|
<br />US. OEPARIMEN7 OP MOUSING AND URBAN OEVEIOPMENb ~ ~~ ~1 f f ~ ~ r~l /9
<br />FEOE RAI MOUSING AOMI NiSTRATiON o J ll ~ ~Y
<br />REGULATORY Ar"aREEMENT FOR INSURED MULTI-FAMILY HOUSING PROJECTS
<br />(With Section 8 blousing Assistance Payments Contracts)
<br />PrajactNn.: 103-35087-PM-LB NAPCnNTRACTNO.: KCBI-058
<br />Mortgagee OON J . MCMURRAY CO.
<br />Amount of Mortgage Note 5687 , 200.00 Date MAR_C~HL 10,1982
<br />Mortgage: Recorded: State NEBRASKA County HALL Date ! rch ~3 .1981
<br />~t per.. !~lo. g1-oo 134 3 ~.
<br />Orig<naify endorsed far insurance under Section 221-p-4 of the National Noosing Act.
<br />This Agreement eaiered into this 10TH day of MARCH ~ 9 81 ,between
<br />F~..IDAY GARDEN TOWNHDl15ES I I whose address is
<br />2009 YfEST DEL MAR AVEMJE GRAND ISLAND, NEBRASKA
<br />their successors, heirs: and aligns /;urntly anJ setrralh•, hereinafter rcje»vd to as Ow•,;ersi :mtl the undervgned Secretary of Housing
<br />and Urban Development and hisiher successors rhrreina(ter relerred tr, as.Secrrtan ;.
<br />In consideration of the endorsement for insurance by the Secretary of the „hove described note ur m consideration of [he
<br />consent of the Secretary to the transfer of the mortgaged property or tix sale and ann~cyance of the mortgaged praperty by the
<br />Secretor}, an-i in order to comply with the reyuiremertfs of the \atinnai Nausrng Act. as amended anti the Regulations adopted by
<br />the Secretary pursuant thereto. Owners agree f~>r themselves, their suce~ss,~c.. hears' artu assigns. that m rrnnection wnh the mortgaged
<br />property and the prriect operated thereon and so lung as the amiract of m„rtgage insurance continues m eflect. and dunng such lur-
<br />ther period of Ume as the Secretary shall be the :nvner, holder or :rtnsurer ,d the mortgage, ,~r donne any time the Sceretap is ahli-
<br />gated to insure a rnnrtgage nn the mortgaged pntper!ti
<br />i. Owners, except as hurtled by paraeraplt ?0 he: rot, .;ssutne a.:d agtae to make pnxnptly all payments due under the note
<br />and mortgage.
<br />~. (a) Owners shall estabhsh ur untmue to ntauuam a rextve fund t.*: ropiaccntents hp the allaration u; such reserve ilir:d
<br />in a sepat..,~ ,..:aunt :.tth the maagagee ,:r r...: ale a..... spritsrule :iep:!snory :drstgttated by the nturtgagee, cun-
<br />eurrentiy with thr bcgutnmg „f payments towards arnurnraoan ,,i the prmapai a the mortgage utsured or h ': by
<br />the Seererary o! an :un„unt equal t:, S 230.75-__pc.r rn+,nth unless a different date nr amount is ap-
<br />ptaved m wrung ^, the Scaetar}. Such tun.i, wtrtitcr n: the I:nm ,rt a rash depusu ur :melted in ubirgations uf.
<br />or fully guatameed as n.. ptinctpal by, the f-rated Statrs .,t A,^,tet!~a sh:dt .a trnres he under the eontrot of the mort-
<br />gagee. Disbursements tionr wci~ .urd...ireti~er tin rite p4rr+,k-,+i c.•~cu nz replacement of structural elements, and
<br />mechanical eympnunt of thr pn>lect w far any other i urposc. ,nab .r~ made only after receiving the consent m
<br />willing .tf the S<crctlr+ lr: rite ~vem ~,l' a detaah r.i t1:e t.,..., ,.-rite ;nertgage, pursuant to which the loan has hee^
<br />accelerated. the Sc•cretart u,a} aped} :-r suthnrtrecl ;...:,t+o;:..at.,n „f'he valance in such fund to the amount due
<br />un the moup;age debt as accelerated.
<br />(bi Where Owuers are acgmnng a prnjert alrcadti suhicct t,• en insure:! ::xutgatu, tltc reserve fund 'tut replacements to
<br />ne estahiished will ha equal tx. the amount due to he i^ such fund under existing agreements or charter provuians
<br />at the Gmc' Owners acquire >uch ~ratect, and payments hereuneier :hail begin with the first payment due on the
<br />mortgage after acquisiuun, tmless some athrr method of establishing and mmmne the fund a approved in waiting
<br />by the Secretary.
<br />(c) !f (hv nets are a nunpratit emit}` or a limited duuiSu=ton mortgagor, Owners shall estabhsh and main taut, ht addi-
<br />tion to the reserve fund for replacements. a residual recetpts fund by~ depositing thereto, with the mortgagee, the
<br />residual recetpts, as defined herein, wrth 6(l days alter the end of the semiannual or annual fiscal perod within
<br />whirr such receipts are realized. Restduai mcetpis shall he under the eontn,l of rite Secretary, and shall be disbursed
<br />only un ;he direction of rile $B:retar}.who shall have the power ana authority to dneet that the rrstdual nxtpts.
<br />of an} part [herrut. t?e use) f.+t curt: ; urpusr as he reay der, rnme
<br />3. Real property rnvered 'oy the mortgage and tits Agreement is des: rbed ur Schedule .4 attached he rct•,
<br />4. Except as provided in Paragraph i hereof
<br />(a) Owners shtdl rnakr dwelEntg acct•rnm~,dauons aril servf,:e~ „( rite pro}e,t cadahie t„ ,..~u,.,n~s e, d,a:KCS n+q ~x.
<br />cceding Ihasr estahhshed in acrardutec wah a retttai ,:hedule appa,ved m wrumg'o} ;nc Sz:r:~ta,~ ~1rc~-n:m,:,.ie
<br />duns shall not Fn" rented fur a period ut less than thtrt} (~U) days, or, unless tha mortgage rs n<wred uu.ic=t tie, n„n
<br />'_3!, fur more than titrce years. Conutri•raai faahur> shall ix rcnte.i cur such us< and ^pr,^ wd: xnm .t<.:ppn,+ed
<br />tag ttte Sccretaty. Subieasmg of dwcUinr , cumun=.eticns, except for sui+lraxs of smt;lr dwriln:c ac~.~nun,~da,,,nts
<br />by t11e truant ttwreot, strait i,r psnhrt?ttecl w;thnr,: 1;;;..r c+rtti-;i .rpp;erv.:i ,a t)wnc,s .,rid the Scerera<< .u,~ ~nr !r.t;r
<br />shall sty pn>v1de, (ipun aiscuvery of ar,} unapl,n,vr:1 euhfcasr, Owners shall rtuated:ately dentan,l .urta9lauon ant!
<br />r~+ttly the Secretary thereof.
<br />Eh) Gt>e+n fAtor win leti app: oval i+} the Se,.:rta:y U -. ., -a :.:e;gr ,,,[ ,r~:~ci (rrtn s:•+ :~. ::era .,;~L a+~~, •t,rr,.
<br />a- trrxrt lone t,i tra?e :nay 1*e mutt-i1} gt~s-il rep-, ;~t.et-s ,,,e : r a,. .. ... :r: Owr--~ ...,., t,_-,.:,z..,!r.f ,,,
<br />'.he-R.,gitreas i?'f,3.r -+}4t<. `.%ar~.t vex„i +k77ry
<br />
|