HUD Provisions Sample Clauses

HUD Provisions. Notwithstanding any other provisions of this Agreement, Articles of Organization or its equivalent or any other organizational documents (hereinafter referred to as the “Organizational Documents”) of this Company to the contrary, the following provisions shall govern: (a) So long as the Secretary of the Department of Housing and Urban Development (“Secretary” or “HUD”) or the Secretary’s successors or assigns is the insurer or holder of the Note secured by the Deed of Trust on the Project, no amendment to the Organizational Documents that results in any of the following will have any force or effect without the prior written consent of the Secretary nor shall the Company or any of its Members be permitted to do any of the following: (i) Any amendment that modifies the term of the Company; (ii) Any amendment that activates the requirement that a HUD previous participation certification be obtained from any additional member; (iii) Any amendment that in any way affects the Note, Deed of Trust or Security Agreement on the Project or the Regulatory Agreement; (iv) Any amendment that would authorize any person other than ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, Chief Operating Officer of the Company, to bind the Company for all matters concerning the Project which require HUD’s consent or approval; (v) Any change to Officers of the Company; (vi) Any change in the guarantor of any obligation to the Secretary; (vii) No provision required by HUD to be inserted into the Company’s organizational documents may be amended; (viii) Any party acquiring any of the following positions anew must meet the applicable requirements for HUD previous participation clearance: (A) An Officer; (B) Company Member with ten (10%) percent or greater governance interest, and (C) Member with twenty-five (25%) percent or greater financial interest. (ix) Voluntarily dissolve or change to another type of entity; and (x) A member may neither be added or substituted. (b) The Company is authorized to execute or assume a Note, Deed of Trust and Security Agreement in order to secure a loan insured by the Secretary and to execute the Regulatory Agreement and other documents required by the Secretary in connection with the HUD-insured loan. (c) Any incoming member must as a condition of receiving an interest in the Company agree to be bound by the Note, Deed of Trust, Security Agreement, the Regulatory Agreement and any other documents required in connection with the HUD-insured loan to the same extent and on the same ter...

HUD Provisions. The Borrower, the Underwriter and the Issuer acknowledge that this Bond Purchase Agreement, and all Borrower’s obligations hereunder, are subject and subordinate to the Mortgage Loan Documents. Notwithstanding any provision in this Bond Purchase Agreement to the contrary, no obligations of the Borrower hereunder shall be payable except from (A) Surplus Cash (as defined in the HUD Regulatory Agreement), (B) funds that are not derived from (i) revenues of the Project (as defined in the FHA Mortgage), or (ii) any reserve or deposit made with the Lender or any other party as required by HUD in connection with the Mortgage Loan Documents, or (C) any proceeds of the FHA Note (collectively, “Non-Project Sources”). No claims or actions shall be made (or payable) under this Bond Purchase Agreement against the Project, the Lender or the assets of the Borrower, except from Non-Project Sources. In addition, the rights and obligations of the parties under this Bond Purchase Agreement and all other documents evidencing, implementing, or securing this Bond Purchase Agreement (collectively, the “Subordinate Bond Documents”) are and shall be subordinated in all respects rights and obligations of the parties to and under the Mortgage Loan Documents. In the event of any conflict between the provisions of (i) this Bond Purchase Agreement or the Subordinate Bond Documents and (ii) the provisions of the Mortgage Loan Documents or the Program Obligations (as defined in the FHA Mortgage), the provisions of the Mortgage Loan Documents or the Program Obligations shall control. The provisions of this Section 18 shall control over any inconsistent provisions in this Bond Purchase Agreement or the Subordinate Bond Documents. No amendment to this Bond Purchase Agreement shall conflict with the Mortgage Loan Documents or the Program Obligations.

HUD Provisions. If the loan is to be insured by HUD, acting by and through the Federal Housing Administration ("FHA") the Partnership must comply with the HUD requirements which can be found, in part, in the instructions to the Regulatory Agreement and HUD Notice H 95-66 dated July 25, 1995. In addition to being a single asset entity with a term longer than the term of the mortgage, HUD requires that the Partnership formation documents contain the following provisions: A. So long as the Secretary of The Department of Housing and Urban Development ("Secretary") or the Secretary's successors or assigns is the insurer or holder to the note secured by the mortgage on Prairie Village Apartments, in Elkhart, Indiana ( "Apartment Complex"), no amendment to this Partnership Agreement that results in any of the following will have any force or effect without the prior written consent of the Secretary: (a) Any amendment that modified the term of the Partnership Agreement; (b) Any amendment that activities the requirements that a HUD previous participation certification be obtained from any additional partner; (c) Any amendment that in any way affects the note, the mortgage, the security agreement or the regulatory agreement between HUD and the Partnership (the "Regulatory Agreement");

HUD Provisions. In the event that any of the provisions of this Agreement conflict with any provision of the Regulatory Agreement or any other agreement between the Partnership and HUD with respect to the Apartment Complex, or any regulations of HUD binding upon the Partnership, the provisions, shall supersede said conflicting provisions of this Agreement. In addition, the Partnership shall be operated subject to the following provisions with regard to HUD: the Partnership, and the General Partner on its behalf, is authorized to execute an assignment and assumption agreement with respect to the Mortgage Loan insured by the Secretary of the Housing and Urban Development and to execute an assignment and assumption agreement with respect to the Regulatory Agreement between the Partnership and HUD and other documents required by HUD in connection with such loan. Upon execution, the Regulatory Agreement shall be binding upon the Partnership and the Partners so long as the Property is encumbered by a mortgage insured by HUD and during such time as HUD shall be the owner, holder, or reinsurer of any such mortgage or is obligated to reinsure any such mortgage. Any incoming Partner shall, as a condition of receiving an Interest in the Partnership, agree to be bound by the Mortgage Note, Mortgage and Regulatory Agreement and other documents require in connection with the HUD insured loan to the same extent and on the same terms as the other Partners. Any other provision of the Agreement to the contrary notwithstanding, upon any dissolution, no title or right to collect the rents therefrom shall pass to any person who is not bound by the Regulatory Agreement in manner satisfactory to HUD. Any other provisions of this Agreement to the contrary notwithstanding, in the event that any provision of this Agreement in any way tends to contradict, modify, or in any way change the terms of the above mentioned Regulatory Agreement, the terms of the Regulatory Agreement shall prevail and govern; or if any provision hereof in any way tends to limit HUD in its administration of the National Housing Act, as amended, or the regulation or instructions thereunder, this Agreement shall be deemed amended so as to comply with the requirements of HUD. This paragraph will automatically become void at such time as the Mortgage Loan is no longer insured or held by HUD. Compliance with the Regulatory Agreement shall not affect a Limited Partner's limited liability and shall not require contributions inconsi...

HUD Provisions. Notwithstanding any other provision in this Lease, if any provision herein, including without limitation the provisions of this Article 13 pertaining to restoration, conflicts with the provisions of the HUD Documents, the provisions of the applicable HUD Documents will control; provided however, if this Lease or the Regulatory Agreement impose stricter rent restrictions than the HUD Documents, the provisions of this Lease and the Regulatory Agreement shall control with respect to such restrictions.

HUD Provisions. As long as the U.S. Department of Housing and Urban Development (“HUD”) is the insurer or holder of a loan to Maker by CBRE HMF, Inc., a Delaware corporation (“Senior Lender”), as evidenced by a Note (Multistate) (“Senior Note”), relating to that certain project known as Villaggio I (“Project”) under FHA Project No. 122-11518, the following provisions (“HUD Provisions”) shall be in full force and effect: 18.1 Any terms not defined within this Paragraph 18 shall have the same meaning as set forth in HUD’s Program Obligations set forth in that certain Multifamily Deed of Trust, Assignment of Leases and Rents and Security Agreement granted by Maker in favor of Senior Lender, as the same may be supplemented, amended or modified (“Security Instrument”), and/or the Regulatory Agreement between Maker and HUD with respect to the Project, as the same may be supplemented, amended or modified from time to time (“HUD Regulatory Agreement”), as the context so requires; 18.2 Any payments due under this Note shall be payable only (i) from permissible distributions from Surplus Cash of the Project; but in no event greater than seventy-five percent (75%) of the total amount of Surplus Cash; or (ii) from monies received from Non- Project Sources. In no event may payments due under all subordinate debt of Maker cumulatively exceed 75% of available Surplus Cash. The restriction on payment imposed by this paragraph shall not excuse any default caused by the failure of the Maker to pay the indebtedness evidenced by this Note; 18.3 No prepayment of this Note shall be made until after final endorsement by HUD of the Senior Note, unless such prepayment is made from Non-Project Sources and is approved in writing by HUD. 18.4 This Note is non-negotiable and may not be sold, transferred, assigned, or pledged by the holder of this Note except with the prior written approval of HUD; 18.5 Interest on this Note shall not be compounded as long as HUD is the insurer or holder of the Senior Note secured by the Security Instrument; 18.6 Maker hereby waives presentment, demand, protest and notice of demand, protest and nonpayment of this Note; 18.7 The terms and provisions of this Note are also for the benefit of and are enforceable by HUD against any party hereto, their successors and assigns. This Note may not be modified or amended without the written consent of HUD; and 18.8 In the event of any conflict between the terms of the Note and the HUD Provisions set forth within this Paragraph 1...

HUD Provisions. (a) The Partnership is authorized to execute the Permanent Loan Documents and to execute the Regulatory Agreement and other documents required by HUD and the Permanent Lender in connection with the Permanent Loan. (b) If any of the provisions of this Agreement, as amended from time to time, conflict with the terms of the Permanent Loan Documents, the terms of the Permanent Loan Documents will control, provided that the Permanent Loan Documents comply with the terms of the Permanent Loan Commitment. (c) No part of this Section 13.14 may be amended without the prior approval of HUD, so long as HUD is the insurer or holder of the Permanent Note. (d) Any party acquiring 25% or greater Interest in the Partnership must meet the applicable requirements for HUD previous participation clearance. (e) So long as HUD, or HUD's successors or assigns, is the insurer or holder of the Permanent Note, without the prior written approval of HUD: (i) the Partnership may not be voluntarily dissolved or changed to another type of entity, (ii) the General Partner may not be a Limited Liability Company, (iii) no amendment which modifies the term of the Partnership, or that activates the requirements that a HUD previous participation certification be obtained from any additional Partner be made. (f) The Partnership hereby designates the General Partner, ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, as the official representative for all matters concerning the Apartment Complex which require HUD consent or approval, and the signature of such person shall bind the Partnership in such matters. If the Partnership designates a new representative to perform such functions, within three business days of doing so, the Partnership shall provide HUD with written notification of the name, address and telephone number of such new representative. WITNESS the execution hereof under seal as of the 1st day of August, 1996. ORIGINAL (WITHDRAWING) LIMITED PARTNERS: /S/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇ /s/ ▇. ▇▇▇▇ ▇▇▇▇▇ ▇. ▇▇▇▇ ▇▇▇▇▇ GENERAL PARTNER: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ SPECIAL LIMITED PARTNER: BCTC 94, INC., a Delaware corporation By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, as Attorney-in-Fact for ▇▇▇▇ ▇. ▇▇▇▇▇▇▇, President INVESTMENT LIMITED PARTNER: BOSTON CAPITAL TAX CREDIT FUND IV L.P., a Delaware limited partnership, by its general partner, Boston Capital Associates IV L.P., a Delaware limited partnership, by its general partner, C&M Associates d/b/a Boston Capital Associates, a Massachusetts general partn...