A.12.3.5 Contractor’s Requisition

A. All requests for payment for components stored offsite must be submitted on form HUD-92448, Contractor’s Requisition, accompanied by the following:

1. A statement from the Borrower’s Architect certifying that:

   • He/she has visited the storage site and inspected the components for which payment has been requested;

• The components are in good condition and they comply with the contract requirements;

• The components are properly stored and protected; and

  • The components are segregated, in an easily identified manner from other materials stored at the same site and are marked for identification.

2. A bill of sale accompanied by an itemized invoice transferring title of the components to the Borrower.

3. A copy of the security agreement provided to the mortgagee by the Borrower.;

4. A copy of the financing statement or statements filed by the MAP Lender in accordance with the Uniform Commercial Code.;

5. A warrantee from the MAP Lender that the security instruments represent a first lien on the building components.

6. An opinion from the MAP Lender’s attorney that he/she has reviewed the security agreement and associated documents relative to the building components and that the security agreement creates a valid security interest in the collateral and that when the financing statement or statements is (are) duly filed, the secured party will have a first lien.