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Regulatory Agreement for U.S. Department of Housing
<br />and Urban Development
<br />Multifamily Housing Projects Office of Housing 200304289
<br />Federal Housing Commissioner
<br />Under Sections 207, 220, 221(d)(4), 231 and 232, Except Nonprofits
<br />Project Number 103- 11017- REF -PM M ° "g °g°° Reilly Mortgage Group, Inc.
<br />Amount of Mortgage Nota $1,200,000.00 °ae as of April 9, 2003
<br />Mortgage Recorded State Nebraska county Hall Nate Aril- 2003 Originally antlarsatl l °rinsurenca antler Section
<br />l3o°k Page April um We n.uw nu,Yr M4ea=n4e
<br />This Agreement entered into this as of this 9911h day of April .20 U] between
<br />French Village, L.P., a Nebraska limited partnership whose ad-
<br />dress is 13132 Davenport Street, Suite 2, Omaha, Nebraska 68154
<br />then successors, beirs, and assigns (jointly and severally.hereinafterreferred to as Owners) andite undersigned Secretary of Housing and Urban Development
<br />and his successors (hereinafter referred to as Secretary).
<br />In consideration of the endorsement for insurance by the Secretary of the
<br />shrive described note or in consider hon of the consent of the Secretary to
<br />the transfer of the mortgaged property or the sale and conveyance of the
<br />mortgaged property by the Secretary, and in order to comply with the
<br />requirements of the National Housing Act, as amended, and the Regulations
<br />adopted by the Secretary pursuant therein, Owners agree for themselves,
<br />their succceaurs, heirs and assigns, that in connection with Inc mortgaged
<br />property and the project operated thereon and so long as the contract of
<br />mortgage insurance continues in effect, and during such further period of
<br />time as the SCRltury shall be the owner, holder or reinsurer ofthe mortgage,
<br />or during any time the Sccraary is obligated to insure a mortgage on the
<br />mortgage property:
<br />1. Owners, except as limited by paragraph 17 hereof, assume and agree
<br />to make promptly all payments due under the note and mortgage.
<br />2. (a) Owners shall establish or continue to maintain a reserve fund for
<br />replacements by The allocation to such reserve fund in a separate
<br />account with the mortgagec or in a safe and responsible deposi-
<br />tory designated by the mortgagee, concurrently with the begin-
<br />ning of payments towards amortization of the principal of the
<br />mortgage insured or held by the Sccrcudy of an amount equal to
<br />$ 1 1128 OOm per month unless a different date or
<br />amount is approved in writing by the Secretary.
<br />(b) Where Owners are acquiring a project already subject to an
<br />insured mortgage, the reserve fund for replacuarmix to be estab-
<br />lished will be equal to the amount due to be in such fund under
<br />existing agreements or charter provisions at the time Owners
<br />acquire such project, and payments hereundershall begin with the
<br />first payment due on the mortgage after acquisition, unless some
<br />other method of establishing and maintaining the fund is ap-
<br />proved in writing by the Secretary.
<br />3. Real property covered by the mortgage and this agreement is described
<br />in Railroad "A" attached hereto.
<br />(This paragraph 4 is not applicable to cases insured under Scc iun 232)
<br />4. (a) Owners shall make dwelling accommodation and services of rare
<br />project available to occupants at charges not exceeding those
<br />established in accordance with a rental schedule approved in
<br />writing by the Secretary, for any project subject to regulation of
<br />rent by the Secretary. Accommodations shall nut be rented for a
<br />period of less than thirty (30) days, or, unless the mortgage is
<br />Insured under Section 231, for mart [ban three years - Commercial
<br />facilities shall be rented for such use and upon such terms as
<br />approved by the Secretary. Subleasing of dwelling accommnda-
<br />items, except for subleases of single dwelling accommodations by
<br />lire tenant thereof, shall be prominted without prior written
<br />Such fund, whether in the form of u cash deposit or invested in
<br />approval of Owners and the Secretary and any lease shall so
<br />obligations of, or fully guaranteed as to principal by, the United
<br />provide. Upon discovery of any unapproved sublease, Owners
<br />States of America shall at all times be under the control of the
<br />shall inunediately demand cancellation and notify the Secretary
<br />mortgagee. Disbursements from such fund, whether for the pur-
<br />thereof
<br />pose ofeffecling replacement ofsnuctural elements andmeuhani- b)
<br />(
<br />Upon prior wrirtena approval the Owners nary charge
<br />p F y �' y tl
<br />cal equipment of the project or for any other purpose, may be
<br />to and an tenant time to tiers
<br />to
<br />made only after receivi rig the consent in writing of the Secretary -
<br />and the Owners
<br />upon between ant an
<br />maybe mutually and between en the
<br />mutuelymurce
<br />In the event that the owner is unable m make a mortgage note
<br />/or may
<br />for any facilities and/or services which may be furnished by the
<br />payment on the due date and [hat payment cannot be made prior
<br />Owlities othersmes approvedirentaddition
<br />w the due day of the next such Installment or when the mortgagee
<br />l heduhc
<br />facilities and services included in the approved rental schedule.
<br />included in the
<br />has agreed to forgo making an election to assign the mortgage to
<br />Approval charges for and fa tat required for
<br />rent
<br />the Secretary based on a munelary default, or to withdraw an
<br />o rogues
<br />f b
<br />any project not subject to regulation of rent by the Secretary.
<br />t
<br />election already made, the Secretary is authorized to instruct the
<br />mortgagee to withdraw funds from the reserve fund for replace- (c)
<br />For any project subject to regulation of rent by the Secretary, the
<br />manta to be applied to the mortgage payment in order to prevent
<br />Secretary will at any time entertain a written request for a rent
<br />or cure the default In addit ion, in the event ofa default in the terms
<br />increase properly supported by substantiating evidence and
<br />ofthc mortgage, pursuant to which the loan has been accelerated, -
<br />within a reasonable nmc shull:
<br />the Secretary may apply or authorize the application of the
<br />balance in such fund to the amount due on the mortgage debt as
<br />accelerated.
<br />Page I Of 6
<br />loan HUD - 92466(11/2002)
<br />Replaces FHA -2466 which may be used until supply exhausted
<br />p y $
<br />ref Handbook 4571.1
<br />
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