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. Within six (6) months following the date of this Agreement, Seller shall become a mortgagee approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act and shall thereafter remain a HUD-approved mortgagee thereunder.
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. The execution of this Agreement, Master Developer Agreement, and any Ground Leases, will be expressly subject to approval of HUD.
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 make this finding only if the proceeds of the transaction are insufficient to repay the loan amount in full and ap- proval will be granted only to the ex- tent that the proceeds of the trans- action are insufficient to repay the loan in full. HUD will not approve the lease of a home without repayment.
(2) To the extent that HUD approves a sale or transfer without repayment, the second mortgage held by HUD on the property will remain in force until the loan is repaid in full.
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.
