2003/04/22 City Council Resolution (15)RESOLUTION 2003- 92
A RESOLUTION OF THE CITY OF ROHNERT PARK
AUTHORIZING AND APPROVING AN ESTOPPEL CERTIFICATE IN FAVOR OF
BERKSHIRE MORTGAGE FINANCE, FORMERLY BANKERS MUTUAL,
IN CONNECTION WITH A CERTAIN LOAN FOR THE
COPELAND CREEK APARTMENTS
WHEREAS, the City Council, by the adoption of Resolution No. 87 -208 on December 8,
1987 authorized the Mayor to execute and Estoppel Agreement in favor of First Nationwide Bank
in connection with a loan made to Glen H. Larsen and Jack Yanoff with the Copeland Creek
Apartments as security; and
WHEREAS, the City Council, by the adoption of Resolution No. 89 -159 on October 10,
1989 authorized the Mayor to execute a new Estoppel Agreement in favor of Bankers Mutual in
connection with a refinancing loan made to Glen H. Larsen and Jack Yanoff with the Copeland
Creek Apartments as security; and
WHEREAS, the City Council, by the adoption of Resolution No. 96 -192 on October 22,
1996 authorizing the Mayor to execute a new Estoppel Certificate in favor of Bankers Mutual, a
Mortgage Banking Corporation, which among other things, paid off the previous loan from
Bankers Mutual; and
WHEREAS, the City Council, by the adoption of Resolution No. 99- 126(a) on May 25,
1999 authorizing the Mayor to execute a new Estoppel Certificate in favor of Bankers Mutual, a
Mortgage Banking Corporation, and authorizing the City Attorney to take any other appropriate
actions necessary to protect the interests of the City in this matter which among other things, paid
off the previous loan from Bankers Mutual; and
WHEREAS, a compliance review conducted in April 2003, determined that Copeland
Creek Apartments has substantially complied with the Development Agreement and Second
Compliance Agreement signed by Owners agreeing to all remedies required and have shown good
faith and due diligence in executing those remedies; and
WHEREAS, Berkshire Mortgage Finance, formerly Bankers Mutual, has requested a new
Estoppel Certificate from the City in the same form as was previously provided by the City to
them; and
WHEREAS, the City Council has no objection to authorizing an Estoppel Certificate
being entered into with Berkshire Mortgage Finance as long as the Estoppel Certificate is in
substantially the same form as the Certificate which was previously provided to them in 1999.
Resolution 2003-92
April 22, 2003
Page 2
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Rohnert
Park that the City Manager is hereby authorized to execute the Estoppel Certificate in favor of
Berkshire Mortgage Finance on this 22nd day of April, 2003.
DULY AND REGULARLY ADOPTED this 22nd day of April, 2003
ATTEST:
De ty Cit Clerk
4 R
THE CITY OF ROHNERT PARK
Mayor
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FLORES: AYE MACKENZIE: ABSENT NORDIN: AYE SPRADLIN: AYE VIDAK- MARTINEZ: AYE
AYES: (4) NOES: (0) ABSENT: (1) ABSTAIN: (0)