253-26 EC Register - Recorded-Filed WOHRP Mtg..pdf

M 1077223 A aE Inetr# 1077223 Carole A. Graves Recorded/Filed CA 2 Essex County Regleter MORTGAGE 08/17/2004 09:48:4 Bk 9955 Py 898 #Pgs 4 BR THIS IS A LEGALLY BINDING DOCUMENT WHICH CREATES A LIEN. DURING THIS THREE-DAY PERIOD, YOU MAY CHOOSE TO HIRE AN ATTORNEY TO REVIEW THIS DOCUMENT. IN THIS THREE-DAY PERIOD, IT IS POSSIBLE TO CANCEL THE DOCUMENT WITHOUT ANY PENALTY. THE CANCELLATION, HOWEVER, MUST BE IN WRITING. THIS MORTGAGE made this 8th day of July, 2004 between: Tyrone & Tanya Brooks residing at 8 Pine Street West Orange NJ 07052, the BORROWER(S), and the TOWNSHIP OIF WEST ORANGE, 66 Main Street, West Orange NJ 07052, the LENDER. The BORROWER(S) has applied for monetary assistance under IDER'S West Orange Township Housing Rehabilitation Program for the purpo ecting defects in the house and bringing up to Property Maintenance landards. The LENDER has agreed to grant the BORROWER(S) a Ioan wi d payments in the amount of: $12,125.00 (Twelve Thousand One Hu Twenty-five Dollars} which shall constitute the total amount of the loan on interest shall be charged. Receipt of the loan is hereby acknowled: videnced by a Mortgage Note which will be signed at the same time as this ment. The loan is to be repaid by the BORROWER(S) in accordance wii Mortgage and subject to all the terms and concitions as listed in the Mortgage Kk The Mortgage will secure that the LENDER will be repaid the monies Io: ny other costs or charges incurred for the repair of the BORRO! ‘operty. To insure that BORROWER(S)} performs its obligatio alled for by the Mortgage and Mortgage Note, the BORROWER(S) hereby mot to the LENDER, its successors and assigns the tract of tand and premi ated in the Township of West Orange, County of Essex, State of Ne 8 Pine Street West Orange NJ 07052 more specifically known as Block 30, L6t9 as shown on the current tax map of the Township of West Orange. TI mises was conveyed to the BORROWER(S) by deed from Linda Nwok ited 6/26/03 and recorded in the Township Clerk's Office on 9/24/03 in Book No. The BORROWI 1) Ownership. BORROWER(S) owns the property and will defend his/her ownership against alf claims. 2) Payments. [He/she will make all payments required by the Mortgage Note and Mortgage. 3) Insurance. He/she will maintain extended coverage insurance on the property in an amount at least equal to the amount of the mortgage. Insurance

ayments required by the Mortgage Note and Mortgage. 3) Insurance. He/she will maintain extended coverage insurance on the property in an amount at least equal to the amount of the mortgage. Insurance companies, policies, amounts and types of coverage must be acceptable to the LENDER. He/she will notify the LENDER in the event of any substantial loss or damage. The LENDER may then settle the claim on his/her behalf if he/she fails to do so.

4) Repairs. He/she will keep the property in good repair, neither damaging nor abandoning it. He/she will allow the LENDER to inspect the property upon reasonable notice. 5) Mortgage and Mortgage Note. He/she wil! comply with all of the terms of the Mortgage, Mortgage Note and the West Orange Township Housing Rehabilitation Program guidelines and procedures. If any provision of this Mortgage is found to be inconsistent with the Mortgage Note, the terms of the Mortgage Note shall control. 6) Lawful Use. Use of the property shall be in compliance with all t! ordinances arid other requirements of any governmental authority, 7) The LENDER shai! have all rights and remedies to insure and to protect the LENDER'S security interest in the proper The LENDER may declare BORROWER(S) in defaul Mortgage if: a) BORROWER(S) fails to make any paymet b) BORROWER(S) fails to keep any. Note or this Mortgage; c) BORROWER(S) sells the <. transfers title to the property, dies, or ( in the case of a single family home),th Piper rents it to anyone for any reason. If the property contains rental units, the borrower may only rent to certified low or moderate income renters per COAH re 's for the life of the Mortgage and Mortgage Note.; debt) on the property starts foreclosure proceedings; or f) There is a default under a senior mortgage; or g) BORROWER(S) fails to comply with any term or condition set forth in the West Orange Township Housing Rehabilitation Deferred Loan Agreement, the Mortgage Note, this Mortgage or the West Orange Township Housing Rehabilitation Program guidelines anc procedures. 8) Rights Given to the Lender. BORROWER(S) mortgage the property to the LENDER. This means that he/she gives the LENDER those rights stated in this Mortgage, alsc: those rights the law gives to lenders of mortgages on real property.

. 3 When he/she pays all amounts due to the LENDER under this Mortgage Note and Mortgage, LENDER’S rights under this Mortgage will end. The LENDER will then cancel this Mortgage at BORROWER(S) expense. 9) Term. This Mortgage shall be due and payable whenever this property shall be sold or title treinsferred as provided for in the Mortgage Note. 10) The Lender will subordinate the lien of this Mortgage to the lien of any home equity loan, secondary mortgage or refinancing to be procured by the BORROWER(S), not exceeding the sum of fifty percent (50%) of the amount of this mortgage; this provision to be binding upon the parties hereto, their heirs and executors 11) This mortgage shall be subject to and subordinate to a mortgage’ executed by BORROWER(S), to secure a !oan in such amounts as are ‘granted bya bonafide institutional lender for construction of improvement airs upon the premises and to finance same on a permanent basis, bh jage or mortgages, when duly recorded, shall constitute a lien and caren sb lands prior and superior to the lien in charge of the Mortgage. The LE! shall, if required by the lending institution, execute such documents as mq necessary within five days of request to do so, to further indicate the subordinate character of the Mortgage; it being the intention of the parties thereto that the omy sro be automatically subordinate to any bonafide institutional ithout necessity of execution of any further documents..

4 12) No Waiver by Lender. LENDER may exercise any rights under this Mortgage even if LENDER has delayed in exercising that right or has agreed to an earlier instance not to exercise that right. LENDER does not waive it rights to declare that BORROWER’S) is in default by making payments or incurring expenses on BORROWER'S) behalf. THE BORROWER(S) HEREBY DECLARES AND ACKNOWLEDGES THAT THE BORROWER(S) HAS RECEIVED, WITHOUT CHARGE, A TRUE COPY OF THIS MORTGAGE. IN WITNESS WHEREOF, BORROWER(S) acknowledges that he/she has signed and sealed the agreement and that LENDER has furnished BORROWER(S) with a true copy of this document. WITNESS: Bee . INDIVIDUAL ACKNOWLEDGMENT « STATE OF NEW JERSEY A TOWNSHIP OF WEST ORANGE 20 07, by me how, Liber appeared ly rope and Tioga Bevelgs ‘Satisfied is the person(S) named in and who jo signed, seaied and delivered the same as his/her » fd On this iz day of voluntary act and d the purpose herein specified. NOTARY! Puatgene rune STATE OF NEW JERSEY MY COMMISSION EXPIRES JULY 23, 2008