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.Regulatory Agreement for Multifamily Housing Projects Under Sections 207, 220, 221(d Project Number - Amount of Mortgage Note - - - - -- $563,000. - -- MongageRecorded Slate Nebraska Bonk 14 5 Assigned: — 56 This Agreement entered into this _ -- U.S_ Department of Housing 200006301 and Urban Development Office of Housing Federal Housing Commissioner 4), 231 and 232, Except Nonprofits ---------------------- - - - - -- ----------- - - - - -- — Mortgages — - -- - F-irs_t--arTrust CompApy____ -_ —_- Date 2 -1 -1968 _ county Hall Date originally endorsed for insurance under Section rage 321 2 -1 -1968 221(d)3 - - - - - -- dry of A2 i 1----------- - - - - -- • A0 0 0 — between French Vi 11 a_e _ Limited _Partnership r ;hose addre,s is 14541 Grover Street, Suite 1 P.O. Box 45531 Omaha, NE 68145 their successors, heirs, and assigns (jointly and severally, hereinafter referred to as Owners) and the undersigned Secretary of Housing and Urban Development and his successors (Frcrcinaftcr referred to as Secretary). In consideration of the entiorsentent for insurance by the Secretary of the above described note or in consideration of the consent of the Sccretary to the transfer of the mortgaged properly or the sale and conveyance of the mortgaged property by the Sccrctary, and in order to comply with the requirements of the National Ilowing Act, as amended• and the Regula- tions adopted by the Secretary pursuant thereto. Owners agree for them - sclvcs, their successors, heirs and assigns. that in connection Witt) the mortgaged property and the project operated thereon and so long as the contract of mortgage insurance c•untinucs in effect, and during such further period of time as the Sccrctary shall be the owncr, holder or reinsu-cr of the mortgage• or during any time the Secretary is obligated to insure a mortgage on the mortgage property: 1. Owners. except as limited by paragraph 17 hereof, assume arid agree to make promptly all payments title under the note and mortgage. 2. (a) Owners shall establish or continue to maintain a reserve fund for replacements by the allocation to such reserve fund in a separate account with the mortgagee or in a safe and responsible deposi- tory designated by file rnortgagcc., concurrently with the begin- ning of payments towards amortization of the principal of the moilgagc insaurd or held by the Secretary of an amount equal to ti _.6_7. — per month unless a different date or amount is approved in writing by file Sccrctary. Such fund, whether in the form of a cast) deposit or invested in obligations of, or fully guaranteed as to principal fly, the United States of America shall at all times he under- the control of the mortgagee. Disbursements from such fund, whether for the purpose of effecting replacement of structural elements and mcchanic•al equipment of the projcct or for any other purpose, may he male only after receiving the consent in writing of the Secretary. In the event that the owner is unable to make a mortgage note payment on the due date and that payment cannot tic made prior to the due day- 4111c next such installment or when the ❑tortgagee has agreed trr forgo making an election to assign the nnrrtgagc to the Sccrctary based on a nwnctary default, or to withdraw an election uIreadv made, the Secretary is authorized to instruct the nuntgagcc to withdraw funds from the reserve fund for rcplaccntcnts to be applied to the mortgage payment in order to prevent or cure the default. In addition, in the event of a default in the terms of the mortgage, pursuant to which the loan has been accelerated, the Secretary may apply or authorize the application of the balance in such fund to the amount title on the r ortgage debt as accelerated. (b) Where Owners are acquiring a prgjcct already subject to an insured mortgage, the reserve fund for replacements to tic established will be equal to the amount due to be in such fund under existing agreements or charter provisions at the time Owners acquire such prgjcct, and payments hereunder shall hcgin with the first payment due un the mortgage after acquisi (ion, unless sonic other method of establishing and maintaining the fund is approved in writing by the Secretary. 3. Kcal property covered by the mortgage and this agreement is etc scribed in Schedule A attached hereto. (ibis paragraph 4 is not applicable to cases insured under Section 233.) 4. (a) Owner., shall make dwelling accommodation and services of the project available to occupants at charges not exceeding those established in accordance with a rental schedule approved in writing by the Sccrctary, for any project subject to regulation of rent by the Sccrctary. Accommodations shall not be rented for a period of less than thirty (3) days• or, unless the mortgage is insured under Section 331, for more than three years. Comma- vial facilities shall be rented for such use and upon such terms as approved by the Secretary. Subleasing of dwelling accornmo- dations, except for subleases of single dwelling accommoda- tions by the tenant thereof, shall he prohibited without prior written approval of Owners and the Secretary and any ]case shall so provide. Upon discovery of any unapproved sublease. Own- ers shall immediately demand cancellation and notify the Scc- rctary thereof. Replaces FHA -2166 which may be used until supply exhausted Page 3 of 6 (b) Upon prior written approval by the Sccrctary. Owners ntav charge to and receive from any tenant such amounts as from time to time may be mutually agreed upon between the tenant and the Owners for any facilities and /or services which may he fur nished by the Owners or others ur such tenant upon his request. in addition to the facilities and services included in the approval rental schedule. Approval of charges for facilities and scrviccs is ri.rt required for any project not subject to regulation of rent by the Secretary. (c) For any project subject to regulation of rent by the Secretary. the Secretary will at any time entertain a written request for a rent increase properly supported by substantiating evidence arid within a reasonable time shall: form HUD -92466 (10 -85) ref Handbook 4571. r