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~ FHA FOltM N0. 1730 R~v. l0/6~ "4~( j"(
(B~low AAork~t In»?~st RN~) FEDERAL HOUSING"ADMINISTRATION tJ, ~
REGULATORY AGREENENT FOR tWTED Dl5'TR1BU'I'ION lIORTGAGOR PROJEC'TS
UNDER SEG710N Z21(d)(3) OF THE NATIONAL HOUSING AC?~ A5 AMENDED
Project No. 06?-55005 LD
Mortgagee AMERICAN NATYONAL H~ANK OF JACBS4NVILLE, JaCkks~nv371e, F'lorida
Amount of Mortgage Notc FouT Hundr'ed 3eventy-eight Thc~and Da1l,a~CS Date Sepbember 29;1965
Mortgage : Recorded: State Florida Counry St. Lu~~ DateSepbember 24,1965
Official Record eook ~ / p~e ~
This Agreement enter+ed into this ~4~ day of September , 19 65 ,
between EDGEWATER APARTMEN'I'S of FT. ~"IERCE~ INC.
whose address is 6770 Hallywoo~d Ba~~levard, ~3a~i~and,~e~'lorida
their suc~essors, heirs, and assigns (jointly and severally, hereieafter referred to as Qwners) aad the
undersigned Fcdecal Housing Cammissianer end his successors, (hereinafter called Commissioner).
In consideration of the endorsement for insurance by the Cammissioner of ths above described note
or in consideration nf the consent of the Commissioner to the transfer of the mo~tgaged pr~perty, and in
order to comply with the requirements of Section 221(d)(3) of the National Housing Act, as amended,
and the Regulations adopted by the Commissioner purauant thereto~ Owners sgree for themselves~ their
succ~esaors, heirs and assigns, that in connection with the mortgaged property and the project operated
thereon and sa long as the coatract of mortgage insurance continues in effect, and dvring such further
period of time as the Commissioner shall be the owner, holcier or reinsurer of the mortgege, ar during
any time the Commissioner is obligated to insur~ a mortgage on the mortgaged property :
1. Owners, eacept as limited by paragraph 17 hereof, shall promptly make all payments due under
the note and mortgag~e.
2. (a) Owners shell establish .or continue to maintain a r~serve fund for replacements by the alloce-
tion to such reserve fund in a separate account with the mortgag~e or in a safe and responsible
depository designated by the mortgag~ee, codcurrently with the beginning af payments towards
amortization af the principal of the mnrtgag~e insured or held by the Commissioner of an amount
eqnal to ; 1~56. per month unless a different date or amount ia approved in writ-
ing by the Commissioatr. Such fuad, whether ia the form of a cash deposit ot invested in obliga-
tions of or fully guaranteed as to principal by the United States df America, shall at all times
be under the contml of the mortgagee. Disbursements from such ~und, whether for the purpose
of effecting replacement of swctural elements, and mechanical aquipment af the project or for
any ather purpose, map be made only after receiving the cansent ia writisg of the ~ommissioner.
(b} Rhere Owners are acquiring a pruject already subject to an insured mortgage, the reserve
fund for replacements to be established will be equal io the emount due to be in such fund nnder
~ existing agrteernent~ or chartes provisioAS at the time Owners acquire such project, nnd paymeats
hereunder shall hegin with the first paytneat due oa the mortgage after acquisition, unless some
other method of eatablishing and meintaining the fand is approved ot required in writiAg by the
Corrmissioner.
(c) Owners s6ali establish and maintain, in eddition to the reserve fund for replacements, a re-
sidual receipcs fund by deposicing che~co, with the mortgegee, within sizty days sfter the close
of any ~scal year, any residual reaeipts, as that item is defiaed herein. Svch fund sha!1 be un-
der the cantrol of the Comraissioner, and shall be disbursed only oa the direction of the Com-
missioner, who shall have the power and auth~ity to direct that such fn~nd, or any part thereof,
be uscd for such purpose as he maq deUermirne.
3. Real property covered by the mortgage and this A~reement is described in Schedule A attached
hereto. g~~~~
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