202109650 - Laserfiche WebLink

Browse

202!U0650 1 Crossroads Transitional Housing 2019A10010 is situated on certain real property located at 3626-3632 S Locust St in the City/Town of Grand Island , County of Hall , State of Nebraska , and is more particularly described in Exhibit attached hereto and incorporated herein for all purposes ("Project"). 2. The Project's rental units, or applicable portion thereof, must remain occupied by and affordable for households with incomes at or below the levels committed to be served in the AHP Application, or as modified and approved by FHLBank, for a period of fifteen (15) years from the date of the completion of the Project ("Retention Period") (unless otherwise extended in a modification agreement due to unforeseen circumstances). 3. FHLBank, whose notice address is P.O. Box 176, Topeka, KS 66601-0176, Attention: Housing and Community Development, shall be given immediate written notice of any sale, refinancing, foreclosure or other transfer of the Project occurring before the end of the Retention Period. 4. In the case of a sale or refinancing of the Project prior to the end of the Retention Period, an amount equal to the full amount of the Subsidy shall be repaid to the Member, for reimbursement to FHLBank, unless: (i) the Project continues to be subject to a deed restriction or other legally enforceable retention agreement or mechanism incorporating the income eligibility and affordability restrictions committed to in the approved AHP Application, or as modified and approved by FHLBank for the duration of the Retention Period, or (ii) if authorized by FHLBank, in its discretion, the households are relocated, due to the exercise of eminent domain, or for expansion of housing services, to another property that is made subject to a deed restriction or other legally enforceable retention agreement or mechanism incorporating the income eligibility and affordability restrictions committed to in the AHP Application, or as modified and approved by FHLBank for the remainder of the retention period. 5. The income eligibility and affordability restrictions applicable to the Project terminate after any foreclosure. Otherwise, the covenants contained herein shall continue until authorized by FHLBank and released by Member in writing, or the expiration of the Retention Period, whichever should first occur. 6. All the rights and obligations set forth herein and in the AHP Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective successors and assigns during the Retention Period or until authorized by FHLBank and released by Member in writing, whichever should occur first. 7. If any part of this Agreement is or shall be deemed violative of any applicable laws, rules or regulations, such legal invalidity shall not void this Agreement, or affect the remaining terms and provisions of this Agreement, and this Agreement shall be construed and interpreted to comport with all such laws, rules or regulations to the maximum extent possible. 8. The Parties shall ensure this Agreement is properly recorded in the appropriate office(s)/jurisdiction(s) at Owner's expense. Page 2 of 6 Revised: August 19, 2019