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200702332 (b) Where Owners are acquiring a project already subject to an insured mortgage, thc rcscrvc fund for replacements to be established will be equal to the amount due to be in such fund under existing agreements or l.:harter provisions at the time Owners acquire such project, and payments hereundcr shall bcgin with the first payment due on the mortgage after acquisition, unless some other method of establishing and maintain the fund is approved in writing by the Secretary. (c) ffOwners are a nonprofit entity or a limited distribution mortgagor, Owners shall establish and maintain, in addition to the reserve fund for replacements, a residual receipts funds by depositing thereto, with the mortgagee, the residual receipts, as defined herein, with 60 days after the end ofthc scmiannual or annual I1scal period within which such receipts are realized. Residual receipts shall be under the control of the Secretary, and shall be disbursed only on the direction of the Secretary, who shall have thc powcr and authority to direct that the residual receipts, or any part thereof, by used for such purpose as hc may determine. 3. Real property l.:overed by the mortgage and this Agreement is desl.:ribed in Schedule A attached hereto. 4. Except as provided in Paragraph 5 hereof: (a) Owners shall make dwelling accommodations and services of the project available to occupants at charges not exceeding those established in accordance with a rental schedule approved in writing by the Secretary. Al.:commodations shall not be rented for a period ofless than thirty (30) days, or, unless the mortgage is insured under Section 231, for more that three years. Commercial faeilities shall be rented for such use and upon such terms as approved by the Secretary. Subleasing of dwelling accommodations, except for subleases of single dwelling accommodations by the tenant thereof, shall be prohibited without prior written approval of Owners and the Secretary and any lease shall so provide. Upon discovery of any unapproved sublease, Owners shall immediately demand cancellation and notify the Secretary thereof. (b) Upon prior written approval by the Secretary, Owners may charge to an receive from any tenant such amounts as from time to time by mutually agreed upon between the tenant and the Owners for any facilities and/or services which may be furnished by the Owners or others to such tenant upon his/her request, in addition to the facilities and services included in the approval rental schedule. (l.:) The sCl.:retary will at any time entertain a written rcquest for a rent inl.:rease properly supported by substantiating evidence and within a reasonable time shall: i) Approvc a rcntal schcdule that is neccssary to compensate for any nct increase, occurring since the last approved rental schedule, in taxes (other than income taxes) an operating and maintenance cost over which Owners have no effective control, or ii) Deny the inl.:rease stating the reasons thercfor. 5. (a) The criteria governing eligibility of tenants for admission to Sedion 8 units and conditions of continued occupancy shall bc in accordance with the Housing Assistance Payments Contract. (b) The maximum rent for ead] Sel.:tion 8 unit is stated in thc Housing Assistancc Paymcnts Contract and adjustments in such rents shall be made in accordanl.:e with the terms of the Housing Assistance Payments Contract. (c) Nothing contained herein shall be construed to relieve the Owners of any obligations under the Housing Assistance Payments Contract. 6. (a) ffthe mortgage is originally a Sel.:retary-held purl.:hase money mortgage, or is originally cndorscd for insurance under any Section other than Section 231, Owners shall not in selecting tenants discriminate against any person or persons by reason ofthe fact that there are children in the family. In the event the mortgage is insurcd undcr Section 231, Owners will give preference or priority of opportunity to occupy its dwelling accommodations to elderly persons and handicapped persons ad defined in the flUD Regulations. b) Ifthe mortgage is originally endorsed for insurance undcr Scction 22 I, Owners shall in selecting tenants give to other-wise eligible displaced persons or families an absolute preference or priority of occupancy which shall be al.:l.:omplished as follows: I) For a pcriod of sixty (60) days from the date of original offering, unless a shorter period ofHme is approved in writing by the Secretary, all unites shall be held for such preferred applicants, after whil.:h 2