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<br />(2) the segregation of:
<br />(i} An amount equal to the aggegate of all special funds required is be maintained by the project;
<br />(ii) All tenant security deposits held:
<br />(g) "Residraal Receipts" (limited distriburiort ntortgagorJmeans any cash remaining at the end of a seaniannual or annual
<br />Fecal period after deducting from surplus cast: the amount of distrt?iutions as that term i defined below and as
<br />8,',) limited by Faragraph 8 (e} hereof;
<br />(h) "ITistrihution'° means any withdrawal or faking of cash or any assets of the project, including the segregation of cash
<br />or assets for subse$uen€ withdrawal within the limitations of Paragraph 8 fe) hereof, and excluding payment #or
<br />- reasonable expenses incident to the operation and main[enance of the project.
<br />~' (i) "i7efauIt" means a default declared by the Secretary when a violation of this Agreement is not corrected to the sa~ts-
<br />~ faction of the Secretary within the time allowed by this Agreement or such further time as may be allowed by the
<br />r'` Secretary after wrtten notice;
<br />v) "~ctdon 8 uni±s" *,efers to units assts±ed under Section 8 of the United States !'.~ ~~g"Act of l437 pursuanE to a
<br />:lousing Assistance Payments Contract.
<br />(k) "Housing Assistance Payments Contract" refers to a written contract between the Owaesiand-lilJd, ar the Owner and
<br />a Public Housing Agency, or ffie Owner and a Housing Finance Agency for the purpose>bf~(ovidtng housing assistance
<br />payments to the Owner on behalf ai eligible families under Section 8 cf ilia United`Sfatys;Housiag Act of 1437.
<br />Q) "displaced persons or families" shall means a family or families, or a person, displaced from as dthan renewal area, or
<br />as a result of government action, or as a result of a major disaster, as determined by,ilte~President pursuam to the
<br />iisaster Relief Act of 197.
<br />(m) "Pdderiy parsons" means any :*rrson, married ar single, who is sixty-two years of age or over.
<br />17. TI'iis instrument shat] bind, and the benefits shall insure to, the respective Owners, their heirs, legal representativ .xec€ttors,
<br />administrators, sucessots in office or interest, and assigns, and to the Secretary and successors of the Secretary so long as the
<br />contract of mortgage insurance continues in effect, and during such further time as the Secretary shall be the owner, holder
<br />or reinsurer of the mortgage, or obligated to reinsure the mortgage.
<br />18. Owners warrant that they hale net, and will not, execute any ether agreeenem with pmvisions contradirtaty to, ar in
<br />opposition ta, the provisions hereof, and that, in any event, the requirements of this Agreetent are paramount and
<br />controlling as to the rights and obligations se€ iortit and supersede any other requirements in contliet therewith.
<br />14. The invalidity of any clause, part or provision of this Agreement shall not affect the validity o1 tore remai-ting portions there-
<br />of.
<br />213. The fallowing Owners: CHALET APARTMENTS, LTD., AND MID-CONTINENT ENTERPRISES,
<br />INC.
<br />da not assume personal liability for payments due under the Hate and mortgage; or for the paymeits Cv the reserve far re•
<br />placements, ar for matters rot under their control; provided that said Owners shall remain liable uodet this Agr~ment only
<br />with respect to the matters hereinafter eta*.ed namely:
<br />(a) for funds ar property of the protect coming i_~to Their hands which, by the iirovisionshereoF, they are not entitled to
<br />retain: and
<br />(b) for their own acts and deeds or acts and deeds of others which they have authorized in violation of the pm~isions
<br />hereof.
<br />Etd W' €'3':dF..SS ~r'Ha£.R~{3F~ihe~arties hereto have se€ their hands and seals orz the date first hereinabove written.
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<br />,. MID-CQNTI T ENTERPRISES, NC. ,
<br />, GENERAL P RT ER
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<br /> By ~
<br />~ MILA BISH~NT
<br />SECRETARY OF HOUSING AND URBAN DE'vELOPMENT
<br />aeiutg by a~~It through the FEDERAL HOt.'SING COMMISSIONER
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<br />urhorizet(Agentj
<br />/AdrF proper acknowledgements)
<br />- ~ - 6PO 921-9N3 HUD-924fi5 io-77!
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