HomeMy WebLinkAbout1981-108 CRA
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10/12/81
RESOLUTION NO. 81- 108
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A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF SANTA ANA AUTHORIZING
THE CHAIRMAN OF THE AGENCY TO EXECUTE A
SECOND AMENDMENT TO THE DISPOSITION AND
DEVELOPMENT AGREEMENT BETWEEN THE AGENCY
AND RALPH ALLEN ASSOCIATES
BE IT RESOLVED by the Community Redevelopment
Agency of the City of Santa Ana as follows:
The Chairman of the Agency is hereby authorized to
execute that certain agreement entitled "Second Amendment to
Disposition and Development Agreement" between the Community
Redevelopment Agency of the City of Santa Ana and Ralph
Allen Associates, form dated 10/12/1\], a copy of which is on
file in the office of the Executive Director of the Agency.
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ADOPTED this 26th day of
by the following vote: -----
October
,1981,
AYES:
MEMBERS: Bricken, Griset, Luxembourger,
Markel, McGuigan, Serrato
MEMBERS: None
NOES:
ABSENT: MEMBERS: Acosta
A,.,EST, ~a~
I ß ~}t~ ~ICKEN
REX sw-31
EXECUTIVE DIRECTOR/
RECORDING SECRETARY
APPROVED AS TO FORM:
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EDWARD J. CO
AGENCY LEGA COUN
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10/12/81
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RECORDING REQUESTED BY:
Community Redevelopment Agency
of the City of Santa Ana
WHEN RECORDED MAIL TO:
Community Redevelopment Agency
of the City of Santa Ana
20 Civic Center Plaza
Santa Ana, California 92701
SECOND AMENDMENT TO DISPOSITION AND DEVELOPMENT AGREEMENT
THIS AGREEMENT, made and entered into this
day of
,1981, by and between the
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Community Redevelopment Agency of the City of Santa Ana, a
public body, corporate and politic (hereinafter referred to
as "Agency"), and Ralph Allen Associates, a general partner-
ship (hereinafter referred to as "Redeveloper"),
WIT N E SSE T H
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Recitals:
1.
Agency and Redeveloper entered into that cer-
tain "Disposition and Development Agreement," dated April 6,
1981, hereinafter referred to as "said agreement," recorded
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in Book 14019, page 882 of the Official Records of Orange
County, California, for the purpose of development of a site
therein described.
2.
Redeveloper desires an amendment to said agree-
ment, in order to seek construction financing, and Agency is
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willing to amend said agreement for such purposes.
WHEREFORE, for and in consideration of their
mutual covenants and promises herein set forth, and subject
to all the terms, conditions, limitations and other
provisions of this Agreement hereinafter set forth, the
parties hereto do hereby agree as follows:
A.
Subsection E of Section V, entitled "Defaults,
Remedies and Termination" is hereby amended by adding the
following thereto:
"4.
Agency's Option to Cure Mortgage Default
In the event of a default or breach prior to the
completion of the improvements by Redeveloper, or any
successor in interest, in or of any of its obligations
under, and to the holder of, any mortgage or other instru-
ment creating an encumbrance or lien upon the property or
parts thereof, Agency may, at its option, cure such default
or breach, in which case Agency shall be entitled, in
addition to and without limitation upon any other rights or
remedies to which it.shall be entitled by this Agreement,
operation of law, or otherwise, to reimbursement from
Redeveloper, or its successor in interest, of all costs and
expenses incurred by Agency in curing such default or
breach, and to a lien upon the property, or the parts
thereof to which the mortgage, encumbrance, or lien relates,
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for such reimbursement, which lien ~hall be subordinate to
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the lien or encumbrance created by the afore~aid mortgage or
other instrument.
"5.
Construction After Foreclosure
In the event of a default or breach prior to the
completion of the improvements by Redeveloper, or any
successor in interest, in or of any of its obligations
under, and to the holder of, any mortgage or other
instrument creating an encumbrance or lien upon the property
or parts thereof, and Agency fails to exercise its option
pursuant to hereinabove Section V.E.4. prior to the date of
closure of any foreclosure proceedings with respect to such
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mortgage, after having been given reasonable notice and
opportunity to do so by such holder (as to which, notice of
default in accord with Sections 2920 et ~ of the
California Civil Code shall be sufficient), any party
acquiring title to the property by such foreclosure
proceeding or deed in lieu thereof, shall be entitled to
assume, by duly executed written notice of such assumption,
in form suitable for recordation in ~he official records of
Orange County, filed with Agency's Executive Director within
thirty (30) days after such acquisition of title, the rights
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and obligations of Redeveloper under this Agreement, in
which event the transfer of title to the property or part
thereof shall not be deemed a default by Redeveloper under
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this Agreement.
In such event, the party acquiring title
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shall be deemed an assignee of this Agreement with the
consent of Agency.
In the ab~ence of such assumption,
Agency shall be entitled to exercise its rights under
~ubsection~ 1, 2, and 3 of this Section V.E. for default by
Redeveloper. "
B.
Except as hereby amended, said agreement shall
remain unchanged and in full force and effect.
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF SANTA ANA, a
public body, corporate
and politic
ATTEST:
.
REX SWANSON
EXECUTIVE DIRECTOR
GORDON BRICKEN
MAYOR
APpROVED AS TO FORM:
RALPH ALLEN ASSOCIATES, a
general partner~hip
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CITY ATTORNE
By
RALPH ALLEN
GENERAL PARTNER
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(Attach Acknowledgments)
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