What Is A Regulatory Agreement

(3) HFA will enforce the Regulatory Agreement and take action against all mortgage creditors who breach its provisions. These measures may include a declaration of defect and a specific request for performance of the contract in any court. (10) Provide books and records with appropriate notice for review by huD or the General Accounting Office (GAO). Such an approved prepayment does not release the borrower from its obligations under the regulatory agreement. (1) Make all payments due under the mortgage and bond/obligation. (11) HUD officials or staff shall authorize the inspection of the project at the request of the Commissioner. (5) Comply with all other requirements set out by the HFA and set out in the Regulatory Agreement. (c) enforcement. The regulatory agreement is enforced by the HFA. 2. If necessary, establish a sinking fund for future capital needs. This note demonstrates the Borrower`s obligation to the Department to repay the funds lent to the Borrower by the Department to assist in the development of a rental housing project on the California property, which is further described in the Trust Deed and Regulatory Agreement (the “Development”).

(3) Preserve the project as affordable housing within the meaning of Article 266(5). (8) Compliance with the affirmative fair housing marketing plan and all other fair housing and equal opportunity requirements. (7) Maintain complete books and records created exclusively for the project. The Borrower agrees to pay the full amount of outstanding principal paid in advance under the Loan Documents, as well as any accrued but unpaid interest, in its sole discretion (the “Due Date”) on the fifty-fifth (55th) anniversary of the date of registration of the Regulatory Agreement or at a later date that may be approved in writing by the Ministry. (1) The HFA shall enter into a regulatory agreement in writable form between Mortgagor and HFA on a regulatory agreement applicable for the term of the mortgage and the insured obligation or obligation. The regulatory agreement must include a description of the property. The regulatory agreement must be included in the mortgage by reference and noted with the mortgage. .