Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Subordination Agreement Purpose: To provide Subordinate City’s Reverter Rights to the lien of a mortgage for property conveyed by the City to a non-profit to permit refinancing of redevelopment loans. Entity Name: Newark Community Health Centers, Inc. Entity Address: 741 Broadway, Newark, New Jersey 07104 Lender’s Name: Bank of America, N.A. Lender’s Address: Gateway Village - 900 Building, 900 W. Trade Street, Charlotte, North Carolina 28255 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: (If applicable) (Address/Block/Lot/Ward) 737-745 Broadway/Block 772/ Lot 1/North Ward 747-749 Broadway/Block 772/Lot 6/North Ward 57 Grafton Avenue/Block 772/Lot 56/North Ward Additional Information: The sale of property was made pursuant to Ordinance 6PSF-f, adopted on June 2, 2010 to be used as a non-profit Federally Qualified Healthcare Center. Resolution 7R3-c adopted on June 17, 2015 authorized the subordination of the City’s reverter rights to permit financing necessary to significantly rehabilitate the property.