HUD Provisions Sample Clauses

HUD Provisions. Notwithstanding any other provisions of this Agreement, Articles of Organization or its equivalent or any other organizational documents (hereinafter referred to as the “Organizational Documents”) of this Company to the contrary, the following provisions shall govern:
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HUD Provisions. The effectiveness of this Lease and the obligations of either party hereunder are subject to the prior written approval of the Secretary of Housing and Urban Development ("HUD"). This Lease may be cancelled at the option of HUD in the event HUD becomes the mortgagee or owner of the Project, except that this provision shall not be applicable so long as a non-disturbance agreement has been entered into between Landlord, Tenant and the mortgagee of the Project and approved by HUD. This Lease shall not be modified or amended without the prior written consent of HUD. This Lease may not be assigned nor may the Premises be sublet without the prior written consent of HUD. The use of the Premises as approved by HUD shall not be changed without the written consent of HUD. This Lease may not be terminated except for breach of a covenant herein without the prior written consent of HUD. There shall be no assignment or subleasing of any portion of the Premises without the prior written consent of HUD.
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HUD Provisions. The Borrower, the Underwriter and the Issuer acknowledge that this Bond Purchase Agreement, and all Borrower’s obligations hereunder, are subject and subordinate to the Mortgage Loan Documents. Notwithstanding any provision in this Bond Purchase Agreement to the contrary, no obligations of the Borrower hereunder shall be payable except from (A) Surplus Cash (as defined in the HUD Regulatory Agreement), (B) funds that are not derived from (i) revenues of the Project (as defined in the FHA Mortgage), or (ii) any reserve or deposit made with the Lender or any other party as required by HUD in connection with the Mortgage Loan Documents, or (C) any proceeds of the FHA Note (collectively, “Non-Project Sources”). No claims or actions shall be made (or payable) under this Bond Purchase Agreement against the Project, the Lender or the assets of the Borrower, except from Non-Project Sources. In addition, the rights and obligations of the parties under this Bond Purchase Agreement and all other documents evidencing, implementing, or securing this Bond Purchase Agreement (collectively, the “Subordinate Bond Documents”) are and shall be subordinated in all respects rights and obligations of the parties to and under the Mortgage Loan Documents. In the event of any conflict between the provisions of (i) this Bond Purchase Agreement or the Subordinate Bond Documents and (ii) the provisions of the Mortgage Loan Documents or the Program Obligations (as defined in the FHA Mortgage), the provisions of the Mortgage Loan Documents or the Program Obligations shall control. The provisions of this Section 18 shall control over any inconsistent provisions in this Bond Purchase Agreement or the Subordinate Bond Documents. No amendment to this Bond Purchase Agreement shall conflict with the Mortgage Loan Documents or the Program Obligations.
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HUD Provisions. As long as the U.S. Department of Housing and Urban Development (“HUD”) is the insurer or holder of a loan to Maker by CBRE HMF, Inc., a Delaware corporation (“Senior Lender”), as evidenced by a Note (Multistate) (“Senior Note”), relating to that certain project known as Villaggio I (“Project”) under FHA Project No. 122-11518, the following provisions (“HUD Provisions”) shall be in full force and effect:
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HUD Provisions. In the event that any of the provisions of this Agreement conflict with any provision of the Regulatory Agreement or any other agreement between the Partnership and HUD with respect to the Apartment Complex, or any regulations of HUD binding upon the Partnership, the provisions, shall supersede said conflicting provisions of this Agreement. In addition, the Partnership shall be operated subject to the following provisions with regard to HUD: the Partnership, and the General Partner on its behalf, is authorized to execute an assignment and assumption agreement with respect to the Mortgage Loan insured by the Secretary of the Housing and Urban Development and to execute an assignment and assumption agreement with respect to the Regulatory Agreement between the Partnership and HUD and other documents required by HUD in connection with such loan. Upon execution, the Regulatory Agreement shall be binding upon the Partnership and the Partners so long as the Property is encumbered by a mortgage insured by HUD and during such time as HUD shall be the owner, holder, or reinsurer of any such mortgage or is obligated to reinsure any such mortgage. Any incoming Partner shall, as a condition of receiving an Interest in the Partnership, agree to be bound by the Mortgage Note, Mortgage and Regulatory Agreement and other documents require in connection with the HUD insured loan to the same extent and on the same terms as the other Partners. Any other provision of the Agreement to the contrary notwithstanding, upon any dissolution, no title or right to collect the rents therefrom shall pass to any person who is not bound by the Regulatory Agreement in manner satisfactory to HUD. Any other provisions of this Agreement to the contrary notwithstanding, in the event that any provision of this Agreement in any way tends to contradict, modify, or in any way change the terms of the above mentioned Regulatory Agreement, the terms of the Regulatory Agreement shall prevail and govern; or if any provision hereof in any way tends to limit HUD in its administration of the National Housing Act, as amended, or the regulation or instructions thereunder, this Agreement shall be deemed amended so as to comply with the requirements of HUD. This paragraph will automatically become void at such time as the Mortgage Loan is no longer insured or held by HUD. Compliance with the Regulatory Agreement shall not affect a Limited Partner's limited liability and shall not require contributions inconsi...
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HUD Provisions. If the loan is to be insured by HUD, acting by and through the Federal Housing Administration ("FHA") the Partnership must comply with the HUD requirements which can be found, in part, in the instructions to the Regulatory Agreement and HUD Notice H 95-66 dated July 25, 1995. In addition to being a single asset entity with a term longer than the term of the mortgage, HUD requires that the Partnership formation documents contain the following provisions:
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HUD Provisions. (a) The Partnership is authorized to execute the Permanent Loan Documents and to execute the Regulatory Agreement and other documents required by HUD and the Permanent Lender in connection with the Permanent Loan.
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Related to HUD Provisions

  • Void Provisions If any provision of this Agreement, as applied to either party or to any circumstances, shall be found by a court of competent jurisdiction to be unenforceable but would be enforceable if some part were deleted or the period or area of application were reduced, then such provision shall apply with the modification necessary to make it enforceable, and shall in no way affect any other provision of this Agreement or the validity or enforceability of this Agreement.

  • REQUIRED PROVISIONS (a) The Bank may terminate Executive’s employment at any time, but any termination by the Board other than termination for Cause shall not prejudice Executive’s right to compensation or other benefits under this Agreement. Executive shall have no right to receive compensation or other benefits for any period after termination for Cause.

  • Invalid Provisions If any provision of this Agreement is held to be illegal, invalid or unenforceable under any present or future Law, and if the rights or obligations of any party hereto under this Agreement will not be materially and adversely affected thereby, (a) such provision will be fully severable, (b) this Agreement will be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part hereof, (c) the remaining provisions of this Agreement will remain in full force and effect and will not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom and (d) in lieu of such illegal, invalid or unenforceable provision, there will be added automatically as a part of this Agreement a legal, valid and enforceable provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible.

  • Other Definitions and Provisions With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: (a) the definitions of terms herein shall apply equally to the singular and plural forms of the terms defined, (b) whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms, (c) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”, (d) the word “will” shall be construed to have the same meaning and effect as the word “shall”, (e) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (f) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (g) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (h) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights, (i) the term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form, (j) in the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including” and (k) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document.

  • Standard Provisions Without limiting any of the other obligations or liabilities of the Contractor, the Contractor shall provide and maintain until the contracted work has been completed and accepted by the City of Xxxxxx, Owner, the minimum insurance coverage as indicated hereinafter. Contractor shall file with the Purchasing Department satisfactory certificates of insurance including any applicable addendum or endorsements, containing the contract number and title of the project. Contractor may, upon written request to the Purchasing Department, ask for clarification of any insurance requirements at any time; however, Contractor shall not commence any work or deliver any material until he or she receives notification that the contract has been accepted, approved, and signed by the City of Xxxxxx. All insurance policies proposed or obtained in satisfaction of these requirements shall comply with the following general specifications, and shall be maintained in compliance with these general specifications throughout the duration of the Contract, or longer, if so noted:  Each policy shall be issued by a company authorized to do business in the State of Texas with an A.M. Best Company rating of at least A or better.  Any deductibles or self-insured retentions shall be declared in the proposal. If requested by the City, the insurer shall reduce or eliminate such deductibles or self-insured retentions with respect to the City, its officials, agents, employees and volunteers; or, the contractor shall procure a bond guaranteeing payment of losses and related investigations, claim administration and defense expenses.  Liability policies shall be endorsed to provide the following:  Name as Additional Insured the City of Xxxxxx, its Officials, Agents, Employees and volunteers.  That such insurance is primary to any other insurance available to the Additional Insured with respect to claims covered under the policy and that this insurance applies separately to each insured against whom claim is made or suit is brought. The inclusion of more than one insured shall not operate to increase the insurer's limit of liability.  Provide a Waiver of Subrogation in favor of the City of Xxxxxx, its officials, agents, employees, and volunteers.

  • Severance of Invalid Provisions If and for so long as any provision of this Agreement shall be deemed to be judged invalid for any reason whatsoever, such invalidity shall not affect the validity or operation of any other provision of this Agreement except only so far as shall be necessary to give effect to the construction of such invalidity, and any such invalid provision shall be deemed severed from this Agreement without affecting the validity of the balance of this Agreement.

  • Invalid Provision The invalidity or unenforceability of any provision of this Agreement shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision were omitted.

  • Lock-Up Provisions (a) Holder hereby agrees not to, during the period (the “Lock-Up Period”) commencing from the Closing and ending on the earlier of (A) the one (1) year anniversary of the date of the Closing, (B) the first date subsequent to the Closing with respect to which the closing price of the Purchaser Common Stock has equaled or exceeded $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Closing or (C) the date on which the Purchaser completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of the Purchaser’s stockholders having the right to exchange their shares of Purchaser Common Stock for cash, securities or other property: (i) lend, offer, pledge, hypothecate, encumber, donate, assign, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Restricted Securities, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Restricted Securities or (iii) publicly disclose the intention to do any of the foregoing, whether any such transaction described in clauses (i), (ii) or (iii) above is to be settled by delivery of Restricted Securities or other securities, in cash or otherwise (any of the foregoing described in clauses (i), (ii) or (iii), a “Prohibited Transfer”). The foregoing sentence shall not apply to the transfer of any or all of the Restricted Securities owned by Xxxxxx (I) by gift, (II) by will or other testamentary document or intestate succession upon the death of Xxxxxx, (III) to any Permitted Transferee (as defined below), (IV) pursuant to a court order or settlement agreement or other domestic order related to the distribution of assets in connection with the dissolution of marriage or civil union, (V) to the Purchaser pursuant to any contractual arrangement in effect on the date of this Agreement that provides for the repurchase of shares of Purchaser Common Stock in connection with the termination of the undersigned’s employment with or service to the Purchaser; provided, however, that in any of cases (I), (II), (III) or (IV) above, it shall be a condition to such transfer that the transferee executes and delivers to the Purchaser and the Purchaser Representative an agreement stating that the transferee is receiving and holding the Restricted Securities subject to the provisions of this Agreement applicable to Holder, and there shall be no further transfer of such Restricted Securities except in accordance with this Agreement. As used in this Agreement, the term “

  • Takeover Laws and Provisions No party will take any action that would cause the transactions contemplated by this Agreement to be subject to requirements imposed by any Takeover Law and each of them will take all necessary steps within its control to exempt (or ensure the continued exemption of) those transactions from, or if necessary challenge the validity or applicability of, any applicable Takeover Law, as now or hereafter in effect. No party will take any action that would cause the transactions contemplated by this Agreement not to comply with any Takeover Provisions and each of them will take all necessary steps within its control to make those transactions comply with (or continue to comply with) the Takeover Provisions.

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