|
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT 4 O
<br />FEDERAL HOUSING ADIoM4ISTRATION LVY •Ul
<br />FRENCH VILLAGE: FHA #10355010
<br />Assumption Agreement
<br />For Assumption of the Mortgage Note between Government National Mortgage Association,
<br />and it's successor and current holder, Firststar Trust Company, which is secured thereby a
<br />Mort gage dated February 1, 1968, and executed by Don Decker and Mildred Decker, his wife,
<br />and Paul Decker, as single man, and recorded in Book 145, Page 321 and assignment recorded in
<br />Book 56, Page 357, and Assignment by Instrument #95- 100203 all of the Record of Deeds of Hall
<br />County, NE; and French Village Limited Partnership, owner of the property covered by said
<br />mortgage (hereinafter called "the owner ").
<br />For Assumption of Regulatory Agreement, Instrument #84- 005483 recorded Oct. 16, 1984; and
<br />Assumption of. Use Agreement and Amendment of Regulatory Agreement; Instrument
<br />#93- 101146 recorded Feb. 5, 1993; all recorded in Register of Deeds of Hall County, State of
<br />Nebraska.
<br />Also, Assume
<br />Feb. 9, 1993,
<br />dated
<br />James G. Rector. Renewed as Preservation Contract Housing Assistance Payments Contract
<br />dated Feb. 9, 2000,
<br />WITNESSETH:
<br />In consideration of the consent of the Secretary of Housing and Urban Development to the
<br />transfer of the mortgaged property to the Owner, and in order to comply with the requirements of
<br />the Secretary of Housing and Urban Development, the National Housing Act, and the Regulations
<br />adopted pursuant thereto, the Owner agrees to assume except as limited below, and be bound by
<br />said mortgage and note, and that certain Use Agreement and Amendment of Regulatory
<br />Agreement dated February 4, 1993, and recorded in the Register of Deeds of Hall
<br />County, NE Instrument #93 -1 -1146 in said mortgage by reference.
<br />The Owner does not assume personal liability for payments due under said note and
<br />mortgage, or for the payments to the reserve for replacements under the Regulatory Agreement, or
<br />for matters not under its control, provided that the Owner shall remain liable under said Regulatory
<br />Agreement only with respect to the matters hereinafter stated, namely:
<br />(a) for funds or property of the project coming into its hands which, by the provisions
<br />hereof,, it is not entitled to retain; and
<br />(b) for its own acts and deeds or acts and deeds of others which it has authorized in
<br />violation of the provisions thereof.
<br />The Owner is to be bound by said mortgage, note and Regulatory Agreement, subject
<br />to the foregoing limitation of personal liability, from the date of this agreement to the
<br />same extent as if it had been an original party to said instruments.
<br />The Owner agrees that there shall be full compliance with the provisions of (1) any laws
<br />prohibiting discrimination in housing on the basis of race, color, creed or national origin; and (2)
<br />with the Regulations of the Federal Housing Administration providing for nondiscrimination and
<br />equal opportunity in housing. It is understood and agreed that failure or refusal to comply with
<br />any such provisions shall be a proper basis for the Secretary to take any corrective action he may
<br />deem necessary, including, but not limited to, the rejection of future applications for FHA
<br />mortgage insurance and the refusal to enter into future contracts of any kind with which the Owner
<br />
|