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201401200
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Last modified
7/20/2017 10:24:51 AM
Creation date
3/3/2014 1:13:25 PM
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DEEDS
Inst Number
201401200
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��14�1��� <br /> 8 <br /> amended. Residua� Receipts are calculat�� by d�t�rmining an am�unt of Sur�ius <br /> �ash �defined beiow}. <br /> After the calculation ❑f Surplus Cash, as described be�ow, B�rr�wer may mak� any <br /> Distributi�ns perm itt�d by th is Ag reement. "Resid ua� Receipts" shall be the restrict�v� <br /> cash h�ld by S�ction ���, Section 2���d}�3} and 231 Non-Prafit, Public Bvdy, and <br /> Limit�d Dividend Borrow�rs remaining after any alf�wabie a�stri�uti�ns. The use of <br /> thes� Res�duai R�ceipts is r�stricted under this Agre�ment. <br /> ff. "S�curity Instrurnent" means the IVlultifamily �IVl�rtgage, Deed of Trust, or �ther <br /> designation as a�prapriate by Property Jurisdiction}, Ass�gnm�nt af Leases and Rents <br /> and Se�u rity Ag r�em�nt tH U D--94���M}, and any other secu rity for the I ndebte�ness <br /> b�tween Barrawer and Lender, and shall be deemed to �e the "mort�age" as defined by <br /> Pro�ram �bi�gations. <br /> gg."Surplus �ash" means any cash plus amounts recei�able under Secti�n 8 pr�ject� <br /> based subsidy �ayment� �earned in th� applicable fiscal period} remain�ng after: <br /> ��} The paym�nt �f: �i} ali sums immediately due ar current�y required to be paid under <br /> the terms af the Not�, th� S�curity Instrument and this Agreement on th� first day of the <br /> month fo�lowing the end of th� f�sca� per��d; �n�luding with�ut [�mitation, all amounts <br /> required to b� de�osit�d in the Res�rve f�r Replacement or �ther reser�es as may be <br /> requir�d by H U D; an� �ii} al! �ther obli�ations of the Proj�ct �a��ounts �ayab�e and <br /> accrued, unescrowed expens�s} unless funds f�r payment are set asid� or deferment of <br /> payment has be�n ap�ra�ed by HUD, an� <br /> ��} The segr�gation and recording of: �i} an am�unt equal to th� aggregate of all <br /> �pecra� funds required t� be maintained by B�rrow�r; �ii} the greater of B�rro�nrer's tvtal <br /> liability �r the amount held by B�rro�er for tenant secur�ty deposits; �nd �lil} ��� �CC�UntS <br /> and accrued items payab�e within thirty �3�} days after the �nd of the fiscal period. <br /> hh."State" inclu�es th� se�eral states c�mprising the United States af Amer�ca, and <br /> �u�rt� Rico, the Distri�t �f �olumbia, Guam, the �omm�n►rvea[th of the Narthern <br /> Marianas, American Samoa, and the U.S. V�r�in islands. <br /> ii. "Tax�s" means all tax�s, ass�ssments, Uau�t rentals and other �harges, if any, <br /> general, special or otherwise, including a�l assessments f�r schoo�s, publi� <br /> betterm�nts and gen�ral or �ocal improv�ments, that ar� levied, assessed or <br /> imp�sed �y any pu�lic authority or quasi-public authority, and that, if n�t paid, cou[d <br /> become a li�n �n the Land �r the lmprovements. <br /> jj. "Undo�um�nted Expense" is d�fined in S���ion 15. <br /> kk. "Vialati�n" is defined in Sect�on 37. <br /> Previous editions are obsolete; Regulatory Agreement HU�-924S6M�Re�.041�1} <br /> Replaces form HUD-924G6���1�2} <br />
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