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-5- <br />(g) "Residual Receipts" means any cash remaining after: <br />(1) The pa ment of: <br />{i) All sums due or currently required to be paid under the terms of anv <br />mortgage or note held by the Secretary of Housing and Urban Development; <br />(ii) All amounts required to be deposited in the seserve fund for replacements; <br />(iii) All obligations of the project other than the mortgage held by HUD unless <br />funds for payment aze set aside or deferment of payment nas been approved <br />by HUD; and <br />(2) The segregation of: <br />(i) An amount equal to the aggregate of all special funds required to be <br />maintained by the project; <br />(ii) All tenant security deposits held. <br />{h) "Section 8 Units" refers tc units assisted under Section 8 of the United States Housing <br />Act of 1937 pursuant to a Housing Assistance Payments Contract. <br />{i) "Housing Assistance Payments Contract" refers to a written contract between the <br />Mortgagor and HUD, or the Mortgagor and a Public Housing Agency, or the Mortgagor <br />an3 a Housing Finance Agency for the purpose of providing housing assistance payments <br />to the Mortgagor on behalf of eligible families under Section 8 of the United States <br />Housing Act of 1937. <br />(18) HUD shall not be liable for any of its actions hereunder except for flagrant misfeasance. <br />(l9) This instrument shall bind, and the benefits shal inure to, the respective parties hereoo, . <br />their legal representatives, executors, administrators, successors in office or interest, and <br />assigns, and all owners of the mortgaged property, so long as the loan is outstanding. <br />(2Q) The invalidity of any clause, part or provision of this Agreement shau not affect the validity o: <br />the remaining portions themof. <br />(21) Mortgagor warranu that it has not, and will not, execute any other agreement with provisions <br />contradictory of, or in opposition to, the provisions hereof, and that, in any event, the re- <br />quirements of this Agreement aze paramount and controllurg as to the rights and obligations <br />set forth and supersede ;.ny other requirements in coullict therewith. <br />Secretary of Housing and L'rbon Development <br />gy,; i/ lE.l G~iCt..~ <br />11'a+ne of Mortgagor. . TTHF.RAN HOMES a INC . <br />By: <br />(President <br />(SEAL) <br />ATTEST• <br />lSecae~yJ <br />AN N~,.' <br />J~ jR~~,.»«,.o ~Z 2 <br />t afgL <br />7 ~. •' <br />l~~, Ctl~ <br />