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x. "Project" and "Project Assets" mean the Mortgaged Property. 201302390 7 Project, such as but not limited to: Reserve for Replacement accounts, bank accounts, Residual Receipt accounts, and investments. w. "Principal" is defined in 24 C.F.R. 200.215, or any successor regulation. y. "Program Obligations" means (1) all applicable statutes and any regulations issued by the Secretary pursuant thereto that apply to the Project, including all amendments to such statutes and regulations, as they become effective, except that changes subject to notice and comment rulemaking shall become effective only upon completion of the rulemaking process, and (2) all current requirements in HUD handbooks and guides, notices, and mortgagee letters that apply to the Project, and all future updates, changes and amendments thereto, as they become effective, except that changes subject to notice and comment rulemaking shall become effective only upon completion of the rulemaking process, and provided that such future updates, changes and amendments shall be applicable to the Project only to the extent that they interpret, clarify and implement terms in this Agreement rather than add or delete provisions from such document. Handbooks, guides, notices, and mortgagee letters are available on HUD's official website: (http: / /www.hud.gov /offices /adm /hudclips /index.cfm or a successor location to that site). z. "Property Jurisdiction" is (are) the jurisdiction(s) in which the Land is located. aa. "Public Body Borrower" means a federal instrumentality, a state or political subdivision thereof, or an instrumentality of a state or a political subdivision thereof, that certifies that it is not receiving financial assistance from the United States exclusively pursuant to the United States Housing Act of 1937 (with the exception of projects assisted or to be assisted pursuant to Section 8 of such Act) and that is acceptable to HUD. bb. "Reasonable Operating Expenses" means expenses that arise from the operation, maintenance and routine repair of the Project and that primarily benefit the Project (as opposed to Borrower) or as otherwise permitted by Program Obligations. cc. "Rents" means all rents (whether from residential or non - residential space), revenues, issues, profits (including carrying charges, maintenance fees, and other cooperative revenues, and fees received from leasing space on the Mortgaged Property), other income of the Land or the Improvements, gross receipts, receivables, parking fees, laundry and vending machine income and fees and charges for food and other services provided at the Mortgaged Property, whether now due, past due, or to Previous editions are obsolete; Regulatory Agreement HUD- 92466M (Rev. 04/11) Replaces form HUD -92466 (11/02)