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<br />200605646
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<br />U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
<br />HOUSING - FEDERAL HOUSING COMMISSIONER
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<br />Mortgage Restructuring
<br />REGULATORY AGREEMENT FOR INSURED MULTI-FAMILY HOUSING PROJECTS
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<br />(With Section 8 Housing Assistance Payments Contracts)
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<br />Project No: 103-35073
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<br />HAP CONTRACT NO: NE260050004
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<br />Mortgagee Secretary of Housing and Urban Development
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<br />Amount of Mortgage Note $619,483.13
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<br />Date as of June 23, 2006
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<br />Mortgage: Recorded:
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<br />State Nebraska County Hall County
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<br />Date: Concurrent Herewith
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<br />Book
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<br />Page
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<br />DO (/~ Xt)~ ~ 65 (, t.f, 5
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<br />Originally endorsed for insurance under Section 22 Hd)(4) pursuant to Section 223(a)(7) ofthe National Housing Act.
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<br />This Agreement entered into effective as of June 23, 2006, between HOLIDAY GARDEN TOWNHOUSES, A
<br />LIMITED PARTNERSHIP, a Nebraska limited partnership, whose address is Five Points Bank, 2015 N. Broadwell, Grand
<br />Island, NE. 6880 I, their successors, heirs and assigns Gointly and severally, hereinafter referred to as Owners) and the
<br />undersigned Secretary of Housing and Urban Development and his/her successors (hereinafter referred to as Secretary).
<br />In consideration ofthe endorsement for insurance by the Secretary of the above described note or in consideration of
<br />the consent of the Secretary to the transfer of the mortgaged property or the sale and conveyance of the mortgaged property by
<br />the Secretary, and in order to comply with the requirements ofthe National Housing Act, as amended and the Regulations
<br />adopted by the Secretary pursuant thereto, Owners agree for themselves, their succcssors, heirs and assigns, that in connection
<br />with the mortgaged property and the project operated thereon and so long as the contract of mortgage insurance continues in
<br />effect, and during such further period of time as the Secretary shall be the owner, holder or reinsurer of the mortgage, or during
<br />any time the Secretary is obligated to insure a mortgage on the mortgaged property:
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<br />I. Owners, except as limited by paragraph 20 hereof, assume and agree to make promptly all payments due under the
<br />note and mortgage.
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<br />2. (a) Owners shall establish or continue to maintain a reserve fund for replacements by the allocation to such
<br />reserve fund in a separate account with the mortgagee or in a safe and responsible depository designated by the
<br />mortgagee, concurrently with the beginning of payments towards amortization of the principal of the mortgage
<br />insured or held by the Secretary of an amount equal to $1.666.67 per month unless a different date or amount is
<br />approved in writing by the Secretary. Such fund, whether in the form ofa cash deposit or invested in obligations
<br />of, or fully guaranteed as to principal by, the United States of America shall at times be under the control of the
<br />mortgagee. Disbursements from such fund, whcther for the purpose of effecting replacement of structural
<br />clements, and mechanical equipment ofthe project or for any other purpose, may be made only after receiving the
<br />consent in writing of the Secretary. In the event ofa default in the terms of the mortgage, pursuant to which the
<br />loan has been accelerated, the Secretary may apply or authorized the application of the balance in such fund to the
<br />amount due on the mortgage debt as accelerated.
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<br />(b) Where Owners are acquiring a project already subject to an insured mortgage, the reserve fund for
<br />replacements to be established will be equal to the amount due to be in such fund under existing agreements
<br />or charter provisions at the time Owners acquire such project, and payments hereunder shall begin with the
<br />first payment due on the mortgage after acquisition, unless some other method of establishing and maintain
<br />the fund is approved in writing by the Secretary.
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<br />(c) If Owners are a nonprofit entity or a limited distribution mortgagor, Owners shall establish and maintain, in
<br />addition to the reserve fund for replacements, a residual receipts funds by depositing thereto, with the
<br />mortgagee, the residual receipts, as defined herein, with 60 days after the end ofthe semiannual or annual
<br />fiscal period within which such receipts are realized. Residual receipts shall be under the control of the
<br />Secretary, and shall be disbursed only on the direction of the Secretary, who shall have the power and
<br />authority to direct that the residual receipts, or any part thereof, by used for such purpose as he may
<br />determine.
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<br />3. Real property covered by the mortgage and this Agreement is described in Schedule A attached hereto.
<br />4. Except as provided in Paragraph 5 hereof:
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