HomeMy WebLinkAbout0367 -s- .
fii) All amounts required to be deposited in the reserve fund for replacements;
(iii) All obligations of the project osher than the ir,sured mortgage un;ess funds for payment
are set aside or defennent of payment has been app~oved by the Commissioner, and
~
(2) the segregation of:
~ , (i) An amount equal to the aggregate of all speciel funds required to be maintained by the
project;
(ii) All tenant security deposits held;
(h) "Residual Reoeipts" mcans any cash rem~ining after payment finm "surplus cash" of all
dividends ar distributians declared by the cncporetion as pravided in paregraph 6(e) (1) hereof.
(i) "Family" meana (a) two or more persons related by blood, maniage, or operation of law, who
occupy the same unit; (b) a handicapped person who has a physical impaitment which is expected
to be of long~continued and indefinite duration, substantially impedes his ability to live independ-
ently, and is of such a natuce that his ability to live independendy could be improved by more
suitable housing conditions; ar (c) a single person, 62 years of age or older.
(j) "Distribution" ~neans any withdrawal or taking of cash or other assets of the pmject other
than payment for reasonable expenses incident to its operation and maintenance;
(k) "Iacome" meens all gt~oss incame, before taxes and other deductions, received by all mem-
bers of the family, except a dependent child or children, as the latter is defined by the Internal
Revenue Senrice.
(1) '`Rental" for the purpose of determining occupancy eligibility includes shelter and all utili-
des (eacept telephone), such gs heat, water, electricity and cooking fuel which may be included
in the approved "Rental Schedale".
(m) "Equity Investment" shall be c:onsidered the product of the amount of the ~nal endorsement ~
nf the insured mortgage and 11.11 per centum.
(n) "Default" means a default de~lared by the Commissioner when a violation of this Agreemcnt ,
is not corrected to his satisfaction within the time allowed by this Agreement or such further
~ time as may be allowed by the Commissioner after written notice;
j~ 14. This iastr~ment shall bind, and the benefits shall inure to, the tespective Owners, their heirs,
legal representatives, executors, admimstrators, successors in office or interest, ~nd essigns,
aa~d to the Commissioner aad his successors so long ss the coatract of mortgage insurance con-
~ tinaes in effect; and during such further time as the Commissioner shall be the owner, holder, or
reinsurer of ~the mortE;age, or abligated to reinsure the mortgage.
~
15. Owners wanant thet they have not, a~nd will aot, ezecute any other agreement with provisions
cantradictory af, or in opposition to, the pmvisions hereof, and that, in any evedt, the requir~-
ments of this Agreement are paramount and controlling as to the rights and obligations set forth
and supersede any other c~equirements in conflict therewith.
16. The invalidity of aay clause, part or provision of this Agreement shall not affect the validity or
the remaining portions theeeof.
17. The following Owners': None
~ do not assume personal liabiliry for Qayments due under the note and rnortga~e, to th~ reserve
~ for replacem~nis, or for matters not under their control, except :
for funds oc property of the project coming iato their hands which, by the provisions hereof,
they are aot entitled to retain; and
{b) for their own acts anci deeds or acts and deeds of others which they have authoriz~d in vio-
latioa of the provisiona hereof.
IN WITNESS WHEREOF, the parties hereto ha.ve hereunto set their hands
and seals, this day a~ September, A. D. , 1965.
Bo~«127 ~67
_ .
195303-P Rs~. 10/Bi F'HMWa'3~., 0.~C.
~ _