My WebLink
|
Help
|
About
|
Sign Out
Browse
201302390
LFImages
>
Deeds
>
Deeds By Year
>
2013
>
201302390
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
8/19/2014 2:22:39 PM
Creation date
3/27/2013 3:29:55 PM
Metadata
Fields
Template:
DEEDS
Inst Number
201302390
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
41
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
201302390 <br />2 <br />2. DEFINITIONS / MAHRA REGULATORY AGREEMENT. Unless otherwise <br />defined or indicated in this Rider, capitalized terms used in this Rider shall have the <br />meaning ascribed thereto in the Regulatory Agreement. The Regulatory Agreement, as <br />amended by this Rider, may sometimes be referred to herein collectively as the MAHRA <br />Regulatory Agreement. <br />a. "Capital Recovery Payment(s)" mean the monthly payments from <br />Project cash plus amounts received under Section 8 project -based subsidy <br />payments, or, if no cash exists for the payment thereof, the monthly accruals, each <br />in the amount set forth in the Restructuring Commitment, to reimburse the Borrower, <br />with interest, for the capital contributions made by Borrower as a part of the <br />Restructuring. Additional payment provisions for the Capital Recovery Payments <br />and the conditions therefor are contained in this Rider. <br />b. "Effective Gross Income" means all rents from residential and non- <br />residential space in the Mortgaged Property. <br />c. "Incentive Performance Fee" means the annual non - accruing fee <br />which may be taken by the Borrower if and to the extent there is Surplus Cash, as <br />shown on the annual financial report furnished to HUD pursuant to Section 18 of the <br />Regulatory Agreement, to recognize imputed Borrower equity and provide an <br />incentive for operating efficiencies, representing the percentage of Effective Gross <br />Income set forth in the Restructuring Commitment. If Surplus Cash is not available, <br />Borrower may not take an Incentive Performance Fee for that year. Additional <br />payment provisions for the Incentive Performance Fee and the conditions therefor <br />are contained in this Rider. <br />3. RESERVE FOR REPLACEMENT. The Reserve for Replacement shall be <br />established and maintained in accordance with Section 10 of the Regulatory Agreement, <br />Program Obligations, including, without limitation, Notice H 2011 -30, all applicable statutes <br />and regulations with respect to the Housing Assistance Payments Full Mark -To- Market <br />Renewal Contract for the Project ( "HAP Contract "). Without limiting the periodic analysis of <br />the use, past and projected, of the Reserve for Replacement, with the possibility of an <br />attendant increase or decrease thereof from time to time at the written direction of HUD, <br />Borrower agrees that the amount of the monthly deposit will be increased annually by the <br />published Operating Cost Adjustment Factor. <br />4. RESIDUAL RECEIPTS ACCOUNT. From and after the date hereof, but only <br />for so long as the Mortgaged Property is encumbered by the MAHRA Restructuring Loan, <br />evidenced and /or secured by a Mortgage Restructuring Note and a Mortgage Restructuring <br />Mortgage and /or, if applicable, the Contingent Repayment Note and a Contingent <br />Rider (HUD- 92466M) on First 01/05/12 <br />
The URL can be used to link to this page
Your browser does not support the video tag.