West Orange Fourth Round HEFSP_adopted 111025_Appendices

rental income.: The Owner shail carry fidelity bond insurance covering all employees of the Owner authorized to handle the revenues derived from the Project in an amount equal to one-half times the maximum monthly rent roll. Section 11. Taxes or Payments in Lieu of Taxes. Unless the Owner has received a full tax exemption for the taxes on the Project at the time the Owner takes title to the Project, the Owner covenants and agrees to pay any valid municipal taxes, payments in lieu of taxes, charges, assessments, water charges and/or sewer charges, and in default thereof the Agency may pay the same. Any such sum or sums so paid by the Agency shall be added to the principal sum secured by the Mortgage, as determined by the Agency, and shall bear interest at the then current rate being received by the Agency on its investment as determined in good faith ee Section 12. Liens. The Owner covenants and agrees to maing in the Project and Land and all items enumerated in Section 7 of th¢ liens and security interests, except Permitted Encumbrances, those@ in title insurance commitments and title insurance commitrnyeé t 278731 issued by Chicago Title Insurance Company dated March 1, 2010, and conti the date of this Agreement, as accepted by the Agency. Except with the written ne of thé*A gency, the Owner will not install ony right, title and interest pigage free and clear of all tiotts identified and set forth any item of tangible personal property as part of the fi s or furnishings of the Project, which is subject to a purchase money lien or security interest. The Agency may, at its sole option, p: ; int necessary to discharge any such lien, and the Owner shail promptly reimburse the A; any amounts so paid. Until reimbursement of the Agency of any amounts so paid, such’ t Shall be added to the Principal Sum as defined in and secured by the Mortgage, as determi has e Agency, and shail bear interest at the then current rate being received by the Agency (72) estments as determined in good faith by the Agency. le of Project. The Owner covenants and agrees not to sell, ct or the Land, or any part thereof, or the rents or revenues consent of the Agency, except by leasing to eligible residential tenants id this Agreement. Section 13. Encumbrénces lease or otherwise encumber thereof without prior wri as provided by the Mort; lacement. The Owner covenants and agrees

ng to eligible residential tenants id this Agreement. Section 13. Encumbrénces lease or otherwise encumber thereof without prior wri as provided by the Mort; lacement. The Owner covenants and agrees to he appurtenant equipment and grounds in good repair and condition so as and sanitary housing accommodations. Foliowing completion of construction or rehabilitation, the Owner will not make any substantial alteration in the Project without the consent of the Agency, nor will the Owner permit the removal of any fixtures or articles of personal property except in connection with the replacement thereof with appropriate property of at least equal value and free of all liens or claims. The Owner will not permit any waste with respect to the Project or any of its real or personal property without the consent of the Agency, or make any alteration which will increase the hazard of fire or other casualty.