West Orange Township_Fourth Round HEFSP_Final Draft

to the Agency that such acquisition is subject to the requirements of this Agreement. This provision shal} not act to waive any other restriction on such sale, transfer or exchange. () The Owner has not and will not execute any other agreement with provisions contradictory to, or in opposition to, the provisions hercof and the Mortgage, and in any event, the requirements of this Agreement and the Mortgage are paramount and controlling as to the nights and obligations herein and in the Mortgage and such requirements shalt supersede any other requirements in conflict herewith and therewith, {m) All statements contained in all applications, correspondence or other materials delivered to the Agency by the Owner in connection with its consideration of the Loan to the Owner or relating to the Project are materially true and correct {n) The representations, covenants and warrantics of the Owner contained in this Agreement on the date of its execution are true and shail continue to be true at all times during the term of this Agreement. fo) No event has occurred and no condition exists which constitutes an Event of Default under this Agreement or the Mortgage or which, but for a requirement of notice or lapse of time, or both. would constitute such an Event of Default. (p) As of the date of this Agreement, the Architect's Contract is in full force and effect and no default has occurred thereunder, and a true copy of the entire Architect’s Contract with all modifications and addenda to date has been filed with the Agency. Section 6. Covenants to Rug With the Land. The covenants, reservations and restrictions set lorth herein shall be deemed covenants running with the Land and, except as provided in Section 5 hereof, shall pass to and be binding upon the Owner's assigns and successors in title to the Land or the Project; provided, however, that upon the termination of this Agreement in accordance with the terms hercof said covenants, reservations and restrictions shall expire. Each and every contract, deed or other instrument hereafter executed covering of conveying the Land or the Project or any portion thercof shall conclusively be held to have been executed, delivered and accepted subject to such covenants, reservations and testrictions regardless of whether such covenants, reservations and restrictions are set forth in such contract, decd or other

cuted, delivered and accepted subject to such covenants, reservations and testrictions regardless of whether such covenants, reservations and restrictions are set forth in such contract, decd or other instruments. Ifa portion or portions of the Land or Project are conveyed, all of such covenants, reservations and restrictions shall run to each portion of the Project and Land. Section 7. Term. This Agreement shall remain in full force and cffect until all indebtedness from the Owner to the Ageacy in respect to the Project shail have been paid in full in accordance with the provisions of this Agreement, the Mortgage Note and the other Loan Documents. Section 8. Construction or Rehabilitation of Project. The Owner covenants and agrees to comply with ali the provisions of the Architect's Contract and/or Construction Contract, as applicable. The Owner covenants and agrees diligently to pursue the construction or rehabilitation of the Project to completion in accordance with the plans and specifications set forth in the Owner's application for the Loan and the Architect's Contract and as approved by the Agency. 9