West Orange Township_Fourth Round HEFSP_Final Draft

DEED RESTRICTION COVENANT This Deed Restriction Covenant is made on January. / Z, 2021 BETWEEN CHILDREN’S AID AND FAMILY SERVICES, INC., a New Jersey Not for Profit corporation, whose address is: 206 Robin Road, Paramus, New Jersey, 07652, referred to as the Grantor, AND COUNTY OF ESSEX, Department of Economic Development, Training and. Employment, Division of Housing and Community Development, having an address of 20 Crestmont Road, Verona, New Jersey 07044 Teferred to as the Grantee. 1 Grantor is the owner of the property consisting of tand and all the buildings, improvements and structures on the land focated at 161 Pleasant Valley Way, Block 279.14, Lot 13.03, in the Township of West Orange, County of Essex and the State of New Jersey. The legal description is: SEE SCHEDULE A ATTACHED HERETO AND MADE A PART HEREOF 2, Grantee, concurrently ‘herewith, has provided Grantor with certain HOME foan funding in the amount of $100,000 {the“Loan"}. In consideration of the funding, Grantor subjects the Property to the following restrictions: N County of Essex HOME Loan Restrictive Covenants. The Grantor hereunder does acknowledge that the cost of the Rehabilitation of the Property has been satisfied in part out of the proceeds of a certain’ loan in the amount of $100,000 from the County of Essex (“Lender”} under the Federal. HOME Program pursuant to a certain Laan Agreement {‘Loan Agreement”) dated January +2021 and the Developer's Written Agreement dated September 16, 2020 (“Developer's Written Agreement”), and that the Property shall be subject to the affordability requirements contained in 24 Code of Federal Regulation, Part 92. Capitalized terms used herein but not defined herein shall have those meanings ascribed to them in the Developer's Written Agreement. The Affordability Period will be fifteen (15) years, and will be enforced through this Deed Restriction that runs with the land. The Affordability Period will not commence until a Certificate of Occupancy and a project completian report has been submitted to Lender, and the Project has met the requirements for Project Completion outlined in 24 CFR $2.2, which will require that constcuction be complete; all HOME funds have been disbursed by the Lender and drawn from the U.S. Treasury; and required compietion data has heen entered in HUO’s integrated Disbursement Information System (IDIS). The

mplete; all HOME funds have been disbursed by the Lender and drawn from the U.S. Treasury; and required compietion data has heen entered in HUO’s integrated Disbursement Information System (IDIS). The Grantor will notify the