Dept./ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing (X) Amending Type of Service: Subordination Agreement Purpose: An Agreement to Subordinate the City of Newark’s Reverter Rights by entering into a Subordination Agreement in order to permit the Redeveloper to obtain the financing necessary for the redevelopment of the property as rental or for-sale owner-occupied housing Entity Name: 40 Mt Pleasant Ave JJC, LLC Entity Address: 40 Mount Pleasant Avenue, Newark, NJ 07104 Sale Amount: $126,500.00 Cost Basis: ( ) $ PSF ( ) Negotiated (X) N/A ( ) Other: Assessed Amount: N/A Appraised Amount: N/A Contract Period: Not Applicable Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ ( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a List of Property: (Address/Block/Lot/Ward) 40 Mt. Pleasant Avenue/Block 571/Lot 41/North Ward Additional Information: Resolution 7R2-e (as) adopted on September 16, 2020, authorized the Sale of Land through the City’s Land Auction Sale.