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200702329 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT HOUSfNG - FEDERAL HOUSING COMMISSIONER REGULATORY AGREEMENT FOR INSURED MULTI-FAMILY HOUSING PROJECTS Project No: (With Section 8 Housing Assistance Payments Contracts) FHA No. ] 03-35 151 !-lAP CONTRACT NO: NE2600SS007 Mortgagee: Wells Fargo Bank, National Association Mortgage: Recorded: Amount of Mortgage Note: $344,600.00 County: Hall Date: as of March ~o , 2007 State: Nebraska Recording Date: March _, 2007 Book Page Originally endorsed tor insurance under Section 221 (d)( 4) pursuant to Section 223(a)(7) of the National Housing Act. This Agreement entered into as of the ~Q__ day of March, 2007, betwecn Holiday Garden Townhouses II, A Limited Partnership, a Nebraska limited partnership, whose address is c/o Five Points Bank, 20]5 N. Broadwell, Grand Island, Nebraska 68801, their successors, heirs and assigns Gointly and severally, hereinafter referred to as Owners) and the undersigned Secretary of Housing and Urban Development and his/her successors (hereinafter referred to as Secretary). In consideration of the endorsement for insurance by the Sec.retary of the above described note or in consideration of the consent of the Secretary to the transfer of the mortgaged property or the sale and conveyance of the mortgaged property by the Secretary, and in order to comply with the requirements of the National Housing Act, as amended and the Regulations adopted by the Secretary pursuant thereto, Owners agree for themselves, their successors, heirs and assigns, that in connection with the mortgaged property and the project operated thereon and ~o long as the contract of mortgage insurance continues in effect, and during fmch further period of time as the Secretary shall be the owner, holder or reini'Ourer of the mortgage, or during any time the Secretary is obligated to insure a mortgage on the mortgaged property: l. Owners, except as limited by paragraph 20 hereof~ assume and agree to make promptly all payments due under the note and mortgage. 2. (a) Owners shall establish or continue to maintain a reserve fund for replacements by the allocation to such reserve fund in a separate account with the mortgagee or in a safe and responsible depository designated by the mOltgagee, concurrently with the beginning of payments towards amortization of the principal of the mortgage insured or held by the Secretary of an amount equal to $1,416.67* per month unless a different date or amount is approved in writing by the Secretary. Such fund, whether in the form of a cash deposit or invested in obligations of, or fully guaranteed as to principal by, the United States of America shall at times be under the control of the mortgagee. Disbursements from such fund, whether for the purpose of effecting replacement of structural elements, and mechanical equipment of the project or for any other purpose, may be made only after receiving the consent in writing of the Secretary _ In the event of a default in the terms of the mortgage, pursuant to which the Joan has been accelerated, the Secretary may apply or authorized the application of the balance in such fund to the amount due on the mortgage debt as accelerated. *plus a deposit of $175,000.00