HomeMy WebLinkAboutCity Council - 5754 RESOLUTION NO. 5754
A RESOLUTION OF THE CITY OF HUNTINGTON BEACH
AUTHORIZING AMENDMENT OF REGULATORY AGREEMENT AND
DECLARATION OF RESTRICTIVE COVENANTS RELATING TO
$8,165, 000 CITY OF HUNTINGTON BEACH MULTIFAMILY
HOUSING REVENUE BONDS (WARNER AVENUE APARTMENTS
PROJECT) , 1985 SERIES C
WHEREAS, the City of Huntington Beach ( the "City" ) has
previously issued its $8,165,000 City of Huntington Beach
Multifamily Housing Revenue Bonds (Warner Avenue Apartments
Project) . 1985 Series C ( the "Bonds" ) , pursuant to Chapter 7
(commencing with Section 52075) of Part 5 of Division 31 of the
California Health and Safety Code, to provide assistance to Warner
Partnership 1, A California Limited Partnership (the "Developer" ) ,
to finance a multifamily residential rental housing development
within the City of Huntington Beach; and
The Bonds were issued pursuant to an Indenture of Trust,
dated as of October 1, 1985, as amended (the "Indenture" ) , by and
between the City and the trustee named in the indenture (the
"Trustee" ) ; and
In connection with the Bonds, the City, the Trustee and the
Developer entered into a Regulatory Agreement and Declaration of
Restrictive Covenants, dated as of October 1, 1985 (the
"Regulatory Agreement" ) ; and
Section 11.01 of the Indenture and Section 13 of the
Regulatory Agreement permit the amendment of the Regulatory
Agreement, without the consent of the owners of the bonds, but
subject to the prior consent of the Trustee, the Credit
Institution (as such term is defined in the Indenture) and the
Bond Insurer (as such term is defined in the Indenture ) ; and
The Developer has requested that the City enter into an
amendment ( the "Amendment" ) to the Regulatory Agreement
substantially in the form presented at this meeting to modify the
Regulatory Agreement as set forth therein; and
The City has been provided with an opinion of Bond Counsel
(as such term is defined in the Indenture) that the Amendment is
authorized by the terms of the Indenture and the Regulatory
Agreement;
NOW, THEREFORE, BE IT RESOLVED, determined and ordered by the
City Council of the City of Huntington Beach as follows:
Section 1. Recitals . The above recitals, and each of them,
are true and correct .
Section 2. Amendment. The proposed form of the Amendment
presented at this meeting is hereby approved and the City
Administrator is hereby authorized and directed, for and in the
name of the City, to execute and deliver the Amendment in
substantially the form hereby approved, with such nonsubstantive
changes therein as the officer or officers executing the same may
approve, such approval to be conclusively evidenced by the
execution and delivery thereof.
Section 3. Further Acts . The officers of the City are
hereby authorized and directed, jointly and severally, to do any
and all things, to execute and deliver any and all documents,
which in consultation with the City staff and Bond Counsel, they
may deem necessary or advisable in connection with the foregoing,
and any such actions previously taken by such officers are hereby
ratified and confirmed.
Section 4. Effective Date. This Resolution shall take
effect immediately upon adoption.
PASSED AND ADOPTED by the City Council of the City of
Huntington Beach at a regular meeting thereof held on the 2nd day
of March , 1987.
1 - IrAll ly,
Mayor
ATTEST: APPROVED AS 0 FORM:
City Clerk Agency Co nsel
REV WED AND APPROVED: ITIATED AND AP ED:
ity Administrator D ty Director of
R d velopment
1845L
1-23-87
18019-10 JHHW EME pab 01'13187 P2425
02103,107
Recording requested and return to:
Edsell M. Eady, Jr., Esq.
Jones Hall Hill & White,
A Professional Law Corporation
Four Embarcadero Center, Suite 1950
San Francisco, California 94111
FIRST AMENDMENT TO REGULATORY AGREEMENT
AND DECLARATION OF RESTRICTIVE COVENANTS
By and Among
CITY OF HUNTINGTON BEACH
And
WARNER PARTNERSHIP I,
A CALIFORNIA LIMITED PARTNERSHIP
And
FIRST INTERSTATE BANK OF CALIFORNIA, AS TRUSTEE
Dated as of January 1, 1987
Relating to:
$8,165,000
CITY OF HUNTINGTON BEACH
MULTIFAMILY HOUSING REVENUE BONDS
(WARNER AVENUE APARTMENTS PROJECT)
1985 SERIES C
FIRST AMENDMENT TO REGULATORY AGREEMENT
AND DECLARATION OF RESTRICTIVE COVENANTS
This FIRST AMENDMENT TO REGULATORY AGREEMENT AND DECLARATION OF
RESTRICTIVE COVENANTS (as from time to time amended by any amendment entered into pursuant
to the provisions hereof, this "First Amendment"), dated as of January 1, 1987, among the City of
Huntington Beach, a municipal corporation and charter city duly organized and existing under the laws
of the State of California (together with any successor to its rights and obligations hereunder, the
"Issuer"), Warner Partnership I, A California Limited Partnership (the "Developer"), and First Interstate
Bank of California, as trustee (the "Trustee").
WITNESSETH THAT:
WHEREAS, the Issuer has heretofore issued, sold and delivered its Multifamily Housing Revenue
Bonds (Warner Avenue Apartments Project), 1985 Series C (the "Bonds") in the aggregate principal
amount of S8,165,000 pursuant to an Indenture of Trust, dated as of October 1, 1985 (the "Indenture"),
by and between the Issuer and the Trustee; and
WHEREAS, in connection with the Bonds, the Issuer, the Trustee and the Developer entered into a
Regulatory Agreement and Declaration of Restrictive Covenants, dated as of October 1, 1985 and
recorded in Official Records of Orange County, California, on October 25, 1985, as instrument number
85-411931 (the "Regulatory Agreement"); and
WHEREAS, Section 11.01 of the Indenture and Section 13 of the Regulatory Agreement permit the
amendment of the Regulatory Agreement, without the consent of the owners of the Bonds, but subject
to the prior consent of the Trustee, the Credit Institution (as such term is defined in the Indenture) and
the Bond Insurer (as such term is defined in the Indenture); and
WHEREAS, the Issuer has been provided with an opinion of Bond Counsel (as such term is
defined in the Indenture) that this First Amendment is authorized by the terms of the Indenture and the
Regulatory Agreement;
NOW, THEREFORE, this First Amendment witnesseth that the Issuer, the Trustee and the
Developer hereby agree and covenant as follows:
Section 1. DEFINITIONS. Except as modified hereby, all terms used in this First Amendment
which are defined in the Regulatory Agreement are used herein as so defined.
Section 2. MODIFICATIONS. Section 4(d) of the Regulatory Agreement is hereby modified to
read in full as follows:
"(d) the Company will obtain and maintain on file applications, and written third party or other
appropriate verifications of source and amount of income and similar evidence of tenant
qualification, as well as evidence of any corrective action requested of any tenant, for inspection of
the Issuer, the Mortgage Lender or the Trustee, upon reasonable notice and at reasonable times
Section 3. APPLICABILITY OF REMAINING PROVISIONS. Except as expressly modified by the
provisions of Section 2 of this First Amendment, the provisions of the Regulatory Agreement shall
remain in full force and effect. Without limitation upon the foregoing, the provisions of Sections 11, 12,
13, 14, 15, 16 and 17 of the Regulatory Agreement shall apply to this First Amendment and are hereby
incorporated herein as though set forth in full, and all references in the Regulatory Agreement to the
Regulatory Agreement shall be deemed to be references to the Regulatory Agreement as modified by
this First Amendment.
IN WITNESS WHEREOF, the Issuer has caused these presents to be executed in its name and
behalf by its City Administrator, the Developer has caused these presents to be executed in its name
and behalf by its Managing General Partner, and the Trustee has caused these presents to be
executed in its name and behalf by its assistant vice president, all as of January 1, 1987.
CITY OF HUNT TON BEACH
By:
l
City Administrator
WARNER PARTNERSHIP 1,
A CALIFORNIA LIMITED PARTNERSHIP
By Lincoln Property Company No. 1225,
A California Limited Partnership
By:
A Managing General Partner
FIRST INTERSTATE BANK OF CALIFORNIA,
as Trustee
By
Assistant Vice President
APPROVED AND ACCEPTED by
MERCANTILE CAPITAL CORPORATION
By: c,44t4, A-e l
President
APPROVED AND ACCEPTED by
MERCANTILE CAPITAL
FINANCE CORPORATION NO. 19
By: -174ma-s-
President
APPROVED AND ACCEPTED by
UNITED STATES FIDELITY
AND GUARANTY COMPANY
Title:
--f--
-2-
State of California )
SS
County of )
On this day of AAin the ear 1987, before me,
d id q. �j&j2r- ' a notary public, p rsonally appeared 4 r AVGte, anln
personally known to me ( ) to be the person who
executed this instrument as City Administrator of the City of Huntington Beach and acknowledged to
me that the City of Huntington Beach executed it.
(signature)
(Typed Name)
OFFtC1a1. cgAj Notary Public for the State of California
a cpwnPE I= �a+i�oRviA !I(7
NOTARY PUBL C
c1 10. 19s9 M
comm. e..v�res o > commission expires:
M Y P
y
-3-
State of California )
) SS
County of }
On this day of in the year 1987, before me,
a notary public, personally appeared
personally known to me (or proved to me on the basis of satisfactory evidence) to be one of the
partners of Lincoln Property Company No. 1225. a partnership, said partnership being known to me (or
proved to me on the basis of satisfactory evidence) to be one of the partners of Warner Partnership I,
the partnership that executed this instrument and acknowledged to me that they executed the same as
partners of the partnership first above named. that said partnership executed the same as a partner of
Warner Partnership I, and that said last named partnership executed the same.
(signature)
(Typed Name)
Notary Public for the State of California
My commission expires:
-4-
State of California )
/j�, ) SS
County of _ ._S )
On this day of / in the ear 1987 before me,
a notary publi , personally appeared
personally k own to me (or proved to me on the basis of satisfactory evidences e) to be the person who
executed this instrument as Assistant Vice President on behalf of First Interstate Bank of California and
acknowledged to me that First Interstate Bank of California executed the within instrument pursuant to
its by-laws or a resolution of its board of directors.
e.
(signature)
. OFFICIAL SEAL
MA. ROSE C. FACKLAM (Typed Name)
Notary Public-California Notary Public for the State of California
/q Principal Office In
Los Angeles County
My Comm. Exp.July 7, 1987 My commission expires:
State of California )
) SS
County of _S A'0 FRAX)GI.Scy )
On this MIX, day of in the, year 1987, before me, '
a notary public, personally appeared
personally known to me (or proved to me on the basis of satisfactory evidence) to be the person who
executed this instrument as President on behalf of Mercantile Capital Corporation and acknowledged to
me that Mercantile Capital Corporation executed the within instrument pursuant to its by-laws or a
resolution of its board of directors.
(signat )
�LEA)e S4�7f�C-L
(Typed Name)
SASALL Notary Public for the State of California
IM ILK•CALFOM
C"i�11 Of so 1#ANKM
wc...wlWww.LWV
My commission expires:
k�4_= 3, i 9k
State of California )
) SS
County of -C-VW Fi Akl5ca )
On this /D day off3Q1,(A/L in the ear 1987, before me,
, a notary public, personally appeared s�,f./Eca &-EEC
,
personally known to me (or proved to me on the basis of satisfactory evidence) to be the person who
executed this instrument as President on behalf of Mercantile Capital Finance Corporation No. 19 and
acknowledged to me that Mercantile Capital Finance Corporation No. 19 executed the within instrument
pursuant to its by-laws or a resolution of its board of directors.
(sig ure)
(Typed Name)
Notary Public for the State of California
My commission expires:* ,7-
State of6 ��" `- )
_CZty of ) SS
this day of 1��r� in _t�___�rs 187,- befor Te,
,.�-,notary public, personally appeared / , /?!-
per onagj known to me (or pf ovgd to mg,orythe basis of satisfactory evidence) to b the person who
executed this instrument as?mil J�L a a rtc ?t on behalf of United States Fidelity and Guaranty
Company and acknowledged to me that United States Fidelity and Guaranty Company executed the
within instrument pursuant to its by-laws or a resolution of its board of directors.
(signature)
(Typed Name)
Notary Public for the State of Cali urrii a7
My commission expires:
Exhibit A
Legal Description
The land referred to herein is situated in the County of Orange, State of California, and is
described as follows:
Lots 1, 2 and A of Tract No. 11532, in the City of Huntington Beach, as per map recorded in Book
491, Pages 10 and 11 of Miscellaneous Maps, in the office of the County Recorder of said County.
EXCEPT THEREFROM all oil, gas, minerals and other hydrocarbon substances lying below a depth of
500 feet without any right to enter upon the surface or the subsurface of said land above a depth of
500 feet, as provided in instruments of record.
Also except the subsurface water rights but without the right of entry to the surface or to the
subsurface above the depth of 500 feet as dedicated to the City of Huntington Beach on the map of
said Tract.
A 1
Res. No. 5754
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss:
CITY OF HW INGTON BEACH )
1, ALICIA M. WENTWORTH, the duly elected, qualified City
Clerk of the City of Huntington Beach, and ex-officio Clerk of the
City Council of said City, do hereby certify that the whole number of
members of the City Council of the City of Huntington Beach is seven;
that the foregoing resolution was passed and adopted by the affirmative
vote of more than a majority of all the members of said City Council
at a regular meeting thereof held on the ?nri day
of March , 19 87 by the following vote:
AYES: Councilmen:
Winchell, mays, Kelly, Erskine
NOES: Councilmen:
None
ABSENT: Councilmen:
Finley, (Green, Bannister - out of room)
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington-Beach, California