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<br />84..- 005482
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<br />FHA FORM NO, 1130
<br />R.v. 0(;,.. 1969
<br />(PriOt Ro~if,ions Cblel.,.)
<br />
<br />U. s, DEPARTMENr OF HOUSING AND URBAN DEVELOPMENr
<br />FEDERAL HOUSING ADMINISTRATION
<br />
<br />REGULATORY AGREEMENT FOR LIMITED DISTRIBUTION MORTGAGOR PROJECTS
<br />UNDER SECTION 221(.1)(3) OF TH~ MAT10MAL HOUS!"'~ ACT, AS AME~OEO
<br />
<br />Project No. 103-55011-LDI
<br />Mortgegee Government National ~lortgage Association
<br />
<br />Amount of Mortgage Note $634,800
<br />Mortgage: Recorded: Grand Island State Nebraska County Hall
<br /> Book 145 Page 316
<br /> Assigned 57 2
<br />This Agreement entered into this 29th day of July
<br />
<br />Date 2/1/68
<br />Date 2/8/68
<br />
<br />3/26/70
<br />, 1983.
<br />
<br />between
<br />
<br />Harold F. Hoppe, Harold F. Hoppe, Jr., and Robert M. Peshekr
<br />P. ,0. Box 102, Gra'1d Isla."1d, c:'"' r:,"':02
<br />
<br />whose address is
<br />
<br />RECORDERS MEMO' i~.R~ .J-,:) "
<br />////7..LL.-i.'-D r ~6/~~"-.,.u.--CZ:-.:? ~rr(
<br />
<br />6 P:'-C 9~s
<br />:;{{.,/ ~,..c?
<br />Reg. o! Deeds
<br />
<br />their successors, heirs, and assigns (joinlly and severally, hereinefter referred to es Owners) and the undersigned
<br />Secretary of Housing and Urban Development and his successors, acting by and through the Federal Housing Commission.
<br />er (hereinafter called Commissioner).
<br />
<br />In consideration of the endorsement for insurance by the Commissioner of the ahove described note Or in considera-
<br />tion of the consent of the Commissioner to the transfer of the mortgaged property, and in nrder to comply with the
<br />requuements of Section 221(dX3) of the National Housing Act, as emended, and the Regulations adopted by theCommis-
<br />sioner pursuant thereto. Owners ~gree for themselves, their successors, heirs a.liG assigns, that in. ool!l!ecUon with the
<br />mortgaged property and. the project op",ated thereon and so long es the contract of mortgage insurance eontinlle$ in ef-
<br />fect, and during such further period of time as the Commissioner shall be the owner, holder or reinsurer of the mortgage,
<br />or during any time the Commissioner is obIigaled to insure a mortgage on the morlgeged property:
<br />
<br />1. Owners, except as limited by paragraph 17 hereof, shall promptly meke all peyments due under the note end
<br />mortgage.
<br />
<br />.l.. (a) Owners shall establish or continue to maintain a reserve fund for re-placements by the allocation to sU\;b
<br />reserv~ fund in d ~t:parate account with the mortgagee or in a safe and responsible depository desi~..ted_ by
<br />the mortgagee, concurrently with the beginning of payments towards amortization of the principal of the._tgage
<br />insured or held by the Conunissioner of an amount equel to $ 184 . 00 per month unless a different
<br />date or amount is approved in writing by the Commissioner, Such fund, whether in the form of e cash deposit
<br />or invested lD obligations of,or fully guaranteed as to principal by, the United States of America, shall et all
<br />times be under the control of the rnottgagee~ Disbursements from such fiL-i!, whether for t}-m pUfpotie of effec-
<br />ting replacement of structural elements and mechani{'al equipment of the project or for any other pufl'Os",
<br />m3j! he ;roQde onIy after it?C.c.'Ving the consent in writIng of the Commissioner. [n the event of a default in the
<br />tenus of the mortgage, pursuant to whIch the loan has been accelerated, the Commissioner mey apply Or
<br />authOrize the application of the balence in such fund to the amount due on the mortgage debt as accelereted.
<br />
<br />(b) Where Owners are acquiring a project already subject to an insured mortgage, the reserve fund for
<br />replacements to be established will be equal to the amount due to be in such fund under existing agreements or
<br />charter provisions at the time Owners acquire such project, and payments hereunder shall begin with the first
<br />payment due on the mortgage after acquisihon~ unle-ss some other method of establishing and maintaining the
<br />fund is approved or required in writing by the Commissioner.
<br />
<br />(c) Owners shall establish and maintain, in addition to the reserve fund tor replacements, a residual receipts
<br />fund uy d~positing [hereto, wnn the mortgagee, the restduul ft:>ceipls. as defined herein, within 60 days
<br />after the end or the semiannual or annual fiscal period witlun which sUl'h receipts are realized. Residual
<br />receIpts shall be under the ("On trol of the Commissioner, Hnd shall be disbursed only on the dtrt-~ction of the
<br />Commlssiorter, who shall have the power and authority to direct that the residual rect~ipts. or any part
<br />thereof. be used for such purpose as he may determine.
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