1995-138-Execute A Subordination Agreement For Villa Vasona To Permit Refunding Of Housing & Urban Development And County Of Santa Clara BondsRESOLUTION 1995 - 138
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
AUTHORIZING THE MAYOR TO EXECUTE A SUBORDINATION AGREEMENT FOR
VILLA VASONA TO PERMIT REFUNDING OF HOUSING & URBAN DEVELOPMENT
AND COUNTY OF SANTA CLARA BONDS
WHEREAS, the Town and Villa Vasona. Ltd., have executed a series of agreements to
permit the Villa Vasona project to be constructed, including a 1983 subordination agreement
permitting permanent or construction financing to occur, and
WHEREAS, the Department of Housing and Urban Development and the County of Santa
Clara have developed a process for refinancing the existing loans on the project by refunding the
existing bonds, and
WHEREAS, the parties involved have requested the Town to execute a formal
subordination agreement to make clear that the modification to the existing deed of trust and
underlying note will remain in a priority position to the Town's agreements, and
WHEREAS, the refinancing will result in significant monies being returned to HUD and
the County to provide housing to low and moderate income citizens, and
WHEREAS, the Town's position with relationship to the property will not be adversely
affected in any way,
THEREFORE, BE IT RESOLVED:
1. The Mayor is authorized and requested to execute the Subordination Agreement
contained in Exhibit A hereto.
2. The Town Clerk is directed to deliver the executed Subordination Agreement for
recording by the County Recorder of Santa Clara County.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Los
Gatos, California, held on the 2nd day of October, 1995 by the following vote:
COUNCIL MEMBERS:
AYES: Randy Attaway, Joanne Benjamin, Steven Blanton, Linda Lubeck
Mayor Patrick O'Laughlin.
NAYS: None
ABSENT: None
ABSTAIN: None
SIGNED:
MAYOR OF THNTOWN0'
LO S GATOS
LOS GATOS, CALIFORNIA
ATTEST:
1
CLERK OF THE TOWN OF LO$ GATOS
LOS GATOS, CALIFORNIA
N: \SHARE \VASONA.RES