§ 66A.7.

SUBORDINATION OF LIENS SECURING SEISMIC SAFETY LOANS

1.

The City shall negotiate with other existing and proposed lien holders and other holders of obligations secured by the Property in order to gain a superior position for the lien of the Deed of Trust and the Regulatory Agreement, if applicable.

2.

The City may, in its discretion, agree to subordinate the lien of the Deed of Trust to subsequent lenders providing financing for the rehabilitation of the Property, so long as the Property continues to meet the underwriting criteria set forth in Section 66A.4(1), above.

History

(Added by Ord. 100-94, App. 3/11/94; amended by Ord. 2-01, File No. 001969, App. 1/12/2001)

Download

  • Plain Text
  • JSON

Comments