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" .� ,( ,' `.. . — __�__�— <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;�=���-- . . . � � , . � � � . � �, �: � <br /> �� �:� : . . i. � � � <br /> ;�..:x-�� � . . . . � t . <br /> . ,�=.�.�_��'#' , � •- � (•� . .. <br /> _ E : •_ _ • .•�.:'. <br /> ,_ .... - . ... . _ . � . . -- -- — <br /> �Y. ' . . . - . . . . . . <br /> '�.� . . • . . . . . ... <br /> t ' . . . <br />