201401200 - Laserfiche WebLink

Browse

��14�1�� 14 b. No Distribution sha�l be made �r taken when either �i} nec�ssary ser�ices �utilities, trash remo�al, security, lawn service �r any ather services that Borrower is r�quired ta provide} are not b�ing pro�ided on a regular basis, �rh�ch failure B�rrov�rer shau�d ha�e kn�wn ab�ut in the exercise af du� �are; �ii} notices of physicai r�pairs or ��fici�nci�s �includ�ng, but nat iimited to, building �ade v��lations} by �v�ernmenta[ Authorit��s andl�r by HUD ha�e ��en issued and remain unresolv�d to th� satisfaction of th� issuing �ubl�� body ar �iii} Borrower has been notified by HUa, Lender or a �o�ernmenta� Autharity that physi�al repair� andl�r defici�ncies exist and B�rrower has not corrected �r cured the id�ntified items ta HUD's satisfacti�n. Upvn �omp��ti�n �f th� repairs, HUD may permit a Distribution t� be p�a��d fn an �scro�rv a�count until a subsequ�nt inspect�on has been c�mpleted by H U D. If the Project passes a subsequent inspection, H U D may then author�ze rel�ase of the funds in th� escrovtir account to �arrower. HUD may a�so p�rmit Distr�butions when th�r� are minor or �ontested I�cal code �iv�at�ons �n a �ase-�y-�ase basis. c. Any D�stribut�on of any funds of the Proj�ct not permitt�d by th�s Agreement or Program �b��gations shal� be return�d to the a�propr�at� Proj�ct account as spec�f��d by H U D imm�d iately. d. AI� allawable Distribut��ns shall b� made or taken only after the end of a semiannual ar annual fiscai period, and only as permitted by the faw vf the applica�le jurisd�cti�n. AI� such C�istribut�ons to Limite� D'r�i��nd 8�rrowers in any �ne fiscal y�ar shaf� be �imit�d ta percent af init�al equity, �r to such oth�r amvunts as may �e specif�ed in Pr�gram �bligatians, and the right t� such Distribution� shali be cumulativ�. No Distributinns may be tak�n in the case of Public Body or Nonpr�fit Borrowers uniess ��rmitt�d by Program �bligations. For al� ather B�rrowers, Distributions, if taken, must be taken out of the appropriate Proj�ct accau nt as sp��ified by H U D with in the accounting period immediat�ly fo�l�wing the �omputation of Surplus Cash and, �f not taken w�thin the identified periad, th�se funds r�main as M�rtgaged Pro��rty and may only b� us�d as permitted by this Agr�ement. The c�mputat��n of Surplus �ash must be prepar�d at the end of th� s�miannua! or annual fiscal period. e. Equity or capital contribut��ns shal� n�t b� reimbursed fram Pr�ject accvunts w�thout the prior writt�n approval of HUD. Borrower advances far Reasonab�e �perat�ng Expenses shal� n�t b� deem�d to fal� under this subsection but rather shall be treated un�er Section 15 below. �5.REI�I�IBURSE�IENT �F ADVANCES. Any advances made by any PrincEpal or by any entity on b�half�f Borrow�r, or f�r Borraw�r with respect to the Pr��ect must be depos�ted inta the Proj�ct's operating accaunt as requ�red by Pro�ram �bligatians. Any Principa� or any ent�ty that ad�an�es fun�s on behalf of �3orrower ar for Barrower for Reasonabf� �perating Ex�ens�s may be reimbursed from SurpEus Cash at the end of the annual ar semiannual period ar such �ther time as may b� appr��ed in wr�t�n� by Previvus editions are obsoiete; Regulatory Agre�ment HUD-9�466M�Rev.�41�1} Replaces form HUD-924fi6�11102}