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<br /> ' ��gU��t�91'�/ �� and ll�bnn p�votopinonl �� -
<br /> � Nauslr�c�Inr the �Iderly or Handicapped o�r�o�Hfl„�,�fl � --
<br /> , , �� (Nonprofi4y Sactlon 8 I�uslnp Asalatanco Paymanta ConVnet `'�
<br /> . ' Soclion 2Q2 oi the Housing Ad o}1359 Pro►od A�e(ttaneo Gonbnct �� ' n � � ��
<br /> --° — '—�—"""-- llmountolPdori��f^ Noi� Dato
<br />'� Piapct Numbor .
<br /> " 103�EH 010-NP $1,989,700,00 May 25, 1979 � �
<br /> • Mortga�c Recardr.d ln:Stato � Caun►y na�� � � �
<br /> N�braska May 3�, 1�79 � `
<br /> • � .. This Agrecment entercd into this 25 th d-''Y af Octok�er .19 9 4���W�n LUTHEI2AI�I HOMES, INC. , � � `���
<br /> � ' whaseaddressis Grand Island, Nebraska H8801 ``'" � •
<br /> hereinntter callcd Mortgagoz,cuid the undersigned Secretary of Housing und Urban Development hercinafter esille�H[JD. � .' �� ?
<br /> cu '
<br /> Yn considemtion of the making of the loan by HUD and the disbursement of uny part therrof,and in order to comply with the requiremcnts �
<br />� , of the Housing Act of 1959.and the Regularions adopted by thaSecretary pucsuanc therew,tlie Mortgagor n�re�s for itself,ils successnrs and ,.
<br /> �'"`.,�u�:
<br />_ assigns.and ttuiy ownr.r of t�te mortg�Sed pmpertf►,that ih conneciion wlth the mortgaged property And the project opecated thereon sind so long �f��°?�;';,�
<br /> . as thc laan�.Qutstscsdino: ! �••a-�."�.�'—°°.�
<br /> Y� ,,
<br /> L Mortgagor shill promptly make all psyments dus �mder tho Notn emi � the Nado:ul Credit Union Shtra Tnsuranca Fund Concurtrndy with the ����;�.�.�
<br /> ' Mortsage. effectivn duo of the Assistanca ConmcG the Mortgaaor will depasit an :,,��� , -
<br /> amount equnl to S per month unless a ditfeacnt data .
<br /> - 2. Mortg�gor will esubltsh and malntain a special fund m be lrnown u the or unountls appnoved inwriting by HUD.Such fintd.whetherintheform i;�±.���'�+`� �
<br /> : �:r,,.'�Q1;. -
<br /> wvenue fund�ccouiu in s bank whieh is amemberof the Federal Deposit of a eash deposi�or investal in obDigatioru of,or fully guuanteed u to ;A l. .:
<br /> Insuranco Co�paration.Savings Ansocfadon Insuraace F�nd or the Na- rir►ci al b .�he Clni�cd States of Amuica shsll st all times be eub' to �r� -�•
<br /> P P Y J� ,;,•.z---
<br /> uonilCndi�UnionSharelnsuruxoFund.intowhfchwillbedepositedall :hn control of HUD. Disbursemrnu from such fur�d.whedter for tha '"*"�:�la
<br /> rentals.charges, income and revenue arising from the operation or purpose of effatang repla�cemu�t of swctvral elanents utA mechantcal ;�;�=
<br /> ovmashipoPtheprojoct Expendicuresshallbamadafrom�herevcnue equipmentoftheprojcctorforsnyothup�apose.miybemadeonlydtcr !
<br /> � fund aocoime only in accordance with�he operating budget xubmiaul ui theconsent inwriting of HUD.Lt theev�ntof adeftult ipt 1ho tertns of the '. '� .1 —
<br /> � and appivvod by HUD. mortgaga,HUD mxy demend the full or partial applicuion of Qte balmce ; ' �
<br /> --- - - . - ut au'ri��w��'.'3:��....^.:OC:.^.:�IS�nn IIZw mnSfCno�et(�[�1t. -��.
<br /> ., � .. . ����> �'ly.
<br /> 3. Not lata[han 30 dnys prior to the beginning ot ench Cacel yu�.the -
<br /> Mortgagor shntl subini�aa opercuing budget for thae Cacal yeac to HUD. (b) Mongagor will deposit tho minimum capltsl imesanrnt wi�h an
<br /> Tha budgst shall uedudo all necessary operacin8 expenses,cut[ent mun- escrow sgcrU.axcptable W HUD p�asuant to Regulations. -
<br /> tcne►ce charges.wtperues of reasnr�nble upkeep�nd repaire,taaes and "�
<br /> ' spocidauessmaicleviee.Pmeatufunaunbrequ3redfortrsw�nceanddl (c) Within60dsys�furtl►eendofeachfiscalyw.ar!Yresidud:r.ceipa �:1� .
<br /> otha eapenses indddtt to tha opaauon of�he project;�nd shill ahow tho realiud Crom th�operetion of the mortg�ged pccperty ahall be deposited �' �t � ;.
<br /> �� eapectcd revenue.+to p�Y su�h exPuisu.including uutual debt aavica uiasepuatoresidualreceipts aosounG Rcsidudroceipushallboundertha , ;�� �,�Y
<br /> reqoirement� and resarve [und deposits.Tho expensw incutred urd control of HUD and ahnll be disbutsed only at�Ito discredon of HUD for
<br /> , disbutsements shall not encced lho teasonable�nd noeessuy �r►tount such puc�wse o itmay dctcrm:na to bo necessary or appmpriata � ;�;;H „
<br /> ' thenof,uid�te Mortg�gor will not expend ury emount or ine�a�ny "'''�'
<br /> ... ,.
<br /> obligadons in excess ot►he amounts apptoved in zhe aru�uul openting 6. The rcnl property covered by thu mortgegc and�his Agreemrnt ia de- ,
<br /> budget except upon wriucn cert(ficstion by the Mortgagor to HUD that scribed in Schedule A atmched hveto. , '�`-�"- -
<br /> suchexpmseswrseunanacipatcdnndarenecessary andprov{dedfiufhc, • ' �r�
<br /> th�t norhinE in this aection shall limic the amoimt which�he Mongegor 7. Mongngor shall not without the wri[[en eppmval of the Sec�►etary: '�' � ' �� �
<br /> mQy expatd from funds ob�a'vud from somo other soisco�hen project (a) Tra�ufer,d'aspose of or encumbcr any of the mortgsg�d piuperty. '
<br /> • nvenue�or orhei funds requlral of the Mortgagor pursuent w 1+'us s��Pacto �to andse�ro ed b tHUD, who shall.by legal endTV43i:1 i�
<br /> Agczcment or the Du�ding Loan Agrccmcttt �Y PP Y ~�c.
<br /> instrument in wricing,w bo recordod or filed in tho same recording affca �i ,y�
<br /> .�r _
<br /> 4. A9 aecuriry fa tha loan.far the requiied payments under this Agreanent in whiclt oonveyances of the propere}r coveced by tlxs mortgage nre
<br /> � into theceutve fund forrepineemonts�anfl for a11 ot}►cr obligaaons ot�he sequirod to bo filod or racordod.duly assume a11 obUgations unda this I t=.��
<br /> � Mortgigor under thi�Agteernrnt the Mortgegor hereby assign9.Plodges Agreement and undc the Note and Mortgoge; I � �• .. !�. ,6
<br /> andmoitgagea to HUD all in rigD�3 z�the incomeandchargesof whrtever d�
<br /> „•
<br /> Y PeTS Pi'oPutS'. ':��:.
<br /> aortwhict►itmayreceiveorbecntidedtoreceiveLom�hnopuationofthe (b) Asstgn.transfer.dispose o[,or encumber an ona! � ,
<br /> mortgnge8 popetty.subjec� howaves, to nny essigpment oF�nts or including rents or chcug^a,nnd shall not disburso or pay out urty funds �;,';;- . /i �:
<br /> • " projcct income isi thn mottgage refesrod m huein.Undl a de[ault oavrs oxccpt a9 pt+ovid�.d fiercin end in tho Building Loan Agreematt: i. • .. "`
<br /> ' � undcr ihis pgecmrnti however,pormission is gnnt�d to Mortgagor to . �
<br /> r copect and retain undcr the provisions of tttis Apreement such rcn�s, (c) Remodel,recanctruc4 add to,or demolish any part of the mortga�ed � �
<br /> incomG opeatin8 stuPiu�and chuges,but upon detault thi�permission pmperty or sub�ct from any real or personal property of the projcct; �
<br /> � " u trnninued as to d1 rcnts.incame,operating suTplus u►d charges due or , �
<br /> cotlected theteattu. (d) Psy eny compensatian or make any distribudon of income or o�hec .
<br /> �� nssc�s to ntiy of iu otC►cers,directors or stockl�oldcrs: I__
<br /> " 5. (a) Mortgagor wiU estsblitte m►d mnintaitl a reae=vc fund foi ftplcce- �'�
<br /> menu in n separue nacoustit in s bsnk which is insured by the F�dersl (e) Enter intn nrry conaact or convac�s for supuvisory or managaial .
<br /> Deposit Insuranec Corpnra�ion,Savings Pssocincion Insiaanee Fund.or serviccs: • `f i
<br /> ,:k.� .. ., • ,
<br /> � - -- ' ---- -' - ----=°-.n C.Etirmc ara ObsO'.�to. lortn HUD-9T466•EH (7130) � :
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