14-20 Cedar Glen Bond Ordinance Addendums

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EXHIBIT E HUD RIDER TO RESTRICTIVE COVENANTS THIS RIDER TO REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS ("Regulatory Agreement") is made as of April 1, 2020, by MAH CEDAR GLEN, LP ("Borrower"), CITY OF SOUTH BEND, INDIANA ("Issuer"), THE HUNTINGTON NATIONAL BANK, as trustee for the referenced Series 2020A Bonds ("Trustee") and MERCHANTS BANK OF INDIANA, an Indiana banking and financial institution, as purchaser of the referenced Series 2020B Bonds (the "Series 2020B Bond Purchaser") (Issuer, Trustee and the Series 2020B Bond Purchaser are hereinafter referred to collectively as the"Agency"). WHEREAS, Borrower has obtained financing from MERCHANTS CAPITAL CORP. (the "Lender") for the benefit of the project known as Cedar Glen Apartments, FHA Project No. (the "Project"), which loan is secured by a Mortgage, Assignment of Leases, Rents and Revenue and Security Agreement ("Security Instrument") dated effective as of April 1, 2020, to be recorded in the Office of the Recorder of St. Joseph County, Indiana (the "Records") and will be insured by the United States Department of Housing and Urban Development("HUD"); WHEREAS, Borrower has received tax-exempt bond financing from the Issuer, which Issuer has required certain restrictions be recorded against the Project; and WHEREAS, Borrower entered into that certain Regulatory Agreement and Declaration of Restrictive Covenants (as amended, "Restrictive Covenants") with respect to the Project, the legal description for which is more particularly described in Schedule 1 attached hereto. WHEREAS, HUD requires as a condition of its insuring Lender's financing to the Project that the lien and covenants of the Restrictive Covenants be subordinated to the lien, covenants, and enforcement of the Security Instrument; and WHEREAS, the Agency has agreed to subordinate the Restrictive Covenants to the lien of the Mortgage Loan(as defined herein) in accordance with the terms of this Rider. NOW, THEREFORE, in consideration of the foregoing and for other consideration the receipt and sufficiency of which are hereby acknowledged,the parties hereby agree as follows: (a) In the event of any conflict between any provision contained elsewhere in the Restrictive Covenants and any provision contained in this Rider, the provision contained in this Rider shall govern and be controlling in all respects as set forth more fully herein. (b) The following terms shall have the following definitions: "Code"means the Internal Revenue Code of 1986, as amended. E-1