Draft_October 2025_West Orange_HEFSP_with Appendices

1. incur any liabilities, except in connection with the acquisition, rehabilitation and rental of the Project and its operation and maintenance: 2. engage in any business activity except the ownership and operation of the Project; 3. pay more than fair market value thereof for goods or services; and 4. pay compensation to any officer, director or partner in such capacity or make any cash distribution to any of the foregoing. Section 26. Transfers of Ownership Interests. The Owner shall nol transfer or sell any interest in the Project, except in accordance with the Agency's regulations governing such transfers, Section 27. Statutory Powers and Restrictions. The Mortgage shall be subject to the restrictions in the Act and the Program. and in connectioy therewith, the Agency shall have the powers set forth in the Act, the Program and the regulations now or hereafter promulgated pursuant to the Act and the Program and the Owner hereby consents té such restrictions and agrees to be bound thereby, Such powers and restrictions shall be in addition to and not in limitation of the rights of the Agency expressly set forth in this Agreement. “ Section 28. Accounting in Event of, Default; Estoppel. Upon the occurrence of an Event of Default and within ten (10) business days of demand therefore by the Agency, and otherwise within ten (10) business days of written‘demand by the Agency, the Owner will fumish to the Agency in writing a statement of the principal umount remaining due on the Loan, together with a statement of any known detenses whish may exist as to any liability of the Owner on the Notes or otherwise thereunder. Section 29. Financing Statements. The Owner hereby irrevocably authorizes the Agency to execute on its behalf one or more financing statements or renewals thereof in respect to any of the security interests granted by the Mortgage. Section 30. Assigpment by Agency. The Owner hereby consents to any assignment of any Loan Document by the Agency. Section 31. Defaults. Each of the tollowing shall be an Event of Default: {a) failure by the Owner to pay more than thirty (30) calendar days after the due date any installment of principal or interest on the Loan or any other payment required by the Owner to the Agency or any other person pursuant to the terms of this Agreement, the Mor(gage or the other Loan Documents; provided, however, that

rest on the Loan or any other payment required by the Owner to the Agency or any other person pursuant to the terms of this Agreement, the Mor(gage or the other Loan Documents; provided, however, that interest shall accrue on any payment made beyond its due date; (b) commission by the Owner of any act prohibited by the terms of this Agreement, the Mortgage or any other Loan Document, failure by the Owner to perform or observe in a timely fashion any action or covenant required by any of the terms of this Agreement, the Mortgage or any 15