HomeMy WebLinkAbout2748 1~~) ~:U r:~.its a~:cl o.?:cr tr~~~•i~:t•, ~~f tlic p;r.jcc_t sh.,l! Lc d~.~,c»:itc~i i~t thc r.c,~nc p:oje,:t i~t l:ar.k, ~•:!i:~s~~ ~I~~
~;p;i:s :~n, in',ured by tl:e H.D.I.~:. Such 'uuds :;La11 be .vit;ulc:r:~:n .n1y isi ac.:ord:•nca ~::ith the pc~~•i:::on:; of
lf!l:; i1~;: cmcnt f~)f CXr~P:1::C5 Of l` Z~;J)iL~~ fEf~ll~~.~tli-l"; ~n,t~ic Con~~i.:s~~~ncr :1:: :.::~1l1[c:(~ l~il(~~_'~ ~~ti:.:~~f:l~h
.'(i) abo•:.:, or fur distri!~~,iious of :.urplus cash as limit~~l bp i'.~ra~;ra~~1i fi(e) a~buv~. Ar.y u~.vner tcc~iving
funss uf ?lic p[~>ject o:~~rr t1r~n by s+.ich distriL~:ticn cf ~u~pl=is c:;1~ sl~ali i~~niedi.~tely dep~;sit such (nr.ds i~
t,ic ~ ~~j,:ct h.~n!< a~xo~int -i~ut f~ilin~ so to du in viol:~tion o[ t1~is A~;ccc~s~~~nt tihall hold s::c:~ fu~~~ls in trust.
~\:if o:~::i~r rcceiving p:opcrty u( tlic prvj~ct in violation uf th~s Agr~cricnt ::hcell ~m;;icdiat~.ly dclive~ such
piop.rri~ to thc p:ujcct ar.d f~i!inf; so tu do s:~all hol.i suci~ propcrty in trust.
10, (;.n,~ ~:~ill comply +vith the p~ovisions of any ec?cral~ State~ or 1~?cul lativ prohihitiu~; r.iscr.mi~~ation in ~
!..~u~.ir~ un thc ;roun~ls of r~cc cn1o~ crcc~i~ or n:~tiun~l ori~i~, includitig 'fit:~• VI ~~f thc Ci~~il Rig;its
:`•.ct of 1`:G~l (~':~bSic I.a~.v 33-35~~t. 2•11). ail requicer~~n.s im~~se~i by o~ l:us:u:+nt tu the Rcgula-
ticns uf th~~ Dep: rhnent uf fluu:;ing and U:U.ut Ucvcl~~pment (2q CF R. Subtitl~ A, :'art t) i~.:;u~~d pttrsuant
to i`::~t iitle, a~,d ce~,ulatici,s istne~l pursi;ant to l~:::ecutive Ouler 110G3.
1 L~:}:o:i a viol:~ti~~n uf ~u,y uf the a~,~~•~~ ~rovic:i~~ns of thi~ A~;-cen:~nt by O;:=iers, tl~~ Comniis :ior.er ::tay ~;ive
:vritt~a nntice. thc:cco[, to O•.rn~c:-, t~y rcy,istec~~1 e~ ~ertifir.•I , ail, auc~rc•;sed .o t'.ie addresse; st.ii~^d in this
:1~~C~'P:i1~-:1~. G[ SUCtI ~)~~1C( :'.~~~Iil•tiSa`S %'S Ct:l~/ SlibSf•(lUl.lltly~ U(1J? :ii)~1fUPClII~C CJfl~t~.'(1 :~~ICP. thcrc~uf to thr_ Comm::~
sioner, 5e desi~;r.ated by the O~~~ner~ as thair !ebal busieaess c~ddress. lf such t~i~•~c~t:~n is not corr~c,~~c1 to the
s;tisf~~ction oE tl~e C~m?nissioner within ihirty daps after the d~ite ~:uch uotice is mailed or •.vitl:in tiu~.~ fucthet
i1~IC :1S ihe Cua~missioner rea:;nnauly c~C~C[tAiQC~ is necessary to correcl the :•iu:•~tion, W![~lOU1 ~~lf~~iC•f t10~i~:C1tIC
Co:nmission~~r :n~~~ de:•lare a ci~f~uIt und~~r t'~is Agre^;ne~et ~~ff~~tive ~n tt:e date ~,f such dcri:::~,;un def:~ult
;;,~d ~F~n ~t•ch d~~fault t};c Cor.uni~.sioncr raay:
~:i'y(1) (f t!;e C. r.:miiS10!il'[ 1c;~:~;s the note - d•~cl:~rc t~:e •::!iol~~ of sa;d in~b=htc,1~:~ i~a~: •~di:~l~~l~• ~l~.~e ~n~~ pa~:il~ie ~
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.~~:d tl;en r:oceed ~.vith t::~ [or:rclo_;ure uf the mo~tgage; ?
(2) If s::id note is nut hc:d 'oy il?e Cur.:missioacr - notify the hot<ier uf t}ie note of such dr fauIt ~;id ~cqucst
h:~lder to dcclar~ a delault iir,dcr th~~ n.~« an~i ir.,~rig<~ge, and ihc ;ivtder u[ter r_.:civin~ such :wlice atid re- ~
t(u~,t, 1~ut r,ot oLi~nvise~ at its opt:on, may c~~<•larc the •.vaole indehicdness ~tue~and 11:e~e!zpnn proceed wifh
f~reclosur~ uf thc mort~a~;e, or assibn tl~e notc and mort~;a~c to ihe Com~,iissio~ier as Qru~•i.l~d in t!i:~ !.e~n.a-
tions;
Co{lect all :1_nts and char,~s i~ ~.~~.~~ctio?e with the oper.ition of di~: proj~ct .:~d use s~ch c~il:~.t:~~as iopay.
mo:t~;~gor's cbligatio:is undec this Agreement ar.d under the nute .~nd n:orlva;;e .tnd the n..'^s:;=.ry c~~~r_:;ses
~:resen~i~~~ the property and o; crati~zg t~ie project;
Take possession u[ the project, bring any action necessary to ~nforce any ri~fits uf t,ie Oa-iir_r5 ~ro~vin~;o~tt
; c: ihe proj~ ct op~ r.+tion, a~d operate thr project in acc~rdance tvith t~.e terms of t?.is et~;cee~nent antil su~.h time
' t1~c Coci~nissi~~~:er in 1?is disccetion det~•rmiiies th3t t~TC Ot:ners are ~bain in a~vsitien to o~crate th~~ ~~roject
~ accorda~ice ~vith ihe ;erms oE this Agrecmeni ar.d in c~rnpliance ~vith the requ:n~nents of the ~totear.d mortgage;
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€ (d) A~~Sy to an~ court, State or I~cderal, for speci[ic perforsnance uf this Agreet~~nt, for an inju~tction ~g~inst
~ :u?~ vio~ation oi the Agreem~nt, for the ap~ uintmer.i of a receiver to take over anci operate !he project in accord-
~ ce crith the terms of the Agreement. ur fvr such ather mlief as may be zppropri~te, since the injury tv ~fieCom-
' :::~sioncr arising from a dcEault under any of the terms of this Ag.cement woutd be irreparabte ar.~ thc a~acunt
~ f damage would be difficvit to ascertain~
T~rmin~te t.ie intcrest redcctiti~n payi~ents to t~:r n:ortgagee made pursua~t to Parag~apti 1 her~inahove.
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~ 12. =ecer.ty fer thc p:+;~;nes~t duc urtdcr this Agreemrnt to tf:c rescrce fu~id fur repla::esnents, and to ~ecure lha
x Co,nmission~r tr~.::;use o[ his liability under tlie endorsement of t~e note for insur.s ~ce~ ar.d as sccurity for t;ie
~ o~her obli~~~tiens ur.der this :lgreerent, th,rOwners cespectivcly assign, ~icdge and r: ortg.;~;e to tl:~ Cum~.iissioner
t' eir righ:s to the rents, prolits, income a rl charges uf t~hate~•er sort ~chich they rt.ay recei~•e ~~r be e~ititled to
~ r~:.~i;e fcc:n the op~rati~n of the mort~a~~ l gropert~•,, svbj~-ct, however, tu ar.f ~:ssigr.rr.ent of~rer.ts itt ilie ir.sur-
~ er! m~rt~;:=Le referced to h~rein. Un!il a~ie~ault is decl.~.:~~d u~~1er this Itigreement, 1.o«~ever, permissiu? i: grant-
ed to O:vsie:s to collect .:nd retain u~zcler t'ie procisicns oE this Ap,r~enrnt such r~.tts, profits, ir.rome, and ~
c!:a~ge:;, b}it ~:po,i ~~f~~ult this ~err:llSSiOi1 _S terminatcd .:s to all re!?t.; ~tue er co12~-~.ted therea[~er. ~
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- 13. A~ u~ed •.:i t~iis Agre~nent the tecm:
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~ "3lortt;~ge" ;ncludes "!)eed of Trust", "Ch~zttel ~lortg:;g~", ~~ed any ot7ier se~urity ~ur t1~e n.~te icle~iti[icd
~ h~rein, ~nd enua~s_d for ir.sU~:~~~ce or held by th~: C~~::~missio:~er,
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~ ~tf~ "i•TOtti'Ot,CC~~ [t'~c'fS to the :~OI(~ef OE t~i~ mortc;a,;a ic!cntified lier~in, 11S SUCCCS.~O[S ~ fl(~ :1:~~IgOS~
Fc ~~~~.Oi~}~a~`O['~ til~dlli ~F1P Jhb111J~ tlOftU'•'~'Cf tiA~~ci ~~1P. IDU(~~.1~'l: 811(~ ItS SUCCC~S(1C : aA.j :iSSI~(I5~
t~~'.\' it'(S~~ IC'~~':.. ~O ~~li . ;.i i ~.~1G~1 lIl ~~ll ~I!5~ P?I2~:ii(:}1 i:l'[CJf :ii.~ I~r`S'~'`l~l'd •~.i ~'.4G1•fS~ : CCCCS•
~ ~ .~•'fS : i.a 1551~C5~
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~ a00K~~~ PACE~~~~
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