Project management.

CFR · 2024-01-01 · US · Title 7

As a condition of the guarantee, the lender is to obtain borrower certification that the project is in compliance with local, state, federal laws and program requirements. (a) (1) That it is binding upon the borrower and any of its successors and assigns, as well as upon the lender and any of its successors and assigns, for the duration of the guaranteed loan; (2) That the borrower makes all payments due under the note and to the required escrow and reserve accounts; (3) That the borrower maintains the project as affordable housing in accordance with the purposes and for the duration defined in the statute; (4) That the borrower maintains the project in good physical and financial condition at all times; (5) That the borrower obtains and maintains property insurance and any other insurance coverage required to protect the security; (6) That the borrower maintains complete project books and financial records, and provides the Agency and the lender with an annual audited financial statement after the end of each fiscal year; (7) That the borrower makes project books and records available for review by the Office of Inspector General, Rural Development staff, General Accounting Office, and the Department of Justice, or their representatives or successors upon appropriate notification; (8) That the borrower prepares and complies with the Affirmative Fair Housing Marketing Plan and all other Fair Housing requirements; (9) That the borrower operates as a single asset ownership enti

official document · source cfr-2024 · id 7:§ 3565.351