Form Hud-90028 Housing Development Grant Settlement Agreement Page 2
Download a blank fillable Form Hud-90028 Housing Development Grant Settlement Agreement in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form Hud-90028 Housing Development Grant Settlement Agreement with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2Section D: If necessary to satisfy a shortfall in Owner’s equity
Section I: Execution of this Agreement shall constitute com-
obligation in the amount specified in Exhibit 3, the Grantee has
pletion of development activities for the Project and financial
either collected cash from the Owner, received evidence from the
settlement of development costs. Financial requirements with
Owner that a mortgage loan on the project other than the HDG
respect to the obligation to maintain the Project in accordance
loan has been prepaid in part, and/or has executed an agreement
with HDG program requirements shall continue in effect for the
with the Owner committing the Owner to pay cash to the Grantee
remainder of the Project Term, as required by the Grant Agree-
at the end of the specified rent-up period to the extent that
ment.
expenditures for initial operating deficits have not been sufficient
Section J: This Agreement shall be executed in three parts,
to cover the outstanding equity requirement.
each of which shall be considered to be an original, and each such
counterpart shall constitute one and the same agreement.
Section E: Excess grant funds drawn by the Grantee, in the
amount specified in Exhibit 2 to this Agreement (Appendix 2,
Section K: If any provision of this Agreement is held invalid,
Item C.2.h.) shall have been or shall be immediately returned to
such holding shall not affect the validity of the remainder of this
HUD under the following repayment schedule:
Agreement.
Section F: Any grant funds remaining in the Grantee’s Letter
Section L: If a default occurs under this agreement or the Grant
of Credit for the referenced Project have been reduced to zero.
Agreement, or if the Grantee fails to comply with any provision of
Section G: The requirements of the Grant Agreement govern-
24 CFR Part 850, HUD may at any time or from time to time
ing resources to be provided after settlement by participating
proceed to protect all rights available to HUD under this Agree-
parties shall be considered amended as follows: Indicate any
ment, the Grant Agreement and 24 CFR Part 850.
change in the terms or amount of project operating period
Section M: Special Conditions required by this Agreement are
subsidies and accounts to cover shortfalls agreed to by HUD
attached as Exhibit 5.
and the Grantee.
Section H: Program Income received after completion of
HDG funded activities shall be deemed miscellaneous revenues,
the use of which is governed by 24 CFR 850.71. Amounts
recovered by the Grantee due to breach of owner’s obligations
under 24 CFR 850.155 must be used in accordance with the HDG
or Rental Rehabilitation Program at Grantee’s option.
This HDG Settlement Agreement is hereby executed and delivered by the parties on the date set forth below their representative
signatures and effective as of the date executed by HUD.
The
_________________________________________________________
(Name of Grantee)
By:________
________________________________________________
(Signature)
Date:
_______________________________________________________
The Secretary of the Department of Housing and Urban Development
By:
_________________________________________________________
Deputy Assistant Secretary for Multifamily Housing Programs
Date:
_______________________________________________________
form HUD-90028 (8/2001)
ADVERTISEMENT
0 votes
Related Articles
Related forms
Form Hud-903 - Housing Discrimination Complaint Form - U.s. Department Of Housing And Urban Development
Legal
Form Hud 30015 - Community Development Work Study Program Student Budget Sheet - U.s. Department Of Housing And Urban Development
Legal
Related Categories
Parent category: Legal