West Orange Township_Fourth Round HEFSP_Final Draft

ate defined as hazardous, toxic. pollutant, infectious, flammable or radioactive by any of the Environmental Laws, and, whether or not included in such lists, shall be deemed to include ail products or substanves containmg petroleum, asbestos, lead, and polychlorinated biphenyls. "HUD" means the United States Department of Housing and Urban Development. “Improvements” means the building together with all fixtures and utility improvements, easements and rights of way that are owned by the Owner and located on the Land. “IRS Reguiations” means the regulations promulgated or proposed by the United States Department of the Treasury or the Internal Revenue Service pursuant to the Code, and to the extent applicable, pursuant to the intemal Revenue Code of 1954, as both may be amended from time to time, including all rules, rulings, policies, and official statements issued by the Unted States Department of the Treasury or the Internal Revenue Service. "Land" means the real property descnbed in Exhibit A attached hereto, on which the Project is located. “Loan Documents” nicans and includes this Agreement, the Mortgage Note, the Mortgage and Sccunty Agreement, the GCC-1 Financing Statement, and Assignment of Leases. “Loan” means the Mortgage Loan or Second Mortgage Loan *Low Income” means a gross annual houschold income equal to 50% or less of the median gross annual household income for the same size within the relevant housing region. S So. “Mortgage” or "Second Mortgage” means the mortgage of even date herewith that constitutes a second lien of a fee. simple interest in the Project and Jand, given by the Owner to the Agency to secure the Mortgage Loan. "Mortgage Loan" or "Second Mortgage Loan” means the loan made to the Owner by the Agency to finance a portion of the cost of the development and/or rehabilitation of the Project that will be located on the real property described in Exhibit A attached hereto, as evidenced by the Mortgage Note and secured by the Mortgage. “Mortgage Note" or "Note" or "Second Mortgage Note" means the interest bearing non- recourse promissory note that contains the promise of the Owner to pay the sum of money stated therein at the times stated therein and that evidences the obligation of the Owner to repay the Mortgage Loan. “Permitted Encembrances” means any q) Utihty, access and other easements and rights of way,

rein at the times stated therein and that evidences the obligation of the Owner to repay the Mortgage Loan. “Permitted Encembrances” means any q) Utihty, access and other easements and rights of way, restrictions and exceptions that do not, individually or in the aggregate, materially impair the utility or value of the Project or Land for the purposes for which it is intended: