Conference/Public Meeting Agenda/Documents — Packet

183-12 October 2, 2012 RESOLUTION WHEREAS, the Township of West Orange Housing Rehabilitation Program has a mortgage against certain real property owned by Yolette Adolphe (the “Owner”) residing at 29 Joyce Street, Block 11, Lot 9 (the “Property”), in the amount of Fourteen Thousand and Two-Hundred Dollars ($14,200.00), which was dated August 21, 2007 and recorded in the Essex County Register’s Office on August 24, 2007 in Mortgage Book 12082, Page 8492 (the “WOHRP Mortgage”); and WHEREAS, there is a first mortgage on the Property from MetLife Home Loan in the outstanding amount of Ninety-Seven Thousand, Nine-Hundred and Twelve Dollars, and Four cents ($97,912.04) (“First Mor tgage”); and WHEREAS, the Owner desires to refinance her home and obtain a new mortgage loan from J.P. Morgan Chase, in an amount not to exceed One Hundred and Twenty-Nine Thousand, Eight-Hundred and Seventy-Seven Dollars ($129,877.00), and at a lower interest rate than the Current Mortgage (the “New Mortgage”); and WHEREAS, the New Mortgage will pay off the First Mortgage; and WHEREAS, the Owner has requested that the Township of West Orange subordinate the WOHRP Mortgage to the New Mortgage; and WHEREAS, the Owner has provided an appraisal indicating that the appraised fair market value of the Property is approximately One Hundred and Seventy-Seven Thousand Dollars ($177,000.00); and WHEREAS, the Owner has requested that the Township of West Orange subordinate its mortgage to the New Mortgage; and WHEREAS, based on the appraisal submitted and the amount of the New Mortgage, the proposed subordination will not 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 in favor of J.P. Morgan Chase with respect to the Property and the Owner; 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. Karen J. Carnevale Victor Cirilo Township Clerk

ipal Clerk be and is hereby authorized to attest to the Mayor’s signature on the Subordination of Mortgage. Karen J. Carnevale Victor Cirilo Township Clerk Council President Adopted: October 2, 2012