90-18 Attachment - 89 Watchung Avenue-Mortgage Subordination Application Docs.pdf

SUBORDINATION AGREEMENT Loan No: 3396829564 This Agreement is made this 20, by Township of West Orange, whose address is (the "Lienholder"). WHEREAS the Lienholder is the holder of a mortgage/deed of trust/lien in the principal amount of $15,000.00 executed by Nelson B. Mejia and Sandra E. Mejia (the “Borrower’), dated January 29, 2004 and recorded on March 11, 2004, in Book 9630, Page 404, in the records of Essex County (“Lienholder's Lien”), covering the property commonly known as 89 Watchung Avenue, West Orange, NJ 07052-6006 (the “Property”) and legally described as: Situated in the County of Essex, State of NJ: (See attached Legal Description) Tax ID No.: Block 131 Lot 14 WHEREAS Quicken Loans Inc. intends to make a loan to the Borrower in a principal amount not to exceed $142,000.00 and dated on or about , 20 to be secured by a mortgage/deed of trust granted to Mortgage Electronic Registration Systems Inc., as nominee for Quicken Loans Inc., its successors and or assigns, covering the Property (“Quicken Loans’ Lien’), and WHEREAS Quicken Loans Inc. will only make the loan to the Borrower provided that Lienholder’s Lien is subordinate to Quicken Loans’ Lien, and WHEREAS Lienholder intends that Quicken Loans’ Lien be prior and superior to Lienholder’s Lien. NOW, THEREFORE, it is agreed that in consideration of one dollar and other good and valuable consideration, the adequacy and receipt of which is hereby acknowledged, Lienholder agrees to subordinate and make Lienholder’s Lien subordinate and junior in all respects to Quicken Loans’ Lien. Page 1 of 3