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(f) "Surplus Cash" means any cash remaining after: (g) (1) the payment of: (i) All sums due or currently required to be paid under the terms of any mortgage or note insured or held by the Secretary: (ii) All amounts required to be deposited in the reserve fund for replacements: (iii) All obligations of the project other than the insured mortgage unless funds for payment are set aside or deferment of payment has been approved by the Secretary; and (2) the segregation of: (i) An amount equal to the aggregate of all special funds required to be maintained by the project; and (ii) All tenant security deposits held. "Distribution" means any withdrawal or taking of cash or any assets of the project. including the segregation of cash or assets for subsequent withdrawal within the limitations of Paragraph 6(e) hereof, and excluding payment for reasonable expenses incident to the operation and maintenance of the project. (h) '`Default" means a default declared by the Secretary when a violation of this Agreement is not corrected to his satisfaction within the time allowed by this Agreement or such further time as may be allowed by the Secretary after written notice: (i) "Section" refers to a Section of the National Housing Act, as amended. (j) "Displaced persons or families" shall mean a family or families. or a person. displaced from an urban renewal area. or as the result of government action, or as a result of a major disaster as determined by the President pursuant to the Disaster Relief Act of 1970. (k) "Elderly person" means any person. married or single. who is sixty -two years of age or over. 14. This instrument shall bind. and the benefits shall inure to, the respective Owners. their heirs, legal representatives. executors, administrators, successors in office or interest. and assigns, and to the Secretary and his successors so long as the contract of mortgage insurance continues in effect. and during such further time as the Secretary shall be the owner. holder, or reinsurer of the mortgage. or obligated to reinsure the mortgage. 15. Owners warrant that they have not. and will not. execute any other agreement with provisions contradictory of. or in opposition to. the provisions hereof and that. in any event. the requirements of this Agreement are paramount and controlling as to the rights and obligations set forth and supersede any other requirements in conflict therewith. 16. The invalidity of any clause. part or provisions of this Agreement shall not affect the validity Of of the remaining portions thereof. 17. The following Owners: Lino Lakes Housing Limited Partnership. and its general partner. Lino Lakes Housing. LLC. a Minnesota limited liability company. or any other partner. present or future. do not assume personal liability for payments due under the note and mortgage. or for the payments to the reserve for replacements. or for matters not under their control. provided that said Owners shall remain liable under this Agreement only with respect to the matters hereinafter stated; namely: (a) for funds or property of the project coming into their hands which. by the provisions hereof. they are not entitled to retain: and (b) for their own acts and deeds or acts and deeds of others which they have authorized in violation of the provisions hereof. 18. Multiple Counterparts. This Agreement may be executed in counterparts. each of which will be an original, but which, taken together. will constitute one and the same Agreement. Continued on Exhibit B attached hereto and incorporated herein by reference. (To be executed with formalities for recording a deed to real estate.) Replaces FHA -2466 which may be used until supply Page 5 of 10 exhausted 370937v1 SJB LN140 -25 Form HUD -92466 (11/2002) ref Handbook 4571.1 • • •