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WHEREAS, a Collateral Valuation Report dated July 17, 2002 and prepared by Brian J. Dreikorn, estimates the property has a fair market value of $215,000.00, which exceeds the amount of the two 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 second position behind the mortgage to be issued to Washington Mutual Home Loans, Inc. in an amount not to exceed $155,000.00.
  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.
  3. DATED: 09/09/02
  4. ANN MARIE EDEN, R.M.C. TOWNSHIP CLERK
  5. RESOLUTION 446-02
  6. TITLE: APPROVE CHIEF FINANCIAL OFFICER'S MONTHLY REPORTS FOR MAY AND JUNE, 2002.
  7. MOTION TO APPROVE BY: GIBLIN MOTION SECONDED BY: GRISANTI YES: GIBLIN, GRISANTI, KAFTON, KRAKOWER & BRODERICK
  8. WHEREAS, the Chief Financial Officer has submitted a monthly report; and
  9. WHEREAS, the Township Clerk has submitted this report to the Township Committee for their approval;
  10. NOW THEREFORE, BE IT RESOLVED by the Mayor and Township Committee of the Township of Jackson, County of Ocean, State of New Jersey as follows:
  11. The CHIEF FINANCIAL OFFICER'S Report for the month of MAY & JUNE, 2002 is hereby approved.
  12. Copies of this Resolution to Treasurer, Administrator, Township Attorney, and any other interested parties.

DATED: 09/09/02

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