West Orange Fourth Round HEFSP_adopted 111025_Appendices

Section 15. _Adyance Amortization Payments. The Owner shall not make any advance principal repayment except as allowed by the Program and Program Guidelines. Section 16. Compliance with the Program, the Act, Agency's Regulations and Any Federal or State Subsidy Source. The Owner covenants and agrees to comply with the Program, the Act and any regulations promulgated pursuant thereto, and with any amendments or supplements to the Program, the Act or regulations. Throughout the term of this Agreement, the Owner further covenants and agrees to comply with any and all requirements imposed upon it as a condition of any federal or state grant, subsidy or loan. Section 17. Use of Project - Leasing. Except as otherwise exp and 4 of this Agreement or as otherwise agreed to in writing by the approved by the Agency as normally appurtenant to residential pro; laundry facilities), the Project shall be used solely (or as otherwis: to provide affordable housing units for a special needs pop: provided in Section 3 except for facilities nén-transients (such as pproved by the Agency) inder the Agency’s Program. Section 18. Consideration for Lease. The Owne condition of the occupancy or leasing of any dwelli any employee or agent to accept any consideration rent, plus a security deposit not in excess of one (1 covenants of the rent agreement or lease. nts and agrees not to require as a Project and not to accept or allow an the prepayment of the first month's rent to guarantee the performance of the Section 19. Security Deposit Thi to the Owner by any resident, if any, as charges under any use and occupanc: ovenants and agrees to deposit all moneys paid ‘y deposit for the payment of rent or other allowable nt and/or lease in a separate interest bearing bank On the date of the execution of this Agreement, the Owner will deposit with the Agency the following amounts as shown on the closing budget for the Project (“Form 10”) which will serve as a reserve against late payments and be available to pay expenses when due or be available to assist with project expenses. These amounts will comprise the Special Needs Project Escrow: (a) an amount equal to twelve (12) months of the estimated annual insurance payments; and (b) an amount equal to twelve (12) months of the estimated annual tax payments; and (c) an amount(s) as stated on the Form 10 for a project escrow. 13