13.30.1.2.1 Agreement of Borrower

A. When final closing is scheduled to occur before the expiration of the Accountability Period, the Borrower must agree in writing, as an inducement to HUD to approve the final disbursement of mortgage loan proceeds prior to the expiration of the Accountability Period, to:

1. Furnish an income and expense statement for the required period within 30 days after its expiration, and

2. Immediately apply, as a mandatory prepayment to the mortgage loan, such portion of the net operating income as HUD may require.

B. When final closing is scheduled to occur after the close of the Accountability Period, the income and expense statement shall be submitted prior to final closing.

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Chapter 13 Cost Certification 13.30 Final Closing – Insurance of Advances

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