HUD Rights Sample Clauses
The "HUD Rights" clause defines the rights and obligations of parties in relation to the U.S. Department of Housing and Urban Development (HUD) when HUD is involved in a transaction, typically as a lender, insurer, or regulator. This clause may specify HUD's authority to review, approve, or intervene in certain actions, such as property transfers, loan modifications, or enforcement of regulatory agreements. By clearly outlining HUD's role and the parties' responsibilities, the clause ensures compliance with federal requirements and helps prevent conflicts or misunderstandings regarding HUD's involvement in the agreement.
HUD Rights. (i) Notwithstanding any other provisions of this Contract, in the event HUD determines that the Owner is in default of its obligations under the Contract, HUD shall notify Grantee, who shall take action on behalf of HUD. In the event that the Grantee does not take appropriate action as determined by HUD, HUD shall have the right, after notice to the Owner, the trustee, if any, and the Grantee giving them a reasonable opportunity to take corrective action, to proceed in accordance with paragraph (b)(3).
(ii) In the event HUD takes any action under this section, the Owner and the Grantee hereby expressly agree to recognize the rights of HUD under this Contract to the same extent as if the action(s) were taken by the Grantee.
HUD Rights. (For Private-Owner/PHA projects where the PHA is the lender.)
(i) Notwithstanding any other provisions of this Contract, in the event HUD determines that the Owner is in default of its obligations under the Contract, HUD shall have the right, after notice to the Owner, the trustee, if any, and the PHA giving them a reasonable opportunity to take corrective action, to proceed in accordance with paragraph (b)(3).
(ii) In the event HUD takes any action under this section, the Owner and the PHA hereby expressly agree to recognize the rights of HUD to the same extent as if the action were taken by the PHA. HUD shall not have the right to terminate the Contract except by proceeding in accordance with paragraphs (b)(1), (2), and (3) of this section and with the ACC.
HUD Rights. 1. Notwithstanding any other provisions of this SPRAC, in the event HUD determines that the Owner is in default of its obligations under this SPRAC, HUD shall have the right, after notice to the Owner, the trustee, if any, and the PHA (where the CA is a PHA) giving them a reasonable opportunity to take corrective action, to proceed in accordance with paragraph (b)(3) of this Section.