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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 />RESOLUTION NO. P=51-99 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />COLTON, CALIFORNIA, APPROVING TRANSFER OF OWNER- <br />SHIP OF PROJECT SECURING THE CITY'S $7,500,000 <br />VARIABLE RATE MULTIFAMILY MORTGAGE REVENUE <br />BONDS (FIRST NATIONWIDE SAVINGS PROGRAM), 1985 <br />ISSUE A, APPROVING ASSIGNMENT AND ASSUMPTION <br />AGREEMENTS AND A SUPPLEMENTAL TRUST INDENTURE <br />RELATED THERETO AND APPROVING TRANSFER OF THE <br />OWNERSHIP OF THE BONDS AND OTHER MATTERS <br />RELATED THERETO <br />WHEREAS, the City of Colton (the "City") has issued its City of Colton Variable Rate <br />Multifamily Mortgage Revenue Bonds (First Nationwide Savings Program) 1985 Issue A, in the <br />aggregate principal amount of $7,500,000 (the "Bonds") pursuant to an Indenture of Trust (the <br />"Original Indenture"), dated as of April 1, 1985, by and between the City and Bank of California, <br />National Association, as trustee since succeeded by U.S. Bank Trust National Association, as Trustee <br />(the "Trustee"), as supplemented by a First Supplemental Trust Indenture between the City and the <br />Trustee and dated as of September 30, 1994 (the "First Supplemental Indenture"); and <br />WHEREAS, the proceeds of the Bonds were used by the City to fund a loan to provide <br />financing with respect to a multifamily rental housing development (the "Project") initially owned by <br />700 Market Associates, IX, a California partnership (the "Original Owner"); and <br />WHEREAS, in connection with the issuance of the Bonds, the City entered into (i) a <br />Regulatory Agreement and Declaration of Restrictive Covenants by and among the City, the Trustee <br />and the Original Owner and dated as of April I, 1985, and (ii) a Servicing Agreement among the City, <br />the Trustee, the Original Owner and the Credit Bank and dated as of April 1, 1985 (the "Servicing <br />Agreement"); and <br />WHEREAS, the Bonds were originally secured by a letter of credit (the "Letter of <br />Credit") issued by First Nationwide Bank (the "Credit Bank"); and <br />WHEREAS, in 1994 the Credit Bank foreclosed on the note securing the Letter of <br />Credit and transferred ownership to the Project to Wolf Real Estate Limited Partnership (the "Second <br />Owner"), who also purchased all of the outstanding Bonds, and as owner of the Bonds agreed to <br />release the Letter of Credit in 1994; and <br />WHEREAS, in 1997, the Second Owner transferred ownership of the Project and the <br />Bonds to FSF Blue Mountain Associates, LLC, a California limited liability company (the "Current <br />Owner") who entered an Agreement for Assumption of Project Loan Documents among the Current <br />Owner, the City and the Trustee and dated May 30, 1997 (the "1997 Loan Assumption Agreement") <br />pursuant to which the Second Owner assumed the obligations under the Servicing Agreement and a <br />Second Agreement for Assumption of Regulatory Agreement among the City, the Current Owner and <br />Rveue\FIa\514979 <br />