10A Action 2007 0730 - Laserfiche WebLink

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1. Term of Rider. Notwithstanding anything else in this Rider to the contrary, the provisions ofthis Rider shall be and remain in effect only so long as the HUD Documents, or any of them, are in effect; thereafter, this Rider and its requirements shall be deemed no longer in effect. 2. Subordination. The covenants contained in the Agency Documents shall be subordinate to the rights of HUD under the HUD Documents, and to the HUD rules and regulations pertaining thereto; and furthermore, the Agency Documents shall not be enforceable against the HUD Secretary, his or her successors and assigns, should the HUD Secretary acquire title to the Property by power of sale, foreclosure, or by deed in lieu of foreclosure. In addition, so long as the HUD Documents are in effect, in the event that there are any conflicts between the terms and conditions in the Agency Documents and the terms and conditions of the HUD Documents and HUD rules and regulations pertaining thereto, the HUD documents and HUD rules and regulations shall prevail. No default may be declared under the Agency Documents without HUD prior written consent. 3. HUD Rules. During the time period in which Section 202 or the PRAC regulations apply to the development, rents approved by HUD pursuant to the Section 202 program and the PRAC shall be deemed to be in compliance with the Agency Regulatory Agreement and Agency Loan Agreement, and compliance by the Developer with the Section 202 Regulations and the PRAC with respect to continued occupancy by households whose incomes exceed the eligible income limitations of Section _ of the Agency Regulatory Agreement, or other matters set forth in Section _ of the Agency Regulatory Agreement, shall be deemed to be compliance with the requirements of the Agency Documents. Nothing in the Agency Documents shall in any way limit, interfere or conflict with the rights of HUD with respect to development, operation and management of the Development; nor can the Agency Documents in any way jeopardize the continued operation of the project in terms at lease as favorable to existing as well as future temlS. 4. Agency Loan Disbursement. Upon continued satisfaction of the conditions precedent to loan disbursement set forth in Section _ of the Agency Loan Agreement, the Agency shall disburse the Agency Loan proceeds to Borrower from time to time following approval by the Agency and HUD of Borrower's requisitions in accordance with the HUD Documents. HUD approval of a requisition shall be deemed Agency approval, provided that the requisition confonns to the use of Agency funds shown in the Financing Plan approved by the Agency and is an eligible use of Agency funds under applicable Agency regulations. The Agency agrees that the uses of Agency funds shown in the Budget are eligible uses. Requisitions not requiring HUD approval shall be submitted only to the Agency for approval and disbursement pursuant to the Agency Loan Agreement. ') .... HUD202Rider _Formblank _Agency