|
13. As used in this Agreement the term:
<br />(a) " Mortgage" includes "Deed of Trost", "Chanel Mortgage", "Se-
<br />curity Instrument", and any other security for the now identified
<br />herein, and endorsed for insurance or held by me Secretary;
<br />(b) "Mortgagee" refers to the holder of the mortgage identified
<br />herein, its successors and assigns;
<br />(c) "Ovours"referstothepersons named in the firstparagraph hereof
<br />and designated m Owners, their successors, heirs and assigns;
<br />(d) "Mortgag @d Property" includes all property, real, personal or
<br />mixed, covered by the mortgage or mortgages securing the time
<br />endorsed for insurance or held by the Secretary;
<br />(e) " Project' includes the mortgaged property and all its other assets
<br />ofwhats amr.mam or wheresoever siluale, used in or owned by
<br />the business..ducmd on said mortgaged property, which busi-
<br />ness is providing housing and other activities as are incidental
<br />thereto;
<br />(f) "Surplus Cash" means any cash remaining after:
<br />(1) the payment of.
<br />(i) All sums due or currentlyrequired to be pa id under the
<br />terms of any mortgage m note insured or held by the
<br />secretary;
<br />(ii) All amounts required to be deposited in the reserve fund
<br />for replacements;
<br />(iii) All obligations of me project other than the insured
<br />mortgage unless funds for payment are set aside or
<br />deferment ofpayment has been approved by the Secre-
<br />tary; and
<br />(2) the segregation of:
<br />in An amount equal to the aggregate of all special funds
<br />required to be maintained by me project; and
<br />(ii) All tenant security deposits held.
<br />(g) "Distribution" means any withdrawal or taking of cash or any
<br />assets ofthepreject, including me segregation ofcash massetsfor
<br />subsequent withdrawal within the limitations of Paragraph 6(e)
<br />hereof, and excluding payment for reasonable expenses incident
<br />m the operation and maintenance of the project
<br />200304289
<br />(b) "Default" means a default declared by the Secretary wben a
<br />violation of this Agreement is not econsued to his satisfaction
<br />within the time allowed by this Agreement or such further time as
<br />may be allowed by the Secretary after written notice;
<br />(t) " Section " refers to a Section ofthe National Housing Act, as
<br />amended.
<br />0) "Displaced persons or families" shall mean a family or families,
<br />or a person, displaced from an urban renewal area, ores the result
<br />of government action, or as a result of a major disaster as
<br />determined by the President pursuant to the Disaster ReliefAct of
<br />1970.
<br />(k) "Elderly person" means any person, married or single, who is
<br />sixty-two years of age or over.
<br />10. This instrument shall bind, and the benefits shall more to, the respu-
<br />five Owners, their heirs, legal representatives, executers, admimstra-
<br />tors, successors in office or interest, and assigns, and to me Secretary
<br />and his successors so long as the contract of mortgage insurance
<br />continues in effect, and during such further time as the Secretary shall
<br />be the owner, holder, or reinsurer of the mortgage, or obligated in
<br />reinsure the mortgage.
<br />15. Owners warrant that they have not, and will not, execute any other
<br />agreement with provisions contradictory of, or in opposition to, the
<br />provisions hereof, and mat, in any event, the requirements of this
<br />Agreement are paramount and controlling as to the rights and obliga-
<br />tions set form and supersede any other requirements in conflict
<br />therewith...
<br />16. The invalidity ofany clause, part or provisions of this Agreement shell
<br />not affect the validity or the remaining portions thereof.
<br />17. The following Owners: See below.
<br />Do not assume personal liability for payments due under the note and
<br />mortgage, or for the payments to the reserve for replacements, or for
<br />matters not under their control, provided that said Owners shall remain
<br />liable it. this Agreement only with respect to the matters hereinafter
<br />stated; namely:
<br />(a) f orfwidsorpropertyofthepmjectcominginmtheirh .dswhich,
<br />by me provisions hereof, they are not entitled to retain; and
<br />(b) for their own acts and deeds or acts and deeds ofothers which they
<br />have aummimd in violation of the provisions hereof.
<br />(To be executed with formalities for recording a deed to real estate.)
<br />FRENCH VILLAGE, L.P., a Nebraska limited
<br />partnership, and all present and future limited and
<br />general partners thereof
<br />-An initial deposit to the reserve fund shall also be made
<br />in the amount of $25,000.00
<br />a' Owners are subjen to a certain "Use Ageement and Amendment ofReguluory
<br />A,memmt" by and between me Secrete, and James C. Reeler, humanant No.
<br />93- 101096 recorded Febmary 5,1993 in Regater of Deeds of Hall County, Nebraska.
<br />and asseed by Owners under Assumption Agreement, instrument No. 20- 000,5300 of
<br />said Register of Dmdx In the ewm of my conaict with this Agrecmmt me
<br />provisions of the Use Agra s end Arnmebrent of Rcgmalor, Agrwmwa shell
<br />control. The Us Ageement aM Arnmdmenl of Regulatory Agreement will remain
<br />N elect until April I, 2009.
<br />Replaces FHA 24M which may be used until supply exhausted Page 4 of 6 form Href H 2466 (1 112002)
<br />
|