Conference/Public Meeting Agenda/Documents — Packet

193-12 October 16, 2012 RESOLUTION WHEREAS, the Township of West Orange Housing Rehabilitation Program has a mortgage against certain real property owned by Mr. Bryan Cowley (the “Owner”) residing at 21 Robertson Road, Block 153.04, Lot 3 (the “Property”), in the amount of Fourteen Thousand, Nine-Hundred and Seventy-Five Dollars ($14,975.00), which was dated November 18, 2005 and recorded in the Essex County Register’s Office on December 23, 2005 in Mortgage Book 10952, Page 713 (the “WOHRP Mortgage”); and WHEREAS, there is a first mortgage on the Property from Well Fargo Home Mortgage (“Wells Fargo”) in the outstanding amount of One-Hundred Seventy-Seven Thousand, Three- Hundred and Forty-Seven Dollars ($177,347.00) (the “First Mortgage”); and WHEREAS, the Owner desires to refinance his home and obtain a new mortgage loan from Wells Fargo, in an amount not to exceed One Hundred and Eighty Thousand, and Eighteen Dollars ($118,018.00), and at a lower interest rate than the First 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, in connection with the New Mortgage, Wells Fargo has accepted an appraisal indicating that the fair market value of the Property is approximately Two-Hundred and Fifty-Nine Thousand Dollars ($259,000.00); and WHEREAS, the Owner has requested that the Township of West Orange subordinate its mortgage to the New Mortgage; and WHEREAS, based on the amount of the New Mortgage and the appraisal accepted by Wells Fargo, 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