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