286-22 Subordination of Mortgage - 85 Mitchell St..pdf

286-22 October 25, 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 Yvonne Fields and Stephayne Moffet-Paterson (collective the “Owners”) residing at 85 Mitchell Street, also identified as Block 26, Lot 10.06 on the tax map of the Township (the “Property”), in the amount of Thirty Nine Thousand, Nine Hundred Twenty Five Dollars ($39,925.00), which was dated July 31, 2010 and recorded in the Essex County Register’s Office on November 19, 2010 as Instrument No. 10086390 (the “WOHRP Mortgage”); and WHEREAS, there is a first mortgage on the Property held by Cenlar in the outstanding amount of Two Hundred Twelve Thousand Nine Hundred Seventy-Five Dollars ($212,975) (the “First Mortgage”) with an interest rate of 4.125%; and WHEREAS, the Owners desire to refinance their home to obtain a new mortgage loan from Freedom Mortgage in the amount of Three Hundred Ninety-Six Thousand Eight Hundred Twenty-Five Dollars ($396,825) with an interest rate of 6.75% (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 $545,000; 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 Freedom