03-25-2013 EDA Packet - Laserfiche WebLink

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Multifamily Projects dated , 2013 (the "HUD Regulatory Agreement"), executed by and between the Developer and the Secretary for Housing and Urban Development ("HUD"), and (iv) all other documents executed by the Developer, 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. 3. Amendment to Add SECTION 9.10. The Declaration is hereby amended to add the following subsection 9.10 to Article 9: Section 9.10 Subject to the HUD Regulatory Agreement, the Authority may require the Developer to indemnify and hold the Authority harmless from all loss, costs, damage and expense arising from any claim or proceeding instituted against the Authority relating to the subordination and covenants set forth in this Agreement, provided, however, that Developer's obligation to indemnify and hold the Authority harmless shall be limited to available surplus cash and/or residual receipts of the Developer. 4. Remaining Effectiveness. Except as herein specifically amended, the Declaration shall remain in full force and effect as written. 5 Successors and Assigns. Each agreement, and each and every covenant, agreement, and other provisions hereof shall be binding upon each of the parties hereto and their successors and assigns. 6. Governing Law. This Agreement is made and executed in the state of Minnesota and shall be governed by the laws of said state. 7. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which shall constitute one instrument. 438732.2 [The remainder of this page has been left blank intentionally.] [Signature pages to follow.] 3