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200702329 2 monthly amount equal to $1,416.67 per month, plus a deposit in the amount of $175,000.00. The amount of the monthly deposit will be increased annually by the published Operating Cost Adjustment Factor, and may be otherwise increased or decreased from time to time at the written direction ofHUD, without a recorded amendment to this Agreement. The Owner agrees to carry the balance in this fund on the financial records as a restricted asset. The Owner agrees that disbursements from such fund may be made only after receiving the consent in writing ofthe Secretary or his designee. In the event of a default in the terms of the Note(s), pursuant to which the Security Instrument(s) haslhave been accelerated, the Secretary may apply the balance in such fund to the amount due on the Note(s) as accelerated. 2. Residual Receipts Account. From and after the date hereof, but only for so long as the mortgaged property is encumbered by the MAHRA Restructuring Loan made even date herewith, evidenced and/or secured by a Mortgage Restructuring Note and a Mortgage Restructuring M011gage and/or, if applicable, the Contingent Repayment Note and a Contingent Repayment Mortgage, all provisions in this Regulatory Agreement, if any, requiring the O\\ner to maintain a residual receipts account or fund shall be of no further force or dIect. 3, Owner's Distributions, From and after the date hereof, but only for so long as the mortgaged property is encrunbered by the MAHRA Restructuring Loan made even date herewith, evidenced and/or secured by a Mortgage Restructuring Note and a Mortgage Restructuring Mortgage, and/or, if applicable, the Contingent Repayment Note and a Contingent Repayment Mortgage, all provisions in this Regulatory Agreement, if any, regulating the amount and/or timing of distributions of assets, income or dividends to the O\\'ner shall be of no further force or effect; provided, however, that the foregoing shall be subject to compliance by the Owner with all limitations as to distributions to the Owner and other restrictions as to uses of Project income as may be set forth in the documents that evidence or secure the MAHRA Restructuring Loan. 4, Amendment and revision of Paragraph 8 of this Regulatory Agreement. Paragraph 8 of this Regulatory Agreement is hereby amended and revised to read as follows: Owner shall not without the written approval of the Secretary: (a) Transfer, assign, pledge, dispose of, encumber or allow easements on any of the mortgaged property. Any such transfer shall be only to a person or persons or corporation satisfactory to and approved by HUD, who shall, by legal and valid instrument in writing, to be recorded or filed in the same recording office in which conveyances of the property covered by the Mortgages are required to be filed or recorded, duly assume all obligations under this Agreement and under the Notes and Mortgages. Rid~r FHA.92465 on llrst 09-15-04