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Draft dated June 5, 2026
This Instrument Prepared By
and After Recording Return To:
Douglas L. Sbertoli, Esq. EXEMPTION CLAIMED:
Williams Mullen VA. CODE 搂58.1-809
200 South 10th Street, Suite 1600
Richmond, VA 23219
Tax Map Parcel Nos. _________
REGULATORY AGREEMENT AND
DECLARATION OF RESTRICTIVE COVENANTS
THIS REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE
COVENANTS, as amended, modified or supplemented from time to time (this "Regulatory Agreement")
is made as of July 1, 2026, by STUART GARDENS II HOUSING PARTNERS, LP, a Virginia limited
partnership (the "Borrower"), for the benefit of the NEWPORT NEWS REDEVELOPMENT AND
HOUSING AUTHORITY (the "Issuer") and U.S. BANK TRUST COMPANY, NATIONAL
ASSOCIATION, as Trustee (the "Trustee"), under the Indenture referred to below:
W I T N E S S E T H:
WHEREAS, the Borrower has applied to the Issuer for a loan (the "Loan") for the rehabilitation,
renovation, construction, improvement and equipping of a multifamily rental housing facility to be (i)
occupied by persons of low and moderate income, (ii) known as Stuart Gardens II Apartments (the
"Project") and (iii) located in the City of Newport News, Virginia, on the real property described in Exhibit
"C" attached hereto and by this reference made a part hereof (the "Real Property"); and
WHEREAS, the Issuer is unwilling to make the Loan unless the Borrower agrees to be regulated
in the manner set forth herein, and the Borrower is willing to execute and abide by this Regulatory
Agreement as a condition of obtaining the Loan.
NOW, THEREFORE, it is hereby agreed by and between the parties hereto, their successors and
assigns, as follows:
1. Definitions. As used in this Regulatory Agreement, the following terms shall have the
following respective meanings.
"Act" means the Virginia Housing Authorities Law, Chapter 1, Title 36 of the Code of Virginia of
1950, as amended.
"Adjusted Family Income" means the anticipated annual income of a person (together with the
anticipated annual income of all persons who intend to reside with such person in one residential unit), as
determined in a manner consistent with Section 8 of the United States Housing Act of 1937 or if such
program is terminated under such program as in effect immediately before such termination.
"Available Units" means residential units in a residential rental project that are actually occupied
and residential units in the project that are unoccupied and have been leased at least once after becoming
available for occupancy, provided that a residential unit that is not available for occupancy due toJump to an indexed page (744 of 744)