Rehabilitation Loan Agreement Template Page 4
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4the Escrow Funds are used to make such a principal reduction, the final payment to the
Contractor will not be available from the “LENDER” and shall be the sole responsibility of Borrower.
20) A Compliance Inspection Report from the approved Appraiser stating all Work has been
satisfactorily completed must be received by the “LENDER” within two weeks of completion of the
construction or within one hundred eighty (180) days of the date of the note, whichever is earlier.
If, for whatever reason, the final inspection verifying that all Work is completed is not received
within one hundred eighty (180) days of closing, the “LENDER” may, in its sole discretion, make a
principal reduction payment with the Escrow Funds. If the Escrow Funds are used to make such a
principal reduction, the final payment to the Contractor will not be available from the “LENDER”
and shall be the sole responsibility of Borrower.
21) Failure of the Borrower to perform under the terms of this Agreement or the Note will make the
Note, at the sole discretion of the “LENDER”, immediately due and payable.
22) The accepted Homeowners/Contractors Agreement is attached hereto as Exhibit “A.”
23) Failure of the “LENDER” to enforce any term or condition of this Agreement on any one occasion
shall not act as a waiver by the “LENDER” of the enforceability of that term or condition on any
other occasion or as to any other term or condition.
24) The “LENDER” may assign its rights and obligations hereunder to any duly licensed and approved
financing entity at its sole option and discretion who will succeed to all rights and obligations
hereunder as if it were the original Lender.
25) In the event Borrower fails to perform under the terms of this Agreement or in any way is in breach
of this Agreement, the “LENDER” shall be entitled to its reasonable costs and attorney’s fees
associated with enforcing the terms hereof.
26) All Notices required by this Agreement and/or the Note, shall be deemed served if in writing and
sent, postage prepaid, return receipt requested, to the recipient at the address for the recipient
as set forth herein or as either party may designate by written notice.
Please Note:
There are no advances of renovation funds. Under no circumstances can any construction
item or material be paid for without the work or material having been acceptably completed
or installed (e.g., materials on site cannot be included in the draw request.)
_______________________________
_________
______________________________
_________
Mortgagor
Date
Mortgagor
Date
_______________________________
_________
______________________________
_________
Mortgagor
Date
Mortgagor
Date
__________________________________
_________________________________________
____________
Signature of Lender
Title
Date
Rehabilitation Loan Agreement / FHA STANDARD 203(k) /Rev. 11/24/2015
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