Common use of HUD Regulations Clause in Contracts

HUD Regulations. The Mortgagor acknowledges that certain of the covenants contained in this Agreement are based upon TCAP Regulations and other TCAP requirements developed by HUD, as they exist on the date hereof and that the TCAP Regulations and other TCAP requirements may be subsequently modified or interpreted by the federal government in a manner which the Authority believes is inconsistent with the covenants set forth herein. The Mortgagor agrees to comply with any additional covenants and restrictions which the Authority believes, upon advice of counsel, is necessary to insure compliance with TCAP and which is communicated in writing to the Mortgagor, even though such covenants or restrictions are not a part of this Agreement as originally executed; provided, however, that if counsel for the Mortgagor disagrees with the advice of counsel for the Authority, Mortgagor shall have the right at its own expense to proceed with obtaining a favorable ruling from HUD or interpretation from the appropriate court which Mortgagor deems advisable and in its best interest and the Authority agrees to cooperate fully with Mortgagor in this connection, so long as Mortgagor bears the Authority's expense in obtaining such ruling. In such event, such additional covenants or restrictions shall be considered a material part of this Agreement as if they had been originally included herein.

HUD Regulations. The Mortgagor acknowledges that certain of the covenants contained in this Agreement are based upon TCAP Regulations and other TCAP requirements developed by HUD, as they exist on the date hereof and that the TCAP Regulations and other TCAP requirements may be subsequently modified or interpreted by the federal government in a manner which the Authority believes is inconsistent with the covenants set forth herein. The Mortgagor agrees to comply with any additional covenants and restrictions which the Authority believes, upon advice of counsel, is necessary to insure compliance with TCAP and which is communicated in writing to the Mortgagor, even though such covenants or restrictions are not a part of this Agreement as originally executed; provided, however, that if counsel for the Mortgagor disagrees with the advice of counsel for the Authority, Mortgagor Xxxxxxxxx shall have the right at its own expense to proceed with obtaining a favorable ruling from HUD or interpretation from the appropriate court which Mortgagor Xxxxxxxxx deems advisable and in its best interest and the Authority agrees to cooperate fully with Mortgagor Xxxxxxxxx in this connection, so long as Mortgagor bears the Authority's expense in obtaining such ruling. In such event, such additional covenants or restrictions shall be considered a material part of this Agreement as if they had been originally included herein.

HUD Regulations. The Mortgagor acknowledges that certain of the covenants contained in this Agreement are based upon TCAP Regulations and other TCAP requirements developed by HUD, as they exist on the date hereof and that the TCAP Regulations and other TCAP requirements may be subsequently modified or interpreted by the federal government in a manner which the Authority believes is inconsistent with the covenants set forth herein. The Mortgagor agrees to comply with any additional covenants and restrictions which the Authority believes, upon advice of counsel, is necessary to insure compliance with TCAP and which is communicated in writing to the Mortgagor, even though such covenants or restrictions are not a part of this Agreement as originally executed; provided, however, that if counsel for the Mortgagor disagrees with the advice of counsel for the Authority, Mortgagor shall have the right at its own expense to proceed with obtaining a favorable ruling from HUD or interpretation from the appropriate court which Mortgagor deems advisable and in its best interest and the Authority agrees to cooperate fully with Mortgagor in this connection, so long as Mortgagor bears the Authority's expense in obtaining such ruling. In such event, such additional covenants or restrictions shall be considered a material part of this Agreement as if they had been originally included herein.