03-25-2013 EDA Packet - Laserfiche WebLink

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"HUD Regulatory Agreement"), executed by and between the Declarant and the Secretary of Housing and Urban Development. The HUD Note, the HUD Mortgage, the HUD Regulatory Agreement and all other loan and security documents executed in connection with the Loan are collectively referred to herein as the "HUD Loan Documents." E. As a condition to the making of the HUD Loan to Declarant, Lender and HUD require that the Declaration be amended to include certain HUD provisions and that the Declaration be subordinated to the Loan and the HUD Loan Documents. AMENDMENT: NOW, THEREFORE, Declarant declares that the Declaration is hereby amended as follows: 1. Amendment to Prevail. The terms and conditions of this Amendment supersede the terms of the Declaration, and, should there be any conflict or inconsistency between this Amendment and the Declaration, the terms and conditions of this Amendment shall prevail. 2. Amendment of SECTION 4. SECTION 4 of the Declaration is hereby deleted and amended in its entirety to state as follows: 4. Notwithstanding anything in this agreement to the contrary, except the requirements in 26 U.S.C. 42(h)(6)(E)(ii), this Agreement is expressly subordinate to (i) the Amended and Restated Note dated as of , 2013 (the "HUD Note"), executed by the Declarant in favor of Dougherty Mortgage LLC, a Delaware limited liability company ("Lender"), (ii) the Amended and Restated Multifamily Mortgage, Assignment of Leases and Rents and Security Agreement and Fixture Filing dated 2013 (the "HUD Mortgage"), executed by the Declarant in favor of Lender, (iii) the Regulatory Agreement for Multifamily Projects dated , 2013 (the "HUD Regulatory Agreement"), executed by and between the Declarant and the Secretary for Housing and Urban Development ("HUD"), and (iv) all other documents executed by the Declarant, Lender and/or HUD in connection with the HUD Note (collectively the "HUD Loan Documents"), and is subordinate to all applicable HUD mortgage insurance (and Section 8 of the U.S. Housing Act of 1937, if applicable) regulations and related administrative requirements. In the event of any conflict between the provisions of this Agreement and the provisions of applicable HUD regulations, related HUD administrative requirements, or HUD Loan Documents, the HUD regulations, related administrative requirements or HUD Loan Documents shall control. 439179.1 2