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• <br />Project Name: Cottage Homesteads of Willow pond <br />Project #: 092 -11264 <br />Location: Lino Lakes, MN <br />Page 6 <br />27. Both the Mortgagor and Mortgagee have submitted certification that funds were not used <br />to lobby for this proposal. <br />28. Except as specifically approved by HUD, no fixture or item of equipment shall have a lien <br />outstanding against it at the time of closing. <br />29. The Mortgagor legal documents must comply with the MAP Guide. <br />30. Prior to closing, a rider to the FHA 2455 form must be submitted. The rider must contain <br />the following language: <br />"The lender must obtain a new Property Capital Needs Analysis (PCNA) every 10 years <br />which covers the next ten years [or the remaining term of the mortgage] plus two years." <br />31. All secondary debt must comply with the MAP Guide (MAP 8.10). <br />32. The Criterion 10 calculation on HUD Form 92264a will be adjusted prior to closing to reflect <br />actual closing costs (including the refreshing of the work write up bids). <br />33. Approval of this commitment is based on the financial capacity of Lino Lakes Housing LLC, <br />Charles Reisenberg, Cherie Reisenberg, Stanley J. Weinberger. The withdrawal of any of <br />these principals can cause HUD to declare this commitment null and void. <br />34. Any Secondary Financing in the form of a Promissory Note must comply with HUD <br />regulations. <br />35. The organizational documents of the mortgagor should be revised to conform to MAP <br />requirements. <br />36. The TIF covenants will need to be subordinated to the insured mortgage and amended to <br />conform to MAP requirements. <br />37. The LIHTC covenants will need to be modified to permit an override of the physical <br />disability restriction in the event that vacancy exceeds some acceptable percentage. These <br />covenants will need to be subordinated to the insured mortgage and amended to include <br />MAP language. <br />www.hud.gov espanol.hud.gov <br />