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Inst 2009195594
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Inst 2009195594
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Last modified
7/17/2009 10:51:44 AM
Creation date
7/17/2009 10:51:43 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
4/1/2009
Recorded Document Type
Deed of Trust
Retention
PERM
Document Relationships
Inst 2007334383
(Amended)
Path:
\City Clerk\City Council\Recorded Documents\2007
Inst 2007334384
(Amended)
Path:
\City Clerk\City Council\Recorded Documents\2007
Inst 2007334385
(Amended)
Path:
\City Clerk\City Council\Recorded Documents\2007
Inst 2007334387
(Amended)
Path:
\City Clerk\City Council\Recorded Documents\2007
Inst 2009067181
(Amended)
Path:
\City Clerk\City Council\Recorded Documents\2009
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(the "HUD Use Agreement"), incorporated by reference in the HUD Deed <br />of Trust; <br />D. HUD Security Agreement between Borrower as the debtor and Eden <br />Development, lnc. as the secured party, which irrterest shall be <br />assigned to HUD by collateral assignment (the °1-IUD Security <br />Agreement"); <br />E. HUD Project Rental Assistance Contract (the PRAC~j; and <br />F. Other HUD Capital Advance documents. <br />1. Term of Rider. Notwithstanding anything else in this Rider to the contrary, the <br />provisions of this Rider shall be and remain in effect only so long as any of the <br />HUD Loan Documents is in effect; thereafter, this Rider and its requirements <br />shall be deemed no longer in effect. <br />2. Subordination. The covenants contained in the City and Agency Loan Documents <br />shall be subordinate to the rights of HUD under the HUD Loan Documents, and <br />to the HUD rules and regulations pertaining thereto; and furthermore, the City and <br />Agency Loan Documents shall not be enforceable against the HUD Secretary, his <br />or her successors and assigns, should the HUD Secretary acquire title to the <br />Project by power of sale, foreclosure, or by deed-in-lieu of foreclosure. In <br />addition, so long as the HUD Loan Documents are in effect, in the event that there <br />are any conflicts between the terms and conditions in the City and Agency Loan <br />Documents and the terms and conditions of the HUD Loan Documents and HUD <br />rules and regulations pertaining thereto, the HUD Loan Documents and HUD <br />rules and regulations shall prevail. No default may be declared under the City and <br />Agency Loan Documents without prior written HUD consent. <br />HUD Rules. During the time period in which Section 202 or the PRAC <br />regulations apply to the Project, rents approved by HUD pursuant to the Section <br />202 program and the PRAC shall be deemed to be in compliance with the City <br />and Agency Regulatory Agreement, and compliance by the Borrower with the <br />Section 202 Regulations and the PRAC with respect to continued occupancy by <br />households whose incomes exceed the eligible income limitations in Section 2 of <br />the City and Agency Regulatory Agreement, or other matters set forth in the City <br />and Agency Regulatory Agreement, shall be deemed to be in compliance with the <br />requirements of the City and Agency Loan Documents. Nothing in the City and <br />Agency Loan Documents shall in any way limit, interfere or conflict with the <br />rights of HUD with respect to development, operation and management of the <br />Project; nor can the City and Agency Loan Documents in any way jeopardize the <br />continued operation of the project on terms at least as favorable to existing as well <br />as future tenants. <br />
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