RAD Requirements Clause Samples

RAD Requirements. Borrower and ▇▇▇▇▇▇ hereby acknowledge and agree that the Improvements and the Project (as defined in the Loan Agreement) are subject to the requirements of the RAD program as more fully provided herein: (a) HUD Regulatory Documents. Lender acknowledges that units (the “RAD Units”) to be rehabilitated at the Property will be assisted by funding provided through the [Housing Authority of the City of Kaukauna] (the “Authority”) under the Rental Assistance Demonstration (“RAD”) Program, authorized by the Consolidated and Further Continuing Appropriations Act of 2012 (the “CFCA Act”) and HUD Notice PIH-2012-32(H) Rev-3 (January 12, 2017), as may be further amended (the “RAD Notice”). As such, the RAD Units and the Lender’s security interest in the RAD Units, are subordinate and subject to: (a) that certain Rental Assistance Demonstration Use Agreement executed by ▇▇▇▇▇▇▇▇, the Authority and the U.S. Department of Housing and Urban Development (“HUD”) (the “RAD Use Agreement”), (b) the PBV Housing Assistance Payments Contract (HUD Forms 52530A and 52621) (the “HAP Contract”) executed by Borrower and Authority with respect to the RAD Units and (c) that certain RAD Conversion Commitment (HUD Form 52624) executed by HUD, ▇▇▇▇▇▇▇▇ and the Authority with respect to the RAD Units (the “RAD Conversion Commitment”, and collectively with the CFCA Act, RAD Notice, RAD Use Agreement, and HAP Contract, the “RAD Requirements”). If there is a conflict between a provision of this Assignment or the Loan Documents that affects the RAD Units and a requirement in any RAD Requirement, then the RAD Requirement shall govern, except as such RAD Requirement may have been expressly waived in writing by HUD or the Authority, as appropriate.