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<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 <br /> <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 <br /> <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 <br /> <br />1705 South Blaine <br />Grand Island, NE 68801 <br /> <br />RECORDERS MEMO: -,./~{I ~ <br />.<:;--:;1' . .-Leer../ <br />{. /' , <br /> <br />,~'u- /?''YY? "..d <br />~ <br />Reg, of Deeds <br /> <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 <br /> <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.-, <br />