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<br />U.S. DEPARTMENT or HOUSING AND URBAN DEVELOPMENT
<br />HOUSING - FEDERAL HOUSING COMMISSIONER
<br />
<br />Mortgage Restructuring
<br />REGULATORY AGREEMENT FOR INSURED MULTI-FAMILY HOUSING PROJECTS
<br />
<br />(With Section 8 Housing A~'sistance Payments Contracts)
<br />
<br />Project No: 103-35087
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<br />HAP CONTRACT NO: NE260055007
<br />
<br />Mortgagee Secretary of Housing and Urban Development
<br />
<br />Amount of Mortgage Note $469,521.66
<br />
<br />Mortgage: Recorded:
<br />
<br />State Nebraska County Hall County
<br />
<br />Date as of March 20, 2007
<br />
<br />Book
<br />
<br />Page
<br />
<br />Date: Concurrent Herewith
<br />
<br />Originally endorsed for insurance under Section 221( d)(4) pursuant to Section 223(a)(7) of the National I lousing Act.
<br />
<br />This Agreement entered into effective as of March 20, 2007, between HOLIDAY GARDEN TOWNHOUSES II, ^
<br />LIMITED PARTNERSHIP, a Nebraska limited partnership, whose address is c/o rive Points Bank, 20]5 N. Broadwell, Grand
<br />Island, NE. 6880], their successors, heirs and assigns (jointly and severally, hereinaftcr rderrcd to as Owners) and the
<br />undersigned Secretary of Housing and Urban Development and his/her successors (hereinafter rderred to as Secretary).
<br />]n consideration of the endorsement for insurance by the Secretary of the above describcd note or in consideration of
<br />the consent of the Sccretary to the transfer ofthe mortgaged property or the sale and conveyance of the mortgaged property by
<br />the Secretary, and in order to comply with the requirements of the National Housing Act, as amended and the Regulations
<br />adopted by the Secrctary pursuant thereto, Owners agree for themselves, their successors, heirs and assigns, that in connection
<br />with the mortgaged property and the project operated thereon and so long as the contract of mortgage insurance continues in
<br />effect, and during such further pcriod of time as the Secretary shall be the owner, holder or reinsurer ofthc mortgage, or during
<br />any time the Secrctary is obligated to insure a mortgage on the mortgaged property:
<br />
<br />]. Owners, except as limited by paragraph 20 hereof, assume and agree to make promptly all payments due under the
<br />note and mortgage.
<br />
<br />2. (a) Owners shall establish or continue to maintain a reserve fund for replacements by the allocation to such
<br />reserve fund in a separate account with the mortgagee or in a safe and responsible depository designated by the
<br />mortgagee, concurrently with the beginning of payments towards amortization of the principal of the mortgage
<br />insured or held by the Secretary ofan amount equal to $1,416.67 per month unless a different date or amount is
<br />approved in writing by the Secretary. Such fund, whether in the form of a cash deposit or invested in obligations
<br />of: or fully guaranteed as to principal by, the United States of America shall at times be under the control of the
<br />mortgagee. Disbursements from such fund, whether for the purpose of effecting replacement of structural
<br />elements, and mechanical equipment of the project or for any other purpose, may be made only after receiving the
<br />consent in writing of the Secretary. In the event ofa default in the terms ofthe mortgage, pursuant to which the
<br />loan has been accelerated, the Secretary may apply or authorized the application of the balance in such fund to the
<br />amount due on the mortgage debt as act:elerated.
<br />
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