West Orange Fourth Round HEFSP_adopted 111025_Appendices

8/3/17 Affordable Housing Units – Shall have the meaning as set forth in the recitals hereof. Agency Mortgage – The mortgage on the Property in favor of the HMFA pursuant to the HMFA Law. Annual Gross Revenue – The total annual gross rents and other income of the Entity from the Project. Annual Service Charge – The amount the Entity has agreed to pay the Township pursuant to Article IV hereof for municipal services supplied to the Project, which sum is in lieu of any taxes on the Land and the Improvements, which amount shall be pro-rated in the year in which the Annual Service Charge begins and the year in which the Annual Service Charge terminates. Annual Service Charge Start Date – The Annual Service Charge Start Date shall be the date that Substantial Completion has been achieved. Application - The application filed by the Entity for a long-term tax exemption for the Project, which is attached hereto as Exhibit A. Auditor's Report – A complete financial statement outlining the financial status of the Project (for a period of time as indicated by context), which shall also include, among other things, a certification of Annual Gross Revenue for the Project and the Annual Service Charge due to the Township for each year that this Agreement is in effect. Certificate of Occupancy – New document, whether temporary or permanent, issued by the Township authorizing occupancy of a building, in whole or in part, pursuant to N.J.S.A. 52:27D-133. Default – Shall be a breach of or the failure of the Entity to perform any obligation imposed upon the Entity by the terms of this Agreement, or under the Law, beyond any applicable grace or cure periods. Default Notice – Shall be as defined in Section 12.02. Effective Date – The date of this Agreement. Entity - Shall have the meaning as set forth in the recitals hereof. HMFA – The New Jersey Housing and Mortgage Finance Agency. HMFA Law – Shall have the meaning as set forth in the recitals hereof. Improvements - Shall mean the existing building on the Land and any and all other improvements to be constructed on, in or under the Land in accordance with the terms hereof. 3