64-18 Authorizing Closing for Purchase of 665 Eagle Rock Avenue and Purchase of Title Insurance.pdf

2 WHEREAS, Matrix has provided a letter analysis to the Township that no additional areas of concern exist on the Property (the “Matrix Letter Opinion”), annexed hereto as Exhibit “A;” and WHEREAS, Isabel has reviewed and confirmed the findings contained in the Matrix Letter Opinion; and WHEREAS, the Township requires the purchase of title insurance in the amount of $400,000, representing the purchase price of the Property, for closing the purchase of the Property; and WHEREAS, the Township has obtained a quote for the purchase of title insurance for the Property from Foundation Title, LLC at 214 Highway 18, 3rd Floor, East Brunswick, New Jersey 08816 (“Foundation”), annexed hereto as Exhibit “B.” NOW THEREFORE, BE IT RESOLVED BY THE TOWNSHIP COUNCIL OF THE TOWNSHIP OF WEST ORANGE, that the Township be and hereby is authorized to proceed with the closing on the Property upon the terms of the Agreement of Sale; and be it further RESOLVED, that the Mayor and/or Business Administrator shall be authorized to execute any and all closing documents on behalf of the Township; and be it further RESOLVED, that the Municipal Clerk be and is hereby authorized to attest to the Business Administrator’s signature; and be it further; and be it further RESOLVED, that the Township be and hereby is authorized to purchase title insurance consistent with the proposal provided by Foundation; and be it further