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��14�1�� l� e. I n the �as� �f a transfer of th� Morkgaged Praperty wh�re the Project is already sub�ect to a S��urity Instrument �nsur�d or heid �y HUD as of the dat� hereof, and this Ag r�ement is n�w bei ng ex�cuted by B�rrower as of the date hereof, th� Reserve far Replac�ment now to �e established shal! be equal to the am�unt due to be in such account un�er this Agre�ment, and payments hereunder sha�f begin with the first payment due on the 5�curity Instrum�nt after acquisition, uni�ss same ath�r methad of establish�ng and maintaining the a�caunt is appro�ed in writing by H U D. f. Upon Borrow�r's fu�! satisfaction �f all H U D abligat�ons, Bvrrower sha�� r�cei�e any m�nies remaining in th� R�serve for Replac�ment. ��.RESIDUAL RE�EIPTS. Sectian �21�d}�3} and 23'1 Non-Profit, Pu�lic B�dy, and Limited Divid�nd Borrowers shafl establish and maintain, in additian to th� Reser�e for Re�lacement, a Residual R�ceipts account by depositing with Lender the Residua! Rece��ts within ninety �9�} days after the �nd af the annual fiscal perivd within whi�h such receipts are realized. Such ac��unt shali �� held by L�nder or by a safe and r�spons�b�e deposit�ry des�gnated by Lend�r in a�c�rdance with Program �bligat�ons, in an �nterest-bearing acc�unt which shali be �n�ured ar guaranteed by a fed�ra� ag�ncy and in accordance with Program �bligations. Th� Residua! ReGeipts shall �e under the contr�� of HUD, and shall �e disbursed only on th� direction of HUD, whi�h shall have the power and authority to direct that the Residua! Receipts, or any part thereof, be us�� for such pu rpose as it may det�rm in�. ��.PR�PERTY AND �PERATI�N; ENCUMBRAN�ES. a. Borrower shall deposit al! Rents and other r�ceEpts of th� Project in conn�ction w'rth th� financing of the Project, inc�uding equity �r capital contributivns required under the Firm C�mmitment or atherwise ad�anced for the purpose and as part of the Mortga�ed Property, �n the nam� �f the Proj�ct in a federa[ly insur�d depository ar depositories and �n accardance with Pragram �bfigations. �Equity or �ap�tal c�ntri�ut�ons shall not inc�ude certa�n syndication proceeds, such as proce�ds from LovU �ncame HousEng Tax �redit transactions used t� repay bridge ��ans from memberslpartn�rs of 8�rr�wer, a1i as more fu�fy set forth in Pragram �bli�ati�ns.} SuGh funds shal! be with�rawn only in accordan�e with the pra�isions of this Agre�m�nt for Reasonable �p�rating Exp�nses of th� Proje�t or f�r Distribution of Surplus Cash or as reimbursement of ad�ances as permitted by Sectians �4 and 15 be��w; or for permit��d �eposits authorized by th�s Agreement or for any other reas�n authorized under this Agreem�nt. Any person or ent�ty recei��ng M�r�gag�d Property other than for paym�nt of Reasonabi� �perating Expenses, auth�rized Distributions �f Surplus �ash, or f�r any reason authorized under S�ction 3� of this Agreement, shail imm�diately deliv�r such M�rtgag�d Property to the Proj�ct and failing sa t� d� sha�l hold such Mortgaged Property in trust. b. Bnrrower shal� n�t enga�e in any �usin�ss ar ac�i�ity, including the operation af any �ther project, or in�ur any �iability �r abiigatian not in c�nnecti�n with th� Proj�ct, nor - .� Previaus editions are obsalete; Regulatory Agreement H�a-9�466111i�Re�. �411�} Rep�aces form HUD-924fi6�1�1�2}