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201107532
<br />Regulatory Agreement for
<br />Multifamily Housing Projects
<br />U.S. Department of Housing
<br />And Urban Development
<br />Office of Housing
<br />Federal Housing Commissioner
<br />Under Sections 207, 220, 221(d)(4), 231 and 232, Except Nonprofits
<br />Project Number Mortgagee
<br />103 - 11045 -NP -REF Lancaster Pollard Mortgage Company
<br />Amount of Mortgage Note Date
<br />$1,981,700.00 as of October 11, 2011
<br />Mortgage Recorded State Nebraska Counties: Custer, Adams, Date Originally endorsed for insurance under Section
<br />Buffalo, Valley, Furnas, Contemporaneously 207, pursuant to Section 223(f)
<br />90" Nuckolls and Hall herewith
<br />P-19e
<br />This Agreement entered into as of the 466 11`" day of October, 2011 between NEBRASKA ASSOCIATION FOR DEVELOPMENTAL HOUSING, a
<br />Nebraska nonprofit corporation whose address is 216 N. Denver Avenue, Hastings, Nebraska 68901 the4 its successors, heirs, and assigns (jointly and
<br />severally, hereinafter referred to as Owners) and the undersigned Secretary of Housing and Urban Development and his successors (hereinafter referred to as
<br />Secretary).
<br />In consideration of the endorsement for insurance by the Secretary of the above
<br />described note or in consideration of the consent of the Secretary to the transfer
<br />of the mortgaged property or the sale and conveyance of the mortgaged
<br />property by the Secretary, and in order to comply with the requirements of the
<br />National Housing Act, as amended, and the Regulations adopted by the
<br />Secretary pursuant thereto, Owners agree for themselves, their successors, heirs
<br />and assigns, that in connection with the mortgaged property and the project
<br />operated thereon and so long as the contract of mortgage insurance continues in
<br />effect, and during such further period of time as the Secretary shall be the
<br />owner, holder or reinsurer of the mortgage, or during any time the Secretary is
<br />obligated to insure a mortgage on the mortgaged property:
<br />Owners, except as limited by paragraph 17 hereof, assume and agree to
<br />make promptly all payments due under the note and mortgage.
<br />2. (a) Owners shall establish or continue to maintain a reserve fund for
<br />replacements by the allocation to such reserve fund in a separate
<br />account with the mortgagee or in a safe and responsible depository
<br />designated by the mortgagee, concurrently with the beginning of
<br />payments towards amortization of the principal of the mortgage
<br />insured or held by the Secretary of an amount equal to $1,187.50
<br />(plus debt service savings in the amount of $3.594.57 for the first
<br />ten (10) years after the date hereof) per month, unless a different
<br />date or amount is approved in writing by the Secretary. The amount
<br />of the monthly deposit shall be subject to change every ten (10)
<br />years to equal the amount required by the Secretary based upon
<br />an evaluation made or approved by the Secretary. In addition,
<br />Owners shall make an initial deposit in an amount not less than
<br />$143,608.00, to establish such reserve fund for replacements, part
<br />of which shall be funded from the transfer of the balance of the
<br />reserve fund for replacements maintained in connection with
<br />HUD Project Nos. I03 -EH007 and 103- EH040.
<br />Such fund, whether in the form of a cash deposit or invested in
<br />obligations of, or fully guaranteed as to principal by, the United
<br />States of America shall at all times be under the control of the
<br />mortgagee. Disbursements from such fund, whether for the purpose
<br />of effecting replacement of structural elements and mechanical
<br />equipment of the project or for any other purpose, may be made only
<br />after receiving the consent in writing of the Secretary. In the event
<br />that the owner is unable to make a mortgage note payment on the due
<br />date and that payment cannot be made prior to the due day of the next
<br />such installment or when the mortgagee has agreed to forgo making
<br />an election to assign the mortgage to the Secretary based on a
<br />monetary default, or to withdraw an election already made, the
<br />Secretary is authorized to instruct the mortgagee to withdraw funds
<br />from the reserve fund for replacements to be applied to the mortgage
<br />payment in order to prevent or cure the default. In addition, in the
<br />event of a default in the terms of the mortgage, pursuant to which the
<br />loan has been accelerated, the Secretary may apply or authorize the
<br />application of the balance in such fund to the amount due on the
<br />mortgage debt as accelerated.
<br />(b) Where Owners are acquiring a project already subject to an insured
<br />mortgage, the reserve fund for replacements to be established will be
<br />equal to the amount due to be in such fund under existing agreements
<br />or charter provisions at the time Owners acquire such project, and
<br />payments hereunder shall begin with the first payment due on the
<br />mortgage after acquisition, unless some other method of establishing
<br />and maintaining the fund is approved in writing by the Secretary.
<br />(c) Owners shall establish and maintain, in addition to the reserve
<br />fund for replacements, a residual receipts fund by depositing
<br />thereto, with the Mortgagee, the residual receipts, as defined
<br />herein, within 60 days after the end of the semiannual or annual
<br />fiscal period within which such receipts are realized. Residual
<br />receipts shall be under the control of the Secretary, and shall be
<br />disbursed only on the direction of the Secretary, who shall have
<br />the power and authority to direct that the residual receipts, or any
<br />part thereof, be used for such purpose as he may determine.
<br />3. Real property covered by the mortgage and this agreement is described in
<br />Schedule Exhibit A attached hereto.
<br />(This paragraph 4 is not applicable to cases insured under Section 232.)
<br />4. (a) Owners shall make dwelling accommodation and services of the project
<br />available to occupants at charges not exceeding those established in
<br />accordance with a rental schedule approved in writing by the
<br />Secretary, for any project subject to regulation of rent by the
<br />Secretary. Accommodations shall not be rented for a period of less
<br />than thirty (30) days, or, unless the mortgage is insured under Section
<br />231, for more than three years. Commercial facilities shall be rented
<br />for such use and upon such terms as approved by the Secretary.
<br />Subleasing of dwelling accommodations, except for subleases of
<br />Replaces FHA -2466 which may be used until supply exhausted Page 1 of 8 Form HUD -92466 (11/2002)
<br />ref Handbook 4571.1
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