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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />that certain "Deed of Trust with Assignment of Rents" dated May 22, 1985 ("Deed of <br />Trust") and recorded on May 28, 1985 in the Official Records of San Bernardino County <br />as Document No. 85-125030, California, securing that certain Installment Note made <br />May 22, 1985 by the Schultes, evidencing the loan for rehabilitation to be performed on <br />that certain real property ("Property") legally described on the attached Exhibit A; and <br />WHEREAS, City staff has determined the following: (i) both George and Tempest <br />Schulte have been deceased since November 5, 1988; (ii) the Property was destroyed <br />in December of 1995; and; (iii) the outstanding amount of the Trust Deed totals <br />approximately $29,548.47 as of December 1, 2001; and <br />WHEREAS, the City now desires to convert the Loan to a grant no longer <br />requiring repayment and has, or will execute that certain "Substitution of Trustee and <br />Full Reconveyance" substantially in the form attached hereto as Exhibit B, reconveying <br />the Deed of Trust; and <br />WHEREAS, the City now makes certain findings determining that the Schultes' <br />participation in the Loan Program comported with the Loan Program requirements as <br />well as CDBG requirements. <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON, <br />CALIFORNIA, DOES FIND AND DECLARE THAT: <br />1. Findings. <br />a. The Loan Program constituted an activity eligible for CDBG assistance <br />under 24 CFR section 570.202(a)(1) and section 105 (a)(4) of the Act in that the loans <br />provided by the City through the Loan Program were used for the purposes of assisting <br />low-income homeowners with financing to rehabilitate homes in violation of the City's <br />building code. <br />b. The Loan Program complied with the national objective of benefiting low <br />and moderate income persons in accordance with 24 CFR section 570.208(a)(1) and <br />RVPUB\BLH\623934 <br />