FIESTA MARKETPLACE PARTNERS (7) - Laserfiche WebLink

Home Browse Search

Section 10.03, that the documents comply with Section 10.02 and that the officer of the lending institution was authorized to execute the same. Section 10.08 Evidence of Yinances Satisfactory to Counsel - Fbrm (a) whenever evidence is required in the form of a statement and opinion of Recipient's counsel that a Participating Party will provide a specific amount of finances for purposes of carrying out the commitment of that Participating Party in connection with the Project, such evidence shall be in the form of an opinion of Recipient's counsel made in accordance with Section 10.03. (b) The opinion of Recipient's counsel shall certify that counsel has examined into the availability to the Participating Party of liquid assets and/or of debt financing; shall state the amount and the source of liquid assets on harO or immediately available to the Participating Party for use in the Project; and shall state the amount and the source of debt financing which is available, or irrevocably committed, to the Participating Party for use in the Project. the evidence of these funds shall be consistent with the provisions of Sections 10.05, 10.06 and 10.07 above to the extent possible. (c) 7-he opinion of Recipient's counsel shall be that the Parti- cipating Party has on hand, or immediately available, or irrevocably committed to the Participating Party, for use in carrying out the commitments of the Participating Party to the Project, liquid assets and/or debt financing in a sum equal to the specified amount of finances required in this Grant Agreement. (d) sutmissions pursuant to this section shall be subject to HUD approval as to form and content. Section 10.09 Anti -Speculation Provisions - Sale of Real Pro rt (a) Whenever, in Exhibit E: of this Grant Agreement, a document is required to contain a provision for the prevention or discouragement of speculation in the purchase and sale of property by a beneficiary of grant funds, then, unless otherwise specified, such provision shall comply with this Section. (b) The document shall prohibit the beneficiary of grant funds from selling or otherwise disposing of the property within a period specified in Exhibit E of this Crant Agreement after the date of the purchase, for an amount in excess of the purchase price paid, plus the actual costs of any improvements to the property by the beneficiary. s!he.prohibition against sale shall have the same force and effect as a lis pendens, and shall specify that in the event of any attempted sale, in violation of the provision, the Recipient shall be.entitled to the ex parte issuance of an injunction restraining such sale. She document shall be executed and authenticated in such manner and form as niay be required under state law to authorize its recordation at the place of recordation of deeds, as if a lis pendens; and the document shall be so recorded. (c) she docurient may, in conjunction with the foregoing, or in lieu thereof, describe a procedure whereunder, in the event of any sale of the property within the period specified in Lxhibit L of this Grant Agreement, the amount of grant funds which benefited the beneficiary shall be repaid by the beneficiary to the Iecipient. Such procedure may include a pro-rata reduction of the ammunt to be repaid, based upon the time elapsing between the date of the initial purchase of the property and its disposition by the beneficiary. ,he document must either specify the amount of grant funds which benefited the beneficiary, or set forth a formula or agreed method for determining such amount. Zhe document shall be executed and authenticated in such manner and form as may be required to authorize its recordation, as if a lis pendens; and the document shall be so recorded. Section 10.10 Evidence of Title to Real Property - Ebrm Whenever, in Exhibit E of this Grant Agreement, a Participating party or the Recipient is required to acquire fee simple or leasehold title to real property, and proof of such acquisition is required, evidence small be in the form of an opinion of Recipient's. counsel, made in accordance with Section 10.03. The opinion shall certify that on a specified date, either an original ALTA policy of land or mortgage'title insurance, or other records identified in 16 Revised 6/81