HomeMy WebLinkAbout88-671 - Resolutions RESOLUTION NO.-88-671
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA, CALIFORNIA, APPROVING A SUBORDINATION AGREEMENT
FROM RI(2{ARD L. BATSON AND SHARON PHILLIPS AND AUTHORIZING
THE MAYOR AND CITY CLERK.TO SIGN SAME
WHEREAS, a Real Property Improvement Contract and Lien Agreement for
the installation of Street Improvements along 12720 Amber Lane was approved by
City Council on February, 1986. and recorded in San Bernardino County on March
6, 1986, Instrument No. 86-059690; 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 lender; and
WHEREAS, the developer has submitted a SubordlnationAgreement to that
effect for the City's approval and execution.
NOW, THEREFORE, the City Council of the City of Rancho Cucamonga,
California, does hereby resolve that said Subordination Agreement is approved
and the Mayor is 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 November, 1988.
AYES: Brown, Buquet, Stout, King
NOES: None
ABSENT: Wright
Dennms L. Stout, F~iyor
~eve~iy ~/A~elet, City Clerk
Resolution No. 88-671
Page 2
I, BEVE~Y A. AUTH~LET, CITY ~ERK 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 CucamonEa,
California, at . a regular meeting of said. City Council held on the 16th day of
Nov ~nber, 1988. . .
Executed this 17th Jay of' N~ember, 1988 St Rancho Cucamonga,
California.
Beverly A./Authelet,. City Clerk