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201303290 10 7. REQUIRED PERMITS. Unless otherwise required in the Construction Contract and Building Loan Agreement, the Borrower has obtained all necessary certificates, permits, licenses, qualifications, authorizations, consents and approvals from all necessary Governmental Authorities to own and operate the Project and to carry out all of the transactions required by the Loan Documents and to comply with all applicable federal statutes and regulations of HUD in effect on the date of the Firm Commitment, except for those, if any, which customarily would be obtained at a later date, at an appropriate stage of construction or completion thereof, and which the undersigned shall obtain in the future. The licenses and permits that are in effect as of the date hereof are sufficient to allow any construction of the improvements to proceed to completion in the ordinary course. As the construction of the Project progresses, unless otherwise required by the Construction Contract, the Borrower will procure and submit all necessary building and other permits required by Governmental Authorities. The Mortgaged Property shall not be available for occupancy by any tenant without the prior written approval of HUD and of all other legal authorities having jurisdiction of the Mortgaged Property. 8. ACCOUNTING REQUIREMENTS. Borrower shall submit an accounting to HUD, as required by Program Obligations, for all receipts and disbursements during the period set forth therein. The excess of project income over property disbursements, as determined by HUD, shall be treated as a recovery of construction cost, except as otherwise allowed in Program Obligations. III. FINANCIAL MANAGEMENT 9. PAYMENTS. Borrower shall make promptly all payments due under the Note, Security Instrument, and this Agreement. 10. RESERVE FOR REPLACEMENT. Borrower shall establish and maintain a Reserve for Replacement account for defraying certain costs of replacing major structural elements and mechanical equipment of the Project or for any other purpose. a. The Reserve for Replacement shall be deposited with Lender or in a safe and responsible depository desianated by Lender in accordance with Proaram Obliaations. Such funds shall at all times remain under the control of Lender or Lender's designee and shall be held in accounts insured or guaranteed by a federal agency and in accordance with Program Obligations. b. Borrower shall deposit at initial or initial/final endorsement of the Note an initial amount of $227,529.32, if applicable, and if not applicable, the amount deposited will be $0; and Borrower shall deposit a monthly amount of$1,061.00, concurrently with the beginning of payments towards amortization of the Note unless a different date or Previous editions are obsolete; Regulatory Agreement HUD-92466M(Rev.04/11) Replaces form HUD-92466(11/02)