OF '!HE Cl'lY OF
SANm ANA APIØJVDÐ, 'I9IIJI!Ø'I!:R OF 'œLICaTIœS UNIER A
~ ~ AND IOI\N AGREDŒIfl', APPRJ\7ING AND
AtJIK)RIZING '!HE E]w,uJ:Åd AND IBLIVERY OF AN ASSUMPl'IŒ
AGREEJIENI', AND AIJ11I:RIZJJI; .iIC'l'IŒS RElATED ~.1ó
WHERFAS, the Hcusin; Authority of the city of santa Ana (the
"Authority'I) is a party to a R8gulatozy Ao,¡.........../t and ~''''I''8.tion of
Restrictivs CCMmIInts, dated as of ~ 1, 1985 (the Røgulatœ:y
A.".. d."), ê!IIIIOtJ¡ the Authority, seattle First Natia'llll Bank, as trustee
(the "Trustee"), Mercury SaviJ'lgø and Iœn As8OC'iation ("M8raIry") and,
initially, --, A. Hardage, and a Iœn Oriqinatica and sexvicin;
A.".. - íL, dated as of [)&. -"'.er 1, 1985 (the "Iœn A."............,L"), 1!IIIICI¡g the
Authority, the Trustee, Marcury and Mr. Hardage;
1iIŒRFAS, the å)liqaticnl of Mr. Hardage UIØr the Regulatozy 4-......t .
and the Iœn Agl-m; wre U81- !:Iy 4210 villa Verda P8rtn8rs, a
California limited partnerIIh1p (tba "0IMùcper") pur8UIU'rt: to an J\s81.."._lt
and A8IImpticn ~......}t, dated as of JUly 15, 1987, !:Iy and IIIIØIq the
Authority, the Trustee, Marcury, Mr. Hardage, Iatt Realty, a california
OO1.....,....tiat, and the Develq)8r.
WHERFAS, the Develq)8r has requested that the Autharity '"K"'U¥9 a
transfér of the Project (as defined in the Regulatozy Ao,¡..-.L) traa the
Developer to Joe Jooda1q Jean and Yan¡ Hae Jean, "'-""wi and wife, as joint
tenants (CXl11ectively, the "Buyers") and the a&8UIIption !:Iy the Buyers of the
obligatiaw of the Developer UIØr the Regulatozy Ao,¡...........d. and the
Authority desiœs to ~uve 8UCh tmmfer and ~wopt:ion, subject to the
CCDiiticnl set forth below.
NCØ, 'l'hIs1<I!orau¡, BE IT RESOIJJm !:Iy the Hcusin; Authority of the city of
santa Ana, as follows:
1. '1he transfer of the Project frcm the Develq)8r to the 8lyers and
the f''''''~ion !:Iy the Buyers of the å:!liqatiaw of the Develq)8r UIØr the
Regulatory Agreeœnt and the Iœn aq..eeIIII8Ilt axe hereby a¡:proved; subject to
(a) the li!lX8CUtion !:Iy the Developer, the Buyers, the Trustee and Marcury of
the AsSl"'l";ion J¥...........,t (the "AssuIIption Ao,¡...........d.") approved in ~
2 below, (b) receipt!:ly the Authority and the Trustee of an opinion of
comsel to the Buyers as required. !:Iy section 11 of the Regulatozy ...,...........It,
and (c) receipt!:ly the Autharity of all f- cwin;J !:Iy the DIIY8loper to the
Authority W1der and in <:x:tDwctiat with the Regulatozy...,.. -tt and the Iœn
~~.t.
2. '1he AssuDption Agr-,t, in the fom on file with the ---Itivs
Director, is here aRX':owd.. 'ltIa ~ItiV8 Director is hereby authorized and
directed. to 8X8CUte and deliver the þ-woption ~L........./t, far and in the
name and on behalf of the Authority, in suå1 fom arwith such c::han¡ es
thereto as the Executive Director shall -......, the execution and delivery
of the Asatmption JIgreement !:Iy the J!:xIIaItivs Director to be cc:n::lusive
evid.enœ of his approval of any 8UCh àvm¡es.
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Rllcluticn 89-4
PIIg8 2
3. 'DI8 1Þ-"Itive Direct:ar, Aut:t.....Lty camseJ. IUId any IUId all ot:ber
of~ crt, tb8 AuthW:ity 111'8 ~,,:J..tiIo i88d arid dir8ct8d to do any arid
all t:1WIg8am tIID any arid all ~rto t:b8y or any of tb8I -.y ~
JWI:" --lIlY or I!IdYi8able in .....~ to ..., t.8 tb8 trIIr18f8r of tb8 Project
arid 1V""-."" of tb8 cb1.~ -- .. n¡auJ.at.œy ~ - L arid tb8
ICIIh .. It as ~ -- ......... 1 am 2 abov8.
~.&:IIõLI, this
follow!rlg vote,
, 1989, by tb8
21 st day of F",hr"'.rv
ADS: 6 ~: Youn;¡, Acosta, Griset, May
~gan, Pulido
NŒS: 0 ~:
AB!II!Nl': 0 ~:
kL"J.m:rJ::
APPRJ\7II) AS 'lO FCRI:
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