West Orange Township_Fourth Round HEFSP_Final Draft

8/3/17 In Rem Tax Foreclosure - A summary proceeding by which the Township may enforce the lien for taxes due and owing by a tax sale, which shall be governed by the Tax Sale Law. Land – The land, but not the Improvements, comprising the real property identified on the Township’s tax map as Block 64, Lots 3, 21, 22, 25 and 27. Law – The term shall refer to the HMFA Law, the resolution pursuant to which the Township Council approved the Application, and all other relevant Federal, State or Township statutes, ordinances, resolutions, rules and/or regulations applicable to this Agreement. Notice of Termination – Shall be as defined in Section 12.05. Parties – Shall have the meaning as set forth in the recitals hereof. Project – Shall have the meaning as set forth in the recitals hereof. Pronouns – He or it shall mean the masculine, feminine or neuter gender, the singular, as well as the plural, as context requires. Property – Shall mean property identified on the Township’s tax map as Block 64, Lots 3, 21, 22, 25 and 27. State – The State of New Jersey. Substantial Completion – The determination by the Township that the Project has been substantially completed, which shall mean the date on which such Project receives, or is eligible to receive, a Certificate of Occupancy. Tax Sale Law – Shall mean N.J.S.A. 54:5-1 et seq., as amended or supplemented from time to time. Termination - Any action or omission which by operation of the terms of this Financial Agreement shall cause the Entity to relinquish its tax exemption. Township – Shall have the meaning as set forth in the recitals hereof. 1.03 Exhibits and Recitals Incorporated. The Application (including all exhibits to the Application), attached to this Financial Agreement as Exhibit A are incorporated herein and made part hereof. ARTICLE II APPROVALS 2.01 Township Approval of Tax Exemption. The Land and the Improvements comprising the Project shall be exempt from taxation as provided for herein and under the 4