236-22 Exhibit-Subordinantion of Mortgage - 71 Lindsley Avenue.pdf

Exhibit “A”

AFTER RECORDING MAIL TO: 16000 HORIZON WAY, SUITE 200 MOUNT LAUREL, NJ 08054 Assessor’s Parcel Number: BLOCK 72, LOT 43 SUBORDINATION AGREEMENT NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT. This Subordination Agreement, made this day of 20 by TOWNSHIP OF WEST ORANGE (hereinafter referred to as Beneficiary), present owner and holder of the Mortgage and note first hereafter described, and LAKEVIEW LOAN SERVICING LLC (hereinafter referred to as “Lender”); WITNESSETH THAT WHEREAS, TRAVIS AND TAMIKO EDMEAD (hereinafter referred to as “Owner”) did execute a Mortgage, to TOWNSHIP OF WEST ORANGE covering that certain real property described as follows: ALL THAT CERTAIN LOT, PIECE OR PARCEL OF LAND, WITH THE BUILDINGS AND IMPROVEMENTS THEREON ERECTED, SITUATE, LYING AND BEING IN THE TOWNSHIP OF WEST ORANGE, COUNTY OF ESSEX, STATE OF NJ. BEGINNING AT A POINT ON THE NORTHEASTERLY SIDE OF LINDSLEY AVENUE WHICH POINT IS DISTANT 310.00 FEET NORTHWESTERLY FROM THE CORNER FANNED BY THE INTERSECTION OF THE NORTHEASTERLY SIDE OF LINDSLEY AVENUE WITH THE NORTHWESTERLY LINE OF GASTON STREET, THENCE RUNNING: (1) NORTH 65 DEGREES WEST AND ALONG THE NORTHEASTERLY SIDE OF LINDSLEY AVENUE 30.00 FEET; THENCE (2) NORTH 25 DEGREES EAST 155.00 FEET; THENCE (3) SOUTH 65 DEGREES EAST 30.00 FEET; THENCE (4) SOUTH 25 DEGREES WEST 155.00 FEET TO THE NORTHEASTERLY SIDE OF LINDSLEY AVENUE THE POINT OR PLACE OF BEGINNING. THE ABOVE DESCRIPTION DRAWN IN ACCORDANCE WITH A SURVEY PREPARED BY STEPHEN J. LOVENGUITH, DEED JUNE 11, 2003 AND more commonly known as: 71 LINDSLEY AVE, WEST ORANGE, NJ 07052 to secure a note in the sum of $35,000.00 in favor of TOWNSHIP OF WEST ORANGE which Mortgage was dated 9/22/2018 and recorded on 10/11/2018, as Instrument No. 2018088011 in Official Records of said county, and

WHEREAS, Owner has executed, or is about to execute, a Mortgage and note not to exceed the sum of $234,025.00 dated , in favor of Lender, payable with interest and upon the terms and conditions described therein, which Mortgage is to be recorded concurrently herewith; and WHEREAS, It is a condition precedent to obtaining said loan that said Mortgage last above mentioned shall unconditionally be and remain at all times a lien or charge upon the land hereinbefore described, prior and superior to the lien or charge of the Mortgage first mentioned, Owner has requested Beneficiary to subordinate Beneficiary's lien to the lien about to be taken by the Lender; and WHEREAS, Lender is willing to make said loan provided the Mortgage securing the same is a lien or charge upon the above described property prior and superior to the lien or charge of the Mortgage first above mentioned and provided that Beneficiary will specifically and unconditionally subordinate the lien or charge of the Mortgage first above mentioned to the lien or charge of the Mortgage in favor of the Lender; and WHEREAS, It is to the mutual benefit of the parties hereto that Lender make such loan to Owner; and Beneficiary is willing that the Mortgage securing the same shall, when recorded, constitute a lien or charge upon said land which is unconditionally prior and superior to the lien or charge of the Mortgage first above mentioned. NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce Lender to make the loan above referred to, it is hereby declared, understood and agreed to as follows: (1) That said Mortgage securing said note in favor of Lender, and any renewals or extensions thereof, shall unconditionally be and remain at all times a lien or charge on the property therein described, prior and superior to the lien or charge of the Mortgage first above mentioned. (2) That Lender would not make its loan above described without this subordination agreement. (3) That this agreement shall be the whole and only agreement with regard to the subordination of the lien or charge of the Mortgage first above mentioned to the lien or charge of the Mortgage

his agreement shall be the whole and only agreement with regard to the subordination of the lien or charge of the Mortgage first above mentioned to the lien or charge of the Mortgage in favor of Lender above referred to and shall supersede, but only insofar as would affect the priority between the mortgages hereinbefore specifically described, any prior agreements as to such subordination including, but not limited to, those provisions, if any contained in the Mortgage first above mentioned, which provide for the subordination of the lien or charge thereof to another mortgage or mortgages. Beneficiary declares, agrees and acknowledges that: (a) It consents to and approves (i) all provisions of the note and Mortgage in favor of Lender above referred to, and (ii) all agreements, including but not limited to any loan or escrow agreements, between Owner and Lender for the disbursement of the proceeds of Lender's loan. (b) Lender in making disbursements pursuant to any such agreement is under no obligation or duty to, nor has Lender represented that it will, see to the application of such proceeds by the person or persons to whom Lender disburses such proceeds and any application or use of such proceeds for purposes other than those provided for in such agreement or agreements shall not defeat the subordination herein made in whole or in part. (c) It intentionally waives, relinquishes and subordinates the lien or charge of the Mortgage first above mentioned in favor of the lien or charge upon said land of the Mortgage in favor of Lender above referred to and understands that in reliance upon, and in consideration of, this waiver, relinquishment and subordination specific loans and advances are being and will be made and, as part and parcel thereof, specific monetary and other obligations are being and will be entered into which would not be made or entered unto but for said reliance upon this

waiver, relinquishment and subordination; and (d) An endorsement has been placed upon the note secured by the Mortgage first above-mentioned that said Mortgage has by this instrument been subordinated to the lien or charge of the Mortgage in favor of Lender above referred to. NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO OBTAIN A LOAN A PORTION OF WHICH MAY BE EXPENDED FOR OTHER PURPOSES THAN IMPROVEMENT OF LAND. IN WITNESS whereof, THE PARTY (IES) hereunto sets his hand this day of 20 . TOWNSHIP OF WEST ORANGE BY: Printed Name & Title: Witness Signature: Witness Name (Print): STATE OF SS. COUNTY OF The foregoing instrument was acknowledged before me this day of , 20 , by (name of officer or agent) as , (title of officer or agent) of TOWNSHIP OF WEST ORANGE. NOTARYSTAMP/SEAL Notary public My Commission Expires: IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. Prepared by: Natalie Palacios, an employee of BC LAW FIRM, P.A. 1803 S KANNER HWY STUART, FL 34994