Laserfiche WebLink
<br />.11- <br /> <br />200702332 <br /> <br />(1) Require, as a condition of the occupancy or leasing of any unit in the project, any <br />consideration or deposit other than the prepayment of the first month's rent plus a security deposit <br />in an amount not in excess of one month's rent (the gross family contribution in Section Sunits) <br />to guarantee the performance of the covenants of the lease. Any funds collected as security <br />deposits shall be kept separate and apart from all other funds of the project in a trust account, the <br />amount of which shall at all times equal or exceed the aggregate of all outstanding obligations <br />under said account. <br /> <br />(g) Undertake self-management, contract for management services, or pay any <br />management or supervisory fees or allowances out of project funds above the maximum <br />permitted by the Secretary. <br /> <br />(h) Receive any fee or kickback from any managing agent, employee, or other provider <br />of goods or services. <br /> <br />5. Amendment and Revision of Paragraph 12 of this Regulatory Agreement. <br />Paragraph 12 of this Regulatory Agreement is hereby amended and revised to read as follows: <br /> <br />(a) If the Owner has or comes to have any nonproject funds, all income and other funds <br />of the project shall be segregated from any such funds of the Owner and segregated from any <br />funds of any other corporations or persons. Income and other funds pledged to the mortgaged <br />property shall be expended only for the purposes of the mortgaged property. <br /> <br />(b) Owner shall provide for the management of the project satisfactory to BUD. Any <br />management contract entered into by the Owner involving the project shall contain a provision <br />that it shall be subject to termination, without penalty and with or without cause, upon written <br />request by HUD addressed to the Owner and the management agent. Upon receipt of such <br />request the Owner shall immediately move to terminate the contract within a period of not more <br />than 30 days and shall make arrangements satisfactory to HUD for continuing proper <br />management of the project. <br /> <br />(e) Neither Owner nor its agents shall make any payments for services, supplies or <br />materials unless such services are actually rendered for the project or such supplies or materials <br />are delivered to the project and are reasonably necessary for its operation. Payments for such <br />services or materials shall not exceed the amount ordinarily paid for such services, supplies or <br />materials in the area where the services are rendered or the supplies or materials furnished. <br /> <br />(d) The mortgaged property, equipment, buildings, plans, offices, devices, books, <br />apparatus, contracts, records, documents, and all other papers relating thereto shall at all times be <br />maintained in reasonable condition for proper audit and subject to examination and inspection at <br />any reasonable time by HUD and its duly authorized agents. Owner and its successors, assigns or <br />its agents shall retain copies of all written contracts or other instruments which affect the <br />mortgaged property, all or any of which may be subject to inspection and examination by HUD <br />or its duly authorized agents. <br /> <br />(e) The books and accounts of the operations of the mortgaged property and the project <br />shall be kept in accordance with the requirements ofHUD. <br /> <br />HUD-92465 (7-77) <br />