19.5.5.5 Completion of Forms

A. The Construction Contract may be dated the same date as the other closing documents or any date prior to the endorsement date of the Note when adequate title coverage is provided. Where Contractor’s assurance of completion is provided in the form of performance and payment bonds, the Construction Contract must be dated on or before the date of the surety bonds.

B. The reference to drawings and specifications in Article 2.A of the Construction Contract must be identical to the reference in Section 2 of the Building Loan Agreement and will be taken from the Firm Commitment. However, if the drawings and specifications are modified subsequent to the issuance of the Firm Commitment and before Initial Closing, a reference to the most recent version that will govern construction and that is approved in writing by all necessary parties (including HUD) should be used in the Construction Contract and Building Loan Agreement. See Chapter 5, Section 5.8.3.A.4 regarding the initialing and signing of drawing and specifications.

C. The completion date in Article 3 is the date determined using the number of months for construction stated in the Multifamily Summary Appraisal Report (form HUD-92264).

D. For Section 241 Loan transactions, the provisions of the Construction Contract regarding wage decisions may be deleted if Davis-Bacon Labor Standards do not apply. See Section 19.6.3.3.B.