Draft_October 2025_West Orange_HEFSP_with Appendices

are detined as hazardous, toxic, pollutant, infectious, flammable or radioactive by any of the Environmental Laws, and, whether or not included in such lists, shall be deemed to include all products or substances containing petroleum, asbestos, lead, and polychlorinated biphenyls. “HUD" means the United States Department of Housing and Urban Development. "Improvements" means the building together with all fixtures and utility improvements, easernents and rights of way that are owned by the Owner and located on the Land. "IRS Regulations” means the regulations promulgated or proposed by the United States Department of the Treasury or the Internal Revenue Service pursuant to fhe Code, and to the extent applicable, pursuant to the Intemal Revenue Code of 1954, as both may be amended from time to time, cluding all rules, rulings, policies, and official statements issued by the United States Department of the Treasury or the Internal Revenue Service. . ‘oe "Land" means the real property described in Exhibit A.attached hereto, on which the Project is located. “ : "Loan Documents" incans and includes this Agreement. the Martgage Note, the Mortgage and Security Agreement, the UCC-| Financing Statement, and Assignment of Leases. “Loan” means the Mortgage Loan or Second Mortgage Loan, "Low Income" means a gross‘annual houschold income equal to 50% or less of the median gross annuai household income tor the same size within the relevant housing region. "Mortgage" or “Second Mertgage" means the mortgage of cven date herewith that constitutes a second lien oa a fee. simple interest in the Project and Land, given by the Owner te the Agency to secure the Mortgage Loan. "Mortgage Loan" or "Second Mortgage Loan” means the loan made to the Owner by the Agency lo finance a portion of the cost of the development and/or rehabilitation of the Project that will be located on the real property described in Exhibit A attached hereto, as evidenced by the Mortgage Note-and secured by the Mortgage. \ "Mortgage Note” or Note” or "Second Mortgage Note" means the interest bearing non- recourse promissory note that contains the promise of the Owner to pay the sum of money stated therein at the times stated therein and that evidences the obligation of the Owner to repay the Mortgage Loan. "Permitted Encumbrances" means any w Utility, access and other easements and nights of way,

rein at the times stated therein and that evidences the obligation of the Owner to repay the Mortgage Loan. "Permitted Encumbrances" means any w Utility, access and other easements and nights of way, restrictions and exceptions that do not, individually or in the aggregate, materially impair the utility or value of the Project or Land for the purposes for which it is intended: