286-22Exhibit - Subordination of Mortgage re 85 Mitchell Street.pdf

Subordination of Mortgage Prepared by: (print signer’s name below signature) Catherine Moyano, Guardian Title Services Property Address: 85 Mitchell Street West Orange, NJ 07052 Block 26 Lot 10.06 SUBORDINATION OF MORTGAGE made October 20, 2022 BETWEEN Township of West Orange residing or located at: 66 Main Street, West Orange, NJ 07052 herein designated as the Subordinator; AND Freedom Mortgage Corporation, ISAOA/ATIMA located at: 907 Pleasant Valley Avenue, Mount Laurel, NJ 08054 herein designated as the Subordinatee; WHEREAS, the Subordinator is the holder of a mortgage, originally in the amount of $39,925.00 and the bond, note or other obligation secured therein, dated July 31, 2010 and was made by Stephayne Moffett-Patterson and Yvonne Fields, to West Orange Township recorded November 9, 2010 in the Essex County Clerk/Register’s Office in Book 12283 Page 345 for the property commonly known as 85 Mitchell Street and located at Block 26, Lot 10.06 on the tax map of the Township of West Orange (the “Property”). WHEREAS, the Subordinatee desires to place a First Lien Priority Mortgage on lands and premises owned by Stephayne Moffett-Patterson and Jermaine Green, Married couple at the Property; which First Lien Mortgage, the owner desires to grant to Subordinatee. WHEREAS, the Subordinatee will receive, accept and record a First Lien Mortgage and require that the aforementioned mortgage held by the Subordinator shall be subordinated and postponed to the First Lien Mortgage to be granted by Subordinatee. NOW THEREFORE, in consideration of the sum of ONE DOLLAR and other good and valuable consideration the receipt whereof is hereby acknowledged, the Subordinator hereby accepts and agrees that the mortgage of the Subordinator shall be subject, subordinate and inferior to the First Lien Mortgage about to be granted to the Subordinatee, and to all renewals and extensions, notwithstanding the prior execution and recording of the mortgage of the Subordinator, in the amount of but not exceeding $356,125.00. References herein to any parties, persons, entities or corporations, the use of any particular gender of the

ording of the mortgage of the Subordinator, in the amount of but not exceeding $356,125.00. References herein to any parties, persons, entities or corporations, the use of any particular gender of the plural or singular number is intended to include the appropriate gender or numbers of the text of the within instrument may require. Whenever in this instrument any party shall be designated or referred to by name or general reference, such designation is intended to and shall have the same effect as if the words “heirs, executors, administrators, personal or legal representatives, successors and assigns” had been inserted after each and every such designation. Subordination of Mortgage -1- CMS Form No. NJ-602