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RESOLUTION 2024-48
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PATTERSON
AUTHORIZING A SECOND AMENDED PROMISSORY NOTE SECURED BY DEED
OF TRUST BETWEEN DARRON SILVA AND THE CITY OF PATTERSON WHEREAS, Darron Silva (“Silva”) executed a Promissory Note Secured by Deed of Trust (“Promissory Note”) on November 21, 2018, promising to repay a loan from the City of Patterson (“City”) in the amount of $1,045,000 with interest to purchase the Cali Kosher facility at 0 Park Center Drive, Patterson, CA 95363; and
WHEREAS, the Promissory Note required Silva to make fixed monthly payments for five years with a final balloon payment of any outstanding principal and interest due on August 1, 2023; and
WHEREAS, on March 22, 2019, Darron Silva executed an Amended Promissory Note Secured by Deed of Trust (“Amended Promissory Note”) with the same terms as the Promissory Note, but the final balloon payment due date was extended to August 1, 2024; and WHEREAS, Silva has requested to extend the terms of the Amended Promissory Note for an additional five years with the final balloon payment due on August 1, 2029; and WHEREAS, Silva has been making payments as required under the Amended Promissory Note, and the City expects that Silva will continue to make the required payments if the loan terms are extended for an additional five years; and
WHEREAS, it is in the City’s interests for Cali Kosher to continue operations, and it is in the City’s interests to extend the Amended Promissory Note’s terms for an additional five years.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Patterson that it hereby authorizes the Second Amended Promissory Note Secured by Deed of Trust between borrower Darron Silva and lender City of Patterson.
The foregoing resolution was adopted by the City Council at a regular meeting held on August 20, 2024, by _____, who moved its adoption, which motion was duly seconded by _______, and the resolution adopted by the following roll call vote:
AYES:
NOES:
EXCUSED:
{CW140537.1}
APPROVED:
______________________________
Michael Clauzel
Mayor of the City of Patterson
ATTEST:
__________________________________
Aracely Alegre
City Clerk of the City of Patterson
I hereby certify that the foregoing is a full, correct and true copy of a resolution passed by the City Council of the City of Patterson, a Municipal Corporation of the County of Stanislaus, State of California, at a regular meeting held on the 20th day of August 2024, and I further certify that said resolution is in full force and effect and has never been rescinded or modified.
DATED:
______________________________________
City Clerk of the City of Patterson