200605643 - Laserfiche WebLink

Browse

200605643 3 (b) Assign, transfer, pledge, dispose of, or encumber any personal property, including rents or charges, and shall not disburse or payout any funds except as provided herein and in the Mortgage Restructuring Note or the Contingent Repayment Note, as applicable. (c) Remodel, reconstruct, add to, or demolish any part of the mortgaged property or subtract from any real or personal property of the project except as necessary to provide a reasonable accommodation or modification; (d) Pay any compensation or make any distribution of income or other assets of any kind except as provided in the Mortgage Restructuring Note or the Contingent Repayment Note, as applicable; (e) Engage, except for natural persons, in any business or activity, including the operation of any other project, or incur any liability or obligation not in relation with the project; (t) Require, as a condition of the occupancy or leasing of any unit in the project, any consideration or deposit other than the prepayment of the first month's rent plus a security deposit in an amount not in excess of one month's rent (the gross family contribution in Section 8 units) to guarantee the performance of the covenants of the lease. Any funds collected as security deposits shall be kept separate and apart from all other funds of the project in a trust account, the amount of which shall at all times equal or exceed the aggregate of all outstanding obligations under said account. (g) Undertake self-management, contract for management services, or pay any management or supervisory fees or allowances out of project funds above the maximum permitted by the Secretary. (h) Receive any fee or kickback from any managing agent, employee, or other provider of goods or services. 5. Amendment and Revision of Paragraph {12} ofthis Regulatory Agreement. Paragraph {12} of this Regulatory Agreement is hereby amended and revised to read as follows: (a) If the Owner has or comes to have any nonproject funds, all income and other funds of the project shall be segregated from any such funds of the Owner and segregated from any funds of any other corporations or persons. Income and other funds pledged to the mortgaged property shall be expended only for the purposes of the mortgaged property. Rider FHA-92465 on first 09-15-04