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NOW, THEREFORE, in consideration of the foregoing and for other
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereby agree as follows:
1. In addition to the terms defined in the introduction and Recitals to this Rider, for
purposes of this Rider the following terms have the meanings set forth below:
a) "Code" means the Internal Revenue Code of 1986, as amended.
b) "HUD Regulatory Agreement" means the Regulatory Agreement for
Multifamily Projects (HUD-92466M) entered into between Borrower and HUD
with respect to the Project, as the same may be supplemented, amended or
modified from time to time.
c) “HUD Requirements” means the Mortgage Loan Documents and Program
Obligations.
d) “Mortgage Loan” means the mortgage loan made by Lender to the Borrower
pursuant to the Mortgage Loan Documents with respect to the Project.
e) “Mortgage Loan Documents” means the Security Instrument, the HUD
Regulatory Agreement and all other documents required by HUD or Lender in
connection with the Mortgage Loan.
f) “National Housing Act” means the National Housing Act, as amended.
g) “Program Obligations” has the meaning specified in the Security
Instrument.
h) “Residual Receipts” has the meaning specified in the HUD Regulatory
Agreement.
i) “Surplus Cash” has the meaning specified in the HUD Regulatory
Agreement.
2. In the event of any conflict between any provision contained elsewhere in the
Restrictive Covenants and any provision contained in this Rider, the provision
contained in this Rider shall govern and be controlling in all respects as set forth
more fully herein.
3. Borrower covenants that it will not take or permit any action that would result in a
violation of the Code, HUD Requirements or Restrictive Covenants. In the event
of any conflict between the provisions of the Restrictive Covenants and the
provisions of the HUD Requirements, HUD shall be and remains entitled to
enforce the HUD Requirements. Notwithstanding the foregoing, nothing herein
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