16-20 Authorizing Subordination of Mortgage re 8 Glen Road 4819-0745-3871 v.1.pdf

16-20 January 7, 2020 RESOLUTION WHEREAS, the Township of West Orange Housing Rehabilitation Program has a mortgage against certain real property owned by Patrick and Betty Ann Yates (the “Owner”) residing at Glen Road, Block 59.01, Lot 8 (the “Property”), in the amount of Fourteen Thousand Three Hundred Thirty Five Dollars ($14,335.00), which was dated December 3, 2002 and recorded in the Essex County Register’s Office on December 10, 2002 in Book 8584, Page 58 (the “WOHRP Mortgage”); and WHEREAS, there is a first mortgage on the Property held by Quicken Loans in the outstanding amount of Two-Hundred Fifty-Six Thousand, Nine-Hundred Fifty-Six Dollars and Thirty-Six Cents ($256,956.36) (the “First Mortgage”) at an interest rate of 4.375%; and WHEREAS, the Owners desire to refinance their home to obtain a new mortgage loan from Quicken Loans, Inc. (“Quicken”) in the amount of Two-Hundred Fifty-Six Thousand, Nine-Hundred Fifty-Six Dollars and Thirty-Six Cents ($256,956.36), and with an interest rate of 3.625% (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 $416,000; 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 Quicken with respect to the Property and the Owners; 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; 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 Carnevale, R.M.C. Michelle Casalino, Council President Municipal Clerk Adopted: January 7, 2020