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200702332 (f) "Surplus Cash" (profit-motivated Owner) or "Residual Receipts" (nonprofit Owner) means any cash remaining at the end ofa semiannual and annual fiscal period after: (1) the payment of: (i) All sums due or currently required to be paid under the terms of any mortgage or note insured or held by the Secretary; (ii) All amounts required to be deposited in the reserve fund for replacements; (iii) All obligations of the project other than the insured mortgage unless funds for payment are set aside or deferment of payment has been approved by the Secretary; and (2) the segregation of. (i) An amount equal to the aggregate of all special funds required to be maintained by the project; (ii) All tenant security deposits held: (g) "Residual Rcceipts" ( limited distribution mortgagor) means any cash remaining at the end ofa scmiannual or annual tlscal period after deducting from surplus cash the amount of distributions as that term is defIned below and as limited by Paragraph 8 (e) hereof; (h) "Distribution" means any withdrawal or taking of cash or any assets ofthe project, including the segregation of cash or assets for subsequent withdrawal within the limitations of Paragraph 8 (e) hereof, and excluding payment tor reasonable expenses incident to the operation and maintenance ofthe project. (i) "Default" means a default declared by the Secretary when a violation of this Agreement is not correct to the satisfaction of the Secretary within the time al10wed by this Agreement or such further time as may be allowed by the Secretary after written notice; U) "Section 8 units" refers to units assisted under Section 8 of the United States I lousing Act of 1937 pursuant to a Housing Assistance Payments Contract. (k) "Housing Assistance Payments Contract" refers to a written contract between the Owner and HUD, or the Owner and a Public Housing Agency, or the Owner and a Housing Finance Agency for the purpose of providing housing assistance payments to the Owner on behalf of eligible families under Section 8 of the United States Housing Act of 1937. (I) "Displaced persons or families" shall means a family or families, or a person, displaced from an urban renewal area, or as a result of a major disaster, as determined by the President pursuant to the Disaster Relief Act of 1970. (m) "Elderly persons" means any person, married or single, who is sixty-two years of age or over. 17. This instrument shall bind, and the benefits shall insure to, the respective Owners, their heirs, legal representative executors, administrators, successors in office or interest, and assigns, and to the Secretary and successors of the Secretary so long as the contract of mortgage insurancc continues in effect, and during such further timc as the Secretary shall be the owner, holder or reinsurer of the mortgage, or obligated to reinsure the mortgage. 18. Owners warrant that thcy have not, and will not, execute any other agreement with provisions contradictory to, or in opposition to, the provisions hereof, and that, in any event, the requirements of this Agreement are paramount and controlling as to the rights and obligations set forth and superseded any other requirements in contlict therewith. 19. Thc invalidity or any clause, part or provision of this Agreement shall not affect the validity of the remaining portions thereot: 20. The following Owners: Holiday Garden Townhouses II, A Limited Partnership, its general and limited partners do not assume personal liability for payments due under the note and mortgagc, or for the payments to the reserve for replacements, or for matters not under their control, provided that said Owners shall remain liable under this Agreement only with respect to the matters hereinaller state namely: (a) for [unds or property of the project coming into their hands which, by the provisions hereof: they are not entitle to retain; and 6