Draft_October 2025_West Orange_HEFSP_with Appendices

(1). Liens that are being contested in good faith and for which the Owner has provided security satisfactory to the Agency: (ii) Liens subordinate to the Mortgage Loan arising due to any monies loaned in connection with the Project or other monies loaned to the Owner, provided such liens are disclosed to and approved by the Agency in writing; and {iv) Any other encumbrances approved by the Agency in writing. “Plans” means all construction. Architect's and design contracts and all Architect's design plans and specifications. “Program” micans the Spectal Needs Housing Trust Fund pursuant to the Special Needs Housing Trust Fund Act, P.L. 2005, c.163 SN "Program Guidelines" means the guidelines promulgated by the Agency pursuant lo the Program and any policies or procedures issued by the Agency with respect to the housing projects financed by the Agency, all of the foregoing as they may be amended from time to time. "Project" means the Improvements located on the Land that together with the Land is financed, in part, with the proceeds of the Loan. , Project Construction Period" meansthe-period of time required to substantially complete construction of the Project. The Project Gonstruction Period is estimated to be three (3) months from the date of execution of this Agreement. “Regulations” means the “regulations promulgated or proposed by the United States Department ot Housing and Urban Development. “Rehabilitation Period means the period of time as required to substantially complete the rehabilitation of the Project. The Project Rehabilitation Period is estimated to be three (3) months from the date of execution of this Agreement. if applicable. N "Repair and Replacement Reserve" means the escrow account established pursuant to Section 2] of this Agreement. “Servicing Fee" if applicable, means the servicing fee that is due from the Owner to the Agency as set forth in the Mortgage Note. “Special Needs Project Escrow" means the escrow account established pursuant to Section 21 of this Agreement. “State" means the State of New Jersey. "Tax Credits" means low income housing tax credits that the Project may receive pursuant lo the Code.