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F_ ~_led July 21, 1980 at 2:10 P.A9. Donald L. Ellingson, Reg. efgD~Zd`s~~~
<br />~.,.,.,e,..,n ,..a.,. ,.____,.._.a,a
<br />U. 3. DEPARTMENT OF HOUSING ANO UREAN DF.YELOPMENT !
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<br />REGULATORY RGREEMENT
<br />HOUSING FOR THE ELDERLY -NONPROFIT
<br />(Section 202 of the Housing Act of 1 F59%
<br />(Section 8 Housing ilssistmrce Payurerrts Co>rtracrsJ
<br />Project Number i03-EH007-NP-WHC/L8
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<br />Nebraska Association for Developmental Housing
<br />whose address is 701 East 2nd Street -Hastings, Nebraska
<br />hereinafter called Mortgagor, and the undersigned Secretar} of Housing and Urban Development herein-
<br />after called HUD.
<br />Amount of Mortgage Note $1 ,056,600 Date July 18, 1980
<br />Mortgage Recorded: State Nebraska Counrje5 of Date
<br />Adams, Nall, Custer, Furnas
<br />This Agreement entered into this day of , 197 ,between
<br />In consideration of the making of the loan by HUD and the disbursement of any pazt thereof, and
<br />ii+ order to comply with the .requiemcnrs of the Housing Act of 1954, and the Regulations adopted by '
<br />the Secretary pursuant thereto, the Mortgagor agree>. for itse{f, its successors and assigns, and any owner of
<br />the mortgaged property, chat in connection with the mortgaged property and the project operated thereon
<br />and so long as the loan is outstanding.
<br />(I) Mortgagor shall promptly make all paytncnts due under the Note and Mortgage.
<br />(2) (a) Mortgagor will establish and maintain a special fund to be known as the revenue fund
<br />account in a bank which is a member of the Federal Deposit Insurance Corporation
<br />into which will be deposited (i) the minimum capital investment required pursuant to
<br />the Regulations and (ii) all rentals, chazges, income and revenue azising from the oper~
<br />ation or ownership of the project. Expenditures shall be made from the revenue fund
<br />account only in accordance with the operating budget submitted to and approved b~
<br />HUD.
<br />(3) On or before the first day of each fiscal yeaz daring which the loan is outstanding Mortgagor
<br />will submit an operating budget for that fiscal yeaz to HUD. The budget shalt include all nec-
<br />essary operating expenses, current maintenance chazges, expenses of reasonable upkeep and
<br />repairs, taxes and special assessment levies, prorated amounts reqquued for insurance and all
<br />oeher expenses incident to the operation o€ the project; and shall show the erected revenues
<br />to pay such expenses, including annual debe sen'ice requirements and reserve turd deposits.
<br />The expenses incurred and disbursements shall not exceed the reasonable and necessary
<br />Wnounr ~hereuf, and the Mortgagor will not expend ar.}' amounts or incur any obligations in
<br />excess of the atnounts approved in the annual operating budget except aeon written certifi-
<br />cation by the Mortgagor to HUD that such expenses were unanticipated and aze necessary
<br />and provided further, that nothing in this section shall limit the amount which the Mortgagor
<br />may expend from funds obtained from some other source than project revenues or other Lund
<br />required of the Mortgagor pursuant to this Agreement or the Building Loan Agreement.
<br />(4) As securit}' for the loan, for the rcyuircd payments under this Agreement into the reserve
<br />fund for replacements, anri for all other obligations of the Mort agor under this Agreement,
<br />the Mortgagor hereby assigns, pledges and mortgages to HUD all its rights to the income and
<br />charges of whatever sort which it may receive or be entitled to receive from the operation of
<br />the mortgaged property, subject, however, to any assignment of rents of project income ur
<br />the mortgage referred to herein. Untfl a default occurs under this Agreement, however,
<br />permrsston rs granted to Mortgagor to collect and re[azn under the provrswns of thrs Hgtte-
<br />men[ such rents, profi[s, income and charges, bu[ upon default this permission is terrnina[ed,
<br />as to all rents, profits, income and chazges clue or collected thereafter.
<br />(5) Mortgagor will establish and maintain a reserve fund for replacements by the allocation to
<br />such reserve fund in a separate account in a bank which is insured by the Federal Deposit
<br />Insurance Corporation, concurrently with the beginning uE payments towards anwrtizatiun
<br />of the principal of the Mortgage held by HUD of an amount equal to 71317, 75
<br />per month unless a different date or amount is approved in writing by HIJU. Such
<br />fund, whether in the form of a cash de osit or invested in obligations af, ur Fulfy guaranteed
<br />;rs to principal by, the United States of America shall at all times be subject m the control of
<br />HUD. Disbursements from such fund, whether for the purpose of effecting replacement ul
<br />structural elements, and meehanic:d equipment of the project or for any other purpose, muy
<br />be made only after the consent in writing of HUIJ. In the event of a default in the terms of ch
<br />nror[gage, HUD may demand the full or partial application of the balance m such fund to the
<br />amount due on the mortgage c{ebt. The Mortgagor additionally shall depusn into the rc.croc
<br />fund fur replacements within h0 day:, after are end of each fiscal year, any Ke,nlual Keu•ipts
<br />realized from [he operation of the mortgaged property.
<br />(6) 'I'!rc real propcry covered by the murtg;+gc and this agreement is des¢nbrd m tichniu is A
<br />attached hcteur.
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