HomeMy WebLinkAbout2000-06-13; City Council; Resolution 2000-193c f
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I RESOLUTION NO. zooo-193
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CARLSBAD, CALIFORNIA, TO APPROVE A
PROMISSORY NOTE, SUBORDINATION AGREEMENT
AND USE OF DOCUMENTS INSTRUCTIONS AND
INDEMNIFICATION BETWEEN PGP CARLSBAD
SENIORS, LTD. II AND THE CITY OF CARLSBAD
APPLICANT: PGP CARLSBAD SENIORS, LTD. II
CASE NO: RP-CUP83-02
WHEREAS, in 1986 a Senior Housing Project commonly referred to as Jefferson
House II was approved and constructed which allowed for a density bonus and reduced
parking requirements; and
WHEREAS, the applicant as conditioned, submitted a conversion plan and a
subordination agreement naming the City of Carlsbad as the holder of the second trust deed;
and
WHEREAS, on March 21, 1991, City of Carlsbad City Council approved the
recordation of a deed of trust and subordination agreement between PGP Carlsbad Seniors,
LTD. II as Trustor and the City of Carlsbad as Trustee, and
WHEREAS, the property owner is seeking to refinance the funding for the property
and is requesting that a new subordination agreement be executed between PGP Carlsbad
Seniors, LTD. II and the City of Carlsbad.
NOW, THEREFORE, BE IT HEREBY RESOLVED by the City Council of the City of
Carlsbad, California, as follows:
1. The above recitations are true and correct.
2. The City Council authorizes the City Manager to execute the Amended Promissory
Note, Subordination Agreement and the related Use of Documents Instructions and
Indemnification between PGP Carlsbad Seniors, LTD. II and the City of Carlsbad in
substantially the form presented to the City Council on June 13, 2000, and subject to
review and approval by the City Attorney.
3. The City Council authorizes future subordination agreements and related documents
for this subject property or transfers of the subordination agreement to a new property
owner to be submitted to the Housing and Redevelopment Director for review, and to
be executed by the City Manager, subject to the review and approval of the City
Attorney.
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Conditions:
1. Prior to the recordation of the subordination agreement, PGP Carlsbad Seniors, LTD.
II shall deliver the executed duplicate original Promissory note to the Housing and
Redevelopment Director.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Council of
the City of Carlsbad, California, held on the 13th day of June 2000, by the following vote, to wit:
AYES: Council Members Lewis, Hall and Nygaard.
NOES: None
ABSENT: Council Me
ABSTAIN: None
ATTEST:
&km
. WOOD, CITY CLERK
(SEAL)
CC RESO. NO. 2000-193
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