81-10

#81-10 March 23, 2010 RESOLUTION WHEREAS, the Township of West Orange (the “Township”) maintains a Recycling Center located at 590 Mt. Pleasant Avenue, West Orange, New Jersey; and WHEREAS, Reliable Wood Products, LLC (“Reliable”) operates the Recycling Center on behalf of the Township under a contract dated October 1, 2008; and WHEREAS, Reliable intends to enter into a Loan and Security Agreement with Fox Chase Bank; and WHEREAS, as a condition of this funding Fox Chase Bank has requested that the Township executed the attached Municipality Waiver and Consent; and WHEREAS, the Municipality Waiver and Consent provides in relevant part that (i) the contract between the Township and Reliable is in full force and effect; (ji) the Township consents to the installation and location of the collateral on the property; and (iii) that Fox Chase Bank shall have the right to seize the equipment and product material if a default occurs; NOW, THEREFORE BE IT HEREBY RESOLVED, by the Township Council of the Township of West Orange that the Mayor be and is hereby authorized to execute the annexed Municipality Waiver . Honorable Susan McCartney Township Clerk Council President Adopted: March 23, 2010 Approved as to form on the basis of the facts provided: fo ~— Richafd D. Trenk Township Attorney F:\WPDOCSIN-Z\WORANGE\RESOLUT\Recycling Waiver and Consent.doc