HomeMy WebLinkAboutMINUTES - 02231993 - 1.78 r
TO: BOARD OF SUPERVISORS M
FROM: Franklin Lew, Director of Building Inspection
DATE: February 2, 1993
SUBJECT: 1992/93 Agreement between the County, City of Antioch and
Great Western Bank for the Housing Rehabilitation Loan
Program.
SPECIFIC REQUEST(S) OR RECOMMENDATIONS) & BACKGROUND AND JUSTIFICATION
RECOMMENDATION•
Approve the 1992/93 Housing Rehabilitation Services Agreement with the
City of Antioch and the 1992/93 agreement between the County, City of
Antioch and Great Western Bank for the Housing Rehabilitation Loan Program
and authorize the Chair to execute said agreement.
BACKGROUND
A. City will receive Community Development Block Grant (CDBG)
funds from the Department of Housing and Urban Development
(HUD) as an entitlement to the City pursuant to the provisions
of Title I of the Housing and Community Development Act of
1974, as amended.
B. The city has approved and authorized the expenditure of One
Hundred Sixty Five Thousand, Three Hundred Fifteen dollars
($165, 315. 00) from said CDBG funds for a housing
rehabilitation program for owner-occupants of single-family
homes, which includes a carryover of $75, 315. 00 from 1991-
1992 program year.
C. County has the demonstrated experience and qualifications to
operate a housing rehabilitation program under the Community
Development Block Grant Program.
D. Great Western is prepared to assist City and County in
achieving the objective of the program by participating with
the City and County in the proposed loan program.
E. This is the fifth year the County has contracted with the
City of Antioch for these services and the Building Inspection
Department recommends approval of the agreement.
CONTINUED ON ATTACHMENT: yesYES SIGNATURE__�� 1
RECOMMENDATION OF COUNTY ADMINISTRATOR
RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE (S) :
ACTION OF BOARD ON - 3' APPROVED AS RECOMMENDED x OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS
X UNANIMOUS (ABSENT ) IS A TRUE AND CORRECT COPY
AYES: NOES: OF AN ACTION TAKEN AND ENTERED
ABSENT: ABSTAIN ON THE MINUTES OF THE BOARD
OF SUPERVISORS ON THE DATE
SHOWN.
cc: Building Inspection Dept. ATTESTED_ o��1993
County Administrator Phil Batche or,
City of Antioch Clerk of the Board
of Supervisors and
County Administrator
BY: �' , DEPUTY
AGREEMENT FOR HOUSING REHABILITATION SERVICES
This AGREEMENT, entered into this 1st day of July, 1992 by and
between the CITY OF ANTIOCH, public body corporate and politic,
hereinafter referred to as "CITY" , and the COUNTY of CONTRA COSTA,
a political subdivision of the State of California, hereinafter
referred to as "COUNTY" .
RECITALS
A. CITY will receive Community Development Block Grant (CDBG)
funds from the Department of Housing and Urban Development
(HUD) as an entitlement to CITY pursuant to the provisions of
Title I of the Housing and Community Development Act of 1974 ,
as amended.
B. CITY has previously approved and authorized the expenditure of
One Hundred Sixty-five Thousand, Three Hundred Fifteen Dollars
($165, 315. 00) , which includes Ninety Thousand Dollars
($90, 000) in CDBG funds for the 1992-93 Program Year and
carryover funds in the amount of Seventy-five Thousand, Three
Hundred Fifteen Dollars ($75, 315. 00) from the 1991-92 Program
Year for a housing rehabilitation program for owner-occupants
of single-family homes.
C. COUNTY has requested funds for an affordable housing revolving
loan program.
D. COUNTY has demonstrated experience and qualifications to
operate a revolving loan program to fund housing
rehabilitation under the Community Development Block Grant
Program.
NOW, THEREFORE, in consideration of the recitals and the mutual
obligations of the parties as herein expressed, CITY and COUNTY
agree as follows:
1. Scope of Services
COUNTY agrees, through its Neighborhood Preservation Program,
to perform all the functions necessary to make housing
rehabilitation loans to low and moderate-income owner-
occupants of single-family homes within the CITY's Housing
Rehabilitation Target Area, delineated on the map attached
hereto as Exhibit "A", and incorporated herein as part of this
Agreement. These functions include, but are not necessarily
limited to, the following activities:
1
a. Marketing of housing rehabilitation program in CITY as
part of COUNTY's overall marketing effort.
b. Distribution of applications to interested property
owners.
C. Consultations with property owners and explanation of
rehabilitation program requirements.
d. Initial inspection of properties of rehabilitation
program applicants and preparation of inspection reports.
e. Preparation of rehabilitation contract specifications and
cost estimates.
f. Assistance to program applicants with the preparation of
loan application documents.
g. Review and processing of loan application documents, and
determination of applicants' eligibility for program.
h. Compliance with Federal environmental requirements with
respect to historic preservation, floodplain management,
explosive and flammable operations and toxic
chemical/radioactive materials, upon completion by CITY
of Appendix "A" of the Department of Housing and Urban
Development's Environmental Rehabilitation Review Sheet.
i. Review of contractor's bids to determine that all items
in contract specifications have been addressed and that
proposed costs are reasonable.
j , Verification of contractor's licenses and evaluation of
contractors' qualifications.
k. Periodic progress inspections and final inspection to
determine that rehabilitation work has been properly
performed in accordance with the terms of the contract.
1. Processing of payments to owners/contractors for work
completed.
M. Collection of loans from property owners.
2. Eligibility of Loan Applicants
a. In order to be eligible for a rehabilitation loan,
applicants must meet the low and moderate-income
guidelines established by the U.S. Department of Housing
and Urban Development for the Community Development Block
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Grant Program, and must reside within CITY's
Rehabilitation Target Area, described in Exhibit "A".
b. In all other respects, the guidelines established by
COUNTY for it Neighborhood Preservation Program shall
apply to rehabilitation loans for CITY residents
3. Review of Applications
Prior to initiating any action with respect to a rehabilitation
application from any CITY resident, COUNTY shall submit a copy of
application to CITY for CITY review, in order to determine
conformance of proposed rehabilitation with CITY planned policies.
CITY shall provide expeditious review of applications and notify
COUNTY in writing of CITY's authorization to proceed with
processing of rehabilitation application.
4. Conformance with City Codes and Ordinances
COUNTY shall use its best efforts to ensure that all rehabilitation
work carried out under this Agreement is in conformance with CITY
Building and Zoning Codes and Ordinances.
5. Compensation for Services
Upon approval of each rehabilitation loan, COUNTY shall invoice
CITY for the amount of the loan to be paid with Community
Development Block Grant (CDBG) funds. In addition, COUNTY shall
periodically invoice CITY for administrative and technical services
performed by COUNTY in connection with each rehabilitation loan.
Such compensation for services shall be at the rate of $75.00 per
hour for each hour of time expended by COUNTY Rehabilitation
Specialist on the rehabilitation case, except that the maximum
compensation for any rehabilitation case shall be limited to
$3, 500. 00. It is understood that the compensation rate of $75.00
per hour is for all administrative and technical services in
connection with the rehabilitation case, including salary of
Rehabilitation Specialist, administrative oversight, clerical
assistance, and overhead costs. COUNTY shall provide time sheets
documenting hours expended on a project basis.
CITY shall pay all invoices as expeditiously as possible under its
financial processing procedures.
6. Limitations of Funds
The total costs incurred by COUNTY under this Agreement shall not
exceed $158, 048. 50, the amount of CDBG funds allocated by CITY for
3
this rehabilitation program, except as permitted by the generation
of program income.
7. Term of Agreement
The term of this Agreement shall commence on the date first
appearing in this Agreement and shall continue until June 30, 1993 .
This Agreement may be renewed for successive one-year term at the
discretion of CITY and COUNTY.
S. Termination of Agreement
This Agreement may be terminated at any time by either CITY or
COUNTY in the event that either party fails to perform in
accordance with the terms and conditions of this Agreement,
provided that CITY or COUNTY gives written notice to other party of
the effective termination date.
9. Program Income
COUNTY shall keep separate accounting of repayments of loan
principal and interest earned from loans made with CITY CDBG funds.
Such program income shall be used for future rehabilitation
activity within CITY, and shall be applied, after its receipt by
COUNTY, to the next CITY rehabilitation loan approved by COUNTY.
Each invoice to CITY for rehabilitation loan funds shall specify as
a credit the amount of program income to be applied to each
rehabilitation loan.
In the event that this Agreement is not subsequently renewed, or is
otherwise terminated, COUNTY agrees to repay CITY any unexpended
program income attributable to CITY's CDBG program within 30 days
of termination date, and to transfer all accounts receivable
attributable to this activity to CITY.
10. Program Reporting
COUNTY shall annually report to CITY on all rehabilitation loans
made with CITY entitlement funds, including the terms of the loans,
date of first payment, amount of repayments completed, type of
rehabilitation work completed under the loan, and program income
received and expended. This report shall be submitted to CITY
within 30 days after the end of the program year on June 30.
4
11. Compliance with Federal Regulations
In carrying out the terms of this Agreement, CITY and COUNTY shall
comply with all applicable Community Development Block Grant
Program Regulations as contained in 24 CFR Part 570. 502 . (a) and
Subpart K, except CITY shall be responsible for initiation and
completion of environmental review. In addition, COUNTY agrees to
comply with the following:
a. CDBG regulations Governing the eligibility of fair
housing activities as contained in 24 CFR 570.904.
b. OMB Circular No. A-87, "Principles for Determining Costs
Applicable to Grants and Contracts with State, Local, and
Federally recognized Indian Tribal Governments. "
C. OMB Circular A-128 "Audits of State and Local
Governments. "
d. Environmental Standards as defined in 24 CFR 570. 604 .
e. "Public Law 88-352" which refers to Title VI of the Civil
Rights Act of 1964 , which provides that no person in the
United States shall on the ground of race, color or
national origin, be excluded from participation in, be
denied the benefits of, or be subjected to discrimination
under any program or activity receiving Federal Financial
assistance.
f. "Public Law 90-284" which refers to the Fair Housing Act,
which states that it is the policy of the United States
to provide, within constitutional limitations, for fair
housing throughout the United States and prohibits any
person from discriminating in the sale or rental of
housing, the financing of housing, or the provision of
brokerage services, including otherwise making
unavailable or denying a dwelling to any person, because
of race, color, religion, sex, national origin, handicap
or familial status and which requires that all programs
and activities related to housing and community
development be administered in a manner to affirmatively
further the policies of the Fair Housing Act.
g. Section 109 of Title I of the Housing and Community
Development Act of 1974, which states that no person in
the United States shall on the ground of race, color,
national origin or sex be excluded from participation in,
be denied the benefits of, or be subjected to
discrimination under, any program or activity funded in
whole or in part with Community Development funds made
available pursuant to this act.
5
h. Section 504 of the Rehabilitation Act of 1973 , as
amended, which states that no otherwise qualified
handicapped individual in the United States shall solely
be reason of his/her handicap be excluded from
participation in, be denied the benefits of, or be
discriminated against under any program or activity
receiving Federal financial assistance.
i. Age Discrimination Act of 1975, as amended, which states
that no persons in the United States shall, on the basis
of age, be excluded from participation in, be denied the
benefits of, or be subjected to discrimination under any
program or activity receiving Federal, financial
assistance.
j . Conflict of interest regulations as contained in 24 CFR
570. 611, which require, among other things, that except
for approved eligible administrative or personnel costs,
no person who is an employee, agent, consultant or
officer of the COUNTY may obtain a personal or financial
interest or benefit from the activity under this
Agreement, or have an interest in any contract,
subcontract, or agreement with respect thereto, or the
proceeds thereunder, either for themselves or those which
whom they have family or business ties, during their
tenure or for one year thereafter. Upon written request
of the COUNTY, the CITY may request the U.S. Department
of Housing and Urban development to grant an exception to
the foregoing requirement on a case-by-case basis in
accordance with 24 CFR 570. 611 (d) .
12. Indemnity and Hold Harmless
a. CITY hereby waives all claims and recourse against the
COUNTY including the right to contribution for loss or
damage to persons or property arising from, growing out
of or in any way connected with or incident to this
Agreement except claims arising from the concurrent or
sole negligence of COUNTY, its office, agents and
employees.
b. The CITY shall defend and indemnify the COUNTY and its
officers, agents and employees against and hold the same
free and harmless from any and all claims, demands,
damages, losses, costs, and/or expenses of liability due
to, or arising out of, either in whole or in part,
whether directly or indirectly, the organization,
development, construction, operation, or maintenance of
the Agreement except for liability arising out of the
concurrent or sole negligence of COUNTY, its officers,
agents or employees.
6
C. In the event COUNTY is named as co-defendant the CITY
shall notify the COUNTY of such fact and shall represent
COUNTY in the legal action unless COUNTY undertakes to
represent itself as co-defendant in such legal action in
which event COUNTY shall bear its own litigation costs,
expenses, and attorney's fees.
d. This condition shall not terminate on the date specified
in the Agreement but shall remain in full force and
effect.
13. Inspection of Work
It is understood that periodic review of COUNTY's work under
this Agreement may be necessary and the right to such review
is reserved by CITY. CITY shall have access to any books,
documents, papers and records of COUNTY which are directly
pertinent to the work performed under this Agreement. Records
shall be retained by COUNTY for three years, In accordance
with the requirements of OMB Circular A-102, Attachment C,
except that loan documents shall be retained for a period of
three years after final loan repayment.
14. Insurance
During the entire term of this Contract and any extension of
modification thereof, the CITY shall keep in effect insurance
policies meeting the following insurance requirements.
a. Liability Insurance. The CITY shall provide a policy or
policies of comprehensive liability insurance, including
coverage for owned and non-owned automobiles, naming the
COUNTY and its officers and employees as additional
insureds, with a minimum combined single limit coverage
of $500, 000 for all damages because of bodily injury,
sickness or disease, or death to any person and damage to
or destruction of property, including the loss of use
thereof, arising from each accident or occurrence.
b. Additional Provisions. The policies shall include a
provision for thirty (30) days written notice to COUNTY
before cancellation or material change of the above
specified coverage. Said policies shall constitute
primary insurance as to the COUNTY, the State and Federal
Governments, their officers, agents, and employees, so
that other insurance policies held by them shall not be
required to contribute to any loss covered under the
CITY's insurance policy or policies. Not later than the
effective date of this Contract, the Contractor shall
7
provide the COUNTY with a certificates) of insurance
evidencing the above liability insurance.
15. Project Representative and Notices
CITY and COUNTY hereby designate the following agents to act
as project representatives in the matters dealing with the
performance of work under this Agreement and for receipt of
all notices:
CITY: Douglas R. Ward
Deputy Director Community Development
City of Antioch
P. O. Box 130
Antioch, CA 94509
COUNTY: Mickie Perez
Housing Rehabilitation Coordinator
Contra Costa County
Building Inspection Department
651 Pine Street, Fourth Floor
Martinez, CA 94553
8
IN WITNESS WHEREOF, this Agreement is executed by the City of
Antioch and by the Building Inspection Department of the County of
Contra Costa.
CITY OF ANTIOCH COUNTY OF CONTRA COSTA
BY Y•B
D UG S R. WARD MICKIE PEREZ
Deputy Director Housing Rehabilitation
Community Development Coordinator
APPROVED AS TO FORM: APPROVED AS TO FORM:
By: By: i�r
WILLIAM R. GALSTAN
CITY ATTORNEY
COBG\92.93\AG REEM IYT\REHAB
COUNTY OF CONTRA COSTA
BY:
ZI�' r—
FRA14KLId LEW
Director
Building Inspection
9
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ADDENDUM 1 TO
AGREEMENT FOR HOUSING REHABILITATION SERVICES
Item 2, No. C
C. In the event of a request for emergency repairs to
correct a health and safety problem in an owner occupied
dwelling outside the approved target area, COUNTY may
review and approve necessary repairs provided applicant
meets all requirements of Section C below, including
income eligibility and environmental review.
Item 6
6. Limitations of Funds
The total costs incurred by COUNTY under this Agreement shall not
exceed $165, 315. 00, the amount of CDBG funds allocated by CITY for
this rehabilitation program, except as permitted by the generation
of program income.
IN WITNESS WHEREOF, this Agreement is executed by the City of
Antioch and by the Building Inspection Department of the County of
Contra Costa.
CITY OF ANTIOCH COUNTY OF CONTRA COSTA
By: By:
DOUG R. WARD MICKIE PEREZ
Deputy Director Housing Rehabilitation
Community Development Coordinator
10
LOAN PARTICIPATION AGREEMENT
THIS AGREEMENT between Great Western Bank ("GW") , County of Contra
Costa ("County") , and City of Antioch ("City") , is entered into
with respect to the following facts:
RECITALS
A. City will receive Community Development Block. Grant (CDBG)
funds from the Department of Housing and Urban Development
(HUD) as an entitlement to City pursuant to the provisions of
Title I of the Housing and Community Development Act of 1974,
as amended.
B. City has approved and authorized the expenditure of one
hundred sixty five thousand, three hundred fifteen dollars
($165, 315. 00) from Community Development Block Grant (CDBG)
funds for a housing rehabilitation program for owner-occupants
of single family homes.
C. County will implement and operate said program for City, by
making housing rehabilitation loans, both at below market
interest and "zero" interest.
D. GW is prepared to assist City and_,Coiznty in achieving the
objectives of the program by participating with City and
County in the proposed loan program.
This agreement governs the making of loans pursuant to the
$165, 315. 00 appropriation from CDBG funds.
To that end, the parties agree as follows:
1. Loan Participation
GW agrees to assist County in implementing the program by
entering into a loan participation program with City and
County under the following terms and conditions:
a. GW will initially originate loans which qualify under the
program to eligible applicants as certified by City and
County who are in the opinion of GW acceptable credit
risks for the proposed loans.
b. City will agree in advance, at the time each loan package
is submitted as outlined below, to purchase from GW upon
recording, without recourse, a participation interest in
the proposed loan, the percentage of which (to the total
loan) being determined by a formula taking into account
the fact that City will receive no interest on its funds
advanced to purchase the participating interest and that
1
GW will receive a yield of 100 on its net funds advanced
on each loan. The formula for calculating the respective
participation interest is designed to result in an
interest cost to each borrower as predetermined by
County. Without limitation on the generality of the
foregoing, the following are examples illustrating this
formula:
i. County predetermines to require an interest cost of
5% to the proposed borrower for a loan of $8, 000. 00
for a term of 15 years. City would purchase a
54 . 68% participation ($4 , 374 . 32) on which there
would be no interest return. GW' s yield of 10% on
its retained participation ($3 , 625. 68) would result
in the desired interest cost to the borrower of 5%
on the entire loan.
ii. County predetermines to require an interest rate of
3% to the proposed borrower for a loan of $3 , 000. 00
for a term of 7 years. City would purchase a
72 . 14% participation ($2 , 164 . 13) on which there
would be no interest return. GW' s yield of 10% on
its retained participation ($835. 87) would result in
the desired interest cost to the borrower of 3% on
the entire loan.
The various percentages of participation by GW, and City
for loans with interest rates varying from 3% to 10% in
1% increments and from 5 years to 15 years in term are
set forth in the charts attached hereto as exhibit B and
incorporated herein by this reference. The parties
further agree that the required yield to GW may hereafter
be changed by mutual agreement of both County, City and
GW as evidenced by an executed amendment to this
contract.
C. With respect to "zero" interest and "deferred payment"
loans to qualified borrowers under the program, as well
as those which County elects to make although the
borrower or the loan has been rejected by GW ("forced
loans") , GW will not retain any participation interest,
City agreeing to purchase the whole loan in each case.
As to these three categories of loans ("Note Collection
Loans") , GW agrees to originate these loans in the same
manner as those eligible for participation, if so
requested by City, i.e. , complete necessary documentation
of such loans.
GW will not have any responsibility for delinquent
servicing of such loans, but will carry them as
collection accounts and report any activities on each
loan to County as it occurs. The fees for all loan
2
origination, servicing and reporting are set forth in
Paragraph 7 of the agreement.
d. City and County agrees that GW shall have no
responsibility for or participation in emergency grants
under the program.
2 . Respective Liabilities
It is understood and agreed by the parties that GW's
participating interest shall be and remain prior and
superior to City' s participation interest to the end that
in the event of any ultimate net loss arising out of any
loan, such loss shall first be borne by City up to the
full extent of its participation interest in the loan in
question. It is also understood and agreed that the
total liability of City with respect to any loan
originated under this Agreement is the amount of its
participation interest and City shall not have any
liability to reimburse GW for any loss it may sustain
with respect to GW' s participation interest after
exhaustion of City' s share.
3 . Loan Limitations
Irrespective of any other limitations or provisions of
this agreement, no loan in which GW will have or retain
a participation interest shall exceed 90% of the fair
market value of the property securing such loan when
added to all other liens on said property prior to the
lien of such loan, nor shall any such loan initially be
less that $1, 500 . 00. The intent of this paragraph is to
limit all secured obligations against the security
property having priority over the loan, plus the amount
of the loan itself, to 90% of the fair market value of
the property after reflecting the increase in value
resulting from the contemplated improvements,
(presumptively equal to the amount of the improvement
loan contemplated, in the absence of contrary evidence) .
4 . Selection of Applicants
City and County agrees to assume sole responsibility for
the selection of applicants eligible to participate in
the program and to insure that both applicants and the
properties involved meet all of the criteria of the
program.
3
5. Processing of Loan Applications
a. County agrees to initiate the processing of individual
loans by submitting to GW a Loan Application Package
("Package") . The Package shall include at least the
following:
i. A letter certifying that the potential borrower is
eligible and the property qualifies under the
program, and setting forth the amount of the loan
being sought and the desired interest rate to be
paid by the borrower.
ii. A description of the home improvement work to be
done and an estimate of the total cost of the work
to be performed, conditioned upon granting the loan.
iii. A loan application completed on a loan application
form prescribed by GW, which shall include the
appropriate legal description of the property
securing the loan.
iv. The fair market value of the property as it is
reflected on the most recent assessment role in the
records of the County Assessor, or, should County
choose to commission an independent appraisal (which
shall be at County ' s sole expense) , in said
appraisal report. At its sole option, GW may accept
this as the fair market value for the purpose of
underwriting the proposed loan and determining
whether the loan is within the loan limitations set
forth above. If it so elects, GW may require a
separate appraisal by one of its own qualified
appraisers and substitute the latter' s evaluation as
the fair market value of the property for the
purposes of this agreement. If such appraisal is
made, City agrees GW will be reimbursed $100. 00 by
way of an appraisal fee. This separate appraisal
shall not in any event be obtained until after the
credit evaluation provided for in subparagraph b.
has been completed.
b. Upon receipt of the Package, GW will investigate the
applicant's credit and within seven days of receipt
advise County that the applicant does not qualify for the
loan being sought or will issue a conditional approval
letter, approving the applicant subject to receipt of
additional documentation as set forth in the conditional
approval letter, including, if required a preliminary
title report or other title search document satisfactory
to GW and issued by a title company licensed to do
business in California, an appraisal, a firm contractor's
4
bid and work breakdown, and income and mortgage
verification ("the additional loan information") . If
such be the case, GW will also advise County if the
applicant is considered to be qualified for an equivalent
loan on GW' s conventional terms and conditions for such
loans. If the applicant is deemed unqualified for the
loan being sought, GW will furnish County with a detailed
basis for the rejection, which shall be kept
confidential. At the option of City, even though found
unqualified by GW, City may elect to make 'the applicant
a loan upon terms and conditions City specifies, but
shall advance 100% of all funds necessary to make the
loan.
C. Upon receipt of the additional loan information GW agrees
to ascertain the extent and amount of liens prior and
superior to that of the proposed loan in order to
ascertain whether the proposed loan is within the
prescribed loan limitations. GW's evaluation of such
prior liens will be final.
d. Within ten days after receipt of all of the above
information and final approval of the loan application,
GW will prepare all necessary loan documents in final
form for execution by the applicant. These shall consist
of at least the following, and in addition, such other
documents to be executed on GW discretion deems
necessary, all documents to be executed on GW approved
forms. (The Promissory Note shall not contain any
provisions requiring payment of a fee or other charge in
the event all or a portion of the loan is prepaid prior
to maturity. )
i. Promissory Note.
ii. Deed of Trust
iii. "Truth-in-Lending" Disclosure Statement.
iv. Notice of Right of Rescission.
Upon completion of the loan documents, GW shall forward
such documents, with appropriate instructions, to County
for the obtaining of execution by the applicant and the
recording of the Deed of Trust by County. As of the day
of recording the Deed of Trust, County will obtain title
insurance policy or other title document satisfactory to
GW which constitutes a date-down of the state of record
title of the property securing the loan. In the event
that there has been a change in the state of title from
that reflected on the previous report, GW may reject the
loan or otherwise alter its terms and conditions unless
the applicant can remove any such changes from the
record. Upon execution and recordation, County shall
return the completed loan documents to GW, excluding Note
5
Collection Accounts. County will return copies of the
Promissory Notes and Deeds of Trust on the Note
Collection Accounts.
6. servicing of Loans
a. Upon receipt of the completed loan documentation, GW
shall establish a construction loan account applicable to
the particular loan. Thereafter, disbursement from such
loan account shall be made by GW as follows: Checks
representing an amount not to exceed 80% of the total
loan as determined by County, shall be made payable to
the Contractor, as directed by County, and mailed to
County for delivery to the Contractor. It shall be
County's sole responsibility to determine that the work
of improvement has in fact been completed, that a Notice
of Completion has been filed and that the completed work
complies in all respects with County 's requirements
applicable to such work. County shall certify to GW that
these conditions have been met at the time the final
disbursement to the contractor is authorized. County
shall authorize final disbursement of all remaining
funds, by a check made payable to the contractor, as
County directs, and mailed to County for delivery to the
contractor, 35 days after the Notice of completion is
recorded, unless County determines that one or more
mechanic ' s lien claims have been filed against the
borrower's property arising out of the work of
improvement. It shall be County' s sole responsibility to
determine the existence or absence of such lien claims
and to take such action as it deems necessary to
extinguish any existing lien claims before authorizing
final payment.
b. Under this agreement, the existing Great Western Concord
branch account which was established through prior
agreements will be used to draw upon, in order to
expedite payment to contractors. All of County
responsibilities as set forth in subparagraph "a" . must
be met.
C. Upon completion of the work of improvement and
disbursement of all construction loan funds GW shall
thereafter service each participation loan in accordance
with its regular loan servicing procedures and industry
standards. These will specifically include the
following:
i. GW shall distribute to City monthly its
proportionate share of all principal repayments
received.
6
ii. In the event of delinquency with respect to any
loan, in addition to it' s normal loan collection
procedures, GW agrees to give County 30 days '
written notice prior to recording a Notice of
Default, and shall also report as delinquent on the
next monthly report after it occurs, any loan which
becomes 30 days delinquent.
d. In the event of the commencement of foreclosure
proceedings through recording of a Notice of Default, the
following shall apply:
i. At any time up to two (2) working days prior to
foreclosure sale date, GW agrees to reinstate the
delinquent loan upon tender by the borrower of all
accrued delinquent payments of principal and
interest, late charges and foreclosure costs and
fees (hereafter collectively "delinquencies") .
ii. At any time up to two (2) working days prior to
sale, GW agrees to reinstate the delinquent loan
upon tender by County of all delinquencies. In the
event of such payment by County, collection of any
such sums advanced shall be County's responsibility.
iii. At any time up to two (2) working days prior to
foreclosure sale, if City elects to forestall such
proceedings, GW shall sell its participation
interest to City upon payment by City to GW of the
then outstanding amount of GW participation interest
plus its share of all existing delinquencies.
iv. In the event of foreclosure sale, if the property is
sold to an outside bidder at or above the full loan
balance including all delinquencies, the respective
participation interests of City and GW shall each be
paid off in full . If the property is bid on by Gw
at or less than the full loan balance including all
delinquencies, GW shall thereafter hold the property
in its own name as "real estate owned" , treating it
in the same manner as its own "real estate owned",
and shall forthwith dispose of the property by
resale as is applied to its own "real estate owned" .
The proceeds of such resale shall be distributed in
the following order of priority: first, to GW to
reimburse it for holding costs and selling expenses
with respect to the property; second, to GW to
reimburse it in full for its participation interest
loss as a result of foreclosure; third: any surplus
thereafter remaining to be divided by GW and City in
proportion to their respective former participation
interests in the loan.
7
e. Upon completion of the work of improvement and
disbursement of all construction loan funds, with regards
to "note collection" accounts, City and County agree to
the following:
i. The accounts will be set up with GW's collection
department, which is a bill and receipt service for
its customers.
ii. GW will not have any responsibility with regards to
delinquency servicing.
iii. GW shall deposit payments received (service fee
deducted) into a Concord branch savings account set
up by City for this specific purpose.
iv. GW agrees to be available for consultation as to
handling of delinquent accounts.
V. GW agrees to service foreclosures, as a
participation loan, for a fee to be mutually
determined by GW and City.
7. Fees
a. In return for the services rendered by GW in respect to
loans made under this Agreement in which GW has retained
a participation interest, County shall pay or cause to be
paid a loan application acceptance and processing fee of
$50 . 00 per loan application. County shall be reimbursed
by City for the processing fee through payment of
administration costs. In the event the loan is for any
reason not consummated, GW shall be entitled to this fee
in any event. In the event the loan is consummated and
GW retains a participation interest, no further
processing fee shall be charged unless GW's interest is
subsequently paid off by City as provided in paragraph
6.b. iii. The $50. 00 fee here provided for shall be paid
by City concurrently with the purchase of its
participation interest or, if the loan is declined, upon
receipt of notice of declination from GW. No fees will
be paid from the lumpsum account.
b. Delinquent Accounts
i. With respect to loans made under this agreement,
County or GW may require the borrower to pay a fee
not to exceed 5% of the delinquent months payment.
C. With respect to "forced loans" in which GW has no
participation interest and is thus receiving no yield on
8
funds advanced, County agrees to set up "note collection"
accounts and pay the following fees:
i. A loan acceptance and processing fee of $50. 00 for
reviewing each package as submitted and processing
the loan up to its consummation, this fee to be paid
by City concurrently with its purchase of the loan
in question.
ii. A loan service fee, payable monthly by City, of
$4 . 00 per payment received for each such loan being
serviced. These fees shall be deducted from the
payment payable to City by GW under the provisions
of paragraph 6.e. iii.
d. With respect to "zero interest deferred loans" , City
agrees to set up "note collection" accounts and pay the
following fees:
i. A loan acceptance and processing fee of $50. 00 for
reviewing each package, as submitted, and processing
the loan up to its consummation, this fee to be paid
by City concurrently with its purchase of the loan
in question.
ii. A loan service fee of $4 . 00 per month for each month
there is a payment on the loan in question.
e. In connection with the payoff of any loan, regardless of
character, GW shall be responsible for the reconveyance
and recording of the reconveyance. A reconveyance fee of
$70. 00 or the fee schedule in effect at the time of
payoff shall be paid by City, which includes a recording
fee of $5. 00. If recording fees are increased by
Recorders Office, the recording fee shall be increased
without amending this agreement. On Participation loans
in connection with a payoff, GW shall be paid a fee of
$60. 00 for preparing the demand (Statement of Condition) .
8 . Insurance
It shall be GW's responsibility to notify any holders of
prior liens of the existence of each loan generated under
this agreement, to record the appropriate request for
Notice of Default, and after ascertaining from the holder
of any first Deed of Trust, (or the borrower, if none) ,
the name and address of the agent or broker responsible
for obtaining any existing fire insurance, to obtain a
loss payable endorsement to such policy naming GW (or
City and County in the case of Note Collection Accounts)
as additional insured under each policy.
9
9. Termination
The term of this agreement shall be for one (1) year from
date of execution by the City, County and Great Western
Bank, a Federal Savings Bank. Termination of this
agreement may be made by City, County or GW so long as
written notice of intent to terminate is given 60 days
prior to the termination date. Any termination of this
agreement shall not affect its operation as it is related
to loans and subsidy obligations outstanding at the time
of said termination.
The City of Antioch, County of Contra Costa and Great
Western Bank, a Federal Savings Bank, understand that at
the termination of the agreement all unobligated funds in
the Rehabilitation fund not encumbered or disbursed will
be returned to the City' s letter of credit unless the
City is authorized by HUD to extend the agreement for an
additional period.
10. Miscellaneous
All written notices required by this agreement shall be
deemed given when deposited by party responsible for
giving notice, postage prepaid, in the United States Mail
addressed as follows:
If to City: Department of Development Services
Attn: CDBG
P.O. Box 130
Antioch, California 94509
If to County: Clerk of the Board
P.O. Box 911
Martinez, California 94553
If to GW: Great Western Bank,
a Federal Savings Bank
Attn: Rehabilitation Department
9451 Corbin Ave.
Northridge, California 91328
10
IN WITNESS WHEREOF, the arties hav xecuted this agreement
as of the �_ day of JBAK a
GREAT WL
SAVINGS
By:
[ V'ce President
By:
S o ice President
(ACKNOWLEDGEMENT)
R`
t
CITY OF ANTIOCH COUNTY OF _CONTRA COSTA
By By:
D. Ron ard, Chair, Board of Supervisors
Deputy Director
Development Services ATTESTED
Phil Batchelor, Clerk of the Board
of Supervisors and County Administrator
Y !� �`^ By:
:
Bill P. Galston, Deputy
City Attorney
APPROVED AS TO FORM
Victor J. Westman, County Counsel
By:4 � 0,
D uty
RECOMMENDED BY DEPARTMENT
By: c `
Dir ctor of Buil ing Inspection
11
RATE TO SORROR: _ 1.000% DCHIBIT B
YE
YIELD TO ASSOCIATION: 10.000%
SORROYER GW
FACTOR FACTOR - PtXLIC Gw
YRS - MTN PER MONTH PER MONTH FLI DS FLI DS
S 60 0.01709375 0.02124704 0.90675796 0.09324203
6 72 0.01431551 0.01852584 0.90799533 0.09200466
7 84 0.01233125 0.01660118 0.90918x64 0.09081135
8 96 0.01084323 0.01517416 0.91033863 0.08966136
9 108 0.0096x603 0.01407869 0.91144789 0.08855210
10 120 0.00876041 0.01321507 0.91251542 0.08748457
11 132 0.00800321 0.01251968 0.91354331 0.08645668
12 144 0.00737133 0.01195078 0.91453118 0.08546881
13 156 0.00683862 0.01147848 0.91548052 0.08451947
14 168 0.00638124 0.01108203 0.91639602 0.08360397
15 180 0.00598495 0.01074605 0.91727292 0.0x271707
RATE TO BORROWER: 2.000%
YIELD TO ASSOCIATION: 10.000%
IORROBR GY
FACTOR FACTOR PUBLIC GY
YRS MNTN PER MONTH PER MONTH FUNDS FUNDS
5 60 0.01752776 0.02124704 0.81200367 0.18799632
6 72 0.01475044 0.01852584 0.81419879 0.18580120
7 64 0.01276744 0.01660118 0.81631147 0.18368852
8 96 0.01128087 0.01517416 0.81834901 0.18165094
9 108 0.01012527 0.01407869 0.82030849 0.17969150
10 120 0.00920135 0.01321507 0.82219100 0.17150899
11 132 0.00814591 0.01251948 0.82400265 0.17599734
12 144 0.00781684 0.01195078 0.82574169 0.17425830
13 1S6 0.00728497 0.01147848 0.82741219 0.17258780
14 168 0.00682948 0.01108203 0.82901382 0.17094617
15 180 0.00643509 0.01074605 0.83054900 0.16945099
RATE TO BORROWER: - 3.000%
YIELD TO ASSOCIATION: 10.000%
BORROWER GW
FACTOR FACTOR _ PUBLIC GW
YRS MNTH PER MONTH PER MONTH FUNDS FUNDS
5 60 0.01796869 0.02124704 0.71573860 0.28426139
6 72 0.01519368 0.01852584 0.71861012 0.28138987
7 84 0.01321330 0.01660118 0.72137529 0.27862470
8 96 0.01172957 0.01517416 0.72403464 0.27596535
9 108 0.01057694 0.01407869 0.72658996 0.27341003
10 120 0.00965607 0.01321507 0.72904383 0.27095616
11 132 0.00890376 0.01251988 0.73139774 0.26860225
12 144 0.00827787 0.01195078 0.73365238 0.26634761
13 156 0.00774921 0.01147848 0.73581402 0.26418597
14 166 0.00729695 0.01108203 0.73788283 0.26211716
15 180 0.00690582 0.01074605 0.73985822 0.26014177
i
-- I
RATE TO RORROWR: 4.000%
YIELD TO ASSOCIATION: 10.000%
BORROWER GW
FACTOR FACTOR PUBLIC GH
YRS IMTN PER MONTH PER MONTN FUNDS FUNDS
S 60 0.01841652 0.02126704 0.61796709 0.38203290
6 72 0.01564518 0.01852584 0.62126010 0.37675989
7 84 0.01366881 0.01660118 0.62638435 0.3756156E
8 96 0.01218928 0.01517616 0.62740602 0.37259397
9 108 0.01104097 0.01607569 0.63030680 0.36969319
10 120 0.01012451 0.01321507 0.63308617 0.36691382
11 132 0.00937667 0.01251988 0.63576679 0.36425320
12 1" 0.00875528 0.01195078 0.63829121 0.36170878
13 156 0.00823116 0.01147548 0.64072153 0.35927546
14 168 0.00775346 0.01108203 0.64304009 0.35695990
15 180 0.00739688 0.01074605 0.64525066 0.35474933
RATE TO BORROWER: 5.000%
YIELD TO ASSOCIATION: - 10.000%
BORROWER w
FACTOR FACTOR PtXLIC GY
YRS NMTN PER NONTN PER NONTN - FUNDS FUNDS
-5 60 0.01887123 0.02124704 0.51869352 0.48130647
6 72 0.01610493 0.01852584 0.52209090 0.47790909
7 64 0.01413391 0.01660118 0.52535143 0.47464856
8 96 0.01265992 O MSMU 0.52547996 0.47152001
9 105 0.01151727 0.01407869 0.53147770 0.46852229
10 120 0.01060655 0.01321507 0.53434262 0.46565737
11 132 0.00966449 0.01251988 0.53705014 0.46291965
12 144 0.00924890 0.01195078 0.53969215 0.46030784
13 156 0.00873060 0.01147848 0.54217813 0.45782186
14 165 0.00828871 0.01105203 0.54454407 0.45545592
15 180 0.00790794 0.01074605 0.54675991 0.45321008
RATE TO BORROWER: 6.000%
YIELD TO ASSOCIATION: 10.000%
BORROWER GW
FACTOR FACTOR PUBLIC GW
TRS RUTH PER MONTH PER MONTH FUNDS FUNDS
5 60 0.01933280 0.021247% 0.41792226 0.58207773
6 72 0.01657289 0.01852584 0.42117114 0.57882885
7 84 0.01460855 0.01660118 0.42428718 0.57571281
8 96 0.01314143 0.01517416 0.42726912 0.57273087
9 108 0.01200575 0.01407869 0.43012133 0.56987866
10 120 0.01110205 0.01321507 0.43284186 0.56715813
11 132 0.01036703 0.01251988 0.43543622 0.56456377
12 144 0.00975850 0.01195078 0.43790113 0.56209886
13 156 0.00924723 0.01147848 0.44024300 0.55975699
14 168 0.00881236 0.01108203 0."246106 0.55753893
15 180 0.00843857 0.01074605 0.44455880 0.55544119
RATE TO BORROWER: 7.000%
YIELD TO ASSOCIATION: 10.000%
BORROWER GW
FACTOR FACTOR PUBLIC GY
YRS MNTH PER MONTH PER MONTH FUNDS FUNDS
5 60 0.01980120 0.02124704 0.31565985 0.68434014
6 72 0.01704901 0.01852584 0.31849160 0.68150839
7 84 0.01509268 0.01660118 0.32120223 0.67879776
8 96 0.01363372 0.01517416 0.32379236 0.67620763
9 108 0.01250628 0.01407869 0.32626467 0.67373532
10 120 0.01161085 0.01321507 0.32861666 0.67138333
11 132 0.01088410 0.01251988 0.33085345 0.66914654
12 144 0.01028381 0.01195078 0.33297208 0.66702791
13 156 0.00978074 0.01147848 0.33497732 0.66502267
14 168 0.00935401 0.01108203 0.33686904 0.66313095
15 180 0.00898828 0.01074605 0.33865174 0.66134825
RATE TO /ORRQER: 8.000%
YIELD TO AVIOCIATION: 10.000%
BORROWIt QJ
FACTOR FACTOR PWLIC W
YRS IMTN PER NOIITN PER NONTN FUNDS FUNDS
S 60 0.02027639 0.02124704 0.21191504 0.78808195
6 72 0.01753324 0.01852584 0.21406307 0.78593692
7 84 0.01558621 0.01660118 0.21611576 0.78388473
8 96 0.01413666 0.01517416 0.21807282 0.78192717
9 106 0.01301871 0.01407369 0.21993883 0.78006116
10 120 0.01213276 0.01321507 0.22170593 0.77829406
11 132 0.01141545 0.01251968 0.22338241 0.77661758
12 1" 0.01082453 0.01195078 0.22496494 0.77503505
13 156 0.010133074 0.01147818 0.22645801 O-MS4195
14 168 0.00991318 0.01108203 0.22786159 0.77213840
15 180 0.00955652 0.01074605 0.22917469 0.77032530
RATE TO SORROYER: - 9.000%
YIELD TO ASSOCIATION: 10.000%
BORROWER GW -
FACTOR FACTOR PUBLIC GW
YRS INTN PER NONTN PER MONTH FtMDS RMS
5 60 0.02075336 0.02124764 0.10668999 0.89331000
6 72 0.01802554 0.01852534 0.10789417 0.892105x2
7 84 0.01608908 0.01660118 0.10904054 O.WM945
a 96 0.01465020 0.01517416 0.11013362 0.38966637
9 108 0.01354291 0.01407869 0.11117080 0.88382919
10 120 0.01266758 0.01321507 0.11215066 0.33784933
11 132 0.01196080 0.01251968 0.11307972 0.88692027
12 144 0.0113x031 0.01195078 0.11394961 0.88605038
13 156 0.01089681 0.01147348 0.11476802 0.88523197
14 168 0.0104aM 0.01108203 0.11553421 0.88446578
15 180 0.01014267 0.01074605 0.11624711 0.88375288
J
RATE TO BORROWER: 10.000%
YIELD TO ASSOCIATION: 10.000%
BORROWER
PAYMENT GW
FACTOR FACTOR PUBLIC GW
YRS MNTH PER MONTH PER MONTH FUNDS FUNDS
5 60 0.02124704 0.02124704 0.00000000 1.00000000
6 72 0.01852584 0.01852584 0.00000000 1.00000000
7 84 0.01660118 0.01660118 0.00000000 1.00000000
8 96 0.01517416 0.01517416 0.00000000 1.00000000
9 108 0.01407869 0.01407869 0.00000000 1.00000000
10 120 0.01321507 0.01321507 0.00000000 1.00000000
11 132 0.01251988 0.01251988 0.00000000 1.00000000
12 144 0.01195078 0.01195078 0.00000000 1.00000000
13 156 0.01147848 0.01147848 0.00000000 1.00000000
14 168 0.01108203 0.01108203 0.00000000 1.00000000
15 180 0.01074605 0.01074605 0.00000000 1.00000000