Common use of Accounts for Housing Operations and Loan Servicing Clause in Contracts

Accounts for Housing Operations and Loan Servicing. Borrower shall establish the following accounts, which shall be maintained so long as the loan obligations remain unsatisfied: A General Fund Account, an operation and Maintenance Account, a Debt Service Account, and a Reserve Account. Funds in said accounts shall be deposited in a bank or banks insured by the Federal Deposit Insurance Corporation, except for any portion invested in readily marketable obligations of the United States as authorized by section 8 (a).

Appears in 4 contracts

Samples: omb.report, Loan Agreement, Loan Agreement

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