171-18 Resolution Authorizing Subordination of Mortgage re 27 Pine Street.pdf

171-18 July 17, 2018 RESOLUTION WHEREAS, the Township of West Orange Housing Rehabilitation Program has a mortgage against certain real property owned by Brandon Myles and Beth Myles (the “Owners”) residing at 27 Pine Street, Block 36, Lot 15 (the “Property”), in the amount of Fifteen Thousand Dollars ($15,000.00), which was dated September 15, 2005 and recorded in the Essex County Register’s Office on December 6, 2005 in Book 10910, Page 659 (the “WOHRP Mortgage”); and WHEREAS, there is a first mortgage on the Property held by Bayview Loan Serving in the outstanding amount of Two-Hundred Sixty-Eight Thousand Seven-Hundred Eighty-One Dollars ($286,781.00) (the “First Mortgage”) at an interest rate of 4.0%; and WHEREAS, the Owners desire to refinance their home to obtain a new mortgage loan from BBMC Mortgage. (“BBMC”) in the amount of Two Hundred Eighty Thousand Dollars ($280,000.00), and with an interest rate of 4.75% (the “New Mortgage”); and WHEREAS, the New Mortgage will pay off the First Mortgage; and WHEREAS, the Owners have requested that the Township of West Orange subordinate the WOHRP Mortgage to the New Mortgage; and WHEREAS, the appraised value of the property is $350,000; and WHEREAS, based on the amount of the New Mortgage as compared to the First Mortgage, the proposed subordination will not materially change the equity available to satisfy the WOHRP Mortgage; NOW THEREFORE, BE IT RESOLVED BY THE TOWNSHIP COUNCIL OF THE TOWNSHIP OF WEST ORANGE, that the Mayor be and hereby is authorized to execute a Subordination of Mortgage, annexed hereto as Exhibit “A,” in favor of BBMC with respect to the Property and the Owners; and be it further

2 RESOLVED, that the Municipal Clerk be and is hereby authorized to attest to the Mayor’s signature on the Subordination of Mortgage; and be it further RESOLVED, that a copy of this Resolution shall be made available in the Clerk’s office in accordance with applicable law. ________________________________ Karen J. Carnevale, R.M.C. Susan McCartney Township Clerk Council President Adopted: July 17, 2018 4845-7198-9356, v. 1