West Orange Fourth Round HEFSP_adopted 111025_Appendices

1. incur any liabilities, except in connection with the acquisition, rehabilitation and rental of the Project and its operation and maintenance; 2. engage in any business activity except the ownership and operation of the Project; 3. pay more than fair market value thereof for goods or services; and 4, pay compensation to any officer, director or partner in such capacity or make any cash distribution to any of the foregoing. transfer or sell any ing such transfers. Section 26. Transfers of Ownership Interests. The Owner interest in the Project, except in accordance with the Agency's regulati Section 27. Statutory Powers and Restriction: powers set forth in the Act, the Program and the regulation: to the Act and the Program and the Owner hereby c bound thereby. Such powers and restrictions shall be of the Agency expressly set forth in this Agreement ch restrictions and agrees to be ion to and not in limitation of the rights toppel. Upon the occurrence of an Event and therefore by the Agency, and otherwise by the Agency, the Owner will furnish to the ount remaining due on the Loan, together with a exist as to any liability of the Owner on the Notes or Section 28. Accounting in Event o' of Default and within ten (10) business di within ten (10) business days of writte Agency in writing a statement of the p1 statement of any known defenses whi otherwise thereunder. ents. The Owner hereby irrevocably authorizes the Agency nancing statements or renewals thereof in respect to any of the Mortgage. Section 29. Financeii to execute on its behalf o security interests granted Section 30. . The Owner hereby consents to any assignment of any Loan Docume: Section 31. Defaults. Each of the following shall be an Event of Default: (a) failure by the Owner to pay more than thirty (30) calendar days after the due date any installment of principal or interest on the Loan or any other payment required by the Owner to the Agency or any other person pursuant to the terms of this Agreement, the Mortgage or the other Loan Documents; provided, however, that interest shall accrue on any payment made beyond its due date; (b) commission by the Owner of any act prohibited by the terms of this Agreement, the Mortgage or any other Loan Document, failure by the Owner to perform or observe in a timely fashion any action or covenant required by any of the terms of this

ited by the terms of this Agreement, the Mortgage or any other Loan Document, failure by the Owner to perform or observe in a timely fashion any action or covenant required by any of the terms of this Agreement, the Mortgage or any