Resolutions - Jersey City

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Resolution of the Ctty of Jersey City, N.J.
Cit Clerk File No.
Agenda No.
Approved:
TITLE:
COUNCIL
Resolution:
Res. 11-458
lO.J
JUl 20 2011
RESOLUTION OF THE MUICIPAL COUNCIL OF THE CITY OF JERSEY
CITY AUTHORIZING THE BUSINSS ADMINSTRATOR TO EXECUTE
A MORTGAGE DISCHAGE FOR THE JERSEY CITY EPISCOPAL
COMMUNTY DEVELOPMENT CORPORATION FOR 70 BEACON
AVENU AIAJ BLOCK 565, LOT 11
Offered and Moved Adoption of the Following
WHREAS, on November 22,1996, Corpus Chrsti Ministres, Inc..(CCM) executed a Housing
Opportnities for Persons with Aids (HOPWA) Sub-recipient Agreement (Agreement) with the City
of Jersey City (City) for creating housing opportties for people with Aids; and
WHEREAS, on November 17, 1997, CCM executed a mortgage with the City in the amount of
$87,450 in order to acquire and rehabilitate a building on 70 Beacon Avenue, a/a Block 565, Lot
11 (propert) which was recorded with the Hudson County Register's Office on November 21, 1997
in Book 6397, page 184; and
WHEREAS, as a condition of the loan, CCM had to continue to use the propert as an out-patient
center for AIDS patients for a ten (l0) year period and comply with the covenats and conditions set
fonh in the note and loan document; and
WHREAS, CCM subsequently merged with the Jersey City Episcopal Community Development
Corporation (J CECDC), a non profit corporation of New Jersey with offices at 514 N ewark Avenue,
Jersey City, New Jersey; and
WHEREAS, by Resolution 98-889 approved on December 9, 1998, the City consented to the
transfer of the Propert aid assignment of all of the obligations of CCM under the City's loan
documents to JCECDC; and
WHEREAS, JCECDC executed an Assumption Agreement of Mortgage Loan dated December 31,
1998 to assume all the obligations and liabilities ofCCM including the HOPWA agreement for the
Propert; and
WHREAS, the ten (l0) year period has expired and the City by its Division of Communty
Development has reviewed the documents and determned that JCECDC has complied with the
conditions of the City's Agreement and loan documents; and
WHREAS, the City is obligated to execute a Discharge of Mortgage to remove the mortgage from
the public record.
NOW THEREFORE, BE IT RESOLVED, by the Muncipal Council of the City of Jersey City
that:
1.) The Mayor or Business Adminstrtor is hereby authorized to execute a Mortgage Discharge
for the Jersey City Episcopal Communty Development Corporation and any other
documents appropriate or necessar to effectuate the puroses of the with resolution for
the propert 70 Beacon Avenue, a/a Block 565, Lot 11. .
02g,1112