Escrow Agreement For Off-Site Facilities (Page 2 of 2) in pdf

ate the completion of said off-site construction, in accordance with the

balance of the said sum do deposited shall thereupon be returned by the

drawings and specifications, and to cause the Depository to apply the

Depository to the Depository, without interest. The depository shall in

said moneys to the payment of debts contracted or incurred for work

no event be responsible for the completion of the said work beyond the

expenditure of the sum deposited and if said sum is insufficient for

done or for materials furnished therefore, or either, in and about said

off-site construction and for all expenses, costs and charges in connec-

such purpose, the Depository shall be under no duty to demand or

tion therewith, and for the Depository so given and signed by the said

obtain additional sums from the Depositor.

Depository as attorney-in-fact shall be good and sufficient voucher for

(b) Upon receiving written instructions from HUD so to do, the

all payments made by virtue thereof. Further, in such event, the

Depository shall pay to HUD, to be applied to the reduction of the

Depositor hereby irrevocably authorizes and empowers HUD to enter

mortgage debt or as HUD shall so instruct, all of the unexpended

into and upon and said premises and take charge thereof, together will

balance of the sum of deposit with the Depository. If said balance shall

all materials and appliances thereunto belonging and thereupon in the

be more than sufficient to pay off the mortgage indebtedness outstand-

name of the said Depositor, as his attorney-in-fact, to call upon and

ing, including all costs and obligations to HUD, any balance remaining

require the several contractors for the work to be done and for the

shall be returned to the Depositor, without interest.

materials to be furnished in the about the completion of the off-site

construction, to proceed to complete and said work according to the

Depository shall turn over the deposit of any remaining balance

drawings and specifications or any changes, alterations, additions or

thereof of HUD which shall thereupon acts as Depository and shall

modifications of the said specifications as may be deemed expedient or

have all powers of the Depository set forth herein and in addition shall

necessary by HUD and to do whatever in HUD's judgment is shall

have the power to apply the remaining funds deposited hereunder to

deem necessary to be done to secure the completion of the said off-site

any sum due under the mortgage.

construction according to the drawings and specifications. In the event

the work is completed in accordance with the provisions hereof and

written approval of said work is given by HUD, any unexpended

It is the intention of the parties to this agreement that the Depository shall act solely at all times on instructions from HUD with respect

to the said sum deposited of any and all liability or claims of any nature. The Depositor agrees to pay all costs or expenses incurred by

said Depository (including court costs and reasonable attorneys' fees) by reason of acting as Depository of the said fund.

It Is Understood and Agreed that whenever used herein the singular number shall include the plural, the plural the singular, and the

use of any gender shall be applicable to all genders.

This agreement shall be binding upon and insure to the benefit of the respective successors and assigns to the parties hereto and upon

the legal representatives of the Depositor. The word “Mortgage” shall be deemed to include deed of trust and word “Mortgagee” shall

be deemed to include any holder of the mortgage and beneficiary of a deed of trust and their respective successors and assigns. The word

“HUD” shall be deemed to include successor or successors.

In Witness Whereof the parties hereto have caused these presents to be on their behalf and their seals affixed the day and year first above

written.

Depositor

Attest:

By:

Secretary

President

Date

Depository

By:

Authorized Official

Date

form HUD-90170-CA (12/20/2005)

Page 2 of 2

ref Handbooks 4571.4 & 4571.5

Escrow Agreement For Off-Site Facilities Page 2

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