|
{3) Any disvrbution or anp funds of site ptrojeet, wteiCtt the party receiving such funds is ~t etetitied to retaus
<br />hrr¢ur-.der. ~taN br hmfd i» trust ~parate artd apart frcrtn ~y other funds; unt
<br />(4) Thane ahati have berm :.ompliarsce with ail outsta»di»g notices of requirements for propel rrtaiattertanct t>f the '
<br />proyect
<br />Ersytgte. exrxpt for natural persar~, us arty orlon bum or activity, ufdttdiag the operatiura of any outer rental
<br />prefect, rR incur a»y tiabgity ar obiigaticm rat in contraction wilt rho project,
<br />(~ Require. u a ctmdtiitm of the occupaacy yr tetrttvtg of a»y unit >A tht project any corrsidaratits» ctr tit tttl-er than
<br />tfie prapayrrrent of the fires rta»th's rent, phrs a security depr3ait in as amount not in ezeea of once rrro»th's rent
<br />f tltr moss family castribtetbx inn Saettt+rr t7 rr#tr1 to gtnra»tee the perfottrtartce of the ct»renarttsvf the 2aasa. A»y ,
<br />frtrtdt cu[kcted as security dtpasits shall be kept separate and apart from a!I other futerls of the prtojest"irt a trust
<br />account the amount of which shall at all times equal or exceed the aggregpte of ail autsta»dirag obl~tioHS under said
<br />accoturt.
<br />(h) Permit the use of the dwethng acumtmtadations of the protect for any purpose exctpi the use which was arigirtsRy
<br />itstendcd. <ar prrrrrit comn~ercisi use greater than that orig9nagy approved by the Saccetary,
<br />Q') 9. Ia) tasvnrrs here executed an Agreement to enttr tnto a liuusing Assistance Payments Contract tx here executed a Haul- '.'
<br />- mg Assistance Payments Contract if an insurance upon ccampktian case. The terms of said Contract 'ace ar shall be #"'
<br />utcorparated by reference tnw this Rrgulatary Agreement.
<br />lb) A wrrlation of the terms of tiu Housing Assistartcr 3ayments Canuact may be ca»3irued to constitute a default
<br />herrirrtdrr in the u?Ir discretion ,€f the Srcrrtary.
<br />(c) In dte event scud Huuung Auutaner Payrnrnts (:untract exptrrs ur terminates before tits expiration or termimtioa
<br />_ of ihts Agreement, the provisitrns of thss paragraph 9 and arn• other referatt:e to said contract, to Su'tion 8 and to
<br />Bretton x units cantair[rd hrretn shad br sett' cancelling and shalt no tuneer be effective as of the date of the expiration
<br />ar tsrrttirsatiun of the fisusrng A~i,tan+:e PayrtzEn?s ('ottuact.
<br />lU. Qwn¢rs shall ntarntaur the mongaged Ixrmtses, accommtx#atam and the Kraunds and equipment appurtenant thereto,
<br />in garxi repair and condition. In the event all :x any v€ the hattdings covered lay tfie rrxtrtgtrge xfiaB be destroyed :tr dam-
<br />aged by fire rx ctihrr ~_asualty, the srnmty Jertved frtxn env nuurance :m the Ixupetry sha31 6t applied in accordance with
<br />the farms of the insured mortgage.
<br />! 3 . fhtrners shall nut 1'de any petition rn bankruptcy cu fur a rrcerver .x m tnsulvency ur for reorgattiaation ar compasitio®, ur
<br />rtsakr any aswgrrnrent fur the i+ette@t u! creditors ur to a ttu3tre fur creditors, err ptrmit an adjudieaUUn sn bankruptcy or the
<br />faking pusseuian of tht mortgaged property ur any part thrreut under tudicial ptocx•ss ar pursuant to any power of salt,
<br />arsd fail to have su.~ft adverse actu,ns set asedr unhm furty~tive (95) days.
<br />l_. {a) Arty rnanagentent contract rnterrd init€ ay thsrrt¢rs rx any of sham ntvulring the prefect shall cantata a prtrviaion that,
<br />rn the event of default hereurxl¢r, it ~ hr subject tt~ trrrtartauun wethaut pesutlty uptm written retftzcst by the
<br />Sretrtarv. Lpr~» sur<#t re~juest, (?wttrrs l t€rttrudfately a€ran~ tit terminate the Ccxrtract witlti» a petard of not mare
<br />than thirty (3U) dayx and shall rrsaka arrrvtgemirnts sausfscpary to the Sacteury far conttnutng proper managenunt of
<br />the profess.
<br />(#! Payrrwnt fur setvt>;rs, supplies, ,?r taatertats sltalE nut ex;•rrd the artwunt errdutardy paid far such servtc-es, supplies u€
<br />ntatrtrals ftttnisssrd.
<br />{c) The rttpttga~d property, vqurpnwnt, Y€uttdtntp, plane, ufitcr-, apparatus, Jevnra, books, conumts, reavrds, Jucun>rnts,
<br />and other papers re-ating thereto sltaU at all rtnres br utarntausad m r¢astrnabk condition tar proper audit and subject
<br />to rxami»ation and inspactitm at any teasunabk nnx by rite Secretary ur duly autharierd agruts of the Secretary.
<br />(?wnerx shall keep copies ,tf alt written cuntraca err +sther imsuuttrents whx;h affect the nwngaged property, all ex any
<br />of wh%.eh rttay be subject to utspectiurt artJ cxaturnatsun by the SCCrrtary .+€ duty authorized agents of the Secretary.
<br />{d) The bewks and accuwtts of thx uperauuru +,t ttte tnurtgagrd prafarrts and tit the pruner slwU b¢ kept us aecorJattcr
<br />wuh tts¢ raywrennsrnts of the Secretary,
<br />{e) Within sixty (bp) days follawutg the ens rrt rack ft>~al y¢ar, the SecrCtarv shall he frunrshrd wuh a ewnpietr auuuai
<br />tsttartctel repast #ased upon an exantuirttott ,a the tauuks artJ res:urds +,f rnorigagarr prxparrd to accotJanc~r with the
<br />nryturcmtants caf the Secretuy, cerafied to by an offtcrr ur rrspwtstbk (iwnsr and, wlsen rcyuued by the Seerrtary,
<br />prrp~ated and txrtifkd by a Certified Public Ac.;+auntartt, tit other patswt ataxptable to th< Secretary.
<br />{f) At re:{trest of site Sezrrttp.:>r duly airttrarited amts tit the 5acrrtary, the (tN[tets shalt tattnsh n,urrtltf} ~+~cupancy
<br />repurtx and titah ~~ speuFte artswvrs tu -plrsUrnts opus: mrtarh tniutuzaptu; is Jesued Itixn ttrtrr to ire relxtrve t~, the
<br />in:=atr¢, arts, iia#ititsas, cr>titract, uperatictn, auJ .rKrJtituti .+t the pruperr} a+ru the status t,f the utsure.l ,t+,.+tg»gc
<br />(36,) Ail rants a»d utl-¢t r¢.acipts of tttr prujsst shad t±s ds3n.rsiteJ rn the nantr .rf tlrr peulrari to a t+ank, whusr .irtx+sr[t a[e
<br />inraue+i by (Ise ta.tl.l.C. Such asnrsks site!! be mithrirswn c=rap rn .te~,artfanz: with the pr..tvruurtx ..i the Age-eentenr tat
<br />exfNtns~ tit the project ur Eot distttbuuotas of surplus casts as permatteJ by Parailraph t+lr) ab:,ve An} C rwtter rrcesvurg
<br />Cauda of the ptu}ect c~titet rhea by such sitars#hutiun ul' surplus ~astr shall urut~dtatriy tiepitsyt sort[ roods to the, t,r,s[a~t
<br />baudc aceasunt and fatting n+a eta tic. na vµrlatrca)t of rhtsAgreentent shaiI 1';uld such IurtJs ir! t[uu, Ar.y ru)wrter r,<<rrbtng
<br />property of tlw fxcaject w viotatiun iii this Agraeanant shall untneduvtrl}r Jeitwet iu.:h prctixrty r<, the p;u{rct a:,d
<br />fail~ag sU to du sluill hoist such prop¢rty in instal. Al suds arctic as tltr l?wnrtz strait tiavc bast . ~°nttc}I an.i:.t+ rusr;rs~
<br />r7i thrt fuojaet, ~ f;atula I[utki tit trust he tLt'iercrad r+s the rtasrttyt~: to the rxtrut [hat [Ire nw€txattr rn+irhted-
<br />nass hat net bealtr tiatisil+si.
<br />
<br />
|