HomeMy WebLinkAboutRES-1996-040 Resolution for Housing Rehabilitation Program Deferred Loan Program U F 3
RESOLUTION
HOUSING REHABILITATION PROGRAM DEFERRED LOAN PROGRAM
WHEREAS, the County provides funding in the form of deferred loans to homeowners to
repair substandard housing ih the County; and
WHEREAS, the County secures its monetary investment by the property owner executing
a Promissory Note and Deed of Trust with the later being duly recorded in the Orange
County Register of Deeds Office; and
WHEREAS, from time to time before the expiration of the Deed of Trust and Promissory
Note it may become necessary to re-negotiate the terms of the Promissory Note and Deed
of Trust;
NOW, THEREFORE, be it resolved by the Board of County Commissioners of Orange
County, that the County Manager or his/her Assistant Managers as authorized by the
County Manager has the authority to:
1. Subordinate the County Deed of Trust to security interest in the property for purchase
or refinance to an amount, with the combination of the new loan and the County's lien,
not to exceed 90% of the Fair Market Value of property.
2. Authorize the County Manager to sign a Release Deed or cancel a Deed of Trust and
Promissory Note upon satisfaction.
This the 17th day of September, 1996.