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<br />200702332
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<br />Holiday Garden Townhouses n
<br />Grand Island, Hall County, Nebraska
<br />FHA Project No.: 103-35087
<br />
<br />RIDER TO MORTGAGE RESTRUCTURING MORTGAGE/CONTINGENT REPAYMENT
<br />MORTGAGE REGULATORY AGREEMENT 92465 FOR
<br />INSURED MUL TI-F AMIL Y HOUSING PROJECTS
<br />(Section 231, Section 221(d)(3)/(d)(4), Section 223(1), pursuant to Section 223(a)(7)
<br />With Section 8 Housing Assistance Payments Contracts)
<br />(Participating in the Mark-to-Market Program)
<br />
<br />THIS Rider is attached to and made a part of that certain REGULATORY AGREEMENT dated as of
<br />March 20,2007, (this "Regulatory Agreement") by and between HOLIDAY GARDEN TOWNHOUSES II, A
<br />LIMITED PARTNERSHIP, a Nebraska limited partnership (the "Owner"), and the SECRETARY OF HOUSING
<br />AND URBAN DEVELOPMENT, WASHINGTON, D.C. (the "Secretary").
<br />
<br />RECITALS:
<br />
<br />NOW, THEREFORE, in consideration of, and in exchange for, the making of a mortgage restructuring
<br />loan ("MAHRA Restructuring Loan") by the U.S. Department of Housing and Urban Development ("HUD")
<br />and the disbursement of any part thereof, and in order to comply with the requirements of the Multifamily
<br />Assisted Housing Reform and Affordability Act of 1997, Title V of the Departments of Veterans Affairs,
<br />Housing and Urban Development and Independent Agencies Appropriations Act, 1998 (Pub. L. No.1 05-65, 111
<br />Stat. 1384, approved on 10/27/97, as amended), and the Regulations adopted by the Secretary pursuant thereto,
<br />and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
<br />parties hereto, for themselves and for their respective successors and assigns, hereby agree that the terms of the
<br />Regulatory Agreement are amended as follows:
<br />
<br />1. Residual Receipts Account. From and after the date hereof, but only for so long as the
<br />mortgaged property is encumbered by the MAHRA Restructuring Loan made even date herewith,
<br />evidenced and/or secured by a Mortgage Restructuring Note and a Mortgage Restructuring Mortgage
<br />and/or, if applicable, the Contingent Repayment Note and a Contingent Repayment Mortgage, all
<br />provisions in this Regulatory Agreement, if any, requiring the Owner to maintain a residual receipts
<br />account or fund shall be of no further force or effect.
<br />
<br />2. Owner's Distributions. From and after the date hereof, but only for so long as the mortgaged
<br />property is encumbered by the MAHRA Restructuring Loan made of even date herewith, evidenced and/or
<br />secured by a Mortgage Restructuring Note and a Mortgage Restructuring Mortgage, and/or, if applicable,
<br />the Contingent Repayment Note and a Contingent Repayment Mortgage, all provisions in this Regulatory
<br />Agreement, if any, regulating the amount and/or timing of distributions of assets, income or dividends to
<br />the Owner shall be of no further force or effect; provided, however, that the foregoing shall be subject to
<br />compliance by the Owner with all limitations as to distributions to the Owner and other restrictions as to
<br />uses of Project income as may be set forth in the documents that evidence or secure the MAHRA
<br />Restructuring Loan.
<br />
<br />3. Amendment and revision of Paragraph 2(a) of this Regulatory Agreement.
<br />Paragraph 2(a) of this Regulatory Agreement is hereby amended to include the following language:
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<br />HUD-92465 (7-77)
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