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RESOLUTION 68R-03 TITLE: RESOLUTION OF THE TOWNSHIP OF JACKSON, OCEAN COUNTY, STATE OF NEW JERSEY APPROVING MORTGAGE SUBORDINATION FOR BRIAN P. AND DIANNA DAVIES FOR PROPERTY LOCATED AT 13 LAURELTON AVENUE AND DESIGNATED AS BLOCK 78.12,, LOT 8 ON THE TAX MAP OF JACKSON TOWNSHIP

MOTION TO APPROVE BY: GRISANTI MOTION SECONDED BY: BRODERICK YES: BRODERICK, GRISANTI, REILLY & GIBLIN ABSENT: KAFTON

WHEREAS, Brian P. and Dianna Davies are the owners of property located at 13 Laurelton Avenue and designated as Lot 8, Block 78.12 on the Tax Map of Jackson Township; and

WHEREAS, the property is encumbered by a first mortgage held by Sovereign Bank in the initial principal amount of $84,200.00; and

WHEREAS, the Township of Jackson holds a mortgage on the property in the amount of $10,805.00; and

WHEREAS, Brian P. and Dianna Davies have received a mortgage commitment from Principal Residential Mortgage, Inc. in the principal amount of $55,100.00; and

WHEREAS, a Uniform Residential Appraisal Report dated January 23, 2003 and prepared by Peter Maher, SRA, estimates the property has a fair market value of $209,000.00, which exceeds the amount of the three proposed mortgages;

NOW, THEREFORE, BE IT RESOLVED, by the Mayor and Committee of the Township of Jackson, County of Ocean and State of New Jersey, as follows:

1. The Mayor is authorized to execute and the Township Clerk to attest to a mortgage subordination for the purpose of subordinating the mortgage held by the Township of Jackson to third position behind the mortgage to be issued to Principal Residential Mortgage, Inc. in the amount of $55,100.00.
2. That upon the adoption of this Resolution, the Clerk is authorized and directed to forward a certified copy of it to the Chief Financial Officer.

DATED: 1/27/03

ANN MARIE EDEN, R.M.C. TOWNSHIP CLERK

RESOLUTION 69R-03

TITLE: RESOLUTION OF THE TOWNSHIP OF JACKSON, OCEAN COUNTY, NEW JERSEY AUTHORIZING EXECUTION OF A MUNICIPAL ALLIANCE AGREEMENT BETWEEN THE OCEAN COUNTY BOARD OF HEALTH AND JACKSON TOWNSHIP AND FURTHER PROVIDING FOR THE TOWNSHIP'S RECEIPT OF $30,301.00 FROM THE STATE OF NEW JERSEY THROUGH THE COUNTY OF OCEAN FY 2003.

MOTION TO APPROVE BY: GRISANTI MOTION SECONDED BY: BRODERICK YES: BRODERICK, GRISANTI, REILLY & GIBLIN ABSENT: KAFTON