West Orange Township_Fourth Round HEFSP_Final Draft

ir Lender when the Grantor has satisfied the requirements for completion, and submit the necessary support documentation, including a Certificate of Occupancy. Upon its approval, the Lender will notify Grantor of the actual date of completion and the exact date of the expiration of the affordability period, which shall be calculated based on the date of completion. if necessary, the Grantor shal} execute an amendment to this Deed or execute 2 corrective deed that extends the affordability restrictions of 24 CFR 92.252 to the exact date of expiration of the affordability period. The affordability period shall remain enforced despite any prepayment of this Loan, The HOME assisted Group Home unit must be occupied by an Income Fligible Household tenant within 18 months of the Project Completion date. if a unit does not achieve initial occupancy within the i8month deadline, then the Grantor must reimburse the funds invested in that unit to Lender. if the HOME-Assisted Unit is vacant six (6} months after Project Completion, the Grantor shall provide Lender with a report on current marketing efforts and, if requested by the Lender, a plan for enhanced marketing of the HOME-Assisted Group Home Unit. The provisions hereof may be enforced by the County of Essex by an action under the Mortgage in foreclosure, Mortgage Note, Developer’s Written Agreement, or the Loan Agreement for acceleration of the loan as provided in paragraph 4 of the Loan Agreement. The Grantor will provide a single Group Home with five (5) bedroom units and shared living, kitchen, dining and sanitary facilities. All tenants will be extremely low income persons {<30% Area Median Income). The maximum rent that may be collected for the property is based on the Fair Market rate (FMR} for a 5 bedroom home. fach tenant will pay a proportionate share of rent. There is no LOW HOME Rent requirement for a Group Home. THE REMAINDER OF THIS PAGE !S INTENTIONALLY LEFT BLANK. SIGNATURE PAGE FOLLOWS,