18-22 Corrected - Authorizing Subordination of Mortgage re 1454 Pleasant Valley Way.pdf

provided by CrossCountry; and WHEREAS, CrossCountry has since advised the Township that the Subordination Agreement contained an error in the amount of the proposed new mortgage and that the New Mortgage rate set forth in Resolution 309-21 requires a revision from 3% to 3.875%; and WHEREAS, a corrected Resolution is needed to authorize the execution and recording of an Amended Subordination Agreement, annexed hereto as Exhibit “A,” with a corrected New Mortgage amount. 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 the amended Subordination of Mortgage, annexed hereto as Attachment “A,” in favor of CrossCountry 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 J. Carnevale, R.M.C. Susan McCartney Township Clerk Council President Adopted: February 1, 2022