Final Approval Process Recorded Uniform Commercial Code (UCC) (state and county). If HUD required any changes to the documents submitted during the Preliminary Approval review, the applicant's Title Policy or Endorsement, as applicable. attorney must certify to HUD that the required changes have been made. Executed Deposit Control Agreements and Deposit (for Account Instructions Service Agreement The applicant has 45 working days from the date of government receivables, if applicable). preliminary approval to submit all executed and recorded documentation to HUD. The preliminary approval shall be the Executed accounts receivable loan documents: note, date on the letter. Where the applicant finds that he/she is loan agreement, security agreement, intercreditor unable to submit the appropriate documentation within the agreement, rider, lockbox agreement (if applicable). required time period, a written request for an extension of time must be submitted to HUD. This request must explain the Final Purchaser and/or lessee/operator attorney’s reason for the delay. The applicant must provide the opinion. following for final approval: Executed security instrument and security Recorded release, assumption and/or modification. agreements. Recorded Regulatory Agreement - Borrower; Riders. Executed Bill of Sale and Assignment. Recorded Regulatory Agreement(s) - Operator; If everything is acceptable, HUD sends a letter approving the Riders (if applicable). transfer. Recorded Memorandum of Lease and copy of executed lease (if applicable). If recording or other deficiencies are discovered, HUD will immediately tell the purchaser to correct them and to Recorded secondary financing documents (if resubmit. applicable). Recorded deed (if applicable).
Final Approval Process If HUD required any changes to the documents submitted during the Preliminary Approval review, the applicant's attorney must certify to HUD that the required changes have been made. The applicant has 45 working days from the date of preliminary approval to submit all executed and recorded documentation to HUD. The preliminary approval shall be the date on the letter. Where the applicant finds that he/she is unable to submit the appropriate documentation within the required time period, a written request for an extension of time must be submitted to HUD. This request must explain the reason for the delay. The applicant must provide the following for final approval: Recorded release, assumption and/or modification. Recorded Regulatory Agreement - Borrower; Riders. Recorded Regulatory Agreement(s) - Operator; Riders (if applicable). Recorded Memorandum of Lease and copy of executed lease (if applicable). Recorded secondary financing documents (if applicable). Recorded deed (if applicable). Recorded Uniform Commercial Code (UCC) (state and county). Title Policy or Endorsement, as applicable. Executed Deposit Control Agreements and Deposit Account Instructions Service Agreement (for government receivables, if applicable). Executed accounts receivable loan documents: note, loan agreement, security agreement, intercreditor agreement, rider, lockbox agreement (if applicable). Final Purchaser and/or lessee/operator attorney’s opinion. Executed security instrument and security agreements. Executed Bill of Sale and Assignment. If everything is acceptable, HUD sends a letter approving the transfer. If recording or other deficiencies are discovered, HUD will immediately tell the purchaser to correct them and to resubmit.
92266_ORCF.DOCX