Bloomfield Township
New Jersey

Resolution
6519

Subordination of Mortgage - 157 Harrison Street

Information

Department:Law DepartmentSponsors:
Category:Approval

Attachments

  1. Printout

Meeting History

Oct 16, 2017 7:00 PM  Township Council Conference Meeting

AUTHORIZATION TO EXECUTE SUBORDINATION AGREEMENT - 157 HARRISON STREET

WHEREAS, the Township of Bloomfield made a Residential Rehabilitation Program Loan (“Program”) to the homeowner of 157 Harrison St., Bloomfield, Victoria St. Ambrogio (“Homeowner”), in January of 2008; and

WHEREAS, the Township holds a Mortgage Lien securing the forgivable loan made to Homeowner, to ensure compliance with the Program’s terms; and

WHEREAS, the Program requires the Township to forgive the loan to Homeowner if she does not transfer title at any time before the 10 years from the date the lien was filed; and

WHEREAS, Homeowner is refinancing her First Mortgage on the property, which requires Bloomfield’s Mortgage Lien to be subject, subordinate and inferior to the new mortgage; now therefore

BE IT RESOLVED, that the Mayor and Council of the Township of Bloomfield, County of Essex, State of New Jersey hereby authorizes the Mayor or his assignee to execute the attached Subordination of Mortgage.

RESULT:ADOPTED [UNANIMOUS]
MOVER:Nicholas Joanow, Second Ward Councilman
SECONDER:Wartyna Davis, Councilwoman
AYES:Jenny Mundell, Nicholas Joanow, Carlos Bernard, Wartyna Davis, Ted Gamble, Carlos Pomares, Michael J. Venezia