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<br />_ U.S. D€PA P.TMENT OF IiQ U5If+iG AND UR6AN DEVELOPMENT
<br />~~~ 1 i t ~ ~-~ s"", 1 (,~ FEDE RRL HOUSING ADMI NISTR ATtON
<br />REGULA70RY A~FiREEMENT FOR If+1SURED MULTIFAMILY HOUSiItiG PROJECTS
<br />(With Section 8 !-Dousing Assistance Payments Contracts)
<br />Project No.: 10 3- 3 5 0 6 8- P M l L 9 HAP CONTRACT NO.:
<br />idE26-0050-OI3
<br />Mortgagee DON J. MCMURRAY CO.
<br />Amount of Mortgage Note $ 1, 2 2 4, 2 0 0. 0 0
<br />Mortgage: Recorded: State NEBRASKA County HALL
<br />~Iclns~rument ~7$~04$4$1
<br />Originally endorsed for insurance under Section 2 21- D- 4
<br />This Agreement entered iota this 22ND day of DECEMBER
<br />Date DEC. 22, 1478
<br />Date DEC. 2$ y 1~7$
<br />7~dgCeX
<br />of the National Housing Act.
<br />14 7g, between
<br />CHALET APARTMENTS, LTD. whose address is p, O. BOX 1365
<br />GRAND ISLAND, NEBRASKA
<br />thew successors, heirs, and assigns (jointly and severalty, hereinafter referred ro as DwnersJ and the undersigned Secretary of Housing
<br />and urban Development and hisJher successors (hereinafter referred to as Secrerary/.
<br />In consideration of the endorsement for insurance by the Secretary of the above described note or in consideration of dte
<br />consent of the Secretary to the transfer of the mortgaged property or the sale and conveyance oCthe mortgaged property by the
<br />Secretary, and in order to comply with -the requirements of the National Hvusing Act, a. amended and the Regulations adapted by
<br />the Secretary pursuant therety, Owners agree for themselves, their successors, heirs and assigns, that in connection with the mortgaged
<br />property artd the project operated thereon and so long as the contract of mortgage insurance carrtinues in effect, and during suds €ur-
<br />tl,er period of time as the Secretary shalt be the owner, holder or reinsurer of the mortgage, or during any time the Secretary is obli-
<br />gated to insure a mortgage on the mortgaged property:
<br />I. Owners, except as lntsited by paragraph 20 hereof, aa-sume and agree to make promptly all payments due under the note
<br />and mortgage.
<br />?. {a) Owners shall establish or continue io maintain a reserve fund far replacetnenis by the allocation to such reser.~ .artd
<br />in a separate account .with the mortgagee or in a safe and responsible depository designated by the mortgagee, con-
<br />currently with the beginning of payments towazds amortization of :he principal of the mortgage insured cr held by
<br />the Secretary of an amount equal to S 490 . 6't per month unless a different date or amount is ap-
<br />proved in writing by the Secretary. Such fund, whether in the form of a cash deposit or invested in obligations of,
<br />or fuIly guaranteed as to principal by, the United States of America shall at times be under the control of the mort-
<br />gagee. Disbursements from such fund, whether far the purpose of effecting replacement of structural elements, and
<br />mechanical equipment of the project yr for any other purpose, may be made only after receiving the consent in
<br />writing of the Secretary. In the event of a default in the terms of the mortgage, pursuant to which the loan has been
<br />accelerated, the Secretary may apply or authorized the application of the balance in such fund to the amount due
<br />cn t3te mortgage debt as accelerated.
<br />{b} Where Owners are acquiring a project already subject to an insured mortgage, the reserve fund for rep}acemerits to
<br />be estahlisheii wilt be equal tv the amount due to be irs such fund under existing agreements or charier provisions
<br />at tl.e time Owners acquire such project, and payments hereunder shall begin wigs the first payment due an the
<br />mortgage after acquisition, unless some other method of establishing and maintop the fond is appmlred in writing
<br />by the Secretary.
<br />{ci If Owners are a nonproftt entity yr a lituited distribution mortgagor, Owners shall establish and maintain, in addi-
<br />tion iv the reserve Fund fvr replacemenu, a residual receipts fund by depositing thereto, with *.he morfgageti, the
<br />residual receipts, as defined herein, with b0 days attar the end of the semiannual or annual fiscal period within
<br />wleic3t such receipts are malized. Residual receipts shall be under the contrv( of Ehe Secretary, and shall ce disbursed
<br />only or. the direction of the Secretary, who shah have the power and authority iv direct that the residual receipts,
<br />or any part t<".ereof, be used for such purpvse as he may determine.
<br />3. Real property covered by the mortgage and this Agreement is described b0)<~CIt9t-l~0Utklal?b~d~St747tttG A TRACT OF LAND
<br />CC>P~RFSING ALL OF LOT ON'c (1) BLOCK 8 REPEAT, CONTINENTAL GARDENS, AN ADRI7ION 70 THE CITY
<br />4. Except as provided in Paragraph 5 hereof: t~ GRAI*g] ISLAND, NEBRASKA AND t_OI+ITANING 3.95 ACRES
<br />t 171 , 888 S6. €'T,) TZE ~ LESS
<br />(a} Owners shall maAe dwelhng accommodations and serv[ces of the project available to occupants at charges not ex-
<br />ceeding those. established in accordance with a venial schedule approved in writing by the Secretary. Accommoda-
<br />tiorzs shall not be rented for a period of Less than thirty (30} days, or, unless the mortgage is insured under Section
<br />^s31, far more than three years. Commercfai :facilities shall be rented For such use and neon-such terms as approved
<br />by ilia Secretary- Subleasing of dwelling accommodations; except For sttbleases of ssngte dwelling accamnxtdations
<br />by the tenat72 thereof, shall be prohibited without prior written approval of Owners and the Secretary and any lease
<br />shall sv provide. Upon discovery of any unapproved: sublease, Owners shall immediately demand cancellation and
<br />ratify the Secretary thereof.
<br />{b) Upon prior written approval by the Secretary, Owners assay charge to and receive from any Tenant such amounts
<br />as from time to time may be mutuaIIy agreed upon between the tenant and the Owners For any facilities and,or
<br />Th;s Reptaws HUD-9^J72, Dated APrel 7975. H~°--e7aes ie ~~i
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