79-13 Subordination of Mortgage-27 McKinley 4.23.13.pdf

RESOLUTION WHEREAS, the Township of West Orange Housing Rehabilitation Program has a mortgage against certain real property owned by Catherine McGrath (the “Owner”) residing at 27 McKinley Avenue, Block 113.02, Lot 15 (the “Property”), in the amount of Fifteen Thousand Dollars ($15,000.00), which was dated March 15, 2006 and recorded in the Essex County Register’s Office on August 23, 2006 in Book 11463, Page 366 (the “WOHRP Mortgage”); and WHEREAS, there is a first mortgage on the Property from JPMorgan Chase (“Chase”) in the outstanding amount of One Hundred and Fifty Seven Thousand, Six Hundred and Eighty -Three Dollars and Fifty-Three Cents ($157,683.53) (the “First Mortgage”); and WHEREAS, the Owner desires to refinance her home and obtain a new mortgage loan from Chase in an amount not to exceed One Hundred and Fifty-Nine Thousand, Five Hundred and Fifty Dollars ($159,550.00), and with an interest rate of 4.125% (the “New Mortgage”); and WHEREAS, the New Mortgage will pay off the First Mortgage; and WHEREAS, the Owner has requested that the Township of West Orange subordinate the WOHRP Mortgage to the New Mortgage; and WHEREAS, in connection with the New Mortgage, Chase has accepted an appraisal indicating that the fair market value of the Property is approximately _____________ ($__________);Two-Hundred and Forty-Eight Thousand and One-Hundred and Seventy-Two Dollars ($248,172.00); and WHEREAS, based on the amount of the New Mortgage and the appraisal accepted by Chase, the proposed subordination will not 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 in favor of Chase with respect to the Property and the Owner; and be it further RESOLVED, that the Municipal Clerk be and is hereby authorized to attest to the

Mayor’s signature on the Subordination of Mortgage. ________________________________ Karen Carnevale Honorable Victor Cirilo Township Clerk Council President Dated: Adopted: 709934-1