West Orange Fourth Round HEFSP_adopted 111025_Appendices

- (ii) . Liens that are being contested in good faith and for which the Owner has provided security satisfactory to the Agency; (iii) Liens subordinate to the Mortgage Loan arising due to any monies loaned in connection with the Project or other monies loaned to the Owner, provided such liens are disclosed to and approved by the Agency in writing; and {iv) Any other encumbrances approved by the Agency in writing. "Plans" means all construction, Architect’s and design contracts and all Architect's design plans and specifications. "Program" means the Special Needs Housing Trust Fund it 4 the Special Needs Housing Trust Fund Act, P.L. 2005, c.163. Q "Program Guidelines" means the guidelines proyiulgat the Agency pursuant to the Program and any policies or procedures issued by the Ag with respect to the housing projects financed by the Agency, all of the foregoing as they ra be aitiended from time to time. "Project" means the Improvements located ie Land that together with the Land is financed, in part, with the proceeds of the Logn. 4) "Project Construction Period" mii eriod of time required to substantially complete construction of the Project. The Project stayction Period is estimated to be three (3) months from the date of execution of this Agreemer "Regulations" means Geen promulgated or proposed by the United States Department of Housing and Urban elopment. jod'm “Rehabilitation:Peri eans the period of time as required to substantially complete the rehabilitation of the Proj ¢ Project Rehabilitation Period is estimated to be three (3) months from the date of excep this Agreement, if applicable. “Repai placement Reserve" means the escrow account established pursuant to Section 21 of this*Agreement. "Servicing Fee” if applicable, means the servicing fee that is due from the Owner to the Agency as set forth in the Mortgage Note. "Special Needs Project Escrow" means the escrow account established pursuant to Section 21 of this Agreement. "State" means the State of New Jersey. "Tax Credits” means low income housing tax credits that the Project may receive pursuant to the Code.