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Regulatory Agreement for
<br />Multifamily Housing Projects
<br />RE- REC©RVW
<br />200008000
<br />U.S. Department of Housing
<br />and Urban Development
<br />Office of Housing
<br />Federal Housing Commissioner
<br />Under Sections 207, 220, 221(d)(4), 231 and 232, Except Nonprofits
<br />Project NUniher
<br />Mortgagee
<br />200000301
<br />_---- -F-irstar Trust- Colnpate— _
<br />Amount of Mortgage Nole Dale
<br />- - - -- -- -- 5 63, , 0 0 0 • - -- - - - - - - - -- - -2 -1 -19 6 8 _
<br />Modgage Recorded State Nebraska wooly Hall Dale odginanyendorsed for insurance under Section
<br />Book 14 5 . - -- -- page 321 - - - - -- -- -- 2-1-1968 2 21 (d) 3
<br />Assigned• 56 3-57
<br />This Agreement entered into this day of Apr __ - - -_ , A000
<br />between French Village _Partnershi-------------------------- _------------
<br />tvhosc addl-css is 14541 Grover Street, Suite 1
<br />P.O. Box 45531
<br />Omaha, NE 68145
<br />their sucecssors, heirs, and assigns (jointly and severally, hereinafter referred to as Owners) and the undersigned Secretary of Housing and Urban
<br />Development and his successors (hereinaft(r referred to as Secretary).
<br />ht consideration of the end,)rscntcnt for insuanec by the Sccrctary of the
<br />above described note or in consideration of the consent of the Scerctun to
<br />the transfer of the. mortgaged property or the sale and conveyance of the
<br />mortgaged property by the Secretary, and in order to comply with the
<br />requirements of the National housing Act, as tuncndccl, and the Rcgula-
<br />ti,)ns adopted by rile SccrcLny pursuant there(,), Owners agree for them -
<br />sclvcs, their successors, heirs and assigns, that in connection with the
<br />mortgaged property and the project operated thereon and so long as the
<br />contract of mortgage insurance continues in effcc•t. and during such
<br />further period of time as the Sccrctryy shall be the owner, holder or
<br />rcinsu-cr of tile mnrtgagc, or during any time the Secretary is obligated to
<br />insure a mortgage on the mortgage prnpcnty:
<br />1. Owncrs, except as limited by paragraph 17 hercoI, assume all ct agree
<br />to make promptly all payments due under the note and mortgage.
<br />2. (a) Owncn shall establish or continue to maintain a reserve hind for
<br />replaccntcnts by the allocation to such reserve fund in a separate
<br />account with the mortgagcc or in a safe and responsible deposi-
<br />tory designated by the mortgagcc., concurrently with the bcgin-
<br />ning of payments towards amortization of the principal of the
<br />mortgage insured or held by the Secretary of an annount equal to
<br />S 1__r__Fi 6_'Z`___ per month unless a different date or
<br />amount is approvcd in writing by the Sccrctary.
<br />Such fund, whether in the hrrni of a cash deposit or invested in
<br />obligations of, or fully guaranteed as to principal by, the United
<br />States of America shall at all times be under the control of the
<br />mortgagcc. Disbursements from such fund, whether for the
<br />purpose of effecting replacement of structural elements and
<br />mechanical equipment of the project or for any other purpose,
<br />may he made only after receiving the consent in writing of the
<br />Secretary. In the event that the owner is unable to make a
<br />mortgage note payment on the due date and that payment cannot
<br />he made prior to the (tile day of the next such installment or when
<br />the mortgagee has agreed hi forgo making an cicetion to assign
<br />the mortgage to the Sccrctary based on a nnnetary default, or to
<br />withdraw xu election already made, the Sccrctary is authorized
<br />to instruct the mortgagcc to withdraw funds front the reserve
<br />fund for rcplaccntents to be applied to the mortgage payment in
<br />order to prevent or cure the default. In addition, in the event of
<br />it default in the terms of the mortgage, pursuant to which the loan
<br />has been accelerated, the Sccrctary may apply or authorize the
<br />application of the balance in such fund to the amount duc on the
<br />mortgage debt as ac•ccleratcd.
<br />(h) Whcrc Owners are acquiring a pro.jcct already subject to an
<br />insured mortgage, the reserve fund for replacements to tic
<br />established will be equal to the amount due to be in such fund
<br />under existing agreements or charter provisions at the time
<br />Owners acquire such project, and payments hereunder shall
<br />begin with the first payment due on the mortgage after acquisi
<br />tion, unless sonic other method of establishing and maintaining
<br />file fund is approved in writing by the Secretary.
<br />3. Kcal property covered by the mortgage and this agreement is do
<br />scribed in Schedule A attached hereto.
<br />(Ibis paragraph 4 is not applicable to cases insured under Section 313_)
<br />4, (a) Owners shall make dwelling accommodation and services of the
<br />pru_ject available to occupants at charges not exceeding those
<br />established in accordance with a rental schedule approved in
<br />writing by the Secretary, for any pmjcct subject to regulation of
<br />rent by the Secretary. accommodations shall not be rented for
<br />a period of less than thirty (1) days, or, unless the mortgage is
<br />insured under Section 231, for more than three years. Commer
<br />cial facilities shall be rented for such use and upon such terms
<br />as approved by the Secretary. Subleasing of dwclling accommo
<br />dations, except for subleases of single dwelling accomnurda
<br />tions by the tenant thereof, shall be prohibited without prior
<br />written approval of Owners and the Secretary and any lease shall
<br />so provide, Upon discovery of any unapproved sublease. Own -
<br />crs shall itnnudiatcl_y demand cancellation and notify the Set, -
<br />rctary thereof.
<br />Replaces FHA -2466 which may he used until supply exhausted Page 3 of 6
<br />(b) Upon prior written approval by the Secretary, Owners nta%
<br />charge to and receive from any tenant such amounts as from time
<br />to tine may be mutually agreed upon between the tenant and the
<br />Owucrs for tiny facilities and /or services which may he fur
<br />nishcd by the Owncrs or others to such tenant upon his request,
<br />in addition to the facilities and services included in the approved
<br />rental schedule. Approval of charges for facilities and services
<br />is wit required for any project not subject to regulation of rent by
<br />the Secretary.
<br />(c) For any project subject to regulation of rent by the Secretary. the
<br />Secretary will at any time entertain a written request for a rent
<br />increase properly supported by substantiating evidence and
<br />within a reasonable time shall:
<br />form HUD-92466 (10 -85)
<br />ref Handbook4571 l
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