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07/06/2010 Council Packet
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07/06/2010 Council Packet
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3/27/2014 2:59:05 PM
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City Council
Council Document Type
Council Packet
Meeting Date
07/06/2010
Council Meeting Type
Work Session Regular
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2. The foregoing covenant and restriction shall expire on February 1, 2045 (the <br />"Declaration Termination Date "). <br />3. By no later than February 1 of each year through the Declaration Termination <br />Date, Declarant shall deliver to the Authority written evidence in a form reasonably satisfactory <br />to the Authority, demonstrating that the Subject Property complies with the requirements of this <br />Declaration. <br />4. Notwithstanding anything in this Declaration to the contrary, except the <br />requirements in 26 U.S.C. 42(h)(6)(E)(ii), this Declaration is expressly subordinate to (i) the <br />Mortgage Note dated as of dated July 1, 2010 (the "HUD Note ") executed by the Developer in <br />favor of Dougherty Mortgage LLC, a Delaware limited liability company ("Lender"), (ii) the <br />Mortgage dated July 1, 2010 (the "HUD Mortgage ") executed by the Developer in favor of <br />Lender, (iii) the Regulatory Agreement for Multifamily Projects dated July 1, 2010 (the "HUD <br />Regulatory Agreement ") executed by and between the Developer and the Secretary for Housing <br />and Urban Development ( "HUD "), and (iv) all other documents executed by the Developer, <br />Lender and /or HUD in connection with the HUD Note (collectively the "HUD Loan <br />Documents "), and is subordinate to all applicable HUD mortgage insurance (and Section 8 of the <br />U.S. Housing Act of 1937, if applicable) regulations and related administrative requirements. In <br />the event of any conflict between the provisions of this Declaration and the provisions of <br />applicable HUD regulations, related HUD administrative requirements, or HUD Loan <br />Documents, the HUD regulations, related administrative requirements or HUD Loan Documents <br />shall control. <br />5. In the event of foreclosure or transfer of title by deed in lieu of foreclosure, any <br />and all land use covenants contained herein shall automatically terminate except those <br />requirements set out in 26 U.S.C. 42(h)(6)(E)(ii). <br />6. Failure to comply with the covenants contained herein will not serve as a basis for <br />default on any of the HUD Loan Documents. <br />7. The covenants contained in this Declaration are not included in any of the HUD <br />Loan Documents. <br />8. Enforcement of the covenants contained herein will not result in any claim against <br />the Property, the proceeds from the HUD Mortgage, any reserve or deposit required by HUD in <br />connection with the HUD Mortgage transaction, or the rents or other income from the Property <br />other than from available Surplus Cash, as defined in the HUD Regulatory Agreement. <br />9. So long as the Property is subject to a mortgage insured or held by HUD, no <br />amendment shall be made to this Declaration without the prior written consent of HUD. <br />10. This Declaration may not be foreclosed upon or sold, transferred, assigned or <br />pledged, without the prior written of consent of HUD of such foreclosure, conveyance, <br />assignment or pledge. <br />368750v4 8.113 LN140 -25 <br />• <br />• <br />• <br />
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