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200702329 Holiday Garden Townhouses II Grand Island, Nebraska FHA No. 103-35151 RIDER TO REGULATORY AGREEMENT 92465 FOR INSURED MULTI-FAMILY HOUSING PROJECTS (Section 231, Section 221(d)(3)/(d)(4), Section 223(t), pursuant to Section 223(a)(7) With Section 8 Housing Assistance Payments Contracts) (Participating in the Mark-to-Markct Program) THIS Rider is attached to and made a part of that certain REGULA TORY AGREEMENT dated as of March ~Q_", 2007, (this "Regulatory Agreement") by and between HOLIDAY GARDEN TOWNHOUSES II, A LIMITED PARTNERSHIP, a Nebraska limited partnership (the "Owner"), and the SECRETARY OF HOUSING AND URBAN DEVELOPMENT, WASHINGTON, D.C. (the "Secretary"). RECITALS: NOW, THEREFORE, in consideration of, and in exchange for, the making ofa mortgage restructuring loan ("MAHRA Restructuring Loan") by the U.S. Department of Housing and Urban Development ("I-IUD") and the disbursement of any part thercof~ and in order to comply with the requirements of the Multifamily Assisted Housing Reform and Affordability Act of 1997, Title V ofthe Departments of Veterans Affairs, Housing and Urban Development and Independent Agencies Appropriations Act, 1998 (Pub. L. No. 105-65, III Stat. 1384, approved on 10/27/97, as amended), and the Regulations adopted by the Secretary pursuant thereto, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, for themselves and for their respective successors and assigns, hereby agree that the terms of the Regulatory Agreement arc amended as follows: 1. Amendment and Revision of Paragraph 2(a) of this Re~ulatory Agreement. The Owner shall establish or continue to maintain a reserve fund for replacements to cover the cost of major replacements that are for the purpose of effecting replacement of structural elements and mechanical equipment of the Project or for any other purpose approved by BUD. The reserve for replacement fund shall be in a separate account in a bank which is a member of the Federal Deposit Insurance Corporation, Savings Association Insurance Fund, or the National Credit Union Share Insurance Fund. Beginning on the effective date of the Mortgage Restructuring Note that evidences indebtedness due under the MAHRA Restructuring Loan, the Owner agrees to deposit a Rider FHA.92465 on I1rsl 09.15.0,1