112-22 Authorizing Subordination of Mortgage re 230 Eagle Rock Avenue.pdf

112-22 April 26, 2022 RESOLUTION WHEREAS, the Township of West Orange (the “Township”) through the Township’s Housing Rehabilitation Program has a mortgage against certain real property owned by Craig W. Brown and Carline J. Cole (collectively the “Owners”) residing at 230 Eagle Rock Avenue, also identified as Block 112.02, Lot 2 on the tax map of the Township (the “Property”), in the amount of Eighteen Thousand Three Hundred Seventy-Five Thousand Dollars ($18,375.00), which was dated July 15, 2011 and recorded in the Essex County Register’s Office September 20, 2011 in Book 12328, at Page 2219 (the “WOHRP Mortgage”); and WHEREAS, there is a first mortgage on the Property held by JPMCB Home in the outstanding amount of One Hundred Nine Thousand Eight Hundred Fifty-Four Dollars ($109,854.00) (the “First Mortgage”) with an interest rate of 5%; and WHEREAS, the Owners desire to refinance their home to obtain a new mortgage loan from Union Home Mortgage (“Union Home”) in the amount of One Hundred Nineteen Thousand Dollars ($119,000) with an interest rate of 3.25% (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 approximately $225,000; 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 Attachment “A,” in favor of Union Home 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 Municipal Clerk Council President Adopted: April 26, 2022