Common use of Regulatory Covenants Clause in Contracts

Regulatory Covenants. So long as the loan obligations remain unsatisfied, the Partnership shall comply with all appropriate regulations of the Government and shall: a. Impose and collect such fees, assessments, rents, and charges that the income of the Housing will be sufficient at all times for operation and maintenance of the Housing, payments on the Loan Obligations, and maintenance of the accounts. b. Establish and maintain complete books and records relating to the Housing's financial affairs, cause such books and records to be audited at the end of each fiscal year, promptly furnish the Government without request a copy of each audit report, and permit the Government or its representative to inspect such books and records at all reasonable times. c. If required or permitted by the Government, revise the accounts, or establish new accounts, to cover handling and disposition of income from and payment of expenses attributable to the Housing or to any other property securing the Loan Obligations, and submit regular and special reports concerning the Housing or financial affairs. d. Agree that if any provisions of its organizational documents or any verbal understandings conflict with the terms of this loan agreement, the terms of the loan agreement shall prevail and govern. e. Unless the Government gives prior consent: 1) Not use the Housing for any purpose other than as rental housing and related facilities for eligible occupants. 2) Not enter into any contract or agreement for improvements or extensions to the housing or other property securing the Loan Obligations. 3) Not change the membership by either the admission or withdrawal of any general partners nor permit general partners to maintain less than an aggregate of 5 percent financial interest in the organization nor cause or permit voluntary dissolution of the Partnership nor cause or permit any transfer or encumbrance of title to the Housing or any part thereof or interest therein, by sale, mortgage, lease, or otherwise. 4) Not borrow any money, nor incur any liability which would have a detrimental effect on the Housing. f. Submit the required reports as per 7 CFR part 3560 or any successor regulation to the Government for prior review. g. Comply with all its agreements and obligations in or under the Notes, security instrument, and any related agreement executed by the Partnership in connection with the Loan. h. Not alter, amend, or repeal without the Government's consent this agreement or the Partnership Agreement, which shall constitute parts of the total contract between the Partnership and the Government relating to the Loan Obligations. i. Take other actions as may be required by the Government in connection with the operation of the Housing; or with any of the Partnership's operations or affairs which may affect the Housing, the Loan Obligation, or the security. j. If return on investment for any year exceeds 8 percent per annum of borrower's initial investment of $ , the Government may require that the borrower reduce rents the following year, refund the excess return on investment to the tenants, or use said excess in a manner that will best benefit the tenants.

Regulatory Covenants. So long as the loan obligations Loan Obligations remain unsatisfied, the Partnership shall comply with all appropriate regulations of the Government and shall: a. Impose and collect such fees, assessments, rents, and charges that the income of the Housing will be sufficient at all times for operation and maintenance of the Housing, payments on the Loan Obligations, and maintenance of the accounts. b. Establish and maintain complete books and records relating to the Housing's ’s financial affairs, cause such books and records to be audited at the end of each fiscal year, promptly furnish the Government without request year (with a copy of each audit reportpromptly sent to the Government), and permit the Government or its representative to inspect such books and records at all reasonable times. c. If required or permitted by the Government, revise the required accounts, or establish new accounts, to cover handling and disposition of income from and payment of expenses attributable to the Housing or to any other property securing the Loan Obligations, and submit regular and special reports concerning the Housing or financial affairs. d. Agree that if any provisions of its organizational documents or any verbal understandings conflict with the terms of this loan agreement, the terms of the loan agreement shall prevail and govern. e. Unless the Government gives prior consent: 1) Not use the Housing for any purpose other than as rental housing and related facilities for eligible occupants. 2) Not enter into any contract or agreement for improvements or extensions to the housing Housing or other property securing the Loan Obligations. 3) Not change the membership by either the admission or withdrawal of any general partners nor permit general partners to maintain less than an aggregate of 5 percent percent, financial interest in the organization Partnership nor cause or permit voluntary dissolution of the Partnership nor cause or permit any transfer or encumbrance of title to the Housing or any part thereof or interest therein, by sale, mortgage, lease, or otherwise. 4) Not borrow any money, nor incur any liability which would have a detrimental effect on the Housing. f. Submit the reports required reports as per under 7 CFR part 3560 or any successor regulation to the Government for prior review. g. If required by the Government, modify and adjust any matters covered by clause (f) of this section. h. Comply with all its agreements and obligations in or under the NotesNote, security instrument, and any related agreement executed by the Partnership in connection with the Loan. h. i. Not alter, amend, or repeal without the Government's ’s consent this agreement or the Partnership Agreement, which shall constitute parts of the total contract between the Partnership and the Government relating to the Loan Obligations. i. j. Take other actions action as may be required by the Government in connection with the operation of the Housing; , or with any of the Partnership's ’s operations or affairs which may affect the Housing, the Loan ObligationObligations, or the security. j. k. If the return on investment for any year exceeds 8 percent per annum of borrower's Partnership’s initial investment of $ , the Government may require that the borrower Borrower reduce rents the following year, year or refund the excess return on the investment to the tenants, tenants or use said excess in a manner that will best benefit the tenants.

Regulatory Covenants. So long as the loan obligations Loan Obligations remain unsatisfied, the Partnership Borrower shall comply with all appropriate regulations of the Government and shall: a. Impose and collect such fees, assessments, rents, and charges that the income of the Housing will be sufficient at all times for operation and maintenance of the Housing, payments on the Loan Obligations, and maintenance of the required accounts. b. Establish and maintain complete books and records relating to the Housing's financial affairs, cause such books and records to be audited at the end of each fiscal year, promptly furnish the Government without request a copy of each audit report, and permit the Government or its representative to inspect such books and records at all reasonable times. c. If required or permitted by the Government, revise the accountsaccounts herein provided for, or establish new accounts, to cover handling and disposition of income from and payment of expenses attributable to the Housing or to any other property securing the Loan Obligations, and submit regular and special reports concerning the Housing or financial affairs. d. Agree that if any provisions of its organizational documents or any verbal understandings conflict with the terms of this loan agreement, the terms of the loan agreement shall prevail and govern. e. Unless the Government gives prior consent: 1) Not use the Housing for any purpose other than as rental housing and related facilities for eligible occupants. 2) Not enter into any contract or agreement for improvements or extensions to the housing Housing or other property securing the Loan Obligations. 3) Not change the membership by either the admission or withdrawal of any general partners nor permit general partners to maintain less than an aggregate of 5 percent financial interest in the organization nor cause or permit voluntary dissolution of the Partnership nor cause or permit any transfer or encumbrance of title to the Housing or any part thereof or interest therein, by sale, mortgage, lease, or otherwise. 4) Not borrow any money, nor incur any liability which would have a detrimental effect on the Housinghousing. f. e. Submit the reports required reports as per under 7 CFR part 3560 or any successor regulation to the Government for prior review. g. Comply with all its agreements and obligations in or under the Notes, security instrument, and any related agreement executed by the Partnership in connection with the Loan. h. Not alter, amend, or repeal without the Government's consent this agreement or the Partnership Agreement, which shall constitute parts of the total contract between the Partnership and the Government relating to the Loan Obligations. i. f. Take other actions as may be required by the Government in connection with the operation of the Housing; , or with any of the PartnershipBorrower's operations or affairs which may affect the Housing, the Loan ObligationObligations, or the security. j. g. If the return on investment for any year exceeds 8 percent per annum of borrowerBorrower's initial investment of $ , the Government may require that the borrower Borrower reduce rents the following year, year or refund the excess return on the investment to the tenants, tenants or use said the excess in a manner that will best benefit the tenants.

Regulatory Covenants. So long as the loan obligations Loan Obligations remain unsatisfied, the Partnership shall comply with all appropriate regulations of the Government and shall: a. Impose and collect such fees, assessments, rents, and charges that the income of the Housing will be sufficient at all times for operation and maintenance of the Housing, payments on the Loan Obligations, and maintenance of the accounts. b. Establish and maintain complete books and records relating to the Housing's financial affairs, cause such books and records to be audited at the end of each fiscal year, promptly furnish the Government without request year (with a copy of each audit reportpromptly sent to the Government), and permit the Government or its representative to inspect such books and records at all reasonable times. c. If required or permitted by the Government, revise the required accounts, or establish new accounts, to cover handling and disposition of income from and payment of expenses attributable to the Housing or to any other property securing the Loan Obligations, and submit regular and special reports concerning the Housing or financial affairs. d. Agree that if any provisions of its organizational documents or any verbal understandings conflict with the terms of this loan agreement, the terms of the loan agreement shall prevail and govern. e. Unless the Government gives prior consent: 1) Not use the Housing for any purpose other than as rental housing and related facilities for eligible occupants. 2) Not enter into any contract or agreement for improvements or extensions to the housing Housing or other property securing the Loan Obligations. 3) Not change the membership by either the admission or withdrawal of any general partners nor permit general partners to maintain less than an aggregate of 5 percent percent, financial interest in the organization Partnership nor cause or permit voluntary dissolution of the Partnership nor cause or permit any transfer or encumbrance of title to the Housing or any part thereof or interest therein, by sale, mortgage, lease, or otherwise. 4) Not borrow any money, nor incur any liability which would have a detrimental effect on the Housing. f. Submit the reports required reports as per under 7 CFR part 3560 or any successor regulation to the Government for prior review. g. If required by the Government, modify and adjust any matters covered by clause (f) of this section. h. Comply with all its agreements and obligations in or under the NotesNote, security instrument, and any related agreement executed by the Partnership in connection with the Loan. h. i. Not alter, amend, or repeal without the Government's consent this agreement or the Partnership Agreement, which shall constitute parts of the total contract between the Partnership and the Government relating to the Loan Obligations. i. j. Take other actions action as may be required by the Government in connection with the operation of the Housing; , or with any of the Partnership's operations or affairs which may affect the Housing, the Loan ObligationObligations, or the security. j. k. If the return on investment for any year exceeds 8 percent per annum of borrowerPartnership's initial investment of $ , the Government may require that the borrower reduce rents the following year, year or refund the excess return on the investment to the tenants, tenants or use said excess in a manner that will best benefit the tenants.