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(e) "I1lortb~g~d 1'~opr:ty" inc!udes ~l) ~•tc~ert5•, te.:t, pec:.oaa1. or mixrd co~~ered by the mo~tg:=ge or mort~.~r~s `
s~cu~ing thc~ note rndcrsed for insurar.~~e or held by tt~e Commissioner,
"P~ojcc;" include:. thc mortgagcd prope~l~• nnd :,ii its othec asccts o[ whatsue~•cr n~tu~c or Hhei~suc~~cr sil-
uate~ asrd in or o~+~ned by the L•usiness conducted on said mort~:.~;ed propert~~. which business is to provide
housing <+nd o!F.cc sucL acti~itir~ as arc incidc•nlaJ tLcrcto;
(g) "Curplt~s Cash" me•ans nny casl: rrr.:~':ning aftcr:
(1) lt?e payment of:
(i) All sur~~s du~ oc currently r~quired to be psid under tLe terms of any mort~age or note insure-: or held
by thc Fecleral Housing Gommissioner.
(ii) All ar.~ounts required to bc deposited in the reser~~e :und foi ccplacements; ~
(sii) All obligatit•ns of the ptojccl other than ;he mortg:~ge insuted or held by the Commissioner t.nless ~
[unds for pa;ment are set aside or defennent o[ payment has becn approved by thc Commiss;oner.
(i~~) Remitlances due to tlie Commissior.cr as required by Paragrapl~ 4(i): and
(2) the scgregation of:
(i) An amount equal to the pggregate of ail special funds required to be maintained by the project;
(ii) AU t~_na~t securit~~ depusits held;
(iii) 'fhat portion of centals wliich must be remitted lo the Commission~r in necotdance with Par~~~raph
4(i). but not yct duc. ~
(h) "Residual Rec^ipts" means an~~ cash renaining a2 the end of a seuiiannual or annual (isca2 petiod H[t~r do-
ductin~ frur.~ surgtus r.~sh the an:oent o: aI~ a151ilF~LllOI1S us that tenn is defined below and as limiteu i,y
Per~~ra~,h 6(e, I~ereof;
(i) "Fa;~i:y~" raeans (i) two or m~re persons related by blood, marriage, or operation o[ 1:?w, wh~ occu,~}• the
sdr.ie unit; (2) a handicappeu }~erson w`~o has a pti}•sical impainncnt which is expected to be o[ long caatinu-
ec ~rd indefinite do~afion, substantiallp impedes his z~bility to livc inderendentl~~, and is of sJCI~ a nat•im
that his ability to live independ~ntl~~ could be impro~~ed by more suitable housing conditions; (3) a sing'e Fer
aon, 62 years of age or c+lder; or (4) a single person less than 62 years of age pcovided that occr,?a;~cy bysuch #
persons is limited to 1U;~ of the dr:el3ing units in the project; ~
(j) "1)ist:ib:~tian" ~neans any KithdraHal or taking o[ cash or an~~ assets oi the project, including the s~_grr~a- ~
' tiua ot cash or assets far sabseyuenl ~ ithdraHal witnin the litnitatiors of Paragraph 6(e) }:ereof, and exclu3- 3
ing payment for reason:+t•1c expenses iacident to lhe operation a7d n. intenance of lhe project;
(k) "Incnn~e" r:eans d:c gross anni::+1 income o! thc fanily irom a11 sourccs befos~ taxes at:~' wilh:ioldin~., a[t~~r
gi~•i~g e[fect to exclusi.~as allotved by the Commissioner;
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~ (1} "Def:,alt" means ~ deiault declared by the Co;nmi~sioner wl~en a riolation of this Agreement is not co:rect-
' e~' to hi~. satista;.tion within the lin;c allowcd by thi~. Agieer.?ent or s~~c;~ [uctiier time as may he a':lowed by
€ tl~e Coi~nissio:ie: after writtcn no:ice. _
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1~;. This in~tru:neni shall bied, and thc ber=fit~ sti~ll inuTc to, the tcspccti~•c OHr.crs, ttiein c~its, legal c~p:r;en:.~-
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~ tl\'ES~ CXCCUtOIC~ btIC1lR:S1CitOiS~ SIICCCS:;O[S in of[ice or iMeccst, and assigns~ 8t~C1 to the Coir,r.iiss:~nCr 21l?}.~.> ,
~ success~~c:< s~~ :ong aa t!~e cor,troct of morig~ Ee insurance ~ontim:es in effect, nnd during :,ach (urthet ti~? ~ rs
~ the Co.::.~~is~ion: r s`~all b~ the oaner, hol~~r, o~ reinsurer of the rr.o:t~age, or ubligated to ~einsuc~ ihemo~t~~~g~.
~ 15. Ov:ners ~=~a~rar~t ih«t the, h.~ve not, ar.c! will not, execate any olL~~ ag~cement with provisions contr~ dic~-.r; of, ,
~ or in orpositio~ to, thc ,~covisior.s f!ereof, aud t};at, in an, et~e.nt , the requirer,~ents ef this f.gree::~ent are psra-
~ mount .md controllink ~s tu the ~ight~ ai~d o'>ligations s:.t forth ~nd sopt:sede ~ny other ie ,uireinenls 1t1 CGII~IIC~
~ therct: i.h.
~ 1G. 7~~~c• in~':zli:ut; of a~iy c~ae-c, part or ~-u•: ision of L'~is ~rccment shatl not eif~.:t the validity of t~~. rer~..~irir•g
~ port:or.s ti~creui.
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y 1 i. T1,e i:.~llo.; i:~~ O•:,r:c:s: Jack P. Schleifer and Geraldine Schleifer
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r do nr.t as:;em~ p~_rsor:al liaLility for I~~yr::~rts due und•_r the uot^ =:n3 r.~ortEa~~, to the reserva for rc:}I~+c• .~i~nts, ,
o: fo, m~'.ters tt~.: i~nder th~ir conl~31~ excei~t: ' ;
for f+~n~'s ur prc,pert}- of ti;~ project corr.ing i.:tc thcir }~~nds ~vliich~ by tf~:: provisio~s hereof~.l;ey aie r,-.; en- ~
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' ti!!c•d to t~:i:~in; and ~
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~ (b; f.~r tt:ei; own acts ac~d cic~•ds a~ acts an~. d<••~d: o'c~!hers v:hichthey ha~~e f~t~thorized in vifli~tion of t}~e p:ori- ~
~ sions he~cof. {
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