HomeMy WebLinkAbout2747 ~
(2) Nu di~t~ibu:i~~:i s1i:l11 hc~ r.~sdc frr~n~ t~oc~o•.~~rd funds ot rriar to !he cu:i~; Icti~~n u[ th~• projcct o~ ~~hcn tl:c~:
is an~• de[:~ult un irr this AE;~cemr~it or under thc~ not~ o~ ;.~ortE;a~e;
(3) An~~ dist~il~ation of u~y funds uf the projc•~t, which tL~~ ~~:~rty ~ecei~•in~; such fund~,i~ ~wt enti~lcd to i~-
tain hc~cundcr~ shall bc h~ld in tr~.s! sep~ra?r .uid ,iE,art fr<,n~ an~• o.h~~r fund: ; ~
(4) 7'here shali h~~~•e Leen compli.~nce a•ith :~11 uutst~ndin~; notice~' o[ teqt:is:•:nents foc ~~roper m:~i•it.+inance
o[ thc projcct.
(n En6a~;r, except for n:it~:r.et pe~-ons~ in ~ny othe~ bur:iness or activity. includir.g t1~e oj~~ialion of .~n;• other
cent:?1 projcct, o~ incir u~~y liability or ubligation not in conr.:ction ~sith thc projcct;
(p) fieqvice~ a~ a con:liteon uf the occupancy~ or leasin~ of , r~• unil in the projecl, .:r.y consideratior; :~r ~eposii
otlie; i;~an Ih^ p;cE~~yr ent of th~ Gcst t~ontn's tent plus a scrurity deposit in an amount not in c~cess nf onc
montL's tent lo ~;uar~z~~cer tlie perforr.~nce of thc covenants oi t}ie lease. Any fund collected ~s secu ity depos-
its ~hall be kept sepa.ate and apart from all other funds of tl ~ project in a trust ~ccount tlie amount e: ~:hich
shall al all ti~acs cynal or cxcced lhc aggrcfiaic o[ All outst. r.ding obli~;ations unJe~ said account;
(h) Pecr.iit the use o: :hc d~+eUing a:cvi~modatio::s of llie yroject for ar.~• purpose except the use whirh ~ti~as o:i~;-
inallp ir.tcndcd, or prrmit c.~mnicrcial usc greater ths~n th.+t c~riginall~• appro~•ed by tL~ Co: ~missioner;
(i) Incur any liability. di~ect o~ conti~~ent, other than for cu«ent operating expenses~ exclusi~•:: u[ ti:c indc•u!ed-
aess secured by the mortgt~ge nnd necessarily in::ident to tt~e execution ~r~d delivery the~eo[;
(j) Pay ar.y compcnsatina, including hares or s:+l~~ries, or incuc any obligatio:is~ to themsel~~es~ or any officers.
direclo:s. stc~ckl~t~tde. inistc._s, p,.riners, beneficiaries ur,d^i a trust, or to an~• of th~i~ no;ninees;
(k) Ei~ter in!o ~eay cot:tr.:ct or cont~~+cts for supervisor~~ or mar.;~gerial scrvices. !
9. O~vne~s sl~atl ~r,aintair: the mor:~aged premises~ accommod~~tic~~s and the grounds and eq:iii~ment ..pputtenant
thereto, in good ~epaii and con+lition. In thc e~~ent all ar any~ uf thc builclin~s co.•cted h~~ tt~c moitg. ~;e~ :h:~ll t~e
drstroyed or dam:i~c~d I,}~ [i~e or otlier easu~ ity, the iaoney der;~•~d iro~; an~~ insurance o~ the prc~perty ::;ait be4p- ~
pl~ed in acco:danc•c ~vith t?~c tccws of ii:e insurc•d ?,ort~~:~~;~. j
~
8. O~vncss s~iall not file ~:iy ~~ctitin~t in l•.~nkru~try, or for a rece~~•er, or in ir,so:ve:ic•y, or i~s rcorganiz~~:i-~~ or
posit;uti, ur rr,a3,~ ~ ~il• ~ssi~;~i~ ic•~t fu. tl.e b~iirfit of cr•~ditozs o. to a trust~e :ut creciilors or perr.iii an a~lj;~:7icatioa ~
in b: n::ruptc}•~ the t::ki~~~ pos~•c~-sioa ei tl,c rno:tgag,eci pcopert~• oa a~~~• },art th••rcof by ~ teceiver. or 1L•~• seizure
a~ed sulc of tl:~ mort~at,cd p:op.~zl~• or ~n}• p:+:t tiycrcof under ji~dicialpr.~cc:.-svr~.:~rsu:~nt to sny po~t~er c! sal^ <<nd
fail to h.ave surL udver~~ FIC~IC~11S SF~ ~+si~ie within fort~~-five d-~y~~.
9. (a) O~.~uers sha!t p:u~•icte foc tlse rianc+;;~r.~cnt cd the projc•et i~~ a m-~nner st~tisf.+ciDr)• ta t;sc Coz~u:~i~sia:,^~. An~
' mana~ement coniract en;er::d into bl~ Oirn~ ~s, o: an; of th^m. i:n•o:~ ing th~ rrojec! sha11 coat~+in a pro~•isicn
ti~af it sl~a.l1 tx- ~~:Ljcct to ter~nir.atio~y, ~vit'.wut prnaltp an~~ witl~ or ~*~itLcut cr~i::.+~, u^on ~~:tit;^~i t~qn~:: Ey t~ie ~
;
~ Cor:ic~is~i:-~:iet .•ctc'.~es<<:1 to t?~e O:vners. Ui,on teceipt of s?:ch reyue~t O~:r,crs sli~li irrirtei i:+ie1}' 2~•n,~:r~c:te ti.c '
~ . .
t COt111RCt ~:ithin ~~'~l(i:# OE ROt I:iOM ~~i'?tt ~i:lt~~' ~.~i~~ C~~')'~ F4IICi 5:23~~ tnake atr~..~~;c~,'.fl:tS Si!!1::f~ CtOt}' ~~iC COtir
~ rnission^r for co:?ti:~air.,; pr.p~s i.ian:~~~~~icct vf thc ~~rojcct.
(b) Pz~~r:ent for s~c~;~:.~s~ ~•:~pplics, or rr.ateti:~ls ~I;all ~iot exc~•~•c1 t3ie a;;i~~~.it o*diiiaril}• p:~id fo: such e^:vices, -
Sl:~ p~ICS~ Of IAn~CI18~5 ~q tfi:' :+SE':1 ~:~iCtE• ~}lC 5CIYIC('S l:iE' IPi~Cj: fESl OI t~iC' SU~iri:E•S OL M~tCtISIS ~4Ifi1S}:c Ci.
t
~C~ T~If• OIO:i(',:ft;~:~ ~)Iv~~i'It~'~ C(ji12OIT.(•ii~~ }!l!!~:~lIIYS~ fr~Ql!!ti~ (~{(S:::S, ilOpBIi~tCS~ (~C{~'l~t:;~ Z~^U~:::, CO!It[11C~`.~ I(COi~~`•
docurr.^ats, ai:d ot:~er p~:~~:rs rela!in~ ti:ereto sl. :'I at ell tir.:~s Lc~ n_~ri::t.•ined i:? tcason:~bie cu:i:i~iion :c~~ pro;~^r t
ai:3it and ~hc:31 Le ~..~b;~^t t:~ e.r•arniualion ar.d ir.s~~ection .:t at~;• re~+~oa.:'~le !ir.,:~ L~• the Co::~r.i-:~ioner cr ~is ~i:ly ~
autl:orizeci a~cn!s. Ot:~•:,s shc:ll L•eep co; ies of all ~:ritten co;:tr.~rts o, o;Lcr instrn~~~n:s v:hich affeci the r.:od- i
gaFed p:operty. ail o* ::i.~ of ~~.~ic•h iaay be s~iLject to ir.s:;,~.cfion a~d e:ti~ irination L~~ .l~c Co.,,.~~issio~e: ur 6i::
a
dul} autt~otized ~ ~en'.s. ;
(d) T}.e b~:~!.s t~nct .;cc~t~nt:= of ti:~. op~•,tio:~s of t;:^ mort~. ~e:~ pra;,e?t~- anci of the F:cj::t sLaSl be 1•::,,: in
cord3r.~e ~vii1~ 1L~ .c:~t,~:e:.ic~nls ef lhe ('o-nmissio~,~r.
~
~ (c) 11'itF~in sixty d~~S•s (t.llc•.:;n;; t;~c end of each fisc.~! }•ca~ tii° Cornrnissio:,cr snall b; fur~iis'•.ed w•i.h cu~np!^tt~
ar.n~:al (ir.:1''.C':1~ IL'V:lif ~:25C(~ lj:Ofl 3Il CRS:Git1 ~tlGti O{ Z~~C• ~C'Ot::: it:1CT ICCO:~.°, C~ ~}:C' (~iC.~:~~;:!~;0: [Nf~t;;S~:~ l:i JCCO:i~
~ s 81!('C 7:/t~i t~:" I;:C~::Ift'lP.= 7:~5 O~ t~:_^ COfl.:~7.`'`.:~0 :^f ('C,'t!!:~C~. t0 L~ <'iD Of~1CEf O: fEC(~(h~:l~i(' Ov f~Ci :!:I(~, V:~t~i+ fi-
/
quired b}~ thc C~,:.,r issi~•:~~, P:•-;•a~~d 4:~d cc:t~fi~ d h~~ CE~~ti:.;~~i Peblic /lccou:tt~:nt, ot o:}:~ t pcrso;~ ~~.-.ccp•,:,f~ie
~ to the Cor.:-:~i~sio7~;. ~
~ t
~ ~f~ ~t tFC ~C:{'.'•CSt Gi t} ~ ii'.. i0ii^~~ }'ti: ?~~f.R~S~ `_'!L•j~~U~C;'S~ au; i:~~OCS:C~'S, ~~It` ~'.LRCI ; SR.3~~ ill:Al':i. . iG:li~:l; ~
~ OCC.UF~:II~~ IC:~:.}liti c.RC~ ~~'.-l~~ (~yCf '~~••r•1~:: ::1Sl7Cf~ ~C~ (~1i:itlOil"~~ li~)l:l \':t1IC~1 lR~~II.^.3{l:.u 1_; (iCSIl~'Cj tli:ll' it ~
~ t1C~_' iCiFt}i~'f Lv ~I~C li1C{r::~G~ ASS=C'~S~ ~1: ~'I'I:.PS~ CvS~i .'•Ct::~ ('~~~'i:;taf:i:. ~i2(: (:iiL~j1~?1~7: (~j ~~:L ~l:l~~~c^it}' ::r~~ :LC ~~:!l~?: i
~ of t?~e insu~c~d mott~;:i,; ~
~ 3
~ 4
~ ~
~
~ ~
~ .
~ • O
~ ,0$~~.87 ~~~746
~
~ .
~ -
_ r.~,. . . 4F~.~~~~