RES-ORA-0221 Approving the Execution of an Inter-Creditor AgreementRESOLUTION NO. ORA-
0221 RESOLUTION OF THE ORANGE
REDEVELOPMENT AGENCY APPROVING THE EXECUTION OF
AN INTER-CREDITOR AGREEMENT
IN CONNECTION WITH THE IMPLEMENTATION OF
A DISPOSITION AND DEVELOPMENT AGREEMENT BY
AND BETWEEN THE ORANGE REDEVELOPMENT
AGENCY AND
SUNSTREAM COMMUNITIES.WHEREAS, the Orange Redevelopment Agency (
herein referred to as the "Agency") is authorized to
conduct redevelopment activities within the Project Area of
the Soulhwest Redevelopment Project (the "Project Area"),
which activities include the acquisition and conveyance of real
property for private
development; and WHEREAS, on February 14, 1989 following
a duly-notarized Joint public hearing of the Agency and the City
Council of the City of Orange (the "Cily"), the Agency
approved a Disposition and Development Agreement (the "
DDA") with Sunstream Communities, a California Limited
Partnership (the "Developer");WHEREAS, ITT Federal Bank (
the "Lender") providing permanent financing to the Developer
for its undertakings pursuant to the DDA has proposed that the
Agency approve a cerlain Inter-Creditor Agreement in
the form submitted herewilh the "Inter-
Creditor Agreement") clarifying the respective rights of the Lender, the
Developer, and the Agency; and WHEREAS, the
Inter-Creditor Agreement is consistent with and within
the purview of the DDA; and NOW, THEREFORE, BE
IT RESOLVED by
ECTIONJ.;
The Redevelopment Agency hereby approves the Inter-
Creditor Agreement and authorizes the Chairman and the Executive
Director to execute the Inter-Creditor Agreemen1. and other
documents as shall otherwise be deemed by the Executive Director
to be necessary to effectuate the provisions of the DDA
and the
Inter-Creditor Agreement.ADOPTED this ...!9th _ day of F'<el>.~
ua_U'______~_,
1991.GENE BEYER Chairman,
Orange
Redevelopment Agency BY:~~~FR
D BARRERA, VICE-CHAIRMAN
ORANGE RE VELOPMENT GENCY
MARILYN J. JENSEN BY:Clerk;--O~';'--'Rede";;;'-i;-:;p';;;'nt Agency CASS NDRA CATHCART,
CMC,DEPUTY ORANGE
REDEVELOPMENT AGENCY I hereby certify that the foregoing Resolution was
duly and regularly adopted by the Orange Redevelopment Agency
at a regular meeting thereof held on the __19th_ day
of ~-"_])!:,!~______,1991 by the following
vote:
ATTEST:
CLERK AYES:DIRECTORS: STEINER, BARRERA, COONTZ,
SPURGEON NOES:DIRECTORS:
NONE ABSENT:DIRECTORS:
BEYER ABSTAIN:DIRECTORS:
NONE MARILYN J ,-..J]:,NSEli_.~______~_..__
Clerk, Orange Redevelopment Agency
BY:
rc///,//1{//U' LJ./A G;;(;;tC.AJ~
CASSANDRA CATHCART, CMC.,
DEPUTY CLERK, ORANGE REDeVELOPMENT AGENCY
RESO NO. ORA-