ࡱ> TVS#` (bjbj .@Q 8[XXXX%%%8%&<q/`&v&"&&&#(#(#(.......$'0h2\/S)("#(S)S)/XX&&i+/9,9,9,S)X8&&.9,S).9,9,d..&T& _%)0|..A/0q/.,2+2.2.@#(>a(,9,($(#(#(#(//+j#(#(#(q/S)S)S)S)`d`XXXXXX APPENDIX E-2 MANDATORY DEED RESTRICTION FOR RENTAL PROJECTS Deed Restriction  SHAPE \* MERGEFORMAT  To Rental Property With Covenants Restricting Rentals, Conveyance and Improvements And Requiring Notice of Foreclosure and Bankruptcy THIS DEED RESTRICTION, entered into as of this the ___ day of ______, 20___, by and between the [Administrative Agent] ("Administrative Agent"), or its successor, acting on behalf of _________________________[Municipality], with offices at ________________________________, and ______________________________ a ӣƵ [Corporation / Partnership / Limited Partnership] having offices at _______________________________________ the developer/sponsor (the Owner) of a residential low- or moderate-income rental project (the Project): WITNESSETH Article 1. Consideration In consideration of benefits and/or right to develop received by the Owner from the Municipality regarding this rental Project, the Owner hereby agrees to abide by the covenants, terms and conditions set forth in this Deed restriction, with respect to the land and improvements more specifically described in Article 2, hereof (the Property). Article 2. Description of Property [If the project is a 100 percent affordable development, use the following:] The Property consists of all of the land, and improvements thereon, that is located in the municipality of _________________________, County of _______________________, ӣƵ, and described more specifically as Block No. ______ Lot No. _____ , and known by the street address: ___________________________________________ ___________________________________________ [Where restrictions are limited to specific units within the project, use the following:] The Property consists of all of the land, and a portion of the improvements thereon, that is located in the municipality of _________________________, County of _______________________, ӣƵ, and described more specifically as Block No. ______ Lot No. _____ , and known by the street address: ___________________________________________ ___________________________________________ More specifically designated as: (List specific affordable units by address or apartment number.) Article 3. Affordable Housing Covenants The following covenants (the Covenants) shall run with the land for the period of time (the Control Period), determined separately with respect for each dwelling unit, commencing upon the earlier of the date hereof or the date on which the first certified household occupies the unit, and shall and expire as determined under the Uniform Controls, as defined below. In accordance with N.J.A.C. 5:80-26.11, each restricted unit shall remain subject to the requirements of this subchapter, the Control Period, until the municipality in which the unit is located elects to release the unit from such requirements. Prior to such a municipal election, a restricted unit must remain subject to the requirements of this subchapter for a period of at least 30 years; provided, however, that: Units located in high-poverty census tracts shall remain subject to these affordability requirements for a period of at least 10 years; and 2. Any unit that, prior to December 20, 2004, received substantive certification from COAH, was part of a judgment of compliance from a court of competent jurisdiction or became subject to a grant agreement or other contract with either the State or a political subdivision thereof, shall have its control period governed by said grant of substantive certification, judgment or grant or contract. A. Sale and use of the Property is governed by regulations known as the Uniform Housing Affordability Controls, which are found in ӣƵ Administrative Code at Title 5, chapter 80, subchapter 26 (N.J.A.C. 5:80-26.1, et seq, the Uniform Controls). B. The Property shall be used solely for the purpose of providing rental dwelling units for low- or moderate-income households, and no commitment for any such dwelling unit shall be given or implied, without exception, to any person who has not been certified for that unit in writing by the Administrative Agent. So long as any dwelling unit remains within its Control Period, sale of the Property must be expressly subject to these Deed Restrictions, deeds of conveyance must have these Deed Restrictions appended thereto, and no sale of the Property shall be lawful, unless approved in advance and in writing by the Administrative Agent. C. No improvements may be made to the Property that would affect the bedroom configuration of any of its dwelling units, and any improvements to the Property must be approved in advance and in writing by the Administrative Agent. D. The Owner shall notify the Administrative Agent and the Municipality of any foreclosure actions filed with respect to the Property within five (5) business days of service upon Owner. E. The Owner shall notify the Administrative Agent and the Municipality within three (3) business days of the filing of any petition for protection from creditors or reorganization filed by or on behalf of the Owner. Article 4. Remedies for Breach of Affordable Housing Covenants A breach of the Covenants will cause irreparable harm to the Administrative Agent, to the Municipality and to the public, in light of the public policies set forth in the ӣƵ Fair Housing Act, the Uniform Housing Affordability Control rules found at N.J.A.C. 5:80-26, and the obligation for the provision of low and moderate-income housing. A. In the event of a threatened breach of any of the Covenants by the Owner, or any successor in interest of the Property, the Administrative Agent and the Municipality shall have all remedies provided at law or equity, including the right to seek injunctive relief or specific performance. B. Upon the occurrence of a breach of any Covenants by the Grantee, or any successor in interest or other owner of the Property, the Administrative Agent and the Municipality shall have all remedies provided at law or equity including but not limited to forfeiture, foreclosure, acceleration of all sums due under any mortgage, recouping of any funds from a sale in violation of the Covenants, diverting of rent proceeds from illegal rentals, injunctive relief to prevent further violation of said Covenants, entry on the premises, those provided under Title 5, Chapter 80, Subchapter 26 of the ӣƵ Administrative Code and specific performance. IN WITNESS WHEREOF, the Administrative Agent and the Owner have executed this Deed Restriction in triplicate as of the date first above written. [THE ADMINISTRATIVE AGENT] BY:_____________________________________________ xxxxxxxxxxxxx Title [THE OWNER] BY:_____________________________________________ xxxxxxxxxxxxx Title APPROVED BY_________________________[Municipality] BY: _______________________________________ xxxxxxxxxxxxx Title ACKNOWLEDGEMENTS On this the day of , 20 before me came ______________________, to me known and known to me to be the Administrative Agent for ___________________ [Municipality], who states that (s)he has signed said Agreement on behalf of said Municipality for the purposes stated therein. _____________________________________________________ NOTARY PUBLIC On this the day of , 20 before me came ______________________, to me known and known to me to be __________________ , the Owner of the Property, who states that (s)he has signed said Agreement for the purposes stated therein. _____________________________________________________ NOTARY PUBLIC On this the day of , 20 before me came ______________________ known and known to me to be ________________________ of ___________________, the Municipality identified as such in the foregoing Agreement, who states that (s)he is duly authorized to execute said Agreement on behalf of said Municipality, and that (s)he has so executed the foregoing Agreement for the purposes stated therein _____________________________________________________ NOTARY PUBLIC     updated June 2007 PAGE  PAGE 1 DEED-RESTRICTED AFFORDABLE HOUSING PROPERTY WITH RESTRICTIONS ON RESALE AND REFINANCING  ;<=NOPQhijkl    9 q )CDao4ȰȚy hyCJ h25CJ h2CJ h2CJ\ h25CJ h25CJjh-Eh-E5CJU!jh-E5CJUmHnHu h-E5CJjh-E5CJUh-Eh25CJaJ h-E5CJ$ h25CJ$h25CJ\ h2\h2, <=Pm    9 :   r d$a$gd-E$a$$a$$a$ $ d` a$Q(((r ,-YZCDpqtu$a$ d^`$a$$da$d4534XY23tu!! ^` $0^`0a$$a$$ & Fa$/23t!!!"r"""""# #`#q#w## % %[&]&P(Q(R(T(U(W(X(Z([(](e(i(m(n(o(p(q(w(x(y(z({(|((((((((((((ĺ溴П h-E>*CJ h-ECJ h-E0JmHnHuh8g h8g0Jjh8g0JUhh-EhG hjhUh26CJ\]h2 h2CJ\ h2CJh26CJ]@2 Title$a$5\4@"4 Header  !4 @24 Footer  !ZR@BZ Body Text Indent 2$0^`0a$CJJP@RJ Body Text 2$d1$7$8$H$a$ZS@bZ Body Text Indent 3$8^8`a$CJ.)@q. 8g Page NumberZ Z] @ <=Pm9:r,-YZCDpq  t u  4534XY23tu34j ]nwx   I\]  = P Q S T V W Z ] o y z { 0000000000000X000000000000000000000000000000000000 0000000000000000000000000000000000H000000H0H0H00000000000000000h0000h00000000@0@0h00h00@0@0000000 <=Pm9:r,-YZCDpq  t u  4534XY23tu34j ]nwx   I\]  = P Q S V Y \ j00@h00h00j00h00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00j00 00j00j00j00j00 00j00 0 *777:((r !"x#Y(((Phk _&*13:!!8@ (    c $@@p S"`? 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