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<br /> �!=-is� .��L�.'�ni�` �• • • ` .. ,`�" � < ' J . c .. � �. . ;4.. ' . . ' . '' __-
<br />_ __ -�.�tn�S�YL1t�. � . . . . . • .-''—'—__—
<br /> sr.�-�.'v„-� � . � .. �` ,, < . i . . •.,� -,�. .���;Ir�� �_.� . " .� ,( ,' `.. . — __�__�—
<br /> ��`m.._���-�-t�.
<br /> .� --.� ' w�li b� sesidSag ��t�A t�em, ur.l�ss the PRt?J$CT.be ane re�ervec3 , ox .
<br /> �.�.. . . �1�e�2y tenants. , ` � .. , ` ' . � � _
<br /> _,� - . �a:: ' . ; � r� _ --_
<br /> x ` �' ,� ° ' �) �''hc�� $OE2ROW�R-ac�ze�es Ec. make efgh�y� �gexcent o� �he sesi,�en�fay . ` _--�--_
<br /> `�' �,..,.�„��
<br /> �� �,•. .
<br /> y{f.,.��.�y� '. � �nfts �te �his. p�oge��x, availabl� ta tenan�s arhose gross mon��ly � : ,�,� �.�F
<br /> --��`.- � . �n��l �rr�ttge c�o��u4� ex�e�. th� s�et iaa� 8. Fa i•z� tiard��� Seats mf atus �� z �:
<br /> - ���• .n-�:° ��n�nt g�is� uti
<br /> litfes. �QRRQGiFR fur�A�s agr�es that the� remainia�g . � `-��f�.�ri�;:
<br /> ��ti a;_:.2� .:+..'; � ......rCy f � � .
<br /> .��,�:=��y;:�' . t�rEnty p�rc��►t�o� the un�,t�.�sha�3 have a gross monttriy rentai cPsarge ,�� v�,�. -.
<br /> � tQat is s�a gtea�es .than •thfrt�. pescent of the annual income far� � ��4� �- - _
<br /> - � P�onseholds at fiftg gercent af the �e8fan incorae mf�ws tenant�pai.a �: �,�� �__
<br /> - - �- - , utilities. � . � _W� -
<br /> , • =:���-- -
<br /> . - __... _.
<br /> �����..T� ��-- • 9� �'he HORFtOHBR�agzees to �ake 80`b af the r�sidentfal� unfts �_ -
<br /> +-`� �' avaiT�ble �o persons vhose inceme does no� �xceed the b0� medium , � - - __
<br /> '""`� ' established fos. H�Il.Caunty �by HUD. �BORRQWEF� €urther agsees tha�.;the � �--- -
<br /> �_-� remaining 2a� of tf�e �eesidentfal units shal� be avaflable to �e�.�ns , •
<br /> =- ��Y�;,�°' . `w�tese income dae�s not exceed tt�e 50$ tn�diuEm estab2;�shed foz�Ha2i'� ``� ��{�_�
<br />�� °"='_'�'� - � a zicd en�ifn on the irs • V -__-
<br /> �n,,,`,�� 1QY � T�e texm of thi�� Z�en shall be fos pe g , '
<br /> = �. �'r� day of t�e mbnth,-f3rst�--ocen=r-fa�g--fi�ve;-.l5}--y.ea�cs__after.__the_�omi�7.e�ioh----------�--.-.-- ,.
<br /> �s�3s;.�;,� of .the PR�3t3CT rehabilitatfan, pre�rvatfon, 6r enhancemsn� -
<br /> _ �- -� .�-=.._v.: t�
<br /> — �;��� � �; � �ctiviti�s financed �n �t�ole o� in part 6y the deferseai� payment laan . , , " . ..6_-:�"�--
<br /> - �" � evid�aced by thls �ien. Provided all tesms of th� Home �avesto=-� � � . N'�
<br /> _�"'-^�'�`,•.�.a.%:''� thi5 '�'�
<br /> r...� .�ti�. .�=., . . dvne,Z Kehaailitation �rcg=�m Regu2atory Agreement have been iaet;;., . s
<br /> -_ �=;� ��r�':: �, lien shall. be� satisfi:e+�_and be .re2eased by the LEND�R a��ez the iq `___�� -
<br /> �,�'-;;��. . . :
<br /> ���.-� .-=:rE ; ;rf �eas a��o=dability peric�8. has expired. - - _
<br /> �.4�]s��'�. , � i ` .,. .. -.,: � �:;� � .: �.
<br /> � ' lI) Dur ' e� -
<br /> , .�.:� . ,
<br /> :, � �
<br /> �—�,.,��Y iri � �fa the term af tAfs 2ien the BQ�iROWER ,shali make�.�.o. payc�ents _
<br /> ���; ofr �iincigal os,'inteiest; PROVIDED IdOWBV�R, that if the� BORROWrFt:. „/�� '� �, _
<br /> ��S{t���'= � `• . s4�aI1 be:in ��fault of any of the terms or conditions of this 2ien, , �
<br /> _��{{ri��r�s�`'t���: ���. �nd =emains in de.fault, the LEND�R may declare a default and pxoceed � � .•�'r'�'
<br /> :=:3.r �;t7.:.,_....:.."(:�'' ' �
<br /> :��.-°t�� �•��--• � � to fnitfate acce3exatfng the due date of t2t� entize indeb'tedness and �':`�.� �.__
<br /> �'� a'��:.� r.
<br /> z�'��:��, �� fo�cec2osu��` of the mortgage as mutually agreed upon in the Home � •.�;.��`�_=�'__
<br /> ��' ``Ty{:�� ' ' � ` Investor-O�u�er Rehabilitation Program R�gulatory Agreement. ��?�`'�,
<br /> , _ . . . ��:,,��:�
<br /> '��+r�,+��': : _ „ � .�` `=
<br /> �����• '�t:�.;��; 121 The deferred gaynnent �oan evidenced by thi� lien may be assigneal ��4
<br /> ' � . ` `',; ;':�. ..,��.
<br /> > �� .;,
<br /> # � ,� �.; an8/os assume�; PROVIDED, that any an8 alI terms and conditions shall ��}�c�*
<br /> ,y;�:_�,._, remain in ft�Il foree ana. effect fo� any assfgnee or sucGessor to the� ,+ ��,
<br /> • BORRORER and such assignee or successor shall assume al]. dutf,es and ` ,:,� .;: r
<br /> '=_� � o�iigations of tI�e BORROW�R as described herein. . �"�''°�:���
<br /> ,. ,�.� .•.f..
<br /> �,.•Si�'=
<br /> �._::��'��' . .. ;,, ... _ :
<br /> � ��%'� ' " ' � Z3) Ae subordination v� this lien to additional liens or � �•^� -
<br /> ^i ._.{Y•��� � �' . - ; •'.��•±:;, ,13(._.,
<br /> ,enca�mbrat�ces of the ass.ic�nee or successo= to the HORROWER s�all be , r ,� :.
<br /> `,'� only upon, the vritten �a�sent of the LENDER. Such additional lie�}� . . �= �i�.:,�:
<br /> i�.`:. :.. ;��; , ..
<br /> :
<br /> .: . .;:��nd en¢umbzances sha7.1 extend to and include any contract for�d�ee�t, . , ' ,;..�;;�,.
<br /> "�� �''� �:;�:�nd cantsac�, or other agreement betwe�n the BORROWER and his �. . . � � ' ,
<br /> '�':�'��;,^�`�' su�eessar oY asaiqnee. Such consent to subosdinate shall not b�:�� . �
<br /> - ��t;,- ,:;.�,.�,, .
<br />-_ < <,,,r:;�;�R.�;��'��,,, unreascnebly �ritt�held s.a long as LENDER has the assuranre, reasas��ble . •:=�:�;�:` �.
<br /> �'�;°:'-;�'��'���i�r•. ;��o tAe �BNDER, that the provisions of t.his Iien remain enforcea?b�.e ;;� ' ,
<br /> -� . ::�ind are a8equat���.y secuzed by �he pso3ect. � . . 1 '.�tii{;•. . :
<br /> -,•j�...�:7'Lt��'�'1f'�� '.1 ' � " . �� . .,. . '
<br /> � ��> � � ' � i4) To assu=e anc7 p=otact its rights in i:his 7 ien and the PROd�!CT, .• •�
<br /> �. ..;,:,,,..
<br /> �� �3-�� � ' tAe•I�BNDER sha21 have ri�ht of access and .insper"tion of the PRaJECT •
<br /> + ` � � at reasona�le times ana� with xeasonable'nflt.ice_ to the BORROW�R..��. ,.
<br /> �..� � �• : ;. , � . � " '� . .
<br /> ��� .''�:25) Any for�heaxance by the LENDFR vith respect �o any of the �e;�reis • . �
<br /> � and conditions of th.is lien in �o �ay canstitutes a oraivez of"a�ty of . ,
<br /> tne Lk�D3�R'S rights bz p=fv3leges granted hezeunder. � �
<br />` ,�. . , �� ` '
<br /> �F . ' I6T �ny notice of ane party to the other .shall be in �rritfng to the � �
<br /> y� �"'`�� pa=tfes �s follows: E ;'.: ...,`� :.�. .'
<br /> „ •;;. �. ' .
<br /> ..�� � . �he LENDER - THS CITY OF GRAND ISLBND, tJE, a municipal Cozpozation. ��
<br /> .�:�;;;.-��.... . '� . .. � .
<br /> - "=s:.�.:r��i+:.,�: . �.. . .
<br /> The HQRROWER - Vergil and Kar�n 6lodman E.. .: .- �,_: : .
<br /> ,.:�s;�=���-- . . . � � , . � � � . � �, �: �
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<br /> �Y. ' . . . - . . . . . .
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