<br />I
<br />
<br />FHA FORM NO, IlJO
<br />R.v. OCf " 1969
<br />(Priot R.vision, Cblol"te)
<br />
<br />84-005483
<br />
<br />lJ, S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
<br />FEDERAL HOUSING ADMINISTRATION
<br />
<br />...-
<br />I
<br />I
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<br />REGULATORY AGREEMENT FOR LIMITED DISTRIBUTION MORTGAGOR PROJECTS
<br />UNDER S~CTlON 221(cI)(3) OF THE NATIONAL HOUSING ACT, AS AMENDED
<br />
<br />Project No.
<br />
<br />l03-55010-LDI
<br />
<br />Mortgagee
<br />
<br />Government National Mortgage Association
<br />
<br />Amour.t of Mortgage Note
<br />
<br />$563,000
<br />
<br />Dete
<br />
<br />2/1/68
<br />2/1/68
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<br />Mortgage: Recorded: Grand Island
<br />
<br />State Nebraska
<br />
<br />County
<br />
<br />Hall
<br />
<br />Date
<br />
<br />Book
<br />Assigned
<br />
<br />145
<br />56
<br />
<br />Page
<br />
<br />321
<br />357
<br />
<br />This Agreement entered into this
<br />
<br />29th
<br />
<br />dey of
<br />
<br />July
<br />
<br />,1983
<br />
<br />between
<br />
<br />Doreen E. Rector and James G. Rector
<br />
<br />whose lIddress is
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<br />1705 South Blaine
<br />Grand Island, NE 68801
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<br />RECORDERS MEMO: -,./~{I ~
<br />.<:;--:;1' . .-Leer../
<br />{. /' ,
<br />
<br />,~'u- /?''YY? "..d
<br />~
<br />Reg, of Deeds
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<br />
<br />their successors, heirs, and assigns (jointly and severally, hereinafter referred to as OWners) end lheund.".ig~;;:., ,',
<br />Secretllry of Housing end Urban Development and his successors, acting by and through the Feder8lHotliling;<<:~~,<
<br />edhereinafter celled Commissioner). " " "", .' "':~:
<br />
<br />In consideration of the endorsement for insurence by the Commissioner of the ebove described note or"in co1lSlde.M..'
<br />tion of tbe consent of the Commissioner to the transfer of the mortgaged property, and in order to COlllP1Y'wictlt:the
<br />requirements of Section 221(dX3) of the Netional Housing Act, as amended, IInd the Reg\l1atiolUl ~by.the,;~,m'
<br />sioner pursuant thereto, OWners "!gree for themselves, their successors, heirs andaSllligns,thaUn COftftlll:~,~~~,}'.. '
<br />mortgllged properly and the project operated thereon and so long es the cont",cl of mortg"geJnauranc., ~~l~ft.~.Y' :.
<br />feet; apd during s~!-eh f...utne: pedcd of time as the Commissioner- shaH be -the ow-ner, hold~--or:rein_tn~re.~~ot-tJi~~."j;--'
<br />Or during any time the Commissioner is obligated to insure a mortgage on the mortgaged property:
<br />
<br />1. Owners, "xcept as limited by paragraph 17 hereof, shall promptly mllke all payrnenlsdueunder t1te.ftote,.~
<br />mortgage.
<br />
<br />
<br />2. (a) OWners shall esteblish or continue to lt1llintain a reserve fund for replacements by the eUooatiQIl:tQ'l!~
<br />reserve fund in a separete account with the mOttgagee or in II safe and responsible ch!lpclSitclry~lll!~~JA~i'
<br />th., rn;;;tgiiiice, concurrentiy with the beginning of payments towards emortb:elion of ~he p~il\\li~lqU~.,
<br />insured or held by the CODllDissioner of an amount equal to $ 164. 50 per monthunleall a diffenliat,
<br />date ,)< amount is appiUved in writing by the Commissioner. Such fund, whether in the form of a c88b~t
<br />or invested in obligations of,or fully guaranteed as to principal by, the United States of AIll'!trica, shan .tf!!
<br />times be under the control of the mortgagee. Disbursements from such fund, whether for the pUfJ!OlOe.,Of:efJec;-.
<br />ling repllleement of strur:tu...l elements and mechanical equipment of the project or for eny 0\heJ: purpOM,. '
<br />may be made only after receiving the consent in writing of the Corr..-nissioner. Iii the event of a dei~uiJin__t~',
<br />terms of the mortgage, pursuant to which the loan Msbeen accelerated, the Commissioner maY,aPl!lY'!>>'
<br />authorize the application of the balance in such fund to the amount due on tile mQrt&a&e,dehtaaac;t:~~i!tet4-
<br />
<br />(b) Where Owners are acquiring a project already subject to an insu;ed mori;,;age, th.e reserve fund for
<br />replacements to be established will be equal to the amount due to be in sllchfuncj,under'!!lUstill&a~tioor
<br />charter provisions at the time Owners acquire such project, and payments hereunder shall begin 'with Ihefirst
<br />payment due on lhe mortgege after acquisition, unless some other method of establishing ,and meintaining the
<br />fund is approved or required in writing by the Commissioner.
<br />
<br />L
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<br />(c) Owners shall establish and maintain, in addition to the reserve fund for replacements, a residual receipts
<br />fund by depositing thereto: with too mortgeg.ee, the residual receipts, as deOned herein, wi~hin 60 days
<br />after the end of the semiannual or annual fiscal period within which such receipts are relllijed, Residual
<br />receipts shall be under the control of the Commissioner, and shall be disbursed only on the directionolthe
<br />Commissioner, who shall have the power and authority to direct thai the residual receipts. or any part
<br />thereof, be used for such purpose as he may determim.-,
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