201406134 - Laserfiche WebLink

Browse

��14��134 Borr�wer fails to timely make any repayment installm�nt pursuant tc�the terms appro�ed by HUD,upon notice fr�m HLJD, Borro�ver shall immediately repay the full unrepaid amount of a�� such Ivan from non-Proj�ct fun�s. 18, Ai]v.ANCES. �a� A�1 ad�ances made�ay�arrower�or by a member,partner, shareholder of l�orrower, a�r athez�ndividual or en�ity acting�n beha�f of B�rrower) for Reas�na�l��p�rating Exp�nse�or othervvise for the benef t�f the Proj ect mu�t be depasited into the Project's aperating acc�unt, or otherwise as directed by HUD, as requ�red by Program�bligati�ns. �b� Interest may accrue, ar�d be�aid, ari �uch advances pursua.nt tv terms a�praved by HUI� in ad�an�e �n writing. �c� Repayments�f ad�a.r�.ces rnust be approved by HUD,or�s atherwise pro�ided in Program [�bli�ations. 15�. PR��ECT��RDS. Borrower sha1�: (a� Make and keep books,re�ords, a.n.C��.CC�LiIltS, in such reasonable de�ai�, so as ta fu�ly, a�curate��, arld�air�y reflect the activities�f B�rrawer. �b} Record th�Pra�ject'S assets, �ia�i�it�es,r�v�nues, expenses, r�cei�t�and disbursements in separate a�counts from any other assets, l�abilities,revenues,expenses,rec�ipts a,nd d�sbursem�nts af Sor�rower so as t�perm�t the praduction of��taternent of Finan�ial Pos�t�an, a Statement of Pro�t and L�ss (Statement of Acti�ities}, ar�d a St�tement of�ash Flaws far B�arrov�er ix�v�hiGh the activitie�of Sorra�v�er are separately identif�al�le from the acti�ities of the�perat�r, unl�ss Borrower is ais��peratar. �c} De�is�and ma�ntain a sys�em of i�terna�ac��unting c�ntro�s suff�cient t� pro�ide reas�nal�le�ssurarices that: �i} Transactions are executed, ar�d access t� assets is permitted, only in acc�rdance with Barrawer's authari�ation; �11� Tran�actions are accurately a�ad timely rec�rded to permit th� preparation of quarterly and annual financial repor�s in conformity with appli�able Program�bligations; [ii�} Transaction�are timely recorded in sufficient de�i� s�as to�errnit an�fficient audit of the��rrower's �ooks ar�d r�c�rdS in accardance vvi�h General�y Acc�pted Auditing Standa�-ds��AA.S}, �`rer�erally A�cepted�"rovernment Auditing Standards �GA�AS�, and other app�icable Pro�ram�blig�tions; and (iv� Transa�tions are timely rec�rded in suff�ient detail s�as�n maintain ac�ountability of the Borrav�er's assets. The recorded accountability for assets shall be campared w�th the existir�g ass�ts Prev�ous�ersions a�solete F�age 1�of�8 form H UD-9�4SS�C3RGF�Rev.U3113}