Resolutions - Jersey City

Resolution of the City of Jersey City, N.J.
Cit Clerk File No.
Agenda No.
Approved:
Res. iil-457
10.1
JUl 20 2011
TITLE: RESOLUTION OF THE MUCIPAL COUNCIL OF THE CITY OF JERSE v
AUTHORIING THE BUSINSS ADMISTRATOR TO EXECUTE A PAR 0 1'r. s~~
RELEASE OF THE BLANT MORTGAGE FOR CITY LINS PROPERTIES, R.A:.
LLC AN SUBSTITUTE INIVUAL MORTGAGES AN NOTES FOR
CERTAI AFFORDABLE HOUSING UNTS AFFECTING PROPERTY KNOWN
AS 1201-1207 SUM AVENU
COUNCIL
resolution:
offered and moved adoption of the following
WHEREAS, the properties located at 1201" 1217 Swnit Avenue were acquired to effectute the
constrction offort-five (45) residential condominium unts and 2,332 squae feet of commercial
space on the ground floor of the project known as the Swnit Heights of Jersey City Condominium;
and
WHEREAS, on December 15, 2008, City Lines Properties, LLC (City Lines) executed a blanet
mortgage with the City ofJersey City (City) in the amount of$2,760,000.00, recorded on December
18,2008 in the Hudson County Register's Offce in Mortgage Book 17234 at page 1067; and
WHEREAS, the blanet mortgage to the City was to secure City Lines' obligation to constrct and
maita 15 of the 45 residential condominium units as low/moderate affordable income housing for
a minmum period of th (30) years; and
WHREAS, the lots were consolidated and the propert is now designated as Block 897, Lot 10
and the residential units have been sold to individual purchasers; and
WHEREAS, the City at the request of City Lines has agreed to release each unt from the Blanet
Mortgage, provided that each individual propert owner executes an Affordable Housing Trust Fund
Mortgage and/or New Construction Mortgage and Notes in the sum of$133,333.00, in favor of the
City and these documents are recorded with the Hudson County Register's Offce and are substituted
as a lien afecting the individual units; and
WHREAS, the purchasers of the above units have executed individual Mortgages and Notes with
the City; and
WHEREAS, the City has been provided with copies of the recorded Mortgages for seven (7) units:
1) Unit #201; 2) Unit #207; 3) Unit 208; 4) Unit #210; 5) Unit 301; 6) Unit #304 and 7) Unit #308; .
and
WHREAS, the individua Affordable Housing Trut Fund Mortgages and/or New Constrction
Mortgages maita the affordability controls on each of the properties for thirt (30) years.
NOW THEREFORE, BE IT RESOLVED, by the Muncipal Council of the City of Jersey City
that:
1.) The Mayor or Business Administrator is hereby authorized to execute a Parial.
Mortgage Discharge for City Lines Properties, LLC from the City's Blanet Mortgage
subject to the recordation of the substitute Affordable Housing Trust Fund Mortgages and/or
New Constrction Mortgages in the amount of$133,333.00 only for the followig unts: 1)
Unit #201; 2) Unit #207; 3) Unit 208; 4) Unit #210; 5) Unit 301; 6) Unit #304 and 7) Unit
#308;
02.01111(8