Township Council Meeting — Packet

3a) The Homeowner agrees to pay an additional sum of two thousand dollars ($2,000) if he/she sells or rents the property or ceases to occupy the property as his/her primary residence or pays off the loan in full within a ten (10) year period, from the date of completion of the work associated with the WOHRP loan. 4) BORROWER(S) agrees that BORROWER(S) will keep the property in good repair and will not permit deterioration of the property. 5) BORROWER(S) agrees to comply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting this property. 6) The LENDER or his/her agent may make reasonable inspection of the property provided that the LENDER gives notice to the BORROWER(S) prior to the inspection. 7) The BORROWER(S) agrees to comply with the terms of the Mortgage Note, Mortgage, Rehabilitation Loan Agreement, Construction Contract and the Township of West Orange Housing Rehabilitation Program guidelines and procedures. Should BORROWER(S) fail to comply with any term of the Mortgage Note or the accompanying Mortgage, the BORROWER(S) will be in default and the entire loan shall be immediately due and payable. The LENDER may also foreclose on the Mortgage. In the event of a foreclosure, BORROWER(S) shall be responsible for all legal fees, costs of the suit and expenses of the foreclosure. 8) The Undersigned, if more than one, agree to be liable individually and as a group for the payment of all monies due under this loan. 9) The execution of this Mortgage and accompanying Mortgage note supersedes previous Mortgage and accompanying Mortgage Note dated for and renders previous Mortgage and accompanying Mortgage note null and void. BORROWER(S) acknowledges that LENDER has furnished BORROWER(S) with a true copy of this document. wie if BORROWER(S) & | i \/ Musso Family Trust DATED: 07/08/08