191-18 Exhibit.pdf

4. Minimum Payment: In no event shall the Annual Service Charge before the reduction for land taxes paid for the Project in any calendar year including and after the year of the Substantial Completion Date during the term of this Agreement, be less than the total taxes levied against all real property comprising the Project for the last full calendar year during which such real property was subject to tax preceding the year during which the Project is placed in service. kc 5. Limited-Dividend Entity: During the period of tax abatement herein, the distribution of profits and dividends payable by LLC to its owners shall be limited according to the limitations on distributions of profits and dividends under the Law. The parties recognize an amortization period of thirty years for the project to be included in the calculation of Net Profit pursuant to N. J. S. A 40A:20-3(c) (1). Within ninety (90) days of the end of ch fiscal year during such period (currently, December 31), LLC shall submit an annual audited statement to the Mayor and Municipal Council and to the Director of the Division of Local Government Services of the Department of Community Affairs, pursuant to N.J.S.A, 40A:20-~9d. 6. Financing. The plan for financing the Project as set forth in the application, is incorporated herein including, but not limited to (a) the estimated total project cost, (b) the construction and permanent financing sources, (c) the amortization rate on the total project cost, (d) the source and amount paid in capital, {e) the terms of mortgage amortization and payment of principal on mortgages and (f) the rental schedules and lease terms to be used with respect to units in the Project. 7. inspection: LLC covenants and agrees that it shall, upon three (3) days written notice by either the Municipality or the State of New Jersey and their duly authorized representatives, permit inspection of the equipment, building and other facilities of the Project. 8. Termination: This agreement shall terminate at the end of the tax exemption period described in Paragraph 2 hereof, unless sooner terminated in accordance with the procedures under N.J.S.A. 40A: 30-13. if the Project shall cease to be used for low and moderate income housing (other than for, repair or reconstruction of the facility), the Municipality on written notice to the LLC or successor Owner and opportunity to be

cease to be used for low and moderate income housing (other than for, repair or reconstruction of the facility), the Municipality on written notice to the LLC or successor Owner and opportunity to be heard, may terminate the tax exempt status after such notice and opportunity to be heard, if it makes an objective finding and determination that the purposes for ROS 864175. 1/leo056-240825 3