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• • • Project Name: Cottage Homesteads of Willow pond Project #: 092 -11264 Location: Lino Lakes, MN Page 4 oath that so long as the Commissioner has any interest in the Mortgage transaction no part of any building will be rented for a period of Tess than 30 days or operated in such a manner as to offer any hotel services to any tenant in the building or buildings; and that the property will not be sold so long as the Commissioner retains any interest therein, unless the purchaser files with the Commissioner a like certification executed by such purchaser under oath. 12. The Mortgagor shall not be required to pay to the Mortgagee an initial service charge in excess of two percent (2 %) of the original amount of the mortgage. 13. This commitment shall expire 90 days from the date hereof, unless extended by the Commissioner. Prior to any extension of this commitment, the Commissioner may, at his option, reexamine the commitment to determine whether it shall be extended in the same amount, or shall be amended to include a lesser amount. 14. You must advise the Commissioner of your acceptance of this firm commitment by signing on the line indicated and returning such executed copy to the Commissioner on or before closing. 15. Prior to the execution of any repair contracts relative to the Project, the Agreement and Certification Form Number 3306 shall be executed by the Mortgagor, Mortgagee, and the Federal Housing Commissioner and the Mortgagor shall be bound thereby with respect to any subsequent contracts or subcontracts. The commitment amount herein above is subject to appropriate reduction in accordance with the terms of the Agreement and Certification. This form shall be modified to HUD's satisfaction prior to closing. 16. It is a condition of this commitment that any change in sponsorship upon which this commitment was predicated must be indicated in writing by the Mortgagee on behalf of the proposed substitute sponsor(s) and such request must be approved in writing by the Commissioner. 17. Prior to endorsement, the Mortgagee must provide the field office with all required closing exhibits including FHA Form Number 2455, Request for Endorsement of Credit Instrument Certificate of Mortgagee, Mortgagor and General Contractor, and a certified loan closing statement signed by the Mortgagee and Mortgagor detailing the amount of any promissory notes made by the Mortgagor and any cash contribution made by the Mortgagor. The statement must also itemize the disbursement of the Mortgage proceeds and of the Mortgagor's cash contribution, if any. The statement regarding the disbursements must be specific and list the amounts to be paid to satisfy the Mortgagor's obligations for: existing or other indebtedness in a refinancing transaction; discounts; financing fees; legal expenses; organizational expenses; title and recording costs etc. and www.hud.gov espanol.hud.gov