Resolutions - Jersey City

City Clerk File No. Res. 09-706Agenda No. 10.0Approved: SEP 0 9 2009TITLE:RESOLUTION AUTHORIZING THE BUSINESS ADMINISTRATORTO EXECUTE A DISCHARGE OF MORTGAGE AFFECTING41 CRESCENT AVENUE NKA BLOCK 1928, LOT ACOUNCILresolution:offered and moved adoption of the followingWHEREAS, on April 6, 1999, Mofale O. Meinga (Borrower) executed a second mortgage in favorof the City of Jersey City (City) to secure the City's loan to him in the amount of$SO,OOO.OO madeunder the Vacant Building Initiative First Time Homebuyer's Program; andWHEREAS, the loan was made for the purose of financing a 4 family unit for a low and moderateincome family and self-amortizes over ten (10) years provided the homeowner resides in the propertand does not sell the propert; andWHEREAS, the mortgage affects the propert known as 41 Crescent Avenue, Jersey City, alsoknown as Lot A in Block 1928; andWHEREAS, ten (10) years have passed since the loàn was made and the City is obligated to executea Discharge of Mortgage to remove the mortgage from the public record.NOW, THEREFORE, BE IT RESOLVED, that the Business Admnistrator is authorized toexecute a Discharge of the Mortgage of Mofalc O. Meinga dated April 6, 1999 in the sum of$50,000.00 afecting 41 Crescent Avenue, Jersey City, also known as Lot A in Block 1928.IW/mw9-1-09APPROVED:APPROVED:l1.20Q9090COUNCILPERSONSOTTOLANOKENNYLOPEZAYENAYAPPROVED ASßlTO LEGAL&!FORMA~ Corporation CounselCertifcation Required 0Not Required 0RECORD OF COUNCil VOTE ON FINAL PASSAGE 9/9 09N.V. COUNCILPERSON AYE NAY N.V. COUNCILPERSONGAUGHAN BRENNANRJLOP FLOODRICHARDSON VEGA, PRES.,/ Indicates VoteAdopted at a meeting of the Municipal Council of the City of Jersey Cit, N.J.-0NAY N.V.