West Orange Township_Fourth Round HEFSP_Final Draft

"Fhird Mortgage Loan" means the loan in the principal amount of $77.787 of even date herewith, made to the Owner by the Agency from the New Jerscy Community Housing Program that constitutes a valid third lien on the Project and Land. "UCC-1" means the UCC-1 Financing Statement(s} of even date herewith. Unless the context clearly requires otherwise, as used in this Agreement, words of the masculine, feminine or neuter gender shall be construed to include any other gender when appropriate and words of the smgular number shall be construed to include the plural number. and vice-versa, when appropriate. This Agreement and all the terms and provisions thercof shail be construed to effectuate the purposes sei forth herein and to sustain the validity hereof. The titles and headings of the sections of this Agreement have been inserted for convenience of reference only, and are not to be considered a part hereof and shal} not in any way modify or restrict any of the terms or provisions hereof or be considered or given any effect in construing this Agicement or any provisions hereof or in ascertaining intent, if any question of intent shall arisc. Section 2, Background and Purpose. The Owner proposes to acquire or owns the Land. construct. and opcrate a Project to be located on the Land. The Project will carry a construction and permanent loan of Two Hundred Thirty-Nine Thousand Nine Hundred Twenty-Two Doliars ($239,922) at an interest rate of zero percent per annum during the mortgage term of thirty (30) years. To obtain financing for the Project, the Owner has applied to the Agency for the Agency Financing pursuant to the provisions of the Program. The Agency will hold a second mortgage lien on the Project during the term of the Mortgage Loan. Financing tor the Project is derived in part irom the Agency's Program funds, and, in addition to the Second Mortgage Loan, the Owner has obtained and the Agency has approved funding for the Project as follows: (a} The Agency is providing a Third Mortgage Loan to the project in the principal amount of $77,787 of even datc herewith: and {b) The Owner received a loan from the County of Essex trom their HOME Program in the amount of $270,213. In connection with the Mortgage, the Owner and the Agency have cntered into this Agreement. in connection with its application for the Loan, the Owner has furnished to the

in the amount of $270,213. In connection with the Mortgage, the Owner and the Agency have cntered into this Agreement. in connection with its application for the Loan, the Owner has furnished to the Agency various details as to the Project. including the description of Land on which itis to be situated, plans and specifications for the construction/rehabilitation of the Project, the tenant population that shall be housed in the Project. the number of units of cach type to be included therein, the estimated costs of providing the Project. details as to the Project income and expenses of the Project once constructed and/or rehabilitated and placed in operation and arrangements for any tax abatement for the Project.