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<br /> ��� ��"„ $1�'19�4Y7i9G.00 � Mm�Ch 22r 3.9tf8
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<br /> -�`� �H�O�x$i.nq� �nc, (GN�H) .
<br /> _._ __..-.--_--_v-�-, wt►m�s�d�ss�s P� U. �nx �IS. Nor.fo�k� t�k� �¢7�72 (RuMi�ness Offic�? '"
<br /> bei�it�!!�r tsJOod Mactgago��af�i the u�xiasigtrd Se�cr�rY nf Htxuing and UtY,sn Devela�'!u��'p"�iot{;i�Ibdi F3UD- „
<br /> Ia ooim�id�ceo�af the ma�Ciog�t ttae iarn by lHt7D emd the disbuese�mavt c��!y(�rt st�ur#.�ad in oakr oo cara�l�r.viafs{1�e i�
<br /> - � of tia H�ouiu►6 A�x af 1959��d�Resulatiom adopr.d bY she S�r�rY D�dareta.cha 1�'����its��o�coes�d
<br /> ,�LPtaParcY s�tho Pojec�qP°'r�nd tha�aa a�d a lnq
<br /> _ �_-__ � r......•..... r�oeeYtv.thatinco�vrxtiaiwiththemon� _
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<br /> �� 1G4 ttlL LOMl13�qtLSW1dl11$� . .,
<br /> ::^_.,�-��.r_T_:.s:. 1. Mrntge��rrslu]lprumptlymakea2lpaymrnuciueunck.rtheIdntauri ' thaPlaei�lCreditt(nioaShsialasn�a+ogPlad�. Caemirr�sdf�da�
<br /> -- �.� effativodauo�theAssistaixceConuxz,th�±IS.ortN�twt d�q� � .
<br /> — �°`u�" . � �nwuic aau�l to S�5 e„g n y�r:,:,iiivarh�nwris��.rac dwn;,;,,�� ,
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<br /> __-----� .v_r 2. Mc�aeorwiUcsta,blisllmuimeueul�asyxi�ftiu�dtobakmwnasihe oxamwuuia�xovodu4v�itut�by3TU'L'�;��ucfictuid,wh�trec'snth+ioitki.°.,`
<br /> rarmue tudd�oowit in abas7ctir!uch is amertbaof thc{FaSera i)epos�t of a ca:h�pnsit oe invartai in►obli�ui�oni,of,�or fully&urramed.s es:„ ,
<br /> —_ --=n' �u��oo�pontion,Ssvb�r As�xiailon Inrwance Fw�d.or tDa N�. pcyr�cipd by�tZst lTnIted States otAmnric,a Yhral a�!tiaioa�a subje�t(n ,
<br /> --__ ° '�"``',� tiocralCc«litUnian5hueInsurancel'�►n9.intowhichwillbodepositedall �1►a eonorol oF HUD. ql�Ma�mna�tt Erom mc1�fund.�1w�6a�r ttiie _.. ---
<br /> -- -- ='= rrntals.Thargd. inoome md ravnn�e uising Ecom the opaat+nn or ptttpoee o�etfedins rcplicemant of sun:ntt�t s.tair�mtR rnd mr�icut;�:'"
<br /> - �:;'� � ofthe ecL E outesahallbemidefrantAes�renua equipneneofthaprnjoctarforw+yatlrrµ�rpore.sa�f'bens�laonlyd�sc;:�,;�
<br /> ws�a�hip P�'�.1 xPe�`�'
<br /> ---gu�;=:'�.� ft�d�owwtenlyirnscwsd�ncewithtkeo�seratiaBbudgetsubmitlafm ihaoossrncinwridng�fEtUPl.IntheevaN.of�dsteultiadrrte�msatthe:
<br /> ` - - a11d�Y0QOyt1UU. -- ,,•-•t��►.LtIfIlacuve!le_�aardlhaFiillernu�ti����irat'rxtp(dfC6�tn0E. _ _
<br /> ,.��°°arR,��;?' , lrt wch fund to�hc emnuru dpe on rhe�nart;aEo debt.
<br />__�°:;�,+5*��?;,._ 3. N�r.lua chan 3D di}r�ptia co[ha beg�ming ef each fuul yeu.tha .
<br />=�=_.'a;�3t��_�:,; M�6�6ur s,hall submit sn operating b�xlgu fos thae Citcal yemr eo HUD. (b) Moragagnr w;ll deposit�he nwtim,urn r+p�tal invaanent aieh ati:�;�,.,�.
<br /> --��±r-.�e;� - 1Ya budaot s1N11 iucluda�Il necxs.tuY�era�in8�xP���nm+entmaui. escmw t�ywu woxptRble w HUD purxwnt to Reguluians. ,i�;;� ,
<br />;•���_�s:.i�;::�,r., cmance ehaga.expenus of rcasonahle upicaep+utid tqxAr,taxes�nd �:'` ,
<br /> -_�W°• special�sstste�rntlevies,yrorarw�i�mow►wre�v�roafarinns�a:mcea,d.lt (c� wi�t„neod.yx�c�r.�a�,a�fachf',seatye.r,�nynaidu�i�
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<br />�r„��•e ,_ ailtae incidcntwthaoparuiwtoftheprojea:�ndstul]stro+vtha � redizalfromt}�soperaticxtofthemort�ttalProPeriysiuliba
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<br />�''�,"'"""';;3"PE:",3�C.'._,` expaxodrevcnueswpnymtch��s•inchrdina�anwidabt�aviw inaae}ramroresidualaaxiptsea�oimt.Reaisk+a'.roceiptsdullbeumdutFj,e
<br /> � �*M,��,.¢,��µ„`: . sequiremenu ec�d ressrve Cbrtd deposiu.The expes�tes incsared uyd wnuul bE TdUi3 usd Rlu�ll be d'ubursal only at ehe disenetion oF HUD;fo.r
<br />,=:^r•.,-,-� atiirnw �3ei�.:w►etobanocess�tyocspptopti�te.
<br /> _'..'..�1:.:•,`%��,; • �. dlsb�aseinents shall not ezce�od tho¢easonab2e and necesstry anamt such P�uposc a .
<br /> • ti3 � d►ereof.md the Mortgtgor will not axpend any anount ot incia any Menc is de-
<br />?�_'=-`',���,�,"',: :• oblia�aora in oxcess of the amounts appmved{n the ennwl opaati�g 6. 'I'he real piopraty covual by the uiottgage and this�+1`{�;s;�+ „
<br /> :'-�,�;� ,: • budgu exapt upon wriaea setificadon by Qte Mortgagar to HUD that scn'bed in Sclhedula A utachsd Aaetn• -
<br /> -�=�_,.� �� suchexpenseawaetutmticipatalandaseneoessaryandprovidod�uriha. ,
<br /> - " V--='�_*� thatnottuna in tius sectior�shall limit the am�unt which ti�cMortgegor 7. l�iortg�garshaUnoc widlout the wri�te�e eppiovnl of t2;e8 ecm�y�
<br />°�e.i,.'..���,.',;'': m8y expa►d fmm fun3s ohtAined&om wmn o[het so�ace thnn project (�) Transfero dispose:of or encum6er any of tho mott s ed -
<br /> ::,.�r ...c�... uu to thls Any auch vac�sfcr sha�be only to n peison a pasons or corpondort -
<br /> - • rzvmua or odicx tunds required af the Mortg�gor p�usu
<br />--_ •� . Ag�eatait es the Builriing Lom AgTeem«u. satisfYCtory to ui8 eppmved hy HUU,who ahall,by legal rmcl vdid c
<br /> .:�a. . ` instnunenc{nws[ting.tohereconlncloriilcdin.thaaQmarxardingat�
<br />�.�4' _.; '..''y . 4. As socuriry for the loan.for tho requtred payma�ts under tlw Agcunent in whic6 convaysn�es of the property cavmed by the mong�go ue =-
<br /> T,����.:.e .��`,'.��. � u�tothereseYVelimdforreglacemencs.tutdfornllothero6lignhonsofthe acquiraltobesfiledorrecorda7.duly�tssumen�lobligationsundersttis �_�.
<br /> �,;;" ;K . Mortg�gor tmderthis Agreemen4�e IVlortgagorhereby xsagas.p:edSes Agteemcnt and�mda thn Pfato md Nf ottgagc; �.--
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<br /> " . '. . .: :'•y�. andmongagesmFiUDallicsrightstotYteincomeutdchargcsofwnacever -�.
<br />•;_� . sortwhichitmayreceivear b e e n t i d c d t o r e c s i v e f m m t h e o y tt a t i o n e f t h e (b) /�s s i g n, e t u uter.d i s p oso of.or encum6cr any per�..e►ne]�mpaty. ,
<br /> _ .. � . 7t ' ��5��prop�ty,aubJect.howevcr,ro any assignmcnt of�snu or including icnu or chuges,nnd shall nflt disburse oz pay out any funds ,
<br /> _ . , „, project uuome in tl�e moatgago tetem�d w hraem.Un�til a�lefaultoccurs except os pmvidad hcxain and in tho Fiuitding Lom�A�neemcnr, .
<br /> - , :� �ndes this/��Secmmb however.pcmxission ia grnntod to Mortgngor to ,
<br /> . ;1;;3-._ ;: collxt snd retain under the provisions of this Agr.emeat such rcnts. (c) RemasLl,tecoitswct,nddto.ordemolish anypartof the moetgeged
<br /> incom�openting smt�lu9 o.nd cherges.brR tipon default this pennission pmpecty or subtract tsorn any rcnl or personal lxsoperty af the pmjce4
<br /> Isterminaced.d+tos�lrenta,income,operetu►gsurylusandchargesduaor �d) Payanyoompcnsadonormakeanydistributionofiacomnorot�eL
<br /> .. colicctc�4�hcr�aRer. .
<br /> esseu m any of its officera.directors or stockhnldas:
<br /> ° 5. (n) Mort���or wiU establish md maintain a eescrve fund foz ceplmec-
<br /> ' mcnts In u separatn sa�.ottrtc in a bank wluch is insured by thc Ped�ral (c) Entct uitn nny cantrcct or contruGts for supenresnry or mnnagcrial
<br /> „ , «•' Dcposit insmcancc Corporac{on,Savings Association Insurancc Cwzd.or scrviccs: `
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