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200702326 2 "Land Records") as Instrument No. 81-001393 (as amended and/or assigned through the date hereof, the "Mortgage"), that certain Security Agreement and certain other instruments executed in connection with the Loan. C. The Loan is insured by the Secretary under certain provisions of the National Housing Act, as amended, as evidenced by the endorsement of the Note by the Secretary (the "Contract of Insurance"). In connection therewith, the Owner, or a predecessor in interest, and the Secretary have executed that certain Regulatory Agreement for Insured Multifamily Housing Projects dated March 10, 1981 and recorded on March 23, 1981 among the Land Records as Instrument No. 81- 1394 (as amended and/or assigned through the date hereof, the "Regulatory Agreement"). The Regulatory Agreement is incorporated by reference into and made a part ofthe Mortgage. D. Pursuant to the terms of the Regulatory Agreement, the Owner and each of its successors, heirs or assigns are bound by the terms of the Regulatory Agreement so long as the Contract of Insurance remains in effect. E. As of the date hereof, the entire indebtedness secured by the Mortgage and evidenced by the Note has been paid by or on behalf of the Owner to the Mortgagee, and the Mortgage and the Note have been released and satisfied, respectively, causing the Contract of Insurance to be of no further force or effect. Therefore, the Owner has requested that the Secretary release the Property from the lien of the Regulatory Agreement and release the Owner from the obligations set forth therein. NOW, THEREFORE, for and in consideration of the termination of the Section 221 (d)(4) mortgage insurance and other good and valuable consideration, the adequacy and receipt of which are hereby acknowledged, HUD does hereby release the Regulatory Agreement filed for record in Recorder's Office, Hall County, in effect with respect to FHA Project No. 103-35087 and does hereby agree that the Owner, its successors and assigns are released from all obligations set forth in the Regulatory Agreement, which are based on facts or circumstances occurring after the date of this Release; provided however that nothing herein shall constitute a release or waiver of any claims or causes of action, known or unknown that the Secretary may have against the Owner or any other person or entity for violations of the Regulatory Agreement which took place prior to the execution ofthis document. Release of Reg Agreement Rev 12 - 15 - 04