Resolutions - Jersey City

City Clerk File No. Res. 09-708Agenda No.Approved:1O.FSEP 0 9 2009TITLE:RESOLUTION AUTHORIZING THE EXECUTION OF A MORTGAGESUBORDINATION AGREEMENT AFFECTING THE PROPERTYKNOWN AS 16 VIRGINIA AVENUE A/K/ A BLOCK 1998, LOT FCOUNCILresolution:offered and moved adoption of the followingWHEREAS, Iraida Dejesus-Perez, owner of 16 Virgia Avenue a/k/a Lot F in Block 1998,participated in the City of Jersey City's (City) First Time Homebuyer Program; andWHEREAS, the owner(s) received from the City a $100,000.00 loan on August 19, 1999 for the. pw:ose of fiancing the purchase of a two famiy residential unit and the loan self-amortizes providedthat the homeowner resides in the property and the propertyremas affordable to low and moderateincome households during the restrcted period of twenty (20) years; andWHEREAS, the City's loan was recorded as a second mortage on the property; andWHEREAS, the owner desires to refiance the old fist mortgge in order to obta lower montlymortgage payments and additional loan funds; andWHEREAS, the new lender, Wells Fargo Bank N.A., requies that the City's mortgage be madesubordiate to its loan; andWHEREAS, the amount of the new fist mortage is $118,000.00, and the City's lien wi rema insecond lien position; andWHEREAS, the City by its Division of Coinunty Development has reviewed the appraial reportand calcuted the maum alowable refiance amount for the propert and has determed that thevalue of the property supports the new loan and the Citys mortge and has futher reviewed the titlecOlDtment and determed that there are no other judgements or loans affectig the property.NOW, THEREFORE, BE IT RESOLVED, by the Muncipal Counci of the City ofJ ersey City thatthe Mayor or Business Admstrator is authoried to execute a mort subordiation agreement, ina form to be approved by Corporation Counse~ subordiatig the City's lien affectig 16 VirgiAvenue, Jersey City also known as Blóck 1998, Lot F to the interests of the new fist mortgge of WellsFargo Bank N.A.IGW/mw9-1-09APPROVED:APPROVED AS TO LEGAL FORMAPPROVED:Nu2009091')¿ l:t&&unseiCertification Required 0Not Required oAPPROVED 9-ø, RECORD OF COUNCIL VOTE ON FINAL PASSAGE9/9/09 .COUNCILPERSON AYE NAY N.V. COUNCILPERSON AYE NAY N.V. COUNCILPERSON AYE NAY N.V.SOnOLANO i/ GAUGHAN i/ BRENNANi/KENNY i/ FULOP ¡, FLOD ,/LOPEZII RICHARDSON./,/ Indicates VoteAdopted a meetin90f the Municipal Council of the Cit of Jersey Cit, N;J.VEGA,PRES.,/N.V.-Not Voting (Abstain)