West Orange Fourth Round HEFSP_adopted 111025_Appendices

"Third Mortgage Loan" means the loan in the principal amount of $77,787 of even date herewith, made to the Owner by the Agency from the New Jersey Community Housing Program that constitutes a valid third lien on the Project and Land. "UCC-I" means the UCC-1 Financing Statement(s) of even date herewith. Unless the context clearly requires otherwise, as used in this Agreement, words of the masculine, feminine or neuter gender shall be construed to include any other gender when appropriate and words of the singular number shall be construed to include the plural number, and vice-versa, when appropriate. This Agreement and all the terms and provi ions thereof shall be construed to effectuate the purposes set forth herein and to sustain xe) y hereof. The titles and headings of the sections of this held Qh for convenience of reference only, and are not to be considered a part hereo not in any way modify or restrict any of the terms or provisions hereof or be considergd or ior effect in construing this Agreement or any provisions hereof or in ascertaining intent, if ary question of intent shall arise. Section 2. Background and Purpose. Th roposes to acquire or owns the Land, construct, and operate a Project to be located on theta ¢ Project will carry a construction and permanent loan of Two Hundred Thirty-Nipe id Nine Hundred Twenty-Two Dollars ($239,922) at an interest rate of zero perce: pei during the mortgage term of thirty (30) years. To obtain financing for the Projees er has applied to the Agency for the Agency Financing pursuant to the provisions of tl am. The Agency will hold a second mortgage lien on the Project during the term of the M a ‘Loan. Financing for the Project is derived in part from the Agency's Program funds, iaddition to the Second Mortgage Loan, the Owner has obtained and the Agency has a etna for the Project as follows: (a) The Agency is*provigling a Third Mortgage Loan to the project in the principal amount of $77,787 of even,date herewith; and (b) = The OnGeAipceived a loan from the County of Essex from their HOME Program in the amount of $2707 In connec with the Mortgage, the Owner and the Agency have entered into this Agreement. In connection with its application for the Loan, the Owner has furnished to the Agency various details as to the Project, including the description of Land on which it is to be situated, plans and

t. In connection with its application for the Loan, the Owner has furnished to the Agency various details as to the Project, including the description of Land on which it is to be situated, plans and specifications for the construction/rehabilitation of the Project, the tenant population that shall be housed in the Project, the number of units of each type to be included therein, the estimated costs of providing the Project, details as to the Project income and expenses of the Project once constructed and/or rehabilitated and placed in operation and arrangements for any tax abatement for the Project.