Request For Endorsement Of Credit Instrument Certificate Of Mortgagee Mortgagor {FHA-2455}

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT FEDERAL HOUSING ADMINISTRATION REQUEST FOR ENDORSEMENT OF CREDIT INSTRUMENT CERTIFICATE OF MORTGAGEE, MORTGAGOR AND GENERAL CONTRACTOR (For insurance Upon Completion only) Project Name __________________________________ Project No._______________________ Location ______________________________________ Date of Commitment _______________ Date _________________________________________ Principal Amount of Loan $ __________ To the Federal Housing Commissioner: We hand you herewith the original credit instrument drawn upon the form approved by you for use in the State in which the above-captioned project is located in connection with loans insured under Section ____ of the National Housing Act, as amended, evidencing a loan to the undersigned Mortgagor, together with three conformed copies thereof, and three conformed copies of the Security Instrument of even date securing the same recorded as shown thereon, also drawn, upon the form approved by you for use in said State. We request endorsement of said instrument for mortgage insurance in the total sum of $ _________ in accordance with the Regulations for Section __________________ of the National Housing Act, as amended. We hand you herewith a check for $ __________ covering the first mortgage insurance premium called for in said Regulations. We also hand you (a) a certified and two conformed copies of a Chattel Mortgage or Security Agreement and Financing Statement recorded as indicated thereon from the Mortgagor to us covering all personal property in the project not otherwise covered by the real estate mortgage to be insured or (b) certificate of Mortgagee's Attorney that no chattel mortgage or security agreement and financing statement are required to protect the interest of the Mortgagee and the Secretary, Department of Housing and Urban Development in respect to such personal property. (NOTE: For nursing homes, the personal property referred to includes the equipment required to operate the nursing facilities.) We hand you herewith the Sponsors' Guaranty Agreement to meet a subsidy differential in the amount of $ ________________. (Applicable only to Sec. 231 and See. 232 nonprofit projects if required by the Commitment.) We understand that nothing herein contained or contained in the said credit instrument or Mortgage securing the same, or in the other contract documents, is to be deemed a waiver of any of the provisions of the aforesaid Regulations, but all of said instruments are intended to be subject thereto. We hereby agree to conform with and abide by such Regulations in all matters with respect to the aforesaid loan and the project insofar as they are applicable to us. We agree to furnish you with a complete report of the results of our annual inspection of the mortgaged premises required by the said Regulations. form FHA-2455 (2/73) American LegalNet, Inc. www.FormsWorkflow.com CERTIFICATE OF MORTGAGEE We, the undersigned Mortgagee, hereby certify that: 1. To the best of our knowledge and belief the project has been completed, with the exception of the minor items enumerated on the Exhibit attached hereto, strictly in accordance with the Drawings and Specifications heretofore approved by you except for such changes as have heretofore been approved in writing by us and by your authorized representatives. 2. The Mortgage to be insured is current with respect to all of its requirements. 3. The project is fully covered by fire and other insurance as required by the terms of the insured mortgage in the form and amounts heretofore stipulated by you; and that all insurance policies on the project have attached thereto a standard mortgagee clause making the loss payable to the Mortgagee and the Secretary, as their interests may appear. 4. We have received a guarantee against defects due to faulty workmanship and defective materials in the form of: (Check applicable paragraph(s)) (a) A Surety Bond on a form prescribed by you and in an amount not less than ten percent (10%) of the cost of construction, running for a period of not less than two years from the date of substantial completion* of the project, which bond has been assigned to the Mortgagee (or under which bond the Mortgagee is a joint obligee) and which is assignable to the Secretary. (b) By agreement between ourselves and the Mortgagor and Contractor, we retain in our possession for a period of one year following the date of substantial completion* of the project, a sum equal to two and one-half (2 1/2%) percent of the principal amount of the mortgage, in the form of ______________________________________, (Cash) - (Letter of Credit) which sum, upon failure of the Mortgagor or the Contractor to cure any such defects due to faulty workmanship and defective materials to the satisfaction of ourselves and your authorized representative, can be used for the purpose of curing such defects, or can be applied to the mortgage Indebtedness with your consent. * For this purpose the date of substantial completion is construed as the date the FHA Chief Underwriter signs the final Project Inspection Report. 5. We have received: (Check applicable paragraphs) An Escrow Agreement guaranteeing the completion of off-site utilities and streets. The Mortgagor has made the deposit called for therein in the form of cash. Evidence to the effect that required off-site utilities and streets will be provided by the public authorities having jurisdiction or by public utility companies serving the project. An Escrow Deposit Agreement covering the incomplete on-site improvements. The Mortgagor has made the deposit called for therein in the form of cash. A copy of the Escrow Agreement or other evidence is delivered herewith. 6. The Mortgagor has deposited with us or in a depository satisfactory to us and subject to our control, a deposit, as required by your commitment, for operating expenses from the date of initial occupancy until _____________ months after endorsement in the amount of $ ____________, such funds to be disbursed only with your approval. This deposit is in the form of ___________________________________. (Cash) - (Letter of Credit) (NOTE: For Section 232 Nursing Home projects only.) form FHA-2455 (2/73) American LegalNet, Inc. www.FormsWorkflow.com 7. An Escrow Agreement evidencing the deposit by the Sponsor of cash, U. S. Bearer bonds, or an unconditional irrevocable letter of credit in the amount of $ ____________________ as re