HomeMy WebLinkAboutResolutions - No. 80-133RESOLUTION NO. 80-133
RESOLUTIOId APPROVING AGREEMENT WITH BANK
OF AMERICA NATIONAL TRUST AND SAVINGS
ASSOCIATION FOR SPECIAL RESIDENTIAL REAL
ESTATE LENDING PROGRAM
RESOLVED that the City Council of the City of Lodi does
hereby approve Agreement between the City of Lodi and the Bank
of America National Trust and Savings Association for a Special
Residential Real Estate Lending Program, whereby the Bank is
willing to make loans secured by deeds of trust on owner -occupied
single-family dwellings and one -to -four unit dwelling structures
located in the area depicted on Exhibit "A" attached hereto and
thereby made a part hereof and on the terms and conditions set
forth in the aforementioned Agreement.
BE IT FURTHER RESOLVED that the Mayor and City Clerk
are hereby authorized to execute on behalf of the City the
Agreement, a copy of which is attached hereto, identified as
Exhibit "B" and thereby made a part hereof.
Dated: October 1, 1980
I hereby certify that Resolution No. 80-133 was passed
and adopted by the City Council of the City of Lodi
in a regular meeting held October 1, 1980 by the
following vote:
Ayes: Councilmen - Murphy, Pinkerton and Katnich
Noes: Councilmen - McCarty
Absent: Councilmen - Hughes
ALICE M. REIMCHE
City Clerk
30-133
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LAM U11 J.>
PROPOSAL
DRAFT
AGREEMENT FOR SPECIAL RESIDENTIAL
REAL ESTATE LENDING PROGRAM
THIS AGREEMENT is made between the ,
apolitical subdivision in the State of California (hereinafter "Author-
ity") and the BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, a
national banking association (hereinafter "Bank").
W I T N E S S E T H
RECITALS:
A. Authority has requested Bank to make special residential
real estate loans ("Loan(s)") available in the area of Authority bounded
by
(hereinafter "Area"). As described below, Loans, Area, and operating
considerations as part of this Agreement shall constitute a Special Resi-
dential Real Estate Lending Program ("Program").
B. Bank is willing to make Loans secured by deeds of trust
on owner -occupied single-family dwellings and one- to four -unit dwelling
structures located in the Area on terms and conditions set forth in this
Agreement. Loans up to 90% of appraised value or sales price, plus im-
provements, whichever is less, will be available upon request to quali-
fied applicants. All Loans on owner -occupied property will be at Bank's
best posted interest rate available to the general public on one- to
four -unit residential structures.
NOW, THEREFORE, for and in consideration of the foregoing and
the mutual agreements made herein, and for other good and valuable con-
sideration, Authority and Bank agree as follows:
1. Bank and Authority will cooperate in marketing the avail-
ability of Loans in order to attract Loan applicants (hereinafter "Appli-
cants)") in the Area. Bank, through its
Branch/Main Office, will make mortgage loans available
for purchase or refinance and rehabilitation to all qualified Applicants.
2. Bank will perform its customary credit evaluation with re-
spect to each Applicant and make its judgment with respect to the credit-
worthiness of each Applicant.
3. Bank will perform a standard market value appraisal. An
"after -rehabilitation" market value will be given on property where Ap-
plicant furnishes Bank with a description of the rehabilitation work to
be performed. Applicant will furnish Bank with the estimated cost of
each item, including plans, specifications, and contractor's bid. The
rehabilitation work would then be a condition for the Loan. Bank may
further require that Applicant furnish a standard structural pest control
clearance from a licensed pest control operator.
4. Before Program implementation and at Bank's request there-
after, Bank shall receive satisfactory information concerning Bank's "In-
dicators for Establishing Likelihood of Arresting Deterioration, Economic
Feasibility of Rehabilitation, and Adequacy of Government Services," a
copy of which is attached hereto as Exhibit A.
2
In the event Bank determines, through Indicator analysis,
that Authority's services in the Area are no longer appropriate to sup-
port the Program, Bank may terminate this Agreement on thirty (30) days'
written notice to Authority.
Bank will establish maximum Loan maturities based on the
Indicators. Bank must receive from Authority sufficient data to estab-
lish Loan maturities; under no circumstances will the maximum maturity
for any Loan exceed thirty (30) years. A Loan maturity may be less, de-
pending on the remaining useful life of each Property.
5. The term of this Agreement is one (1) year from the date
hereof. Any termination of this Agreement shall not affect the Loans
outstanding at the time of termination.
6. Authority and Bank will comply with all applicable stat-
utes and regulations, including without limitation, where applicable,
the Federal Truth in Lending Act and Regulation Z thereto, the Consumer
Credit Reporting Act, and the Equal Credit Opportunity Act and Regula-
tion B thereto.
7. Any communications between the parties hereto may be
given by mailing the same, postage prepaid, to Bank at its
Branch/Main Office,
and to
or to such other addresses as either party may, in writing, hereafter
indicate.
3
8. This Agreement and any agreement, document, or instrument
attached hereto or referred to herein integrate all terms and conditions
mentioned herein or incidental hereto, and supersede all oral negotia-
tions and prior writings in respect to the subject matter hereof. In
the event of any conflict between the terms, conditions, and provisions
of this Agreement and any such agreement, document, or instrument, the
terms, conditions, and -provisions of this Agreement shall prevail.
9. This Agreement shall be administered on behalf of Author-
ity by and through the
thorized representative.
or his au -
10. This Agreement may be executed in as many counterparts as
may be deemed convenient, each of which, when executed, shall be deemed
an original.
11. Bank may, at its option, discontinue making Loans from and
after the date when the total principal amount of Loans exceeds
Bank's option under this paragraph is in addition to its other rights.
Bank's dollar commitment is good for one year.
12. During the term of this Agreement, unless an Applicant
otherwise requests, a Loan made in the Area through the
Branch/Main Office shall be subject to this Agree-
ment. There shall be an assured availability for the Loan if Applicant
qualifies. The Loan may be in an amount up to 90% of appraised value
or sales price, plus improvements, whichever is less.
A Loan Applicant shall be free to apply instead for a
Loan subject to Bank's conventional terms without regard to the above
4
provisions (which are generally more favorable to the Applicant than pro-
visions for a conventional loan). In that event, the above provisions
shall not pertain to the application or loan, and the application and
loan, if made, shall be in accordance with Bank's conventional terms.
13. The operating aspects of this Agreement, including but not
limited to target area boundaries, may be altered from time to time
through a letter of understanding, accepted mutually by Authority's
and Bank's City Improvement and
Restoration Program (CIRP) Department.
IN WITNESS WHEREOF, this Agreement is executed by the City of.
acting by and through its
pursuant to Resolution No. authorizing
such execution, and by Bank.
Dated this day of 19_
(SLA 8/1/80) 5
BANK OF AMERwb:�
TRUST
SAVINGS AS
By
Q� O
Title