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Rider to Restrictive U.S. Department of Housing
and Urban Development
OMB Approval No. 2502-0598
(Exp. 12/31/2027)
Covenants - Multifamily Office of Housing
The public reporting burden for this collection of information is estimated to average 0.5 hours per response, including the time for
reviewing instructions, searching existing data sources, gathering, and maintaining the data needed, and completing and reviewing
the collection of information. Comments regarding the accuracy of this burden estimate and any suggestions for reducing this burden
can be sent to U.S. Department of Housing and Urban Development, Office of the Chief Data Officer, 451 7th St SW, Room 8210,
Washington, DC 20410-5000. Do not send completed forms to this address. This agency may not conduct or sponsor, and a person
is not required to respond to, a collection of information unless the collection displays a valid OMB control number. HUD collects this
information to obtain supportive documentation that must be submitted to HUD for approval. HUD uses this information to ensure that
viable projects are developed and maintained. This information is required to obtain benefits derived from the National Housing Act
Multifamily Mortgage Insurance Programs. This information collected is authorized under Title II of the National Housing Act (12 USC
1701 et seq.) and the regulations at 24 CFR 200 et seq., and no confidentiality is assured.
Warning: Any person who knowingly presents a false, fictitious, or fraudulent statement or claim in a matter within the jurisdiction of
the U.S. Department of Housing and Urban Development is subject to criminal penalties, civil liability, and administrative sanctions.
Project Name: Stuart Gardens II
HUD Project No: 051-35897
This RIDER TO RESTRICTIVE COVENANTS “Rider” is made as of July __,
2026, by STUART GARDENS II HOUSING PARTNERS, LP, a Virginia limited
partnership (“Borrower”), U.S. BANK TRUST COMPANY, NATIONAL
ASSOCIATION, a National banking association, as trustee (“Trustee”) and
NEWPORT NEWS REDEVELOPMENT AUTHORITY (“Agency”).
Recitals
WHEREAS, Borrower has obtained financing from Merchants Capital Corp., an
Indiana corporation (“Lender”), for the benefit of the project known as Stuart
Gardens II (“Project”), which loan is secured by a Multifamily Mortgage, Security
Agreement, Assignment of Rents, and Fixture Filing (“Security Instrument”)
dated as of July __, 2026, and recorded in the recorder’s office of Newport News,
Virginia (“Records”) contemporaneously herewith, and is insured by the United
States Department of Housing and Urban Development (“HUD”), covering the property
described in Exhibit A attached hereto;
WHEREAS, Borrower is receiving tax-exempt bond financing from the Agency,
which Agency is requiring certain restrictions be recorded against the Project
Regulatory Agreement and Declaration of Restrictive Covenants;
WHEREAS, HUD requires as a condition of its insuring Lender’s financing to the
Project, that the lien and covenants of the Restrictive Covenants be subordinated to the
lien, covenants, and enforcement of the Mortgage Loan Documents; and
WHEREAS, the Agency has agreed to subordinate the Restrictive Covenants to
the lien, covenants, and enforcement of the Mortgage Loan Documents in accordance
with the terms of this Rider.
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