1981-14 RESOLUTION NO. CRA-81-14
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY --OF GRAND TERRACE APPROVING AN
ASSUMPTION AND MODIFICATION AGREEMENT AND
AUTHORIZING THE EXECUTION THEREOF.
WHEREAS, on March 17, 1981, the Community Redevelopment Agency of the-,
City of Grand Terrace (the "Agency") , Pierce Plaza Company.("Pierce Plaza"),
Crocker National Bank (the "Qualified Mortgage Lender"), and Security. Pacific
National Bank (the "Trustee") entered into that certain commitment_cont-ract
(the "Commitment Contract") and that certain Owner Participation Agreement.'..:
(the "Owner Participation Agreement") ; and
WHEREAS, Pierce Plaza desires to transfer and assign all of its right,
title and interest in and to the Commitment Contract and the Owner
Participation Agreement to Pacesetter Homes, Inc. ("Pacesetter") and
Pacesetter desires to assume Pierce Plaza's obligations under the Commitment
Contract and the Owner Participation Agreement and Pierce Plaza and Pacesetter
desire to modify the terms and conditions of the Commitment Contract and the
Owner Participation Agreement all as set forth in that certain Assumption and
Modification Agreement attached hereto and incorporated herein by reference as
Exhibit "A" (the "Assumption and Modification Agreement") ' and
WHEREAS, Agency has reviewed and considered the qualifications and
financial capabilities of Pacesetter based on certain information supplied to
Agency by Pacesetter and has reviewed or caused to be reviewed certain plans
and specifications submitted by Pacesetter with respect to the construction of
55 single family dwelling units on the property referred to in the Commitment
Contract; and
WHEREAS, the Agency has notified Standard & Poor's Corporation, of the
proposed assignment and assumption of the Commitment Contract and Owner
Participation Agreement by Pacesetter, and Standard & Poor's Corporation has
given its approval to said assignment and assumption.
NOW, THEREFORE, the Community Redevelopment Agency of the City of
Grand Terrace hereby RESOLVES, ADOPTS AND ORDERS AS FOLLOWS:
SECTION 1. The Agency hereby gives its approval and consent to Pierce
Plaza transferring and assigning all of its right, title and interest in and
to the Commitment Contract and the Owner Participation Agreement to Pacesetter
and the assumption by Pacesetter of all of Pierce Plaza's obligations under
and by virtue pf the Commitment Contract and Owner Participation Agreement as
set forth in the Assumption and Modification Agreement.
SECTION 2. The Agency hereby approves the Assumption and Modification
Agreement and authorizes and directs the Chairman and the Secretary of the
Agency to execute said Agreement on behalf of the Agency as the Agency's act
and deed.
ADOPTED this 5th day of November, 1981.
ATTEST:
Chai PMan_ VTerraee
=_ = Secr.et _,-of the Grated Terrace Co ity Rede elop nt Agency
CommunVy_-Rede-velopment Agency
Approved as to form:
Attorney
-2-
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss.
CITY OF GRAND TERRACE )
I, MYRNA LINDAHL, Secretary of the Grand Terrace Community
Redevelopment Agency, DO HEREBY CERTIFY that the foregoing Resolution
was duly adopted by the Grand Terrace Community Redevelopment Agency
at a regular meeting held on the 5th day of November, 1981, and that
it was so adopted by the following vote:
AYES: Members Grant, Petta, Nix, Rigley;
Chairman Tillinghast.
NOES: None
ABSENT: None
Secreta of the Grand`"Terrace._ -
Commun y Redevelopment Agency—
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss.
CITY OF GRAND TERRACE )
I, MYRNA LINDAHL, Secretary Grand Terrace Community
Redevelopment Agency, DO HEREBY CERTIFY that the above and foregoing
is a full , true, and correct copy of Resolution No. CRA-81-14 of said
Agency, and that the same has not been amended or repealed.
DATED: November 5, 1981
>Y-)
Secre#f Y of the Grdnd_Terrace_
Commu ity Redevelopment Agency_ =