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
