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201606436
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Last modified
7/24/2017 3:45:33 PM
Creation date
9/29/2016 9:21:55 AM
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DEEDS
Inst Number
201606436
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2� 1 ���43� <br /> (e} Upon BorroWe�'� fu�l satisfaction�f all �ts obligatians under the Loan <br /> I]�cuments, all funds rema�n�ng i�t�e R�sidual Recei�ts account shall �e re�eased ta the <br /> B orrower. <br /> �f� Borr�wer may, �nly vvith the advance written approva� of HUD, borrow funds <br /> from Residua� Receipts for R�asonab�e �pe�ating Expenses as pravid�d xn Pr�gram �bligat�ans <br /> or for such oth�er purposes as HUD may perr�it. Such funds shall be repa�d t� the Resid�al <br /> Receipts account pursuant to the terms approved by HUD priar t� th� making of such loan. Ta <br /> t�ie extent HUD daes not specify repayment require�nents, Borrawer shal� repay the Residual <br /> Receipts account i�fu�1 vvithin thirty �3�} days of the ap�roved withdrawal. If BorroWer fails to <br /> time�y make any repayment installment pursuant to the terms approved by HUI3, upan notic� <br /> from HUI3, Borrower sha11 immediate�y repa�the full unrepaid amount of all such loan from <br /> n�n-Project funds. <br /> 18. ADVAN�ES. <br /> (a� Al� adva.nces made by B orrower (�r by a m�m�er,partner, sharehoider�f <br /> BarroWer, or other indiv�dual or entity act�ng on behalf of BorraWer} for Reas�nable �perating <br /> Expenses or otherwise for the ben�f�t af the Proj ect must be deposited �nt� the Pr�j ect's <br /> �perating acc�unt, or otherwise as directed by HUD, as required by Program �bligations. <br /> (b� Interest may accrue, and be paid, �n such advances pursuant to terms approved by <br /> HUI� in advance in writing. <br /> (c� Repayments of advan�es must he appraved by HUI], �r as otherwise provided in <br /> Program �bligati�ns. <br /> 19. PRUJE�T REC�RDS. BorroWer shall: <br /> �a} Make and keep boaks, records, and accounts, in such reasonabie d�tai�, s� as to <br /> fu��y, accurateiy, and fairly reflect the activit�es of Borrower. <br /> �b� Recard the Project's assets, liabi�ities, r�venues, e�penses, r�ce�pts and <br /> disbursements in separate accaunts from any �ther assets, liabiliti�s, revenues, expens�s, receipts <br /> and disbursements of Borrawer so as to permit the production of a Statement af Financial <br /> Pasition, a Statement of Pr�fit and Lass (Statem�nt of Activities�, and a Statement�f�ash Finws <br /> for Borr�wer in which the activities of Borr�wer are separately id�ntifiable from the activ�ties �f <br /> the �p�rator, unless Borr�Wer is a�so �perator. <br /> (c} Dev�se and maintain a system of�nternal acc�unting ��ntro�s sufficient t� provide <br /> reasonab�e assuranc�s that: <br /> �i} Transactions ar� executed, and access t� assets is permitted, anly in <br /> accord anc e with B orrn Wer's authorizati an; <br /> Previvus�ers��ns obsolete Pag� '14 af 3S form HU a-924�G-�RCF ��Cl2�14} <br />
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