West Orange Township_Fourth Round HEFSP_Final Draft

(ii). Liens that are being contested in good faith and for which the Owner has provided security satisfactory to the Agency: (ti) Liens subordinate to the Mortgage Loan arising duc to any monies loaned in connection with the Project or other monies loaned to the Owner, provided such liens are disclosed to and approved by the Agency in writing; and (iv) Any other encumbrances approved by the Agency in writing. “Plans” means all construction, Architect's and design contracts and all Architect's design plans and specifications. “Program” means the Special Needs Housing Trust Fund pursuant to the Special Needs Housing Trast Fund Act. P.L. 2005, ¢.163. "Program Guidelines" means the guidclines promulgated by the Agency pursuant to the Program and any policies or procedures issued by the Agency with respect to the housing projects financed by the Agency, all of the foregoing as they may be amended from time to time. “Project™ means the Improvements located on the Land that together with the Land is financed, in part, with the proceeds of the Loan. “Project Construction Period” means the period of time required to substantially complete construction of the Project, The Project Construction Period is estimated to be three (3) months from the date of execution of this Agreement. “Regulations means the regulations promulgated or proposed by the United States Department of Housing and Urban Development. "Rehabilitation Period” means the pertod of time as required to substantially complete the rehabilitation of the Project, The Project Rehabilitation Period is estimated to be three (3) months from the date of execution of this Agreement, if applicable, "Repair and Replacement Reserve" means the cscrow account established pursuant to Scction 21 of this Agreement. "Servicing Fee" if applicable, means the servicing tee that is duc from the Owner to the Agency as set forth in the Mortgage Note. “Special Needs Project Escrow" means the escrow account established pursuant ta Section 21 of this Agreement. "State" means the State of New Jersey. "Tax Credits” means lew income housing tax credits that the Project may receive pursuant to the Code. aa