19.3.1.1 Definitions

A. Final Closing. For purposes of this Chapter, “Final Closing” means the closing at which HUD finally endorses the Note for the full amount of the Loan, including the final advance of insured Loan proceeds.

B. Project Completion. For the purpose of Final Closing, “Completion" means that:

1. The Project has been completed in accordance with the drawings and specifications as indicated by the final HUD Representative’s Trip Report (form HUD-95379), except for RC Director-approved items of delayed completion covered by the Escrow Agreement for Incomplete Construction (form HUD-92456M); and

2. The entire Project has been accepted for occupancy by the local authorities having jurisdiction (as evidenced by a final Certificate of Occupancy or other evidence customarily provide in the jurisdiction), and by Lender and HUD (as evidenced by the Permission to Occupy Project Mortgages (form HUD-92485)).