HUD Clause Samples

HUD. The term HUD shall mean the United States Department of Housing and Urban Development.

HUD. The Department of Housing and Urban Development or any successor thereto. Initial Purchaser: Countrywide Home Loans, Inc.

HUD. Other than as set forth on Section 5.12 of the AIMCO Disclosure Letter and except in the case of (a), (b) and (c) where the failure to obtain or presence of which would not result in an AIMCO Material Adverse Effect, each of AIMCO and the AIMCO Subsidiaries as of the date hereof (a) has all necessary consents and approvals of HUD to act as a general partner of and/or management agent for, as the case may be, each partnership which is an owner of a HUD-insured or HUD-assisted property for which AIMCO or any AIMCO Subsidiary acts as a general partner and/or management agent and (b) with respect to each HUD-insured or HUD-assisted property for which AIMCO or any AIMCO Subsidiary acts as a general partner and/or management agent has any physical inspection reviews or management agent's performance reviews that are graded as less than "Satisfactory" or, as to state housing agencies, an equivalent rating and (c) has no "flags" or limited denials of participation, suspensions or debarments currently in effect under the HUD 2530 Previous Participation Clearance Procedures or any other applicable HUD regulations.

HUD. Other than as set forth on Section 4.11 of the Casden Disclosure Letter and except where the failure to obtain, or the presence of which, would not reasonably be expected to result in a Casden Material Adverse Effect, each of Casden and the Casden Subsidiaries as of the date hereof: (a) has all necessary consents and approvals of HUD to act as a general partner of and/or management agent for, as the case may be, each partnership which is an owner of a HUD-insured or HUD-assisted property for which Casden or any Casden Subsidiary acts as a general partner and/or management agent; (b) with respect to each HUD-insured or HUD-assisted property for which Casden or any Casden Subsidiary acts as a general partner and/or management agent, has not received any current physical inspection reviews with a REAC score of less than 60 for which an MIO plan which is satisfactory to HUD has not been developed (or disclosing any exigent health and safety matters which have not been resolved) or any management agent's performance reviews that are graded as less than "Satisfactory" or, as to state housing agencies, any physical inspection or management agent reviews with an equivalent or otherwise substandard rating; (c) has no "flags" or limited denials of participation, suspensions or debarments currently in effect under the HUD 2530 Previous Participation Clearance Procedures or any other applicable HUD regulations; (d) has not been notified by HUD of any matters currently pending before the HUD Departmental Enforcement Center; (e) has not received any notice from HUD with respect to any audited financial statement for any year prior to 2000 that remains unresolved to HUD's satisfaction; and (f) has filed all annual audited financial statements in the timeframe required by HUD for the calendar year 2000.

HUD. The Department of Housing and Urban Development, or any federal agency or official thereof which may from time to time succeed to the functions thereof with regard to FHA Mortgage Insurance. For purposes of this Agreement, “HUD” also shall include subdivisions thereof such as the FHA and GNMA.

HUD. Notwithstanding anything in this Covenant to the contrary, in the event that the Unit is encumbered by a HUD-insured mortgage, the City’s remedies shall specifically not include remedies prohibited by HUD, such as: (i) voiding a conveyance, including a lease, by the Owner; (ii) terminating the Owner’s interest in the Unit; (iii) limiting the amount of sales proceeds retainable by the Owner to an amount less than that set forth pursuant to Article VI; or

HUD. Newco receiving evidence satisfactory to Newco, in its sole discretion, that HUD has approved the transfer to Newco as of the Closing Date of any and all loan origination and servicing rights granted by HUD to Merchants.

HUD. New Sun shall, for all HUD audits of Sabra subsidiaries to be completed for the 2010 fiscal year, manage the completion of such audits, including the coordination of the preparation of financial statements by an independent auditing firm and all other coordination of the required reporting to HUD related to the fiscal year ending December 31, 2010. Sabra will be responsible for 12.5% of the external costs of such HUD audits, including audit and legal fees, and will reimburse New Sun within 30 days of receipt of supporting details of such costs.

HUD. (a) To the knowledge of Sellers, none of the Partnerships or the Lower Tier Entities has violated, or is in violation of, in any material respect any rule or regulation promulgated by HUD. Except as set forth on Schedule 4.31, to the knowledge of Sellers, each of the Partnerships and the Lower Tier Entities has all required HUD consents and approvals to own and operate its Properties as currently owned and operated, all of its required filings with HUD are current, there is no "hold" on its Form 2530, and all fees paid by the Partnerships and the Lower Tier Entities have been in accordance with the rules and regulations promulgated by HUD. (b) Sellers know of no reason why the approvals of HUD referred to in Section 6.04 cannot be obtained on or prior to May 30, 1998, except for administrative delays occasioned by HUD and the fact that HUD is currently giving close reviews to companies which have purchased other companies with interests in HUD subsidized housing using deferred purchase price payments.