West Orange Fourth Round HEFSP_adopted 111025_Appendices

The Owner shall not approve or allow to occur any material change in the scope of plans and specifications for the Project without the express approval of the Agency. Construction or rehabilitation shall at all times be subject to the discretionary inspection, discretionary review, regulation and approval of the Agency and its duly authorized representatives. Any such inspection, regulation, review or approval of the Agency shall be solely for its benefit for the purpose of assuring that the programs and goals of the Project are being fulfilled. The Owner shall not knowingly do any act which would cause the release, in whole or in part, of the surety bond or bonds issued in connection with the Architect’s Contract or Construction Contract, as applicable, including, without limitation, deviation from the payment schedule, waiver of any material requirements imposed on the architect or any contracto: contractor under the Architect’s Contract or Construction Contract, as applicable, or con: major change in the in the scope of plans and specifications or scope of the work, unl act would not cause any release because the surety has consented thereto. Section 9. Funding and Conditions Precedent té,Advance. A. Funding of Construction or Rehabilitatio: Upon and subject to the terms and conditi this Agreement, the Mortgage and Mortgage rincipal sum of $239,922 as follows: Note, the Agency agrees to advance and “aN * The balance of the Principal Supe Sap ,922 remaining after disbursement of acquisition costs shall be made only after the Age eceived and approved, subject to its sole discretion, all items required for closing on the, Document Checklist for Construction and Permanent Financing. 4) this Agreement shall continue to be true and shall not be breached. 2. If applicable, the full amount of the previous advance shall have been expended for Land acquisition, costs and discharge of any related lien. 3. All work performed and material furnished for the Project shall be in accordance with the plans and specifications for the Project and all work shall have been properly performed to the satisfaction of the Agency. 4. No event shall have occurred and no conditions shall exist that would prevent the advance from becoming a valid second mortgage lien on the Project and the Land or secured by a 10