Resolution of the City of Jersey City, N.J.

File No. Res. 20-578 Agenda No. 10.61 Approved: Aug 12 2020

RESOLUTION AUTHORIZING THE BUSINESS ADMINISTRATOR TO EXECUTE A DISCHARGE OF MORTGAGE FOR 69 VAN NOSTRAND AVENUE, JERSEY CITY, NJ AKA BLOCK 1347, BLOCK 8C

COUNCIL offered and moved adoption of the following resolution:

WHEREAS, on January 27, 2006, JoAnn Rodgers (“Borrowers”) executed a Mortgage and Note in favor of the City of Jersey City (“City”) to secure the City’s loan in the amount of $15,000.00 made under the HORP/SHRP Program; and

WHEREAS the Mortgage was recorded in Book 14056 at Page 187 of the Register of Deeds for Hudson County on February 9, 2006; and

WHEREAS, the loan self-amortizes over five (5) years provided the homeowner resides in the property, does not sell the property, and that the property remain affordable to low and moderate income households; and

WHEREAS, the mortgage affects property known as 69 Van Nostrand Avenue, Jersey City, a/k/a Block 1347, Lot 8C;

WHEREAS, the Jersey City Division of Community Development has reviewed this matter and is requesting that the mortgage be discharged because five (5) years have passed since the loan was made and the Borrowers have met all of the mortgage’s requirements, and

WHEREAS, the City is obligated to execute a Discharge of Mortgage to remove the mortgage from the public record.

NOW, THEREFORE, BE IT RESOLVED, that the Business Administrator is authorized to execute a Discharge of Mortgage in the sum of $15,000.00 affecting 69 Van Nostrand Avenue, Jersey City, a/k/a Block 1347, Lot 8C

Res. 20-578 Approved: August 12 2020

Resolution Authorizing the Business Administrator to Execute a Discharge of Mortgage for 69 Van Nostrand Avenue, Jersey City, NJ AKA Block 1347, Block 8C

APPROVED AS TO LEGAL FORM

Business Administrator Corporation Counsel

☐ Certification Required

RECORD OF COUNCIL VOTE – Aug 12 9-0 AYE NAY N.V. Absent AYE NAY N.V. Absent AYE NAY N.V. Absent N.V. – RIDLEY ✓ SALEH ✓ LAVARRO ✓ (Abstain) PRINZ-AREY ✓ SOLOMON ✓ RIVERA ✓ BOGGIANO ✓ ROBINSON ✓ WATTERMAN, ✓ PRES Adopted at a meeting of the Municipal Council of the City of Jersey.

Joyce E. Watterman, President of Council Sean Gallagher, City Clerk

Page 2 of 13

Res. 20-578 Approved: August 12 2020

Resolution Authorizing the Business Administrator to Execute a Discharge of Mortgage for 69 Van Nostrand Avenue, Jersey City, NJ AKA Block 1347, Block 8C

RESOLUTION FACT SHEET - This summary sheet is to be attached to the front of any resolution that is submitted for Council consideration. Incomplete or vague fact sheets will be returned with the resolution.

Project Manager Carmen Gandulla, Coordinator of Federal/State Aid 201-547-5304 [email protected] Division Division of Community Development

Note: Project Manager must be available by phone during agenda meeting (Wednesday prior to council meeting @ 1:00 p.m.)

Purpose Discharge of HORP/SHRP Mortgage affecting real property located at: Property Address:.69 Van Nostrand Ave. Jersey City, NJ 07305 Block: 1347 Lot: 8C HORP/SHRP Mortgage Amount: $15,000.00 Execution Date of HORP/SHRP Mortgage: January 27, 2006 Recording Date of HORP/SHRP Mortgage: February 9, 2006 Book: 14056 Page: 187 Basis for Discharge of Mortgage: X Maturity of HORP/SHRP Mortgage: January 27, 2011 __ Satisfaction of HORP/SHRP Mortgage:

ATTACHMENTS: 69 Van Nostrand Memo to Council Discharge of Mortgage Resolution Fact Sheet Blank (template)(1) 69 Van Nostrand Avenue Discharge HORP New Memo to Amy Forman Rodgers 69 Van Nostrand-1

Approved by Status: Carmen Gandulla, Coordinator of Federal/State Aid Approved - Jul 21 2020 Annisia Cialone, HEDC Director Approved - Jul 27 2020 John McKinney, Attorney None Peter Baker, Corporation Counsel None Amy Forman, Attorney Approved - Aug 04 2020 Nick Strasser, Attorney None Norma Garcia, Attorney None Ray Reddington, Attorney None Jeremy Jacobsen, Attorney None Sapana Shah, Attorney None Brian Platt, Business Administrator Approved - Aug 04 2020

Page 3 of 13 Memorandum

To: Members of the Municipal Council From: Bill Lenahan – CDBG/HIP Manager Date: July 07, 2020 Subject: Discharge of Mortgage- 69 Van Nostrand Ave. Jersey City, NJ 07305

Synopsis: The City of Jersey City Division of Community Development is requesting a Discharge of Mortgage for this HORP Property. Background: The property 69 Van Nostrand Avenue Homeowner Rehab Program, (HORP) A requirement of this mortgage is that after (5) years the property can be sold without the owner having to pay the subsidy provided, however if the property is sold prior the mortgage maturity date, a prorated amount must be paid to the City in order to discharge the mortgage.

Scope: All conditions under these Notes have been satisfied, therefore, the City is obligated to discharge to this mortgage.

Should you have any questions or concerns regarding the contents of the memorandum, please contact me at (201) 547- 4728.

Page 4 of 13 RESOLUTION FACT SHEET – NON-CONTRACTUAL This summary sheet is to be attached to the front of any resolution that is submitted for Council consideration. Incomplete or vague fact sheets will be returned with the resolution.

Full Title of Ordinance/Resolution:

Resolution authorizing the Business Administrator to execute a Discharge of Mortgage affecting real property located at: 69 Van Nostrand Avenue Jersey City, NJ 07305

Initiator Department/Division: HEDC Community Development Name/Title: Bill Lenahan Initialed: CDBG/HIP Manager Phone/Email: 201-547-4728 [email protected] Note: Initiator must be available by phone during agenda meeting (Wednesday prior to council meeting @ 4:00 p.m.)

Resolution Purpose

Discharge of HORP/SHRP Mortgage affecting real property located at: Property Address:.69 Van Nostrand Ave. Jersey City, NJ 07305 Block: 1347 Lot: 8C HORP/SHRP Mortgage Amount: $15,000.00

Execution Date of HORP/SHRP Mortgage: January 27, 2006 Recording Date of HORP/SHRP Mortgage: February 9, 2006 Book: 14056 Page: 187

Basis for Discharge of Mortgage:

X Maturity of HORP/SHRP Mortgage: January 27, 2011 Maturity Date __ Satisfaction of HORP/SHRP Mortgage: Payoff Amount Date Payoff Received

I certify that all the facts presented herein are accurate.

______Signature of Department Director Date

Page 5 of 13 RESOLUTION AUTHORIZING THE BUSINESS ADMINISTRATOR TO EXECUTE A DISCHARGE OF MORTGAGE FOR 69 VAN NOSTRAND AVENUE, JERSEY CITY, NJ A/K/A BLOCK 1347, LOT 8C

COUNCIL offered and moved adoption of the following resolution:

WHEREAS, on January 27, 2006, JoAnn Rodgers (“Borrowers”) executed a Mortgage and Note in favor of the City of Jersey City (“City”) to secure the City’s loan in the amount of $15,000.00 made under the HORP/SHRP Program; and

WHEREAS the Mortgage was recorded in Book 14056 at Page 187 of the Register of Deeds for Hudson County on February 9, 2006; and

WHEREAS, the loan self-amortizes over five (5) years provided the homeowner resides in the property, does not sell the property, and that the property remain affordable to low and moderate income households; and

WHEREAS, the mortgage affects property known as 69 Van Nostrand Avenue, Jersey City, a/k/a Block 1347, Lot 8C;

WHEREAS, the Jersey City Division of Community Development has reviewed this matter and is requesting that the mortgage be discharged because five (5) years have passed since the loan was made and the Borrowers have met all of the mortgage’s requirements, and

WHEREAS, the City is obligated to execute a Discharge of Mortgage to remove the mortgage from the public record.

NOW, THEREFORE, BE IT RESOLVED, that the Business Administrator is authorized to execute a Discharge of Mortgage in the sum of $15,000.00 affecting 69 Van Nostrand Avenue, Jersey City, a/k/a Block 1347, Lot 8C

Page 6 of 13 Memorandum

To: Amy Forman, Assistant Corporation Counsel From: Carmen Gandulla, Director –Division of Community Development Date: July 07, 2020 Re: Signature Required on Documents for Recordation

JoAnne Rodgers 69Van Nostrand Avenue Jersey City, NJ 07305

X The 5 year term for HORP/SHRP mortgage placed against the above property has reached maturity as of January 27, 2011. A copy of the recorded HORP Mortgage is enclosed. Please prepare a Discharge of Mortgage.

The HORP/SHRP mortgage placed against the above property has been satisfied by receipt of payoff in the amount of received on. A copy of the payoff check is enclosed. Please prepare a Discharge of Mortgage.

Please return the original Discharge of Mortgage Document for recording to:

Division of Community Development-HORP Program One Jackson Square, 3rd Floor Jersey City, NJ 07305

If you have further questions, you may contact me at extension 4728.

cc: Annisia Cialone, Director HEDC Carmen Gandulla, Director DCD

Jersey City Division of Community Development One Jackson Square, 3rd Floor Jersey City, NJ 07305 201/547-4747 Fax: 201/547-5104

1

Page 7 of 13 Page 8 of 13 5 ye 25%

Chase Manhattan Corp.

Page 9 of 13 A £92’ RQE? III

Page 10 of 13 Page 11 of 13 Page 12 of 13 Nota Public of NJ

CI

OF E\ 01:. H7;

Page 13 of 13