West Orange Township_Fourth Round HEFSP_Final Draft

will be fifteen (15) years, and will be enforced through a Developer's Written Agreement, Loan Agreement, Mortgage Agreement, Mortgage Note and Deed Restriction that runs with the land to be executed by the Borrower. The Affordability Period will not commence until a Certificate of Occupancy {C of G) and a project completion repost has been submitted to Lender, and the Project} has met the requirements for Project Completions outlined in 24 CFR 92.2, which will require that construction be complete; all HOME funds have been disbursed by the County and drawn from the! U.S. Treasury, the project site is fully leased up, and required completion data has been entered in HUD's tntegrated Disbursement Information System (IDIS). Borrower will notify fhe County when the Borrower has satisfied the requirements for completion, and submit the necessary support documentation. Upon its approval, ihe Couniy will notify Borrower of the actual date of compietion and the exact date of the expiration of the affordability period, which shall be calculated based on the date of completion. The Borrower shall execute an amendment to the deed or execute a corrective deed that extends the affordability restrictions of 24 CFR 92.252 to the exact date of expiration of the affordability period. The affordability periad shall remain in force despite any prepayment of this Loan. Two units will be HOME-assisted and will be designated as Low HOME Rent Fixed Units throughout the affordability period. The provisions thereof may be enforced by the County of Essex by an action under the mortgage in foreclosure, Mortgage Note, Developer's Written Agreement or a period of Fifteen (15) years after the commencement of the Affordability Period, the incomes of the tenant of each unit assisted with HOME Program Funds (‘HOME Funds") shall meet the requirements of 24 CFR 92.252 and 24 CFR 92.203. Repayment of the funds will be required if the housing does not meet the affordability period requirement. Two units will be HOME-assisted and will be designated as Low HOME Rent Fixed United throughout the affordability period. SUBJECT fo easements and restrictions of record, if any, and such state of facts as an accurate survey may disclose. Promises by Grantor. The Grantor promises that the Grantor has done no act to encumbe the property. This promise is called a “covenant as to grantor’s acts” (N.J.S.A.

an accurate survey may disclose. Promises by Grantor. The Grantor promises that the Grantor has done no act to encumbe the property. This promise is called a “covenant as to grantor’s acts” (N.J.S.A. 46:4-6). This promise means that the Grantor has not allowed anyane else to obtain any legal rights which affect the property {such as by making a mortgage or allowing a judgment to be entered against the Grantor). Signatures. The Grantor signs this Deed as of the date at the top of the first page. Witnessed by: JEAMNETTE WHALEY MoAb ROGER A. SERRUTO MARK WHALEY STATE OF New Jersey, COUNTY OF Essex SS.: I CERTIFY that on_{ Lisg. ai 2 , 2013 Jeannette Whaley and Mark Whaley, personally came before me and stated to my satisfaction that this person (or if more than one, each person) (a) was the maker of the attached deed: (b) executed this deed as his or her own act: and