Common use of HUD Clause in Contracts

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.