5-2. BINDING COMMITMENT

Binding Commitment: Processing may continue after Sunset if, prior to Sunset, there is a binding commitment to restructure. The Renewal Worksheet for Option Three, which is part of form HUD 9624, Contract Renewal Request Form, contains language which constitutes a binding commitment for purposes of MAHRA. The execution of the Renewal Worksheet for Option Three by the owner and an authorized HUD representative thus allows debt restructuring to continue after Sunset, as does a fully executed Interim (Full) Mark-to-Market Contract. Such restructuring may continue so long as the owner and/or project remains eligible for debt restructuring under MAHRA always, and shall be subject to MAHRA, the regulations promulgated under MAHRA (“Regulations”), and the Operating Procedures Guide (OPG).