Resolutions - Jersey City

City Clerk File No. Res. 09-770Agenda No.Approved:TITLE:10.Z.42RESOLUTION OF THE MUNICIPAL COUNCIL OF THE CITY OFJERSEY CITY AUTHORIZINGTHE BUSINESS ADMINISTRATOR TOEXECUTE A DISCHARGE OF A COLLATERAL MORTGAGEASSIGNED TO THE CITY OF JERSEY CITY FROM THE JERSEY CITYREDEVELOPMENT AGENCY FOR THE PROPERTY KNOWN AS 4529BERGENLINE A VENUE, UNION CITY, NEW JERSEYCOUNCILoffered and moved adoption of the following resolution:WHEREAS, Orlando Bru (Owner) participated in the Jersey City Redevelopment Agency's (JCRA) Multi-Fanuly Loan and Grant Progr; andWHEREAS, on January 28, 1997, the Owner received a loan fromJCRA in the amount of$90,OOO and grantin the amount of $180,000 for a Total Loan to hiIn in .the amount of $270,000 to purchase a multi-unitàpartment building and agreed to maintain 51 % of the eligible units as affordable housing rental units fora 15'yea period; andWHEREAS, the mortgage affects property known as 1995 John F. Kennedy Blvd., Jersey City, also knownàs Lot A.8 in Block 1283; and .WHREAS, JCRA' s mortgage was recorded as a second lien against the Property subordinate to a purchasemoney mortgage given by The Trust Company of New Jerseynla Capital One Ban (Capital) in the amountof$840,000; andWHREAS, in exchange for the subordination by JCRA, on November 3, '1998 the owner executed acollateral mortgage to provide additional security for the initial mortgage on 1995 John F. Kennedy Blvd.with the property 4529 Bergenline Avenue, Union City, New Jersey, recrded on November 5, 1998 in Book6777, page 185; andWHREAS, on August 16, 2000, an Extenion of the Mortgage was executed which extends the ter of .JCRA's mortgage to November 30,2013; andWHREAS, JCRA's mortgages were subsequently assigned to the City ofJersey City (City) by Assignentof Mortgage recorded September 25,2000 in Book 949, page 46; andWHEREAS, the owner requested a subordination ofthe City's $270,000 mortgage because the ownerdesired to consolidate and refinace his existing mortgages for the following properties: I) 4529Bergenine Avenue, Union City, New Jerey, 2) 1995 Kennedy Blvd., and 3) 851 PavoniaAvenue, JerseyCity into a single Blanet mortgage with T.D. Ban NA(T.D. Ban); andWHREAS, Res. 09-654 approved on Augut 12, 2009 authorize the subordination of the City's$270,000 loan to T.D. Ban's first mortgage of$I,800,000; andWHREAS, the owner now requests that the City dischage the collaterl mortgage againt 4529Bergenline Avenue, Union City, New Jersey in order to close on the loan with T.D. Ban andWHREAS, the amount ofremain in send lien position; andthe new fit mortgage is $1,800,000, and the City's $270,000 lien wilIl 2. 0 0 90 9 8