HomeMy WebLinkAbout86-114 - ResolutionsRESOLUTION NO. 86-114
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA, APPROVING A SUBORDINATION AGREEMENT FROM KA/~TER
AND FOOTHILL PROPERTY 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 and a Maintenance Agreement for an
open channel along Foothill Boulevard, was approved by City Council on December
2, 1983, and recorded in San Bernardino County on December 29, 1983, Instrument
Nos. 83-306628 & 29; 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 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 7tb day of May, 1986.
AYES: MikeIs, Buquet, King, Dahl, Wright
NOES-: None
ABSMI~T: None
ATTEST:
BeverlyA.~ut~elet, City Clerk
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 7th day of
May, 1'986.
Executed this 8tb day of May, 1986 at Rancho Cucamonga, California.
Beverly A.~utbel't, City Clerk