Form HUD-90170-CA "Escrow Agreement for off-Site Facilities Under Section 202 of the Housing Act of 1959 or Section 811 of the National Affordable Housing Act (Cs)"

What Is Form HUD-90170-CA?

This is a legal form that was released by the U.S. Department of Housing and Urban Development on December 20, 2005 and used country-wide. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on December 20, 2005;
  • The latest available edition released by the U.S. Department of Housing and Urban Development;
  • Easy to use and ready to print;
  • Yours to fill out and keep for your records;
  • Compatible with most PDF-viewing applications;

Download a printable version of Form HUD-90170-CA by clicking the link below or browse more documents and templates provided by the U.S. Department of Housing and Urban Development.

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Download Form HUD-90170-CA "Escrow Agreement for off-Site Facilities Under Section 202 of the Housing Act of 1959 or Section 811 of the National Affordable Housing Act (Cs)"

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Escrow Agreement
OMB Approval No.2502-0470
U.S. Department of Housing
(Exp. 8/31/2013)
and Urban Development
for Off-Site Facilities
Office of Housing
Federal Housing Commissioner
Under Section 202 of the Housing Act of 1959 or
Section 811 of the National Affordable Housing Act
Public reporting burden for this collection of information is estimated to average 30 minutes 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.
HUD may not collect this information, and you are not required to complete this form, unless it displays a currently valid OMB control number.
This information collection is necessary to ensure that viable projects are developed. It is important to obtain information from applicants to assist HUD in
determining if nonprofit organizations initially funded continue to have the financial and administrative capacity needed to develop a project and that the
project design meets the needs of the residents. The Department will use this information to determine if the project meets statutory requirements with
respect to the development and operation of the project, as well as ensuring the continued marketability of the projects. This information is required in order
to obtain benefits. This information is considered non-sensitive and no assurance of confidentiality is provided.
This
Agreement
made
this
________________
day
of
________________,
20
____,
by
and
between
__________________________________________, hereinafter called the Depositor, and __________________________________,
a corporation having its principal office in ____________________________________________ , hereinafter called the Depository.
Witnesseth: Whereas _______________________________________________________________________________ has entered
into a certain Capital Advance Agreement with the United States of America, Secretary of Housing and Urban Development, hereinafter
called HUD, dated the _________________ day of __________________ , 20 ____ , providing for the construction of a certain housing
project to be financed by capital advances, secured by a ___________________________________________________, hereinafter
called the “Mortgage” to HUD.
Whereas it is necessary, in connection with the construction of said project, to provide certain facilities lying outside of the property
lines of the project as described in the drawings and specifications attached hereto and made a part hereof and as identified in Schedule
“A” attached hereto and which are hereinafter referred to as “off-site construction;” and
Whereas, HUD is unwilling to make advances of mortgage money for the construction of the project without satisfactory assurance that
the aforesaid off-site construction will be installed and completed and will be guaranteed against faulty workmanship and/or materials
for the period of one year from the date of acceptance by HUD; and
Whereas the Depositor is * _________________________________________________________________________ and as such is
primarily interested in the successful completion and operation of the project aforesaid and the completion of said off-site construction;
Now Therefore This Agreement Witnesseth: That for and in consideration of the premises hereinabove set forth and for the purpose
of inducing HUD to disburse the proceeds of the mortgage aforesaid for the construction of the project, and in consideration of the sum
of _____________________________________________ Dollars ($ __________________________ ) paid by the Depositor to the
Depository, with such deposits continuously collaterialized with specific and identifiable U.S. Government or Agency securities
prescribed by HUD, the parties hereto agree as follows:
1. To the Depositor upon application made by him to the Depository on
assessed, may be released to the Depositor upon completion of the
HUD Form 92464, Request for Approval of Advances of Escrow
work, with the written consent of HUD, unless required to meet the
Funds, in quadruplicate, on or above the first day of each month after
cost of the remainder of the off-site work.
the commencement of work on off-site installations. The sum to which
the Depositor shall be entitled upon any such release of escrow funds
3. In the event the Depositor fails to complete the said off-site construc-
shall be the cost of the portions of the work acceptably completed, as
tion on or before ______________________ 20 _____ , in accordance
approved by HUD, computed in accordance with Schedule “A” less
with drawings and specifications or Schedule “A”, or fails to produce
10% and less prior release of escrow funds. Thirty days after the
to the Depository the written approval of said work by HUD; or in the
completion of all work required by Schedule “A” to the satisfaction of
event there be a default in the mortgage or acquisition of the property
HUD, the Depository shall release to the Depository any balance in the
by HUD, the Depository shall proceed as provided in either paragraph
escrow fund herein established.
(a) or paragraph (b) or paragraph (c) below:
2. If instead of performing the off-site work, (or any part thereof)
(a) Upon receiving written instructions from HUD that HUD is
Depositor shall cause or permit the same or any part thereof to be
proceeding to complete the said work in accordance with the drawings
performed by or for the account of the municipality or political
and specifications Depository shall pay the cost thereof, including all
subdivision in which the mortgaged property lies, then such propor-
costs and charges of the work from the said sum deposited with it, and
tionate part of the escrow fund as it represented by the estimated cost
for this purpose the said Depository hereby irrevocably authorizes and
of such part of the off-site of any special assessment which may be
empowers HUD to do and perform for it, the said Depositor and in its
levied against the real property included in the mortgage by reason of
name, place and stead, all matters and things which the said Depository
such improvement, and if not so levied or assessed, or to be levied and
shall in its judgment deem necessary and proper to be done to effectu-
* Note: State here the relationship of Depositor to the project.
form HUD-90170-CA (12/20/2005)
Page 1 of 2
Previous versions obsolete
ref Handbooks 4571.4 & 4571.5
Escrow Agreement
OMB Approval No.2502-0470
U.S. Department of Housing
(Exp. 8/31/2013)
and Urban Development
for Off-Site Facilities
Office of Housing
Federal Housing Commissioner
Under Section 202 of the Housing Act of 1959 or
Section 811 of the National Affordable Housing Act
Public reporting burden for this collection of information is estimated to average 30 minutes 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.
HUD may not collect this information, and you are not required to complete this form, unless it displays a currently valid OMB control number.
This information collection is necessary to ensure that viable projects are developed. It is important to obtain information from applicants to assist HUD in
determining if nonprofit organizations initially funded continue to have the financial and administrative capacity needed to develop a project and that the
project design meets the needs of the residents. The Department will use this information to determine if the project meets statutory requirements with
respect to the development and operation of the project, as well as ensuring the continued marketability of the projects. This information is required in order
to obtain benefits. This information is considered non-sensitive and no assurance of confidentiality is provided.
This
Agreement
made
this
________________
day
of
________________,
20
____,
by
and
between
__________________________________________, hereinafter called the Depositor, and __________________________________,
a corporation having its principal office in ____________________________________________ , hereinafter called the Depository.
Witnesseth: Whereas _______________________________________________________________________________ has entered
into a certain Capital Advance Agreement with the United States of America, Secretary of Housing and Urban Development, hereinafter
called HUD, dated the _________________ day of __________________ , 20 ____ , providing for the construction of a certain housing
project to be financed by capital advances, secured by a ___________________________________________________, hereinafter
called the “Mortgage” to HUD.
Whereas it is necessary, in connection with the construction of said project, to provide certain facilities lying outside of the property
lines of the project as described in the drawings and specifications attached hereto and made a part hereof and as identified in Schedule
“A” attached hereto and which are hereinafter referred to as “off-site construction;” and
Whereas, HUD is unwilling to make advances of mortgage money for the construction of the project without satisfactory assurance that
the aforesaid off-site construction will be installed and completed and will be guaranteed against faulty workmanship and/or materials
for the period of one year from the date of acceptance by HUD; and
Whereas the Depositor is * _________________________________________________________________________ and as such is
primarily interested in the successful completion and operation of the project aforesaid and the completion of said off-site construction;
Now Therefore This Agreement Witnesseth: That for and in consideration of the premises hereinabove set forth and for the purpose
of inducing HUD to disburse the proceeds of the mortgage aforesaid for the construction of the project, and in consideration of the sum
of _____________________________________________ Dollars ($ __________________________ ) paid by the Depositor to the
Depository, with such deposits continuously collaterialized with specific and identifiable U.S. Government or Agency securities
prescribed by HUD, the parties hereto agree as follows:
1. To the Depositor upon application made by him to the Depository on
assessed, may be released to the Depositor upon completion of the
HUD Form 92464, Request for Approval of Advances of Escrow
work, with the written consent of HUD, unless required to meet the
Funds, in quadruplicate, on or above the first day of each month after
cost of the remainder of the off-site work.
the commencement of work on off-site installations. The sum to which
the Depositor shall be entitled upon any such release of escrow funds
3. In the event the Depositor fails to complete the said off-site construc-
shall be the cost of the portions of the work acceptably completed, as
tion on or before ______________________ 20 _____ , in accordance
approved by HUD, computed in accordance with Schedule “A” less
with drawings and specifications or Schedule “A”, or fails to produce
10% and less prior release of escrow funds. Thirty days after the
to the Depository the written approval of said work by HUD; or in the
completion of all work required by Schedule “A” to the satisfaction of
event there be a default in the mortgage or acquisition of the property
HUD, the Depository shall release to the Depository any balance in the
by HUD, the Depository shall proceed as provided in either paragraph
escrow fund herein established.
(a) or paragraph (b) or paragraph (c) below:
2. If instead of performing the off-site work, (or any part thereof)
(a) Upon receiving written instructions from HUD that HUD is
Depositor shall cause or permit the same or any part thereof to be
proceeding to complete the said work in accordance with the drawings
performed by or for the account of the municipality or political
and specifications Depository shall pay the cost thereof, including all
subdivision in which the mortgaged property lies, then such propor-
costs and charges of the work from the said sum deposited with it, and
tionate part of the escrow fund as it represented by the estimated cost
for this purpose the said Depository hereby irrevocably authorizes and
of such part of the off-site of any special assessment which may be
empowers HUD to do and perform for it, the said Depositor and in its
levied against the real property included in the mortgage by reason of
name, place and stead, all matters and things which the said Depository
such improvement, and if not so levied or assessed, or to be levied and
shall in its judgment deem necessary and proper to be done to effectu-
* Note: State here the relationship of Depositor to the project.
form HUD-90170-CA (12/20/2005)
Page 1 of 2
Previous versions obsolete
ref Handbooks 4571.4 & 4571.5
ate the completion of said off-site construction, in accordance with the
balance of the said sum do deposited shall thereupon be returned by the
drawings and specifications, and to cause the Depository to apply the
Depository to the Depository, without interest. The depository shall in
said moneys to the payment of debts contracted or incurred for work
no event be responsible for the completion of the said work beyond the
expenditure of the sum deposited and if said sum is insufficient for
done or for materials furnished therefore, or either, in and about said
off-site construction and for all expenses, costs and charges in connec-
such purpose, the Depository shall be under no duty to demand or
tion therewith, and for the Depository so given and signed by the said
obtain additional sums from the Depositor.
Depository as attorney-in-fact shall be good and sufficient voucher for
(b) Upon receiving written instructions from HUD so to do, the
all payments made by virtue thereof. Further, in such event, the
Depository shall pay to HUD, to be applied to the reduction of the
Depositor hereby irrevocably authorizes and empowers HUD to enter
mortgage debt or as HUD shall so instruct, all of the unexpended
into and upon and said premises and take charge thereof, together will
balance of the sum of deposit with the Depository. If said balance shall
all materials and appliances thereunto belonging and thereupon in the
be more than sufficient to pay off the mortgage indebtedness outstand-
name of the said Depositor, as his attorney-in-fact, to call upon and
ing, including all costs and obligations to HUD, any balance remaining
require the several contractors for the work to be done and for the
shall be returned to the Depositor, without interest.
materials to be furnished in the about the completion of the off-site
(c) In case there should be a default under the mortgage then the
construction, to proceed to complete and said work according to the
Depository shall turn over the deposit of any remaining balance
drawings and specifications or any changes, alterations, additions or
thereof of HUD which shall thereupon acts as Depository and shall
modifications of the said specifications as may be deemed expedient or
have all powers of the Depository set forth herein and in addition shall
necessary by HUD and to do whatever in HUD's judgment is shall
have the power to apply the remaining funds deposited hereunder to
deem necessary to be done to secure the completion of the said off-site
any sum due under the mortgage.
construction according to the drawings and specifications. In the event
the work is completed in accordance with the provisions hereof and
written approval of said work is given by HUD, any unexpended
It is the intention of the parties to this agreement that the Depository shall act solely at all times on instructions from HUD with respect
to the said sum deposited of any and all liability or claims of any nature. The Depositor agrees to pay all costs or expenses incurred by
said Depository (including court costs and reasonable attorneys' fees) by reason of acting as Depository of the said fund.
It Is Understood and Agreed that whenever used herein the singular number shall include the plural, the plural the singular, and the
use of any gender shall be applicable to all genders.
This agreement shall be binding upon and insure to the benefit of the respective successors and assigns to the parties hereto and upon
the legal representatives of the Depositor. The word “Mortgage” shall be deemed to include deed of trust and word “Mortgagee” shall
be deemed to include any holder of the mortgage and beneficiary of a deed of trust and their respective successors and assigns. The word
“HUD” shall be deemed to include successor or successors.
In Witness Whereof the parties hereto have caused these presents to be on their behalf and their seals affixed the day and year first above
written.
Depositor
Attest:
By:
Secretary
President
Date
Date
Depository
By:
Authorized Official
Date
form HUD-90170-CA (12/20/2005)
Page 2 of 2
ref Handbooks 4571.4 & 4571.5
Page of 2