Draft_October 2025_West Orange_HEFSP_with Appendices

Section 3. -Residcatial Rental Property. The Owner hereby represents. covenants. warrants and agrees that: {a} The proposed project is located in the Township of West Orange in the County of Essex, in a residential neighborhood. The project involves the acquisition and renovation of a three- bedroom condominium home. (b) The Project is to be utilized at all times in accordance with the types of us¢ as permitted by the Act and the Program and as may be approved by the Agency. The Project shall be subject to use and occupancy and/or lease agreements between the Owner and the residents. Section 4. Low Income Tenants. ‘The Owner hereby represents.. warrants and covenants that ail of the units shail be occupied or availabie for occupancy by Low Ingome Tenants fora period of thirty (30) years from the date hereof. sNe Section 5, Additional Representations, Covenants and Warranties of the Owner. The Owner represents, warrants and covenants that: ny (a) The Owner (2) is a_ non-prolit corporation, duly organized, validly existing and in good standing under the laws of the State and duly authorized to transact business in the State; (i) has filed with the Agency a true and complete copy.of its Certificate of Incorporation with all amendments. if any, thereto; (iii) has the power and authority to own or lease its properties and asscts. including the Project and the Land, and to carry on its business as now being conducted (and as now contemplated), and to borrow the proceeds of the Loans; and (iii) has the power to execute and perform all the undertakings of this Agreement and the other [.oan Documents. (b) All necessary legal action has been taken te authorize the execution, delivery and performance of the Loan Documents by the Owner. (c) The Loan Docuynents have been duly executed and delivered by the Owner and constitute the valid and legally binding obligations of the Owner, enforceable against the Owner in accordance with their respective terms. ° (d) To the best of the Owner's knowledge after due and diligent inquiry, the execution and performance of this Agrcement, the Loan Documents and other instruments required pursuant to this Agreement by the Owner, {i} will not violate or, as applicable, have not violated, any provision of law, rule or regulations, any order of any court or other agency or government or any provision of any document to which the

{i} will not violate or, as applicable, have not violated, any provision of law, rule or regulations, any order of any court or other agency or government or any provision of any document to which the Owner is a party, and (ti) will not violate or, as applicable, have not violated, any provision of any indenture, agreement or other instrument to which the Owner is a party, or result in the creation or imposition of any lien, charge or encumbrance of any nature other than the Permitted Encumbrances. (c) The Owner will, at the time of execution of this Agreement or at the time of the closing of the Loan and subject only to such exceptions as have been disclosed in writing to the Agency and which will not materially interfere with or impact the beneficial use of the Project and Land for purposes of the Project: have good and marketable title to fee simple interest in the premises 7