Form Hud-92450-Ca-Ohf Capital Advance Program Completion Assurance Agreement Page 2
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2struction Contract; it being understood and agreed that said Fund
Contractor fails to make such corrections. The Contractor's
shall at all times be under the control of HUD or its assigns and
liability for such corrections is not limited by the amount of such
is deposited in the form of: (a) cash; or (b) securities of or fully
sum.
guaranteed as to principal by, the United States of America,
(3)
To HUD the entire Fund or balance remaining therein
which securities shall be freely negotiable or assigned to HUD.
in the event of a default by the Contractor under the Construction
Contract, to be used by HUD to indemnify it and the Owner as the
(Delete what is not applicable.)
case may be, for any loss, damage or expense whatsoever which
they may suffer by reason of the Contractor's failure to properly
(b) HUD shall maintain such Fund as a separate trust account to be
perform said Construction Contract.
disbursed as follows:
(4)
This Agreement shall not alter or limit the obligations
(1)
To the Contractor or party making such deposit during
and liabilities of the Contractor under the Construction Contract,
the course of construction, as may be deemed necessary by HUD.
but shall be deemed to be merely additional security for the
(2)
To the Contractor or party making such deposit, the
performance by the Contractor of the obligations thereunder.
balance of such fund so deposited remaining upon final capital
(5)
It is understood and agreed that in the event the Fund
advance disbursement by HUD except that there shall be with-
is held by a depository, that said depository is not charged with
held from the payment of said balance an amount equal to 2 1/2%
any duty or responsibility to see to the performance of or
of the total amount of the Construction Contract, which sum is to
compliance with any agreements between any of the parties
be retained in such account for a period of fifteen months from
hereto other than that of paying over said Fund as directed in
the date of substantial completion as defined in the Construction
writing by HUD, nor to see to the application of said Fund after
Contract. Said sum shall be held as a fund to guarantee against
making disbursement as so directed.
defects in construction due to faulty materials or workmanship or
In Witness Whereof the parties have duly executed these presents the
damages to the mortgaged premises resulting from such defects,
day and year first above mentioned.
which defects or damage become apparent within one year after
the date of the aforesaid substantial completion. Said sum may be
used for the correction of such defects or damage in the event the
Attest (Contractor)
By
Owner
By
By
United States of America
Secretary of Housing and Urban Development
Seals must be affixed. To be appropriately acknowledged if required by the laws of the State having jurisdiction.
Warning: HUD will prosecute false claims and statements. Conviction may result in criminal and/or civil penalties. (18 U.S.C. 1001,
1010, 1012; 31 U.S.C. 3729, 3802)
form HUD-92450-CAOHF (12/20/2005)
Page 2 of 2
ref Handbooks 4571.4 & 4571.5
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