Draft_October 2025_West Orange_HEFSP_with Appendices

"Fhird Mortgage Loan” means the loan in the principal amount of $77,787 of even date herewith, made to the Owner by the Agency from the New Jersey Community Housing Program that constitutes a valid third lien on the Project and Land. “CCC-1I" means the UCC-1 Financing Statement(s} of even date herewith. Unless the context clearly requires otherwise, as used in this Agreement, words of the masculine, feminine or neuter gender shall be construed to include any other gender when appropriate and words of the singular number shall be construed to include the piural number, and vice-versa, when appropriate. This Agreement and alf the terms and provisions thereof shall be construed to effectuate the purposcs sct forth herein and to sustain the validity hereof. The titles and headings of the sections of this Agreement have.been inserted for convenience of reference only, and are not to be considered a part hereof and-shall not in any way modily or restrict any of the terms or provisions hercof or be considered or given any effect in construing this Agreement or any provisions hereof or in ascertaining intent, if apy question of intent shall arse. Section 2. Background and Purpose. The Owner proposes to acquire or owns the Land, construct, and operate a Project to be located on the Land, The Project will carry a constuction and permanent loan of Two Hundred Thirty-Nine Thousand Nine Hundred Twenty-Two Dollars ($239,922) at an interest rate of zero percent per annum during the mortgage term of thirty (30) years. To oblain tinancing for the Project, the Owner has applied to the Agency for the Agency Financing pursuant to the provisions of the Program. The Agency will hold a second mortgage lien on the Project during the tenn of the Mortgage Loan. Financing for the Project is derived in part from the Agency's Program funds, and, in.addition to the Second Mortgage loan, the Owner has obtained and the Agency has approved funding for the Project as follows: (a) The Agency is providing a Third Mortgage Loan to the project in the principal amount of $77,787 of even,date herewith; and {b) The Owner received a loan from the C ounty of Essex from their HOME Program in the amount of $270,213. In connection with the Mortgage, the Owner and the Agency have entered into this Agreement, In connection with its application for the Loan, the Owner has furnished to the

in the amount of $270,213. In connection with the Mortgage, the Owner and the Agency have entered into this Agreement, In connection with its application for the Loan, the Owner has furnished to the Agency various details as to the Project, including the description of Land on which it is to be situated, plans and specifications tor the construction/rehabilitation of the Project, the tenant population that shall be housed in the Project, the number of units of cach type to be included therein, the estimated costs of providing the Project. details as to the Project income and expenses of the Project once constructed and/or rehabilitated and placed in upcration and arrangements for any tax abatement for the Project.