|
. , _ . . . ; ;-x.;--�.
<br /> , _ . . _ ; . . . -_
<br /> .. . ._. . .. .
<br /> . .. ...�_.�.._�...,� .....-�---.._.__..�...�__`_„_..—._. �.r. �---�- - - �
<br /> _ -�- -
<br /> �_: _
<br /> • :;,-t.�: :w : :'_
<br /> :: , . �".,.` - -
<br /> • •=-�r-.;•�-;��
<br /> . ' N. �v
<br /> � • . .'<'. �.
<br /> ` .a. � �' �C .
<br /> � l c < -�
<br />' + �:.
<br /> _ _�.`•����:_��.
<br /> � �T
<br /> � , .. � .`!� \` . ._. -.
<br /> /• —
<br /> �. . /�.�:N��'.S,'.
<br /> 97_ 1�OQ�1 . ��;;:;:��� ;:.�Y` � --
<br /> 6) TI� BORR06�18R agrees not to convert the dt�el�ing units in the ::`"�i.���•'�;;,;;���`r`:"�
<br /> PROJECT to condominium ovnership or to any form of coog�rative ,'=�";��,
<br /> o�me�cship �hezein rents are not affo�dable to lover in�4mQ hou�eholda ,� `°�"'��'°��
<br />� (as these terma "afforda�le�' and "lov�r income househoids" may h� -`�`�� �...-«>;'��..�
<br />. , defined by the L�NDE13). " ' _ k• -
<br /> , :�-.�;.,�
<br /> Z) The BORAOWEIt agrses: not to �iscriminaice against o, dsny '�� �`-'
<br /> accupancy to any tenant or prospective tenant by ��asa� �f th�ir . L✓ � ��°',
<br /> - .'J receipt of, or eligibility fo�, housing assi�tammc�, u��i�r any �`--�'� ' � '
<br /> F���ral, State or local housing assistance pro�ra�; a�� not to :a.,�:;;;".-;�,'.�
<br /> ' discriminat� a�ainst oY deny occupancy to any :�nant or prosg��ive =L,�;r, • t � ' .•:.,.-�-
<br /> tenant by reason that the tenant has a minor child or childYe�n �t�o - ��
<br /> _ �vill �e residinq with them, unless the PROJECT be one r�seYVed for -- -- - � �--
<br /> elde�rEw �enants o� uni+t size dietates. .,;.�:y �� �--
<br /> ;i._..': :.
<br /> � ; 8) The term of this lien shall be until the balance due is ��3� in � = F "`
<br /> full or for a period ending on the first day ofc the month, f3��� '' �� =- .;�T,`.
<br /> --.� occurring ten t 10� years after the completion of the P1�43JECT `"i� =
<br />.• rehabilitation, preservation, or enhancement activit��.� financed in
<br /> whole or in axt b the deferred ����� �.
<br /> , p y payment loan evid�n�ce�� by tta�s lien. ..<<r. .�;...
<br /> . �inless pzepaid or foreclosed, this lien shall b� �atisfied ar�� ��
<br /> �__, � rele�s�� by the LENDER on tt►e f izst day of t�� pr.mn�h follo�in� t�rs �y�.,,.� .
<br /> .-- i0-ye�s �aeriod. �he an�iveYSary of this lien shall be the ist r�ay o� i;����`
<br /> "' tf�� IICDA$E'•3 in each year �ollowing the co�npletion of activities as �����.�; ,.;:_
<br /> " �,� evidec�e� by the Certi€�ca�ion of Completion, £inanced by tha� - : ��� � .:
<br /> deferred payment loan evidenced by this lien. �..�-.;���'•���: �-
<br /> ;. �., �, a' ,�,+` .,_
<br /> � ::� 9) Unless accelerated purauant to paragraph 10, at each anniversary �,i�;, '
<br /> `?�' date �he b�lance due hoxeunder shall be rec7ucea by ten gvercgnt (10t) - -'1°�` _
<br /> '� of �he original amount of the 8eferred payment loan. . r�:s'�'�":'
<br /> t, �;.:::
<br /> � �•�� iQ) During the term of this lien the HoRROWER s�nall make no payments � -,Y".',±""':
<br /> �: of pYincipal or interest; PROViDED HOWEVER, t�a�t if the H4RRdS3ER =��' <� =-�•-=•:. �•��� �
<br /> ;1 r shall �2 in default of any of the terms os cos►ditions of this lien, '�'�'�+'�'�� -
<br /> then t�u�e unpaid and remaining balance sfiall hecome immediately 8ue .. �,_:�,� ��1'�;`�1� r;�
<br /> :�::,�'i�
<br /> ;.• an� payable upon demand by the LENDER. -� --,�°�.�- _
<br /> .
<br /> .
<br /> � .j.��_,_�-
<br />. 11� The deferred pay�ent loan ev�denced by this lien may be assigne� ""��--�
<br /> � and/oz assumed; PROVIa�aQ that any and all terms and con8ltions shall —�.� -
<br /> � ��.`;; rem�in in fuil fo=ce a�� effeat for any assignee or successor to the �'�'' � . �.
<br /> , SORROWER and suc�i assignee or successor shall assume all d�ties and ��"-'�-'�� �"
<br /> obligations of �1�� SORROWER as described hereir�. � �
<br /> 'ti,�. .--
<br /> � � � ' 121 Ar�y aubos8lnation o� this lien to ��a3ltional liens or -� --��-�---�--�----- _
<br /> �� ;� encu�baances of the assQa�nee or succes��r to the HoRRfl�i�ER aAall b� � ���.T�-��:=-����-�
<br /> � `' only ��an the ruYltten c�nsent o€ the LENDER. 8uch aBHftioaal 31ens - ----��
<br /> . � an8 encumbrances shall exten� rm and include any contract for �i�ad, -_
<br /> �an8 con�zact, ox other agreement between the HORROWER �nd his �l" "a' �
<br /> suceessor or assignee. �uch conaent to subordinate sh�fll r�ot be ���
<br /> unreasonably �rithheld sm long as LEN��� has the assuz�r��ce, xeasonable .K���f����'��'
<br /> to the LENDER, that the provisions of �C�is lier� remain enforce�ble �•:, �' �_
<br /> � an8 aze ade u��e� secure8 b t�ne '�����;.�
<br /> 9 Y y pYO�e��. ..�:�;.;�r._.. --
<br /> " ��. - � , ,_...
<br /> 13) To aesure and protect its rights i�n �hia lien and the PROJECT, u��,� ��
<br /> the LENDER shall have ri ����_�,�„<.
<br /> ght of access �ue� inspection of the PROJECT i � . ,'�,,;��; . --
<br /> at reasonable times and �ith reasonable notice to the BORROWER. ��"�i���'`''�'
<br /> . ��`.-�
<br /> 19) Any forbearance by the LENDER with respect to any og the t�zms � . ��� ��� '
<br /> ..X1=1 �`�_Lir�-�:.�.'.
<br /> and concli'�ions of this lien in no way constitutes a wafver of any of � h��� '''� �
<br /> . , �::« „c.:,, �
<br /> the LENDER�B xiqhts or privileges granted hereunBeX. `�� y� � � �:.._,
<br />. ' ..�-
<br />�- . � . �:
<br /> . • �`.
<br /> _ __..._..,. . .
<br /> ..�' �_ -.. ._"_.._. _..�.-....-:;:. . . . . . ' � ' . � " .. . . , _ .. -i�f �f. \l
<br /> r� : � .. �, ,
<br /> ' � • ` • •• � ' � , , ` . � .. � tLL � � . •.1 - 9 . . .' ,�� .� ' ��� , . ' � _ -•
<br />- .. . _ . � .. - . . . .. . . . . . .. . . _ . . . . . .. . . � .
<br />
|