West Orange Fourth Round HEFSP_adopted 111025_Appendices

are defined as hazardous, toxic, pollutant, infectious, flammable or radioactive by any of the Environmental Laws, and, whether or not included in such lists, shall be deemed to include all products or substances containing petroleum, asbestos, lead, and polychlorinated biphenyls. “HUD" means the United States Department of Housing and Urban Development. "Improvements" means the building together with all fixtures and utility improvements, easements and rights of way that are owned by the Owner and located on the Land. "IRS Regulations" means the regulations promulgated or proposed by the United States Department of the Treasury or the Internal Revenue Service pursuant t Code, and to the extent applicable, pursuant to the Internal Revenue Code of 1954, as both amended from time to time, including all rules, rulings, policies, and official statem ued by the United States Department of the Treasury or the Internal Revenue Service. Q "Land" means the real property described in Ex}ibit is located. "Loan Documents" means and includes thi ‘eement, the Mortgage Note, the Mortgage and Security Agreement, the UCC-1 Financing Sti it, and Assignment of Leases. hed hereto, on which the Project * "Loan" means the Mortgage Lo: d Mortgage Loan. + “Low Income” means a eros jousehold income equal to 50% or less of the median gross annual household income for the size within the relevant housing region. "Mortgage" or rtgage" means the mortgage of even date herewith that constitutes a second lien ofa feegimple interest in the Project and Land, given by the Owner to the Agency to secure the Mo: e Joan. "Mortgage Ldn pr "Second Mortgage Loan" means the loan made to the Owner by the Agency to finance Goyjon of the cost of the development and/or rehabilitation of the Project that will be located eal property described in Exhibit A attached hereto, as evidenced by the Mortgage cured by the Mortgage. "Mortgage Note" or "Note" or "Second Mortgage Note” means the interest bearing non- recourse promissory note that contains the promise of the Owner to pay the sum of money stated therein at the times stated therein and that evidences the obligation of the Owner to repay the Mortgage Loan. "Permitted Encumbrances" means any (i) Utility, access and other easements and rights of way, restrictions and exceptions that do not, individually or in the aggregate, materially impair

tgage Loan. "Permitted Encumbrances" means any (i) Utility, access and other easements and rights of way, restrictions and exceptions that do not, individually or in the aggregate, materially impair the utility or value of the Project or Land for the purposes for which it is intended;