HomeMy WebLinkAbout88-140 - Resolutions RESOLUTION NO. 88-140
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCMO
CUCAMONGA, CALIFORNIA, APPROVING A SUBORDINATION AGREEMENT
FROM FOOTHILL/HELLMAN INVESTMENT, LIMITED, AND AUTHORIZING
THE MAYOR AND CITY CLERK TO SIGN SAME
WHEREAS, a Real Property Improvement Contract and Lien Agreement for
the installation of off-site improvements, including 1/2 the median island on
Foothill Boulevard, was approved by City Council and recorded on April 18,
1985, as document No. 85-081627 in the official Records of San Bernardino
County, State of California; and
WHEREAS, for the developer to secure financing for the project, the
lender requires that the above-mentioned lien be subordinate to the lien in
favor of the Tender; and
WHEREAS, the developer has submitted a Subordinate Agreement to that
effect for the City's approval and execution.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Rancho Cucamonga, California, that said Subordinate Agreement be and the same
are hereby approved and the Mayor is hereby authorized to sign said
Subordination Agreement on behalf of the City of Rancho Cucamonga, and the City
Clerk attest thereto.
PASSED, APPROVED, and ADOPTED this 16th day of March, 1988.
AYES: Brown, Buquet, Stout, Wright, King
NOES: None
AB SENT: None
Dennis L. Stout, Mayor
ATTEST:
Beverly a~. Authelet, City Clerk
Resolution No. 88-140
Page 2
I, BEVERLY A. AUTHELET, CITY CLERK of the City of Rancho
Cucamonga, California, do hereby certify that the foregoing Resolution was duly
passed, approved, and adopted by the City Council of the City of Rancho
Cucamonga, California, at a regular meeting of said City Council held on the
16th day of Marchj 1988.
Executed this 17th day of March, 1988 at Rancho Cucamonga, California.
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Beverly A/ Authelet, City Clerk