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201107530
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201107530
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Last modified
10/17/2011 3:04:03 PM
Creation date
10/11/2011 12:50:14 PM
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DEEDS
Inst Number
201107530
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201107530 <br />b. The Owner, for itself, its successors and assigns, covenants with HUD that <br />the Owner will continue to operate the pProject in accordance with the <br />requirements of the Rent Supplement Assistance Contract that is in effect <br />between HUD and this pProject and all applicable Federal regulations, the <br />Rent Supplement Assistance Contract and applicable HUD requirements <br />for not less than the remaining term of the later maturing original <br />Section 202 Direct Loan, which maturity date is January 1, 2027, <br />unless otherwise approved by HUD. <br />=3. In the event of a breach or a threatened breach of any of the above covenants and <br />agreements by the Owner, HUD and /or any tenant as a third -party beneficiary <br />shall be entitled to institute legal action to enforce performance and observance <br />of such covenants and agreements and to enjoin any acts which are violative of <br />such covenants and agreements. <br />24. The Owner shall not (a) impede the reasonable efforts of tenants to organize as <br />detailed in 24 CFR Part 245, or (b) unreasonably withhold the use of any <br />community room or other available space appropriate for meetings which is part <br />of the mortgaged property when-requested by: (i) a resident tenant organization <br />in connection with the representational purposes of the organization; or (ii) <br />tenants seeking to organize or to consider collectively any matter pertaining to <br />the operation of the mortgaged property. <br />9,5. The Owner, for itself, its successors and assigns, hereby agrees and <br />acknowledges that this Use Agreement shall be recorded in the appropriate land <br />records and that HUD and any successors and assigns and /or any third -party <br />beneficiary may file suit against the Owner or any of its successors or <br />assigns for an order of the court demanding specific performance of any of these <br />covenants and agreements, enjoining any acts which are violative of such <br />covenants and agreements, for an award of whatever damages can be proven <br />and /or for such other relief as may be appropriate. <br />46. The Owner agrees to maintain the pProject solely as rental housing for very -low <br />income elderly or disabled persons (or low income elderly or disabled person as <br />approved by HUD or moderate income elderly or disabled persons in the case of <br />non - subsidized Section 202 projects) for the life of the Use Agreement. <br />47. The pProject will continue to operate until the latest maturity date of the original <br />Section 202 D Loans (which maturity date is January 1, 2027) in a manner <br />that will provide rental housing for the elderly and persons with disabilities on <br />terms at least as advantageous to existing and future tenants as the terms required <br />by the original loan. <br />�8. The Owner will accept all forms of Section 8 tenant -based assistance for all units <br />that do not have project- baseds assistance for the life of the Use Agreement. <br />9. Ownership of the pProject will be controlled by a nonprofit mortgagor entity or a <br />limited partnership entity of which the general partner is an entity controlled by a <br />legitimate nonprofit affordable housing provider. <br />2 <br />
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