HomeMy WebLinkAboutResolution 1979 - 0114I
RESOLUTION NO.79-114-2~
A RESOLUTION OF THE BOARD OF DIRECTORS OF
COUNTY SANITATION DISTRICT NO.2,APPROVING
THE EXECUTION OF A SUBORDINATION AGREEMENT
WITH C-W ASSOCIATES,RELATING TO A DEED OF
TRUST EXECUTED BY C-W ASSOCIATES (BRYAN.T
RANCH)ANNEXATION NO.35
WHEREAS,District made and entered into an annexation agreement dated
March 5,1979 with C-W Associates,owner/developer of Bryant Ranch,providing
•
for deferral of annexation fees over a period of five years;and,
WHEREAS,to insure payment of said deferred annexation fees,the
owner/developer executed a promissory note secured by deed of trust upon the
annexed property;and,
•WHEREAS,C-W Associates has requested that District execute a subordi-.
nation agreement,wherein District approves of a new note and deed of trust
being executed by C-W Associates in favor of a lender,the proceeds of which are
to be used for development purposes;and,
WHEREAS,District has determined that the terms of the subordination
agreement are sufficient to guarantee protection of the District’s interests.
NOW,THEREFORE,the Board of Directors of County Sanitation District
No.2 of Orange County,California,
DOES HEREBY RESOLVE,DETERMINE AND ORDER:
Section 1 That certain subordination agreement dated August 8,1979,by
and between C-W Associates and County Sanitation District No.2,attached
hereto as Exhibit “A”,is hereby approved.
Section 2 That the Chairman and Secretary of District No.2 are hereby
authorized and directed to enter into and sign the agreement with C-W
Associates,together with all other documents necessary to effect said trans
action,subject to the condition that that certain Deed of Trust to secure an
1
indebtedness of C-W Associates to CD Investments (U.S.)Inc.in the amount of
$12,500,000.00,recorded November 15,1978,in Book 12924,Page 143 of Official
Records of Orange County,as Instrument No.20437 be subordinated to the Deed
of Trust of the District.
PASSED AND ADOPTED at a regular meeting held this 8th day of August,
1979.
2
STATE OF CALIFORNIA )
)SS.
COUNTY OF ORANGE )
I,J.WAYNE SYLVESTER,Secretary of the Board of Directors of
County Sanitation District No.2 of Orange County,California,do
hereby certify that the above and foregoing Resolution No.114-2
was regularly passed and adopted at a regular meeting of said Board
on the 8th day of August ,
19 79,by the following vote,to wit:
AYES:Henry Wedaa (Chairman),Don Fox,Bernard Houston,Edison
Miller,Bob Perry,Ear1~Roget,Donald Roth,Don Smith,
Roger Stanton,Duane Winters and Harry Yamamoto
NOES:None
ABSENT:Donald Holt,Jr.
IN WITNESS WHEREOF,I have hereunto set my hand and affixed the
official seal of County.Sanitation District No.2 of Orange County,
California,this 8th day of August ,.
19 79.
./~s1ayne Sy/lve~r,Secretary,
Bq~rf of Wrec~rs Df County
Sa~ff~tati?/i District No.2
of Orange County,California
S-104