West Orange Fourth Round HEFSP_adopted 111025_Appendices

DEED RESTRICTION COVENANT This Deed Restriction Covenant is made on January_/ Zz. 2021 BETWEEN CHILDREN’S AID AND FAMILY SERVICES, INC., a New Jersey Not for Profit corporation, whose address is: 200 Robin Road, Paramus, New Jersey, 07652, referred to as the Grantor, AND COUNTY OF ESSEX, Department of Eco! velopment, Training and. Employment, Division of and Community Development, having an addi restmont Road, Verona, New Jersey 07044 je Grantee. 1. Grantor is the owner of the property ing of land and all the buildings, improvements and structures on the land located 13,03, in the Township of West Orange, Cou description is: @ SEE SCHEDULE A ATTACHED HER! MADE A PART HEREOF 2. Grantee, concurre! bet, has provided Grantor with certain HOME loan funding in the amount of $100,960 (tl oan”). In consideration of the funding, Grantor subjects ictions: sant Valley Way, Block 179.14, Lot and the State of New Jersey. The legal the Property to the following re: HOME, Loan Restrictive Covenants. The Grantor hereunder does st of he Rehabilitation of the Property has been satisfied in part out of in tén in the amount of $100,000 from the County of Essex (“Lender”) rogram pursuant to a certain Loan Agreement (‘Loan Agreement”) the proceeds of a ce! under the Feder: dated January 021 and the Developer's Written Agreement dated September 16, 2020 (“Developer’s Written Agreement”), and that the Property shall be subject to the affordability requirements contained in 24 Code of Federal Regulation, Part 92. Capitalized terms used herein but not defined herein shall have those meanings ascribed to them in the Developer’s Written Agreement. The Affordability Period will be fifteen (15) years, and will be enforced through this Deed Restriction that runs with the land. The Affordability Period will not commence until a Certificate of Occupancy and a project completion report has been submitted to Lender, and the Project has met the requirements for Project Completion outlined in 24 CFR 92.2, which will require that construction be complete; all HOME funds have been disbursed by the Lender and drawn from the U.S. Treasury; and required completion data has been entered in HUD’s Integrated Disbursement Information System (IDIS). The Grantor will notify the