HomeMy WebLinkAbout92-040 - Resolutions RESOLUTION NO. 92-040
A RESOLUTION OF THE CITY OOUNCIL OF THE CITY OF RANCHO
CUCA~, CAT.TFOi%NT_A, APPROVING A SUBORDINATION AGREE-
~ FROM BIDARP/~ AND AUTHORIZING THE MAYOR AND
CITY cLk~KTO SIGN SAME
WHEREAS, a Real Property Improvement Contract and Lien A~/reement for
the installation of a landscaped median island, including irrigation on meter,
on Fourth Street was approved by City Council on March 8, 1982, and recorded
in San Bernardino County on May 25, 1982, Instrument No. 82-102548; and
WHEREAS, for the developer to secure financing for the project, the
lender requires that the above-mentioned lien agreement be subordi~mtedtothe
lien in favor of the lender; and
WHEREAS, the developer has submitted a Subordination Agreement to
that effect for the city's approval and execution.
NOW, THEREFORE, the City Council of the City of Rancho Cucamonga does
hereby resolve that said Subordination Agreement be and the same are hereby
approved and the Mayor is hereby authorized to sign said Subordination Agree-
ment on behalf of the City of Rancho Cucamonga, and the City Clerk attest
thereto.
PASSED, APPROVED, and ADOPTEDthis 19thday of February, 1992.
AYES: Alexander, Stout, Williams, Wright
NOES: None
ABSENT: Buquet
Dennis L. Stout, Mayor
'D~r~ J. Ad_~, City Clerk--
I, D~RA J. ADAMS, 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 onthe 19thday of
February, 1992.
Resolution No. 92-040
Page 2
Executed this 20th day of February, 1992, at Rancho Cucamonga,
California.
D~bra J. ~mms, City Clerk