92455M Request for Endors of Credit Instr

Request for Endorsement of Credit
Instrument & Certificate of Lender,
Borrower & General Contractor

U.S. Department of
Housing and Urban
Development
Office of Housing

OMB Approval No. 2502-0598
(Exp. //)

Public Reporting Burden for this collection of information is estimated to average 0.75 hours per response, including the time for reviewing
instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of
information. Response to this request for information is required in order to receive the benefits to be derived. This agency may not collect this
information, and you are not required to complete this form unless it displays a currently valid OMB control number. While no assurance of
confidentiality is pledged to respondents, HUD generally discloses this data only in response to a Freedom of Information Act request.
Warning: Any person who knowingly presents a false, fictitious, or fraudulent statement or claim in a matter within the jurisdiction of the U.S.
Department of Housing and Urban Development is subject to criminal penalties, civil liability, and administrative sanctions.

Project Name:

Project Number:

Project Address:

Date of Commitment:

Lender:

Borrower:

 Traditional Application Processing (TAP)

 Insurance upon Completion under Section ______

 Multifamily Accelerated Processing (MAP)

 Refinancing under Section ____ pursuant to Section ____

To the U.S. Department of Housing and Urban Development (HUD):
GENERAL
The entities executing this Request for Endorsement of Credit Instrument (“Request”), dated this
day of ______________, 20_____, are ________________________________________, the
borrower (“Borrower”), and _______________________________, the lender (“Lender”) under that
certain Security Instrument dated___________________, 20____; ________,[insert for insurance upon
completion Projects “and _________________, the entity responsible for construction or substantial
rehabilitation of the Project (“General Contractor”)], (collectively the “Parties”).

The definition of any capitalized term or word used herein can be found in this Request,
and if not found in this Request, then found in the Note, the Regulatory Agreement between
Borrower and HUD, and/or the Security Instrument, except that the term “Program Obligations”
means (1) all applicable statutes and any regulations issued by the Secretary pursuant thereto
that apply to the Project, including all amendments to such statutes and regulations, as they
become effective, except that changes subject to notice and comment rulemaking shall
become effective only upon completion of the rulemaking process, and (2) all current
requirements in HUD handbooks and guides, notices, and mortgagee letters that apply to the
Project, and all future updates, changes and amendments thereto, as they become effective,
except that changes subject to notice and comment rulemaking shall become effective only
upon completion of the rulemaking process, and provided that such future updates, changes
and amendments shall be applicable to the Project only to the extent that they interpret, clarify
and implement terms in this Certificate rather than add or delete provisions from such
document. Handbooks, guides, notices, and mortgagee letters are available on “HUDCLIPS,”
at www.hud.gov.

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The Parties hereby agree that the Security Instrument, the Note, this Request, and any
documents submitted with this Request are considered to be consistent with and shall be interpreted
consistently with HUD’s regulations as they pertain to the Contract of Insurance. The Parties also agree
to be bound by Program Obligations.

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I. CERTIFICATE OF LENDER
The undersigned, on behalf of Lender, certifies that to the best of his or her knowledge the
following statements and information are true, accurate and complete.
A. LENDER SUBMISSIONS & REPRESENTATIONS
1. Lender has committed to provide Borrower with permanent financing in the amount stated
above at an interest rate of _______% per annum for a term of ________ payments, with
amortization to commence [insert commencement timeline] subject to terms described below.
2. Lender submits separately a payment to HUD for $________covering the first mortgage
insurance premium, together with the other items called for in the Firm Commitment as set forth
above and in any extensions or amendments thereof. Lender certifies that all conditions of the
Firm Commitment have been fulfilled to date, including any work done prior to endorsement of
the Note that has been approved by HUD, in writing, and all HUD-imposed conditions have
been met with respect to such work.
3. Lender submits separately the appropriate financing statement(s) covering all of the Mortgaged
Property that, under applicable law, may be subject to a security interest under the Uniform
Commercial Code (“UCC”), whether acquired now or in the future, and all products and cash
proceeds and non-cash proceeds thereof (“UCC Collateral”).
4. Lender submits separately a certified survey of the Mortgaged Property, if required by HUD, and
a title policy as specified in Program Obligations together with evidence that the Mortgaged
Property is properly zoned.
5. Lender shall not release the loan funds (in the amount approved for disbursement by HUD)
unless or until the current endorsement to the title policy, insuring Lender and HUD, evidences
that (a) the lien of the Security Instrument is prior to all liens and encumbrances that may have
attached or defects that may have arisen subsequent to the recording of the Security
Instrument, except such liens or other matters approved by HUD, including tax liens not
delinquent, and (b) the lien of the Security Instrument is prior to all mechanics’ and
materialman’s liens filed of record subsequent to the recording of the Security Instrument,
regardless of whether such liens attached prior to the recording date.
6. Lender shall: (a) obtain the prior written approval and/or consent of HUD in those instances
required in the Security Instrument; (b) furnish HUD with all pleadings, reports and data in those
instances required in the Security Instrument, including but not limited to the physical inspection
report of the Mortgaged Property, except for physical inspections performed by HUD or on
behalf of HUD, and financial reporting data; and (c) furnish HUD with a copy of any application
by Lender for the appointment of a receiver pursuant to the Security Instrument and all related
pleadings.
7. Lender shall furnish a complete copy of this Request to any successors and assigns of Lender
and agrees that, in any contract for sale or assignment of the Security Instrument to a successor
Lender (for purposes of servicing the Loan only), the successor Lender shall be bound by the
provisions of this Request that relate to the servicing of the Loan. As long as the Note is insured
by HUD, any successor Lender and/or servicer must be approved by HUD in accordance with
Program Obligations.
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8. All required repairs have been completed in accordance with Program Obligations [include the
following if there are deferred repairs “except for such items approved by HUD as identified in
the Escrow Agreement for Deferred Repairs”].
9. Impound accounts for taxes, insurance and mortgage insurance premiums have been
established and are adequately funded.
10. Lender shall (a) require Borrower to keep the Mortgaged Property insured at all times against
such hazards as Lender and HUD may from time to time require and as set forth in the Security
Instrument, and (b) notify HUD of any known payments made by an insurer. All insurance
policies on the Project comply with the terms of the Security Instrument, and where applicable,
those insurance policies have attached thereto a standard mortgagee clause making the loss
payable to HUD and Lender, as its interest may appear, and where applicable, HUD and Lender
are shown as an additional insured.
11. All insurance policies on the Project comply with the terms of the Security Instrument and, where
applicable, that those insurance policies have attached thereto a standard mortgagee clause
making the Lender the loss payee and an additional insured party (if applicable). If Lender
determined that any of the Improvements are located in an area identified by the Federal
Emergency Management Agency (“FEMA” or any successor to that agency) as an area having
special flood hazards, or when flood insurance is otherwise determined necessary by HUD
consistent with Program Obligations and required by the Firm Commitment, Lender shall collect
from the insurance company providing flood insurance, an insurance certificate evidencing flood
insurance, dated as of ____________.
12. If the Security Instrument is assigned to HUD under the Contract of Insurance, HUD shall not be
bound by the requirements of this Request.
13. Lender shall promptly review any Borrower’s request to transfer the Project and not
unreasonably withhold Lender’s approval of the transfer. If HUD approves the transfer, Lender
shall execute a release and assumption agreement or a security instrument modification
agreement incorporating any new Regulatory Agreement into the existing Security Instrument. It
is understood that Lender’s consent to the transfer shall in no way prejudice Lender’s rights
under the Contract of Insurance with HUD.
14. Lender (a) shall notify HUD in writing immediately upon learning of any Violation of the
Regulatory Agreement by Borrower, (b) shall treat Violations under the terms of the Regulatory
Agreement as a default under the Security Instrument where HUD requests Lender to do so,
and (c) shall, following a Declaration of Default by HUD under the Regulatory Agreement and
upon the direction of HUD, declare the entire Indebtedness to be due and payable.
15. There has been no material adverse change to the (a) underwriting assumptions stated on the
attachments to the Firm Commitment, as amended; (b) financial condition of creditworthiness of
the Borrower, or principals here of; (c) Borrower’s ability to perform its obligations or
responsibilities under the loan documents; or (d) Project; and no event has occurred or
circumstances exist that may result in such material adverse change.
16. In addition to and not in derogation of all other undertakings made or mentioned herein, Lender:
(a) undertakes to fully perform all duties imposed in or described by this Certificate of Lender;
and (b) certifies as to Lender’s present intent to fully perform such duties. Lender acknowledges
that HUD relies upon the certifications and agreements made herein.
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B. ESCROWS AND DEPOSITS HELD BY LENDER
1. Lender has collected from Borrower, or Borrower has made subject to the control and order of
Lender in a depository satisfactory to Lender, in accordance with Program Obligations, the
following sums required by the Firm Commitment:
[Check and complete applicable subsections.]
□

(a) [“The sum of $______ in the form of cash” OR “A letter of credit in the amount of
$________” OR “set aside from the final disbursement of Loan proceeds funds] totaling
“120% OR 110%” of the amount necessary to complete deferred repairs”] described in
Section I.A.7, above. [Insert for a cash-out refinancing under § 223(f) of the National
Housing Act: “An additional cash amount of $______________, equal to fifty percent (50%)
of the cash-out proceeds, has been withheld by Lender from the proceeds of the Loan.”].

□

(b) The sum of $______________ for deposit into the Project’s Reserve for Replacement
account [“which includes the transfer of the balance in the Reserve for Replacement
account from FHA Project No. _____________”]. [“In addition, the balance in the
Reserve for Replacement account from FHA Project No.___ -_____in the estimated amount
of $____________ is to be transferred to the Lender for deposit into the Reserve for
Replacement account post-closing.”]

□

(c) The sum of $_____________ in the form of [cash OR letter of credit] as the Working
Capital deposit, which Lender agrees to maintain and control. Funds in this Working Capital
deposit must be released or allocated for the purposes indicated in the Escrow Agreement
for Working Capital, dated________, 20__, and executed by __________________ and
for no other purpose, unless Lender obtains the prior written approval of HUD.

□

(d) The sum of $___________ [in cash] for deposit into the Project’s Residual Receipts
account, which is the balance in the Residual Receipts account from FHA Project
No.______.

□

(e) The sum of $_______________ in the form of [ cash OR letter of credit] for the escrow
deposit guaranteeing payment for off-site facilities. Funds from this escrow may be released
in accordance with the Escrow Agreement for Off-Site Facilities dated ______, 20__, and
executed by ________________.

□

(f) The sum of $ _____________ in the form of [cash OR letter of credit OR excess
mortgage proceeds OR excess land equity] for the Initial Operating Deficit Deposit. Funds
from the Initial Operating Deficit Deposit may be released with HUD approval and in
accordance with the Escrow Agreement for Initial Operating Deficit, dated ________, 20__,
and executed by__________________________.

□

(g) List any other escrows: [Insert escrow amount and description of any related escrow
agreement] ______________________________________________.

2. Any letter of credit collected in lieu of cash must be unconditional and irrevocable, and
have been issued by either (1) another banking institution or (2) Lender, subject to
written approval by HUD prior to initial endorsement. Lender has not made (and shall
not make) any inducements as described in Section C(4) below to procure the issuance
of letters of credit. If demand under the letter of credit is not immediately met, Lender
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shall forthwith provide cash equivalent to the undrawn balance thereunder without
recourse to Borrower and without regard to Lender’s ability to recover such amount from
any other entity or person who securitized the letter of credit.
3. As required by the Firm Commitment, Lender submits separately:
(if required, check and complete the applicable paragraph)
□

(a) Off-site bond in the amount of $ ____________

□

(b) 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.

□

(c) Submitted separately is the sponsor’s guarantee to meet an initial operating deficit (dated
_________, 20__, and executed by ___________________).

□

(d) Escrow Agreement for Operating Deficit evidencing a [cash, or letter of credit] deposit in
the amount of $_________, dated, 20__, and executed by_________.

4. List any other escrows: ____________________________
5. Beginning on the Amortization Commencement Date of the Insured Loan or at such later date
as may be agreed to by HUD in writing, Lender shall require a monthly deposit with Lender (or
in a depository satisfactory to Lender in accordance with Program Obligations) in the amount [
of _____ per annum] OR [as specified in the Reserve for Replacement Schedule - Exhibit D to
the Firm Commitment (attached hereto as Exhibit ___)] constituting a Reserve for
Replacement. The Reserve for Replacement account shall at all times remain under the control
of Lender or Lender’s Designee, and be insured or guaranteed by a federal agency in
accordance with Program Obligations. Withdrawals from such account may be made only with
the prior written approval of HUD (unless otherwise authorized pursuant to Program
Obligations). Notice of any failure to receive the required deposits shall be forwarded to HUD
within 60 days of the date such deposits are due. Lender agrees that the amount of the monthly
deposit may be increased or decreased from time to time at the written direction of HUD in
accordance with in Program Obligations.
6. Lender shall obtain a new Capital Needs Assessment (“CNA”) report for HUD to evaluate every
ten (10) years, beginning [insert date ten (10) years after the date of endorsement of the Note
“_______, 20____”]. The cost of each such CNA report may be paid from the Reserve for
Replacement.
7. If a Residual Receipts account is required (as referenced in the Regulatory Agreement), Lender
shall deposit in a depository satisfactory to Lender, in accordance with Program Obligations, all
funds received from Borrower for deposit therein. The Residual Receipts account shall be subject
to the control of Lender, and withdrawals may be made only with the prior written approval of
HUD (unless otherwise authorized by Program Obligations). These funds shall be held in an
interest-bearing account which shall be insured or guaranteed by a federal agency and in
accordance with Program Obligations. Lender agrees to notify HUD in writing of any noncompliance with Program Obligations with respect to such Residual Receipts account
immediately when known to Lender
C. FEES, CHARGES AND OTHER LENDER OBLIGATIONS
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1. “Financing Charges” means any charge, direct or indirect, for supplying the Loan to Borrower or
servicing the Loan for HUD, Ginnie Mae, a third-party investor or Lender’s own account.
2. No Financing Charges, except those charges disclosed herein, have been made and none shall
be made. Until Initial/Final Endorsement for insurance by HUD, all Financing Charges collected
pursuant to items (c), (d), or (e) below shall be held for the account of Borrower and shall be
subject to HUD’s control and direction in the event of a claim under the Contract of Insurance.
(Lender check and complete the following applicable subsections)
□

(a) Lender has not imposed and will not impose a financing fee of any kind directly or
indirectly, other than the initial service charge.

□

(b) Lender has imposed an initial service charge in the amount of $_________

□

(c) Lender has collected a placement fee of $___________

□

(d) Lender has a firm commitment from ________ to purchase the Loan at a financing
charge or discount of _____ percent (__%) and Lender has collected in the form of [cash
OR letter of credit] the amount of $________________to cover said charge or discount.

□

(e) This Project shall be financed with [tax-exempt OR taxable] bonds. Therefore, Lender
has collected in the form of [cash OR letter of credit] the amount of $________ and has
distributed or shall distribute from Loan proceeds the amount of $________ to cover the
costs of issuance of the bonds. An itemized statement of costs, including explanatory notes
for each cost and source of funds, is attached as Exhibit__.

□

(f) Additional financing charges or discount of $_______are to be collected under Exhibit
attached hereto for the purpose shown in (c), (d), or (e) [Strike inapplicable letters]. The
arrangement for the collection of additional financing charges or discount must follow
Program Obligations and use forms prescribed by HUD.

□

(g) The Note rate includes a servicing fee payable to Lender monthly during the life of the
Loan (“Servicing Fees”). In addition, the Lender may impose reasonable and customary
administrative fees and charges (including, but not limited to, reimbursements for out-ofpocket expenses) for handling and investing the cash held in the Reserve for Replacement,
the Residual Receipts account, if applicable, and any other interest-bearing escrows related
to the Project and for processing, reviewing and approving other matters, as more fully set
forth in Program Obligations (“Administrative Fees”). Borrower is entitled to earn interest on
the Reserve for Replacement and Residual Receipts accounts, as more fully set forth in
Program Obligations. Lender shall not invest escrow account monies in interest-bearing
account unless interest earned is added to and included in the relevant escrow account, and
unless the net income is paid or credited to the account of Borrower. Net income is defined
as the earnings remaining after the following expenses are deducted: (i) any Servicing Fees,
and (ii) any Administrative Fees.

□

(h) The Loan to be made to Borrower will be financed through funds being provided by a
third-party investor through the issuance to the investor of permanent participation
certificates pursuant to a participation agreement between Lender and the investor, with

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.

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respect to which agreement Lender has agreed to repay the investor at a stated interest rate
according to a fixed payment schedule.
□

(i) The Loan to be made to Borrower will be financed through funds being provided by a
third-party investor through the issuance to the investor of construction and permanent, fullymodified, pass-through, mortgage-backed securities, guaranteed as to principal and interest
by Ginnie Mae.

□

(j) The Loan is subject to a rate lock extension fee of [insert fee amount] on [insert rate lock
extension fee deadline].

□

(k) The Note includes the following prepayment provision: [add prepayment penalty
provision, do not check this box if the Note does not include prepayment provision.]

3. All fees and/or charges of Lender are also enumerated on a separate schedule prepared by
Lender, attached hereto as Exhibit ____. The charges have been (i) collected in cash or will be
so collected not later than the date of initial/final endorsement; (ii) will be disbursed from Loan
proceeds; or (iii) will be collected or disbursed as otherwise set forth in Program Obligations.
4. Except for (a) Loan advances made in accordance with Program Obligations, (b) notes
executed pursuant to Section C(2)(f) above, or (c) Lender advances made pursuant to the
Security Instrument, Lender does not have outstanding and shall not make loans or advances to
Borrower, any of the sponsors, the general contractor, or the architect for any purpose
connected directly or indirectly with the Project without prior written approval of HUD; and
Lender has not made or offered, and shall not make or offer, any guarantees, pledges,
reservations of sums to become due, or other inducements to any entity or person to make
loans or advances which Lender would be prohibited from making under the terms of this
Section.
5. Lender has not made and shall not make payment of any kickback or fee or other consideration,
directly or indirectly, to any person who has received payment or other consideration from any
other person in connection with this Loan transaction, including the purchase or sale of the
Mortgaged Property, except for compensation paid or to be paid, if any, for the actual
performance of services and approved by HUD.
6.

(a) For Loans funded with the proceeds of state or local bonds, Ginnie Mae mortgage-backed
securities, or other bond obligations as defined by HUD, any of which contain a prepayment
lock-out and/or prepayment premium provision, in the event of a default during the term of the
prepayment lock-out and/or prepayment premium (i.e., prior to the date on which prepayments
may be made with a prepayment premium of one percent or less), Lender shall follow those
procedures set forth in Program Obligations.
(b) After commencement of amortization, Lender shall notify HUD of the delinquency when a
payment is not received by the tenth (10th) day of the month in which it is due.

7. (a)The following are the only identities of interest, as defined in Program Obligations, between
Lender and Borrower, any Principal of Borrower, General Contractor, any subcontractor, or the
seller of the land (state “Not Applicable” if no such identities of interest exist): (b) Lender shall
disclose to HUD any future identities of interest, as defined in Program Obligations prior to
initial/final endorsement.
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8. No identity of interest, as defined in Program Obligations, exists between Lender and the
counsel to Borrower and no portion of the amounts included in the Loan for Borrower’s
attorneys has been paid to Lender or its employees.
9. All funds, escrows, accounts and deposits specified in this Request and any and all other funds
held by or at the order of Lender in connection with the Loan transaction covered by this
Request shall be funds held pursuant to Program Obligations and any applicable escrow
agreements.
10. All HUD form closing documents submitted to HUD in connection with this transaction (with the
exception of the Opinion by Counsel to Borrower and the accompanying Certification by
Borrower) conform to those documents Lender obtained from HUD and such documents have
not been changed or modified in any manner except as specifically identified and approved by
HUD as evidenced by the attached Exhibit _____. It is understood that changes and
modifications do not include filling in blanks, attaching exhibits or riders, striking through
inapplicable provisions, deleting bracketed provisions as contemplated by the terms of the
documents, or making changes authorized by Program Obligations.
11. If closing with electronic documents, Lender agrees to provide HUD with electronic copies of the
executed closing documents post-closing that conform in all respects to the electronic versions
delivered to and accepted by HUD at the closing of the Loan and will include a certification of such
conformance that includes the same warning language found in this Certificate with its electronic
submission to HUD.
12. Based upon Lender’s reasonable due diligence, Lender has no reason to believe: (a) Borrower
has failed to obtain the necessary governmental certificates, permits, licenses, qualifications
and approvals of Governmental Authorities to own and operate the Mortgaged Property, to carry
out all of the transactions required by the Loan Documents, and to comply with applicable
federal statutes and regulations of HUD in effect on the date of the Firm Commitment; and (b)
any appropriate actions have not been taken by or necessary filings have not been made with
those Governmental Authorities.
13. Lender has made reasonable inquiry and has discovered no liens or encumbrances against the
Mortgaged Property that are not reflected as exceptions to coverage in the title policy.
14. Lender has consented to all secondary financing liens or encumbrances against the Property
(including Section 241 loans), if any.
15. The Loan does not violate the usury laws or laws regulating the use or forbearance of money of
the Property Jurisdiction.
16. If there is a sale or transfer of all or a partial interest in the Note (other than a sale or transfer of
a participation or other beneficial interest, e.g., a transfer of any interest of a Ginnie Mae MBS
Security, or the creation of a security interest) or a change of the Loan servicer, Lender shall be
responsible for ensuring that Borrower is given Notice of the sale, transfer and/or change.
17. The Security Instrument and the Uniform Commercial Code Financing Statement filings, along
with any other documents or means required by State law, establish a perfected first lien
security interest under the Uniform Commercial Code in the UCC Collateral in favor of Lender.
Lender shall maintain a perfected first lien position in the UCC Collateral for the life of the Loan.

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18. The following Exhibit(s) [is/are] attached to this Request: [INSERT LIST OF EXHIBITS].

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[Include this Section if the Project will be partially financed by cash-collateralized, tax-exempt bonds.
This Section may be modified for similarly structured transactions that use tax-exempt loans in lieu of
tax-exempt bonds, as approved by the HUD Closing Attorney.]
D. 4% Low Income Housing Tax Credit & Tax-Exempt Bonds
1. The financing for this Project includes the issuance of tax-exempt, cash-collateralized bonds
(the “Bonds) by [insert state agency issuing bonds]
___________________________________________. As set forth in the draft bond loan
agreement and draft bond trust indenture [modify loan document titles as needed] (the “Bond
Documents”), the bond structure requires the Lender to deliver funds to the bond trustee for
deposit into the bond “Collateral Fund”. The Bond Documents also govern the funding and use
of funds contained in the “Project Fund” and the “Bond Fund”.
2. Lender agree for purposes of this Section that:
a. “HUD/FHA-Insured Loan Funds” means funds delivered to the Borrower (or Borrower’s
designee, such as the contractor but never the bond trustee) by the Lender pursuant to
HUD form HUD-92403 Application for Insurance of Advance of Mortgage Proceeds.
b. Funds do not become HUD-Insured Loan Funds unless, and until, such funds are
disbursed directly to the Borrower (or Borrower’s designee, which may not be the bond
trust or any related party); and
c. “Lender Funds” means: funds in the Lender’s control, whether from Lender’s own
account or from Lender’s warehouse bank line of credit or other funding source.
3. All funds delivered by Lender to the bond trustee for deposit into the Collateral Fund shall be
Lender Funds, and shall not be subject to payment under a mortgage insurance claim;
4. HUD-Insured Loan Funds shall not be sent to the bond trustee or deposited in the Collateral
Fund, Project Fund, Bond Fund, or any other funds or accounts established through the Bond
Documents to facilitate issuance of the Bonds; and
5. Lender Funds are not insured by HUD and are used at the Lender’s own risk; Lender Funds do
not become HUD-Insured Loan Funds until direct disbursement to the Borrower (or Borrower’s
designee).

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{The following statement must appear on the same page as the executed signature for the Lender.}
The signatory below certifies that all of the information it has provided in this Request and in any
accompanying documentation is true, accurate, and complete, has been made, presented, and
delivered for the purpose of influencing an official action of HUD, and may be relied upon by the HUD
as a true statement of the facts contained therein. The signatory below acknowledge that the
submission of any false, fictitious, or fraudulent statement, representation, or certification in this
Request or on any accompanying documents may result in criminal, civil, and/or administrative
sanctions, including fines, penalties, and/or imprisonment under applicable federal law.
LENDER:

By:

Printed Name:

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II. CERTIFICATE OF BORROWER
A. The undersigned, on behalf of the Borrower, certifies to HUD to the best of his or her knowledge
and belief that:
1. The Certificate of Lender is true, correct and complete.
2. All funds escrowed with Lender, as set forth in the Certificate of Lender, may be held by
Lender for the purposes indicated therein, or in an Event of Default and with HUD’s
permission may be applied to the Indebtedness.
3. Borrower has received the sum of $______________________________ constituting the
full principal amount of the Loan for the Project.
4. The Security Instrument is a good and valid first lien.
5. The Mortgaged Property is free and clear of all liens, except the Security Instrument and
such inferior liens (if any) that have been approved by HUD.
6. No Fixtures or Personalty acquired for the Project have been purchased using a
conditional sale contract or other form of delayed payment.
7. Construction or repairs has/have been completed in a good workman-like manner, free of all
liens, and in accordance with the schedule of repairs, plans and/or specifications (if any)
previously submitted to HUD as required, except as otherwise noted in the Certificate of
Lender.
8. All outstanding unpaid obligations to remain after initial/final endorsement, which Borrower (or
on behalf of Borrower) directly or indirectly, contracted in connection with the Loan transaction,
the acquisition of the Mortgaged Property, and the construction, substantial rehabilitation, or
repair of the Project are listed below:
(NOTE: If the space provided is inadequate to list all unpaid obligations, insert the total in
each category and attach itemizations. If there are no outstanding obligations, so state.

(a)

HUD-approved notes (copies attached hereto as Exhibit ____)

$

(b)

Due General Contractor

$

(c)

Other Unpaid Obligations approved by HUD

$

9. Except for any amounts due on notes listed in Section 8 above, Borrower shall pay the
foregoing obligations in cash and to furnish HUD with receipts, or other evidence of payment
satisfactory to HUD, within 45 days following the date hereof.
10. The Schedule of Accounts Payable, attached as Exhibit ___, is true, correct and complete.
All past due Accounts Payables have been cleared, released and/or otherwise fully satisfied,
except such obligations previously approved by HUD.
11. The certified rent roll, attached as Exhibit ____, is true, correct and complete.
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Request for Endorsement of Credit Instrument

HUD-92455M

12. All tenant security deposits are kept in accordance with the Regulatory Agreement and all
applicable State law. Such tenant security deposits are also kept separate and apart from all
other funds of the Project in a trust account, the balance of which shall at all times equal or
exceed the aggregate of all outstanding obligations under said account.
13. Except for such UCC filings disclosed to Lender and HUD that are to be released with the
financing of the Loan, Borrower represents and warrants to Lender and HUD that no UCC
filings have been made against Borrower, the Project or the Project Assets prior to the
initial/final endorsement of the Note by HUD, and Borrower has taken and shall take no
action which would give rise to such UCC filings, except for any UCC filings in connection
with the acquisition of any Personalty (as listed below), that have been approved in writing by
HUD.

14. Borrower represents and warrants that adequate sewer, water, gas (if applicable) and
electrical facilities (“utility” or “utilities”) are fully installed for the Project and all utility bills
are current. [Insert for 223(a)(7) and 223(f) projects with Level 1 alterations, or Level 2
or Level 3 alterations when additional (or changes to) utilities are not needed to support
the repairs required by the HUD Firm Commitment: “Furthermore, no requirement for
additional utilities are needed to support the repairs required by the HUD Firm
Commitment.”] [Insert for 223(f) projects with Level 2 or 3 alterations, when additional (or
changes to) utilities are needed to support the repairs required by the HUD Firm
Commitment: “Borrower has obtained recent letters or agreements with the utility
providers confirming that the utility providers have adequate capacity to provide and will
provide utility services to the Project when work is completed.”]
15. Borrower represents and warrants that there have been no changes in the status of the
Project’s building code compliance from that presented with the Lender’s application for
Firm Commitment.
16. The following Exhibit(s) [is/are] attached to this Request:
[INSERT LIST OF EXHIBITS]

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{The following statement must appear on the same page as the executed signature for the Borrower.}
The signatory below certifies that all of the information it has provided in this Request and in any
accompanying documentation is true, accurate, and complete, has been made, presented, and
delivered for the purpose of influencing an official action of HUD, and may be relied upon by the HUD
as a true statement of the facts contained therein. The signatory below acknowledges that the
submission of any false, fictitious, or fraudulent statement, representation, or certification in this
Request or on any accompanying documents may result in criminal, civil, and/or administrative
sanctions, including fines, penalties, and/or imprisonment under applicable federal law
BORROWER:

By:

Printed Name:

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[Omit this Part 3 Certification of General Contractor if not applicable.]
III. CERTIFICATE OF GENERAL CONTRACTOR
A. The undersigned general contractor certifies to HUD:

1. The construction is in accordance with the Drawings and Specifications approved by
HUD.

2. All outstanding unpaid obligations contracted by or on behalf of the undersigned in
connection with the Construction Contract are listed below:

$ _______________________

$ _______________________

$ _______________________

$ _______________________

$ _______________________

$ _______________________

(NOTE: If the space provided is inadequate to list all unpaid obligations, insert the total in each
category and attach itemizations. If there are no outstanding obligations, indicate “none.”)
B. Except for unfinished work funded by an escrow or escrows approved by HUD, the undersigned
agrees to pay the foregoing obligations, and to furnish HUD receipts or other evidence satisfactory
to HUD, within 15 days following receipt of payment from Borrower.

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Request for Endorsement of Credit Instrument

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{The following statement must appear on the same page as the executed signature for the General
Contractor.}
The signatory below certifies that all of the information it has provided in this Request and in any
accompanying documentation is true, accurate, and complete, has been made, presented, and delivered
for the purpose of influencing an official action of HUD, and may be relied upon by the HUD as a true
statement of the facts contained therein. The signatory below acknowledge that the submission of any
false, fictitious, or fraudulent statement, representation, or certification in this Agreement or on any
accompanying documents may result in criminal, civil, and/or administrative sanctions, including fines,
penalties, and/or imprisonment under applicable federal law.
Name of Entity:

By:

By:

Printed Name

Printed Name:

Previous editions are obsolete

Request for Endorsement of Credit Instrument

HUD-92455M