HUD Approval Sample Clauses
HUD Approval. The terms of this Section 4.11 apply only to the Chimneys of Cradlerock Property.
4.11.1 Purchaser recognizes and agrees that the Chimneys of Cradlerock Property presently is benefited by the HAP Contract, which shall be deemed a Permitted Exception for all purposes under this Contract. Purchaser hereby acknowledges receipt of a copy of the HAP Contract (subject to Section 3.5.2).
4.11.2 Purchaser agrees that at the Closing, the Seller of the Chimneys of Cradlerock Property shall assign and Purchaser shall assume Seller’s rights and obligations under the HAP Contract (the "HAP Assumption"), and, at the Closing, the Seller of the Chimneys of Cradlerock Property and Purchaser shall execute and deliver the Assignment of HAP Contract. Purchaser further acknowledges that the HAP Contract requires the satisfaction by Purchaser of certain requirements as set forth therein and established by HUD to allow for the sale of the Chimney of Cradlerock Property and the HAP Assumption.
4.11.3 Prior to the Closing, Purchaser, at its sole cost and expense, shall (i) use commercially reasonable efforts to diligently obtain HUD Approval and DHCD Approval and (ii) shall use commercially reasonable efforts to obtain from HUD and/or DHCD (as applicable) a renewal of the HAP Contract under Option 2 of the Section 8 Renewal Guide in accordance with the requirements of HUD Handbook 4350.1, Chapter 7 and Attachment 5 of the Section 8 Renewal Guide (the “Budget Base Rent Increase Procedure”) to the maximum rents that can be supported by such Budget Based Rent Increase Procedure. In connection with the foregoing, Purchaser, at its sole cost and expense and no later than the Submittal Deadline, shall submit (i) a substantially complete HUD Application in order to request HUD Approval and DHCD Application in order to request DHCD Approval, including, without limitation, all application documents, certificates, agreements, information and fees required by HUD and DHCD to allow for each of their approval of the Seller the Chimney of Cradlerock Property's assignment and Purchaser's assumption of the HAP Contract and (ii) a substantially complete application to HUD and/or DHCD (as applicable) requesting a renewal of the HAP Contract under the Budget Base Rent Increase Procedure. In connection with seeking a renewal of the HAP Contract under the Budget Base Rent Increase Procedure, Purchaser agrees that it will agree to such a renewal for a period of up to five (5) years. In addition to the ...
HUD Approval. (1) The family may request HUD approval of a sale, equity withdrawal or other transfer of the property without full repayment. Ap- proval will be granted if HUD deter- mines that an undue hardship will re- xxxx from the application of the repay- ment requirement. Generally, HUD will
HUD Approval. For purposes of this subpart only, any action or ap- proval that is required to be taken or provided by HUD or by the HUD field office, pursuant to a requirement set forth in subparts A through F of this part, shall be construed to mean that HUD Headquarters shall take such ac- tion or provide such approval, unless the field office is authorized in writing by Headquarters to carry out a specific function under this subpart.
HUD Approval. The FCRHA is responsible for seeking concurrence from the U.S. Department of Housing and Urban Development with regard to the relocation of the Existing RAD Units, including the right of return for the current residents of the Existing RAD Units and the transfer of the related project based vouchers (the “HUD Approval”). The FCRHA will keep One University reasonably apprised of the FCRHA’s discussions with HUD regarding efforts to obtain the HUD Approval, will discuss those efforts with One University, and will share related documentation of these discussions with One University. The parties agree that the HUD Approval is anticipated to first include an initial and conceptual approval of the proposal for One University and subsequently to include a more detailed final HUD Approval to allow the disposition of the property. In no event will the Closing occur without prior receipt of the HUD Approval.
HUD Approval. Notwithstanding anything herein to the contrary, if the FCRHA has not received approval from the U.S. Department of Housing and Urban Development to use proceeds from the sale of the Sale Property for site work costs related to the Affordable Housing Units (the “HUD Approval”) by June 30, 2017 (“HUD Deadline”), then the FCRHA shall have the ability, upon delivery of written notice to CHPPENN by no later than August 1, 2017, to (A) terminate this Agreement, effective as of the date of such notice, or (B) extend the HUD Deadline to a date that shall be no later than September 1, 2017, or with CHPPENN’s consent, not to be unreasonably withheld, conditioned or delayed, to a date that shall be no later than the Closing Date. If the HUD Approval has not been received by any such extended date, this Agreement shall automatically terminate, and thereupon the parties hereto shall have no further rights or obligations hereunder except for those rights and obligations which specifically survive termination hereunder. The FCRHA will keep CHPPENN reasonably apprised of the FCRHA’s discussions with HUD regarding efforts to obtain the HUD Approval, will discuss those efforts with CHPPENN, and will share related documentation of these discussions with CHPPENN.
HUD Approval. Section 7.4(a).................................58 IRS ..............................................................Section 4.8(a).................................31
HUD Approval. This Agreement is expressly conditioned upon preliminary approval by HUD of the transaction as set forth in Form 92266, Application for Transfer of Physical Assets, and supporting documents submitted to HUD. No transfer of any interest in any project under this Agreement shall be effective prior to such HUD approval. Purchaser will not take possession of any project nor assume benefits of any project ownership prior to such approval by HUD. Purchaser, its successors and assigns shall have no right upon any breach by Seller hereunder to seek damages, directly or indirectly, from any project which is the subject of this transaction, including from any assets, rents, issues or profits thereof, and Purchaser shall have no right to effect a lien upon any such project or the assets, rents, issues or profits thereof.”
HUD Approval. HUD shall consent in writing to the assignment of the HUD Commitment to Assignee.
HUD Approval. (1) A State Agency, prior to receiving HUD approval of its first New Construction or Substantial Rehabilitation Proposal using contract authority under this part, must submit copies of the documents relating to the method of financing Section 8 projects to HUD for review. These documents shall include bond resolutions or inden- tures, loan agreements, regulatory agreements, notes, mortgages or deeds of trust and other related documents, if any, but does not need to include the ‘‘official statement’’ or copies of the prospectus for individual bond issues. HUD review will be limited to making certain that the documents are not in- consistent with or in violation of these regulations and the administrative pro- cedures used to implement them. After review, HUD must notify the Agency that the documents are acceptable or, if unacceptable, will request clarifica- tion or changes. This review and ap- proval will meet the requirements of 24 CFR 811.107(a).
(2) When an Agency which has re- ceived HUD approval of its financing documents proposes substantive changes in them which affect the Sec- tion 8 program, the revised documents must be submitted for review. HUD re- view will be limited to the areas indi- cated in paragraph (b)(1) of this section and must be carried out promptly. HUD will notify the Agency that the revised documents are acceptable, or, if unacceptable, will request clarification or changes.
(3) The review and approval of financ- ing documents required under 24 CFR part 811 will constitute HUD approval under this section.
(4) The Agency must retain in its files, and make available for HUD in- spection, the documentation relating to its financing of Section 8 projects, including any relating to the certifi- cations of compliance with applicable Department of Treasury or HUD regu- lations (24 CFR part 811) regarding tax- exempt financing.
HUD Approval. Seller is a mortgagee approved by the Secretary of Housing and Urban Development pursuant to Section 203 and 211 of the National Housing Act, as amended.