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<br />U. I. DIlPA&ftlDT 0" HaUlING AND Va.AN DIlvu.q-"'IlNT
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<br />REGULATORY AGREEMENT
<br />HOUSING FOR THE ELDERLY. NONPROFIT
<br />(Section 202 of the HOllSillg .1 ct of 1959)
<br />(Section 8 Housing Assista"ce Payments Contracts)
<br />
<br />Project Number
<br />
<br />103-EH054-NP~/L8, NE26-T861-005
<br />
<br />Amount of Mortgage Note $1,194,700
<br />
<br />Date
<br />
<br />March 22; 1988
<br />
<br />Morcpp Recorded: State Nebraska Countr (5 Counties) Date
<br />(Mams, Buffalo, Hall, Platte and Scotts Buff)
<br />This Agreement entered into this 24th day of March ,l9!88 I between
<br />Greater Nebraska Independent Housing I Inc;:-
<br />whose address is 1804 S. Eddy St., Grand Island, NE 6S~01 ,
<br />hereinafter called Mortgagor, and the undersigned Secrerary of Housing and Urban Development herein-
<br />after called HUD.
<br />
<br />In consideration of the making of the loan by HUD and the disbursement of any pan thereof, and
<br />in order to comply with the requirements of the Housing Act of 1959, and rhe Regulations adopted by
<br />the Seuetary/unuant thereto, the Mortgagor agrees for itself, its successors and assigns, and any owner of
<br />the mo...... properry, that in connection with the mortgaged property and the project operared thereon
<br />and 10 long as the loan is outstanding.
<br />
<br />(1) Morrgagor shall promptly makc all paymenrs due under the Note and Mortgage.
<br />
<br />(2) (a) Mortgagor will establish and maintain a special fund to be known as the revenue fund
<br />account in a bank which is a member of rhe Federal Deposit Insurance Corporation
<br />inco which will be deposited (i) the minimum capital inveSlment required pursuant !o
<br />the Regulations and (ii) all rentals. charges, income and revenue arising from the oper.
<br />ation or ownership of the project. Expenditures shall be made from the revenue fund
<br />accounr only in accordance with the operating budget submitted to 3IId approved b)'
<br />HUD,
<br />
<br />(3)
<br />
<br />On or before the firn day of each fISCal year dur.ns which tbe loan is ouwandina Mortgagor
<br />will submit an opcruina budget for lilaC fucal year to MUD. The budget sIWl inClude aU nec-
<br />essary operatins expenles. current maintenance charges. expenses of reasonable upkeep and
<br />repairs, tues and special aueument levies, prorated amount,; required for insurance and all
<br />other expenleS incidenc to rhe operation of the project; and shall show the expected revenues
<br />to pay such expenses, includinJ annual debt service requirements and reserve fund depositS,
<br />The expenses incurred and disbursements shall nOl exceed the reasonable and necessary
<br />amount thereof, and the Mortgagor will not expend any amounts or incur any obligations in
<br />exceu of the &mounD approved in the annual operating budget excepc upon written certifi.
<br />cation by the Mortgagor co HUO thac such expenses were unanticipated and are necessary
<br />and proYided further, thac nothing in this section shallllmit the amount which the Mortgagor
<br />may expend from Cuneb obtained from some other source than project revenues or other funds
<br />requiRd of the MortgllOr pursuant to this Agreement or the Building Loan Agreement.
<br />
<br />As security for the loan, for the required payments under thia Agreement into the reserve
<br />fund for replacement.. and for all orher obligarions of the MorlplOt under this Agreement,
<br />the Mortllaaor hereby assiKns, pledRes and rnonjtqes to HUD all its n.hcs to the income and
<br />charps of whateYer sort whkh it may r.:ccive or bl= entideclto receive from the operation of
<br />the mongapd property, subject, however, to any assignment of renes or projecc income in
<br />the monpgereferred to herein. Until a default occurs under chis Ap'eement, however,
<br />pemulSlon as grantea to Mortgagor to Collect and reram under tbe provlSlons ot tillS Agree-
<br />ment such rentl. profits. income and charges, but upon default this permwion is terminil.ted,
<br />as to all rents, profits, income and charges due or collected thereafter,
<br />
<br />Mortgagor will establish and mainrain a reserve fund for replacements by rhe alloca~ion to
<br />such reserve fund", . separate account in a bank which is insured by the Federal Deposit
<br />Insurance Corporation, concurrently wirh the beginning of payments towards amortization
<br />of the principal of the Mattias. held by HUD of an amount equal to S 359.50
<br />per month unleu a different date or amount is approved in writing by HUD. Such
<br />fund, whemer in the form of a cub deposit or invested in ollligations of, or fully guaranteed
<br />as to principal by. the United Scates of America shall at all times be subject to the control of
<br />HUD. Disbursements from such fund, whether for the purpose of effecting replacement of
<br />srructural elements. and mechanical equipment of the project or for any other purpose, may
<br />be made only after the consent in writinR of HUD, In the event of a default in the terms of du
<br />mO"lap, HUD may demand the full or partial application ofrhe balance in such fund to the
<br />amount due on the mortgage debt. The Mortgagor additionally shall deposit inco the reserve
<br />fun~ for replacements within 60 days aCter the end of each fiscal year, any Residual Receipts
<br />reahze.d from the operation of the mOf(gaged property,
<br />
<br />The real property covered by the mortgage and this ;&greement is du&'ribed in Schedule A
<br />anached hereto.
<br />
<br />(4)
<br />
<br />(5)
<br />
<br />(6)
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