NC_Legal_Punchlist-012309.docx - HUD



232 New Construction & Substantial Rehabilitation Legal Punch-List

For: Attorney / Legal

Date modified: January 23, 2009

NOTE: To fill in check boxes, double click on the box you want to fill and change “Default value” to “Checked”

PART I: Documents submitted with the Firm Application

(#’s 1 – 9 on the Closing Checklist)

|Checklist No. & Document |Activity |Review/ |Comments |

| | |Approve | |

|1 |Title Report, Title Policy (ALTA |Title Report: |Yes | |

| |2006) and Exception Documents |Reflects current state of title. (No other review necessary) |No | |

| | | | | |

| | |Pro forma Title Policy | | |

| | |Jacket: ALTA 2006 or acceptable alternative | | |

| | | | | |

| | |Schedule A: | | |

| | |Amount of insurance equal to loan amount | | |

| | |Dated day of Initial Endorsement | | |

| | |Name of Insured: [Name of Mortgagee] and Secretary of Housing and Urban Development, | | |

| | |their successors and assigns, as their interests may appear | | |

| | |Title vested in: Mortgagor | | |

| | |Estate or interest: Fee Simple or Leasehold (may also include easements) | | |

| | |Insured instruments should include Mortgage and Regulatory Agreement | | |

| | |Land description exactly as specified in Survey and Mortgage (may include appurtenant | | |

| | |easements, where appropriate) | | |

| | | | | |

| | |Schedule B-I: | | |

| | |All listed documents provided to HUD and reviewed | | |

| | |References to taxes/assessments specify that taxes are not yet due and payable | | |

| | |No monetary encumbrances (other than taxes and assessments not yet due and payable) | | |

| | |No restrictions with reversionary clause or right of reentry | | |

| | |All encroachments noted and resolved to the satisfaction of both HUD Counsel and program| | |

| | |staff. | | |

| | | | | |

| | | | | |

| | |Schedule B-II: | | |

| | |All listed documents provided to HUD and reviewed | | |

| | |UCC fixture filing in county where project is located. | | |

| | |Operating Lease or Memorandum of Operating Lease (if applicable) | | |

| | |Operator’s Regulatory Agreement, 92466-NHL (if applicable) | | |

| | |All other subordinate interests noted | | |

| | | | | |

| | |Required Endorsements, where available: | | |

| | |Comprehensive (ALTA 9-06 or equivalent) | | |

| | |Environmental (ALTA 8.1-06) | | |

| | |Location of improvements (ALTA 22-06 of equivalent) | | |

| | |Access & Entry (ALTA 17-06) | | |

| | |Arbitration clause deleted (Paragraph 13 of Conditions) | | |

| | | | | |

| | |Other Endorsements (as appropriate): | | |

| | |Zoning (ALTA 3.0-06 or equivalent) | | |

| | |Encroachments | | |

| | |Tax parcel (ALTA 18-06 or equivalent) | | |

| | | | | |

| | |______________ | | |

| | | | | |

| | |______________ | | |

| | | | | |

|2 |Operating Lease, Memorandum of |Lease: |Yes |Note: In general, a non-disturbance agreement (NDA) should not be |

| |Lease and SNDA Agreement (as |Accurate names of Lessor (mortgagor) and Lessee (operator) |No |provided to an identity-of-interest Operator/Lessee |

| |applicable) |Rent payments consistent with numbers approved by HUD (sufficient to cover mortgage |N/A | |

| | |payment) | | |

| | |Subordination language included | | |

| | |Lease term and any renewal term | | |

| | |Accurate legal description | | |

| | |HUD Underwriter consulted re: outstanding lease issues to be resolved/reviewed. | | |

| | | | | |

| | |Memorandum of Lease: | | |

| | |Names of Lessor (mortgagor) and Lessee (operator) | | |

| | |Lease term and any renewal term (if any) | | |

| | |Accurate legal description | | |

| | | | | |

| | |SNDA Agreement, if applicable | | |

| | |Names of Mortgagee, Mortgagor and Operator/Lessee | | |

| | |Check with underwriter whether non-disturbance is authorized. | | |

|3 |Nursing Home/ Assisted Facility/ |License |Yes |Note: Projects with different levels of care may have 2 or more |

| |Board and Care License and |License properly identifies the project |No |licenses. |

| |Certificate of Need |Licensee is the Operator/Lessee or Mortgagor (as applicable) |N/A | |

| | |License is appropriate for the project (e.g. a nursing home license for a nursing home) | | |

| | |License is for the proper number of beds / units. | | |

| | |License has not expired. If license is to expire within one (1) month of closing, | | |

| | |Operator/Lessee should provide evidence that renewal is in process and expected. | | |

| | | | | |

| | |Certificate of Need (if applicable) | | |

| | |Site properly identified | | |

| | |Correct number of beds | | |

| | | | | |

| | | |Yes | |

| | | |No | |

| | | |N/A | |

|4 |Survey | Legal Description consistent with Title Policy |Yes | |

| | |Dated (or updated) within 120 days of closing |No | |

| | |All easements and encroachments (per Title Policy) expressly noted and located (unless |N/A | |

| | |noted as unplottable) | | |

| | |Surveyor’s certification | | |

| | |Signed and sealed | | |

|5 |Organizational Documents of | Verify exact legal name of Mortgagor. | | |

| |Mortgagor |Entity term is perpetual or greater than term of mortgage. |Yes | |

| | |Authority to enter into loan transaction. |No | |

| | |Qualified to do business in state where project is located if not organized in that | | |

| | |state. | | |

| | |Complies with Section V of the LEAN Legal Appendices. | | |

| | |Certificate of Continued Existence dated within 30 days of endorsement. | | |

| | |Certification that documents are current as of date of closing. | | |

|6 |Organizational Documents for each| Verify exact legal name of each entity |Yes | |

| |entity in Mortgagor’s signature |Authority to enter into loan transaction |No | |

| |block (if applicable) |Certificate of Continued Existence / Good Standing dated within 30 days of endorsement |N/A | |

| | |Certification that documents are current as of date of closing | | |

|7 |Organizational Documents of | Verify exact legal name of Operator/Lessee | Yes | |

| |Operator/Lessee (if applicable) |Entity term greater than or equal to term of Lease |No | |

| | |Authority to enter into Lease and transaction documents |N/A | |

| | |Certificate of Continued Existence / Good Standing dated within 30 days of endorsement | | |

| | |Qualified to do business in state where project is located if not organized in that | | |

| | |state | | |

| | |Certification that documents are current as of date of closing | | |

|8 |Organizational Documents of | Verify exact legal name of each entity |Yes | |

| |Entities Included in the |Authority to execute transaction documents |No | |

| |Operator’s Signature Block (if |Certificate of Continued Existence / Good Standing dated within 30 days of endorsement |N/A | |

| |applicable) |Certification that documents are current as of date of closing | | |

| | | | | |

|9 |Owner-Architect Agreement (AIA |Owner-Architect Agreement |Yes |Note: Normally one contract for both design and supervision—but may be|

| |Document B181) and HUD Amendment |Page 1 |No |separated. |

| | |Name and address of Mortgagor | | |

| | |Name and address of Architect | | |

| | |Project name and address | |Note: If amounts do not conform, contact HUD Underwriter. |

| | |Scope of design and/or supervision work | | |

| | |Subsequent pages | | |

| | |No inappropriate deletions or insertions | | |

| | |Article 11 | | |

| | |Separate compensation amounts for design and supervision, per HUD-92264-HCF | | |

| | |§§ 8.7, 10.2, 11.3, 11.4, 11.5.1, and 11.5.2 are deleted or provisions are made to | | |

| | |require any amounts payable under such sections to be paid by a party other than the | | |

| | |Mortgagor from a source other than mortgage proceeds or “project income.” | | |

| | |If compensation is agreed for extensions of time (for supervisory architect), completion| | |

| | |date must be after construction completion date per Building Loan Agreement | | |

| | |HUD Amendment | | |

| | |Paragraph 12 | | |

| | |List identities of interest or state “None” | | |

| | |Signed by Mortgagor and Architect | | |

PART II: Documents submitted as part of the Closing Package

(#’s 10 – 38 on the Closing Checklist)

|Checklist No. & Document |Activity |Review/ |Comments |

| | |Approve | |

|10 |Firm Commitment, | Verify project number and date of Commitment |Yes | |

| |Amendments (if any), Assignments |Commitment executed by Mortgagor and Mortgagee |No | |

| |(if any) |List Special Conditions requiring legal review in No. 38 below | | |

| | |All Amendments included and signed by HUD | | |

| | |Assignment of Commitment (if applicable): | | |

| | |Includes project number | | |

| | |Date of commitment | | |

| | |Names of assignor and assignee | | |

|11 |Mortgage/Deed of Trust/Security | Dated same day as Note |Yes | |

| |Deed |Name and address of Mortgagor |No | |

| | |Name and address of Mortgagee | | |

| | |Mortgage amount | | |

| | |Interest rate | | |

| | |Maturity date | | |

| | |Accurate legal description | | |

| | |Exculpatory language included(see Appendices) | | |

|12 |Owner Regulatory Agreement | Form HUD 92466 for for-profits and Form 92466E for non-profits |Yes |The statement, “recorded concurrently herewith” is acceptable in lieu |

| |(Mortgagor) |Name and address of Mortgagor |No |of setting forth recording information. |

| | |FHA project number | | |

| | |Mortgagee name | | |

| | |Amount of Mortgage Note | | |

| | |Mortgage recording information (see comment () | | |

| | |Reserve for Replacement amounts (Monthly Deposit) | | |

| | |Accurate legal description | | |

| | |Include statement obligating owner to provide a PCNA every 10 years | | |

| | |LEAN Rider | | |

| | |Date of Regulatory Agreement | | |

| | |Name of Mortgagor | | |

| | |Project Name and Number | | |

| | |Reserve for Replacements payment initial deposit, if applicable | | |

| | |Approved Use | | |

|13 |Operator Regulatory Agreement | Form HUD 92466-NHL: Nursing Home Regulatory Agreement. |Yes | |

| | |FHA project number |No | |

| | |Mortgagee name |N/A |The statement “recorded concurrently herewith” is acceptable in lieu of|

| | |Amount of Mortgage Note | |setting forth recording information. |

| | |Mortgage recording information (See comment ( | | |

| | |Name of Operator/Lessee | | |

| | |Name of Mortgagor | | |

| | |Accurate legal description | | |

| | |LEAN Rider Attached | | |

| | |Date of Nursing Home Regulatory Agreement | | |

| | |Name of Operator/Lessee | | |

| | |Project Name and Number | | |

| | |Approved Use | | |

|14 |Security Agreement, UCC Financing|Security Agreement: (See Comment () | |Note: HUD has not prescribed a form of Security Agreement. However, see|

| |Statements and UCC Search Report |Dated same day as Note |Yes |Appendices for suggested collateral description. |

| |for Mortgagor |Name and address of Mortgagor |No | |

| | |Name and address of Mortgagee | | |

| | |FHA project name and number | | |

| | |Mortgage amount | | |

| | |Granting language | | |

| | |Warranty clause: collateral is owned free and clear of any lien, security interest, | | |

| | |encumbrance and/or any claim other than the security interest created by the Agreement, | | |

| | |taxes not yet due and payable, and other liens approved by HUD | | |

| | |Accurate legal description | | |

| | |Collateral description | | |

| | | | | |

| | |Financing Statements: | | |

| | |Name and address of Mortgagor | | |

| | |Jurisdiction of organization or Mortgagor | | |

| | |Mortgagor’s organizational ID #, if any | | |

| | |Name and address of Mortgagee | | |

| | |HUD named as additional secured party | | |

| | |Accurate legal description | | |

| | |Collateral description | | |

| | |Filed in County where project is located and in appropriate state office of Mortgagor’s | | |

| | |organizational jurisdiction. | | |

| | | | | |

| | |UCC Search: | | |

| | |Search is in the appropriate state office in the jurisdiction of Mortgagor’s | | |

| | |organization | | |

| | |No prior UCC filings (except those to be released in connection with closing or approved| | |

| | |by HUD). | | |

|15 |Security Agreement, UCC Financing|Security Agreement: |Yes |(See above comment) |

| |Statements and UCC Search Report |Dated same day as Note |No | |

| |for Operator/Lessee (if |Name and address of Operator/Lessee |N/A | |

| |applicable) |Name and address of Mortgagee | | |

| | |FHA project name and number | | |

| | |Mortgage amount | | |

| | |Granting language | | |

| | |Warranty clause: collateral is owned free and clear of any lien, security interest, | | |

| | |encumbrance and/or any claim other than the security interest created by the Agreement, | | |

| | |taxes not yet due and payable, and other liens approved by HUD | | |

| | |Accurate legal description | | |

| | |Collateral description | | |

| | | | | |

| | |Financing Statements: | | |

| | |Name and address of Operator/Lessee | | |

| | |Jurisdiction of organization of Operator/Lessee | | |

| | |Operator/Lessee’s organizational ID #, if any | | |

| | |Name and address of Mortgagee | | |

| | |Name and address of HUD as additional secured party | | |

| | |Accurate legal description | | |

| | |Collateral description | | |

| | |Filed in County where project is located and in appropriate state office of | | |

| | |Operator/Lessee’s organizational jurisdiction. | | |

| | | | | |

| | |UCC Search: | | |

| | |Search is in the appropriate state office in the jurisdiction of Operator/Lessee’s | | |

| | |organization | | |

| | |No prior UCC filings (except those to be released in connection with closing or approved| | |

| | |by HUD). | | |

|16 |Deposit Control Agreement (DCA) | Correct account number for depository accounts | |With or without AR financing, Counsel will verify there is a DCA on the|

| | |DCA for each account (See comment). | |project account of the Operator/ Lessee/ Manager if the facility is |

| | |Depository bank made a party to the agreement | |subject to an operating lease or management agreement, and the Lessee/ |

| | |Mortgagor or Operator (as applicable) made a party to the agreement | |Manager holds the license and third party payor contracts or the |

| | |Mortgagee made a party to the agreement (required unless account is for government | |project account of the Mortgagor who holds the license and third party |

| | |accounts receivable and there is an accounts receivable lender. | |payor contracts. |

| | | | | |

| | | | |The DCA should be obtained on the account(s) into which project income |

| | | | |is deposited. |

| | | | | |

| | | | |Sample DCA is posted under AR Financing documents. |

|17 |Mortgagor’s Attorney’s Opinion | Opinion complies with instructions to Guide Form for HUD 91725 dated 4/03 |Yes |Note: Opinion should address situation in which is the owner is an |

| | |Dated day of initial endorsement |No |out-of-state entity and a UCC Financing Statement needs to be filed in |

| | |Lists all documents reviewed | |the entity’s home state. |

| | |Signed by attorney (not law firm) | | |

| | |Exhibit A – accurate legal description | | |

| | |Exhibit B – Mortgagor Certification | | |

| | |Exhibit C – Certificate of Existence/Good Standing for Mortgagor and each entity in | | |

| | |Mortgagor signature block (current within 30 days) | | |

|18 |Operator/Lessee’s Attorney’s | Approved format (See Sample Documents). |Yes |For transactions involving A/R financing, opinion must list all |

| |Opinion (if applicable) |Dated day of endorsement. |No |documents required by the A/R Financing Legal punch list. |

| | |Lists all documents reviewed (See Comment (). |N/A | |

| | |Signed by attorney (not law firm) | | |

| | |Exhibits: | | |

| | |Accurate legal description | | |

| | |Operator/Lessee Certification | | |

| | |Certificate of Existence/Good Standing for Operator/Lessee and each entity in signature | | |

| | |block (current within 30 days) | | |

|19 |Building Permit(s) | Project properly identified |Yes | |

| | |Covers work funded by mortgage loan |No | |

| | |Proof of payment (receipt or certification) |N/A | |

|20 |Building Loan Agreement (Form | Name of Mortgagor |Yes | |

| |HUD-92441) |Name of Mortgage |No | |

| | |Recital |N/A | |

| | |Mortgage amount | | |

| | |Project number | | |

| | |Paragraph 1 | | |

| | |Mortgage amount | | |

| | |Interest rate | | |

| | | Date of Note | |Note: “as of even date herewith” OK |

| | |Maturity date of Note | | |

| | |Title of mortgage instrument | | |

| | |Paragraph 2 | |Note: 2 months later than Construction Contract completion date |

| | |Completion date. | | |

| | |Identification of Drawings and Specifications (attach Index as Exhibit C) | | |

| | |Paragraph 5 | | |

| | |Line items conform to HUD-92264-HCF | | |

| | |Exhibits | | |

| | |A: legal description | | |

| | |B: Cost Breakdown signed by all parties, including HUD | | |

| | |C: Index to Drawings and Specifications | | |

|21 |Construction Contract | Correct type used (Lump Sum or Cost Plus) |Yes |Note: If there is an identity of interest between Mortgagor and |

| | |Name of Mortgagor |No |Contractor, a Cost Plus Contract must be used. |

| | |Name of Contractor |N/A | |

| | |Identification of Drawings and Specifications (attach Index as Exhibit B) | | |

| | |Name of Design Architect | | |

| | |Name of Supervisory Architect | | |

| | |Article 2 | |Note: Liquidated Damages calculated as follows: (x) Mortgage amount |

| | |Commencement Date | |divided by $1,000 multiplied by (y) 4 times the interest rate. |

| | |Completion Date | | |

| | |Liquidated Damages | | |

| | |Article 3 | | |

| | |Fee (Cost Plus only) | | |

| | |Contract Sum | | |

| | |Number of days between submission and funding of draw request | | |

| | |Retainage adjusted to comply with state law (as applicable) | | |

| | |Article 6 | |Note: Sample Assurance of Completion Language: |

| | |Type / Amount of Assurance of Completion | |“Payment and Performance Bonds of an approved surety, each in the |

| | |Article 9 | |amount of $_____” |

| | |Name of Mortgagee | |or |

| | |Exhibits | |“Completion Assurance Agreement secured by [cash/letter of credit/U.S. |

| | |Exhibit A: Cost Breakdown signed by all parties, including HUD | |government securities] in the sum of $_________.” |

| | |Exhibit B: Index to Drawings and Specifications | | |

| | |Exhibit C: Legal Description | | |

| | | | | |

| | |Amendment | | |

| | |Project Name and Number | | |

| | |List all identities of interest (or state none) | | |

| | |Incentive Payment Provision | | |

| | |Form HUD-926443 (for non-identity interest transactions) or Language from HUD Handbook |Yes |Note: Inclusion of an Incentive Payment Provision is at the option of |

| | |4430.1 Paragraph 1-15 B.2 (for identity of interest transactions) |No |the Mortgagor. |

| | |Confirm Amount with HUD Underwriter |N/A | |

|22 |Assurance of Completion for |If Bonds: | |Note: To determine eligibility of Surety, go to: fms.treas. |

| |On-Site Improvements |Performance Bond: |Yes |gov/c570/index.html |

| | |Page 1 |No | |

| | |FHA Project No. in heading |N/A | |

| | |First paragraph | | |

| | |Principal: Name, type/state of organization, and address, of Contractor | | |

| | |Surety: Name and type/state of organization of Surety | | |

| | |Owner: Name and type/state of organization of Mortgagor | | |

| | | Lender: Name of Mortgagee; also list “the Secretary of Housing and Urban Development | |For city and state: list as “of _______, _______; [and] Washington, |

| | |[(add if funded from GNMA securities) and Government National Mortgage Association]”; | |D.C.; [(add if GNMA is listed) and Washington, D.C.], respectively” |

| | |and identify city and state of home offices | | |

| | |Construction contract amount | | |

| | |Second paragraph | | |

| | |Construction contract date | | |

| | |Project name and number | | |

| | |Page 2 panel | | |

| | |Construction contract amount | | |

| | |On behalf of: Name of Contractor. | | |

| | |To: List Owner and all “Lenders” | | |

| | |Payment Bond | | |

| | |Page 1 | | |

| | |FHA Project No. in heading | | |

| | |First paragraph | | |

| | |Principal: Name, type/state of organization, and address, of Contractor | | |

| | |Surety: Name and type/state of organization of Surety | | |

| | |Owner: Name and type/state of organization of Mortgagor | | |

| | |Construction contract amount | | |

| | |Second paragraph | | |

| | |Construction contract date | | |

| | |Project name and number | | |

| | |Page 2 panel | | |

| | |Construction contract amount | | |

| | |On behalf of: Name of Contractor | | |

| | |To: Name of Mortgagor | | |

| | | | | |

| | |Power of Attorney | | |

| | |Power of attorney attached to each Bond, | | |

| | |Signed and sealed | | |

| | |Dated day of closing | | |

| | |Names the attorney-in-fact as authorized person for Surety | | |

| | |Facsimile or email from surety main office confirming power of attorney | | |

| | |Correct fax number/email and address of HUD closing office | | |

| | |Heading: Identification of both Performance Bond and Payment Bond (bond amount, Surety, | | |

| | |Contractor, and obligees) | | |

| | |On letterhead | | |

| | |Body: names of attorney-in-fact and Surety, date of bonds, Surety phone no. | | |

| | | | | |

| | |or | | |

| | |If Completion Assurance Agreement | Yes | |

| | |Heading |No |Note: 15% if structure contains no elevator or is 3 stories or less; |

| | |Name, type/state of organization, and address, of Contractor |N/A |otherwise 25 % |

| | |Name, type/state of organization, and address, of Mortgagor | | |

| | |Name, type/state of organization, and address, of Mortgagee | | |

| | |Recitals | | |

| | |Construction Contract date, FHA project no., and title of mortgage instrument | | |

| | |Paragraph 1 | | |

| | |Amount: 15% or 25% (as applicable) of Construction Contract (See comment () | | |

| | |Strike through the two inapplicable clauses of (a), (b), and (c) | | |

|23 |Contractor's Prevailing Wage | HUD field office |Yes | |

| |Certificate |Project name and number |No | |

| | |Name of Contractor |N/A | |

|24 |Agreement and Certification (Form|Heading |Yes | |

| |HUD-3305) |Name and type/state of organization of Mortgagor |No | |

| | |Name and type/state of organization of Mortgagee |N/A | |

| | |Add: Name and type/state of organization of Contractor (see comment () | |Form does not ask for Contractor’s name in the heading. This |

| | |Recitals | |information must be added. |

| | |Project address and FHA project no.; and National Housing Act Section | | |

| | |Loan amount | | |

| | |Paragraph 9 | | |

| | |Architect fee—for design only | | |

| | |Paragraph 10 | | |

| | |No BSPRA: fill in “N/A” | | |

| | |Paragraph 11 | | |

| | |No BSPRA: fill in contractor fee and overhead allowances | | |

| | |Identity of Interest (page 3) | | |

| | |Fill in if applicable; otherwise state “None” | | |

|25 |Assurance of Completion of |Escrow Agreement for Off-Site Facilities and/or Demolition (Form FHA-2446) |Yes |Note: If Commitment requires escrow for demolition, use Form FHA-2446,|

| |Off-Site Improvements, if |Heading |No |adapted, and require demolition contract |

| |Applicable |Name and type/state of organization of Mortgagor |N/A | |

| | |Name, type/state of organization, and address of Mortgagee | | |

| | | | | |

| | |Recitals | | |

| | |Names of Mortgagor and Mortgagee | | |

| | |Date of Building Loan Agreement | | |

| | |Title of mortgage instrument | | |

| | |Interest of Mortgagor (“Owner”) | | |

| | |“Now, therefore” clause: | | |

| | |Escrow amount (twice) | | |

| | |Paragraph 3 | | |

| | |Required completion date | | |

| | |Paragraph 4 | | |

| | |Mortgagor address | | |

| | |Schedule A | | |

| | |Description of off-site (or demolition) work | | |

| | |Building or Demolition Permit, if required |Yes | |

| | |Work site properly identified |No | |

| | |Covers off-site (or demolition) work |N/A | |

| | |Off-Site Construction or Demolition Contract | | |

| | |Name of Mortgagor |Yes | |

| | |Name of Contractor |No | |

| | |Amount |N/A | |

| | |Description of off-site (or demolition) work | | |

| | |Required completion date | | |

|26 |Mortgagor's & Architect's | Project number and name |Yes | |

| |Certificate of Payment |Amount of design fee paid at or before. (twice) |No | |

| |(HUD-92403-l) | | | |

|27 |Evidence of Architect’s E&O |Architect Certification Regarding E&O Coverage |Yes |Note: If separate architect contracts for design and supervision, then|

| |Coverage |Project name and number |No |separate evidence of E&O coverage is required for each architect |

| | |Mortgagor name | | |

| | |Certification of insurance coverage, amounts, and carrier | | |

| | |Certification that E&O insurance will be maintained through completion of construction | | |

| | |and 12-month Warranty Inspection period as required by HUD | | |

| | |Attach Certificate of Insurance | | |

| | | | | |

| | |Certificate of Insurance | | |

| | |Insurance carrier named | | |

| | |Architect named as insured | | |

| | |Satisfactory insurance amount | | |

| | |Insurance not expired |Yes | |

| | | |No | |

|28 |Assurance of Funds to meet |Recitals |Yes | |

| |Operating Deficit (Form FHA-2476 |Name and type/state of organization of Mortgagor (or sponsor making deposit) |No | |

| |or HUD-92476A), if applicable |Project address and no. |N/A | |

| | |Name and type/state of organization of Mortgagee | | |

| | |Name and type/state of organization of Mortgagor | | |

| | |Paragraph 1 | | |

| | |Name of Mortgagee (or other depository) | | |

| | |Deposit amount, and indication whether cash, etc. | | |

| | |Paragraph 2 | | |

| | |Delete – See Rider: | | |

| | |Date of Agreement | | |

| | |Name of Mortgagor | | |

| | |Name of depository | | |

| | |FHA project number | | |

| | |Escrow period | | |

|29 |Escrow for Minor Movable | Names of Mortgagor and Mortgagee |Yes | |

| |Equipment, if applicable |Project location and no. |No | |

| | |Mortgage amount (twice) and title of note |N/A | |

| | |Date of Commitment | | |

| | |Escrow amount, per Commitment | | |

| | |Indication whether cash or letter of credit | | |

| | |Escrow Deposit to be used for (a) costs of minor moveable equipment, or (b) application | | |

| | |to loan in event of default | | |

|30 |Escrow Agreement for Working | Names of Mortgagor and Mortgagee |Yes | |

| |Capital, if applicable |Project location and no. |No | |

| | |Mortgage amount and title of note |N/A | |

| | |Date of Commitment | | |

| | |Escrow amount, per Commitment | | |

| | |Indication whether cash or letter of credit | | |

| | |Escrow Deposit to be used for (a) costs of equipping and renting subsequent to | | |

| | |substantial completion, (b) in Mortgagee's discretion, for (i) accruals during | | |

| | |construction for interest, MIP, taxes, etc., if eligible loan funds under Building Loan| | |

| | |Agreement have been exhausted, and (ii) such accruals after completion if Project income| | |

| | |is insufficient, or (c) application to loan in event of default | | |

|31 |Mortgagee's Certificate (Form |Heading |Yes | |

| |FHA-2434) |Project name and number |No | |

| | |First MIP amount, and date of Commitment | | |

| | |Paragraph 1 | | |

| | |Title and date of mortgage instrument | | |

| | |Name and type/state of organization of Mortgagor | | |

| | |Mortgage amount | | |

| | |National Housing Act Section | | |

| | |Paragraph 2 | | |

| | |Date of Building Loan Agreement | | |

| | |Subsequent paragraphs | | |

| | |Amounts conform to HUD-92264-HCF | | |

| | |Applicable paragraphs marked and filled in, with references to Rider as needed | | |

| | |Rider | | |

| | |Additional information provided as noted in Certificate | | |

|32 |Mortgagor's Certificate (Form | HUD closing office address |Yes | |

| |FHA-92433) |Project name and number |No | |

| | |Date of Commitment | | |

| | |Signed by Mortgagor | | |

| | |HUD signature field deleted | | |

|33 |Application for Insurance of |Page 1 |Yes | |

| |Advance of Mortgage Proceeds |Project name and number |No | |

| |(Form HUD-92403) and Contractor's|Advance number (“1”) |N/A | |

| |Requisition (HUD-92448), if |Name and signature of Mortgagor | | |

| |applicable |Approved amounts filled in by HUD Underwriter in Column B | | |

| | |Page 2 | | |

| | |Name and signature of Mortgagee | | |

| | |Approval paragraph blanks filled in by HUD | | |

| | |Signed by HUD | | |

|34 |Inspection Fee Check (if | Confirm amount of check |Yes | |

| |applicable) |Include project number and purpose of check on check or stub |No | |

| | | |N/A | |

|35 |MIP Check | Confirm amount of check |Yes | |

| | |Include project number and purpose of check on check or stub |No | |

|36 |Attendance List | Confirm that all attendees have been listed (to be completed at closing) |Yes | |

| |(if applicable) | |No | |

| | | |N/A | |

|37 |Mortgage Note / Deed of Trust |Verify: |Yes | |

| |Note / Security Deed Note and |Mortgage amount |No | |

| |Rider |Mortgagor name | | |

| | |Mortgagee name | | |

| | |Interest rate | | |

| | |Payment dates & amounts | | |

| | |Maturity date | | |

| | |FHA Commitment date set forth on panel | | |

| | |Section of Act under which Mortgage is insured identified on endorsement panel | | |

| | |Correctly formatted and initially endorsed (one original only) | | |

| | |Prepayment language complies with HUD requirements | | |

| | |Late charge provisions | | |

| | |Exculpatory language | | |

| | |Notary’s Certification | | |

|38 |Special Conditions | Special Conditions Requiring Legal Review: |Yes | |

| | |___________________________________ |No | |

| | |___________________________________ |N/A | |

| | |___________________________________ | | |

| | | | | |

| |

|POSSIBLE ADDITIONS TO CHECKLIST |

|39 |Other Escrow Agreements (if any) | |Yes | |

| | | |No | |

| | | |N/A | |

|40 |Accounts Receivable Financing | A/R Loan Documents |Yes |Full A/R documentation will be reviewed per a separate A/R Financing |

| |Documents (if applicable) |Intercreditor Agreement |No |Legal Punch list. |

| | |Rider to Intercreditor Agreement |N/A | |

| | |HUD approval letter | | |

| | |Confirm that correct form of lessee’s attorney’s opinion has been used (see #17, above) | | |

|41 |Ground Lease (if applicable) | Estoppel Certificate |Yes | |

| | |Compliance with HUD requirements |No | |

| |[Note: Submitted w/ Application] | |N/A | |

|42 |Secondary Financing Documents (if| Compliance with HUD Requirements |Yes | |

| |applicable) | |No | |

| | | |N/A | |

|43 |Commercial Space Leases (if | Estoppel Certificate w/ copy of Lease |Yes |Note: A non-disturbance agreement (NDA) should not be provided to an |

| |applicable) |Confirm lease terms are consistent with underwriting |No |identity-of-interest lessee. |

| | |SNDA (if applicable) (see comment () |N/A | |

|44 |Management Agent Documents (if |The Management Agent (MA) must provide documentation if: |Yes | |

| |applicable) |The MA holds the License to provide care; |No | |

| | |The MA contracts for the provision of any or all patient services; and/or |N/A | |

| |To be Submitted w/ Application |The MA is party to the provider agreement with 3rd party payor (such as Medicare, | | |

| | |Medicaid, or private payor) | | |

| | | | | |

| | |If either of the above conditions apply, the MA must provide the following: | | |

| | |Organizational Documents | | |

| | |Operator Regulatory Agreement | | |

| | |UCC Security Agreement and UCC Financing statement for realty and non-realty items | | |

| | |Legal Opinion (see Lessee’s attorney’s opinion for sample format) | | |

|NA |INTERNAL HUD DOCUMENTS | | | |

| | |Delegation of Authority (Conferring authority on acting HUD staff who sign the |Yes | |

| |(For HUD use only: Items do not |Mortgage, Regulatory Agreements, Note.) |No | |

| |appear on checklist) |Cross-Certification Memos | | |

| | |Waiver of Exceptions to Title | | |

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