PLEASE CROSS-REFERENCE TO:
Security Deed recorded in
Deed Book 4611, Page 581,
Dekalb County, Georgia
records and Regulatory
Agreement recorded in Deed
Book 4611, Page 587
aforesaid records.
ASSUMPTION AGREEMENT
THIS AGREEMENT, entered into this 19th day of December, 1997, by VININGS
COMMUNITIES, L.P., a Delaware limited partnership, (the "Owner") in favor of
REILLY MORTGAGE GROUP, INC., the holder of that certain Security Deed from
Windrush Partners, Ltd. in favor of Trust Company Mortgage, dated May 6, 1982,
recorded in Deed Book 4611, Page 581, Dekalb County, Georgia records, as
modified and assigned (the "Mortgage", and the property conveyed thereby, the
"Property").
WITNESSETH, THAT:
In consideration of the consent of the Secretary of Housing and Urban
Development to the transfer of the Property to the Owner, and in order to comply
with the requirements of the Secretary of Housing and Urban Development, the
National Housing Act, and the Regulations adopted pursuant thereto, the Owner
agrees to assume, except as limited below, and be bound by said Mortgage and
note secured by the Mortgage (the "Note"), and that certain Regulatory Agreement
dated May 6, 1982, recorded in Deed Book 4611, Page 587, Dekalb County, Georgia
records, as modified (the "Regulatory Agreement").
The Owner does not assume personal liability for payments due under
said Note and Mortgage, or for payments to the reserve for replacements under
the Regulatory Agreement, or for matters not under its control, provided that
the Owner shall remain liable under said Regulatory Agreement only with respect
to the matters hereinafter stated, namely:
(a) for funds or property of the project coming into its hands which, by the
provisions thereof, it is not entitled to retain; and
(b) for its own acts and deeds or acts and deeds of others which it has
authorized in violation of the provisions thereof.
The Owner is to be bound by said Mortgage, Note and Regulatory
Agreement, subject to the foregoing limitation of personal liability, from the
date of this agreement to the same extent as if it had been an original party to
said instrument.
The Owner agrees that there shall be full compliance with the
provisions of (1) any laws prohibiting discrimination in housing of the basis of
race, color, creed or national origin; and (2) with the Regulations of the
Federal Housing Administration providing for no discrimination and equal
opportunity in housing. It is understood and agreed that failure or refusal to
comply with any such provisions shall be a proper basis for the Secretary to
take any corrective action he may deem necessary, including, but not limited to,
the rejection of future applications for FHA mortgage insurance and the refusal
to enter into future contracts of any kind with which the Owner is identified.
IN WITNESS WHEREOF, the duly authorized officers of Owner have signed
and sealed this Deed on the day and year first above written.
Signed, sealed and delivered VININGS COMMUNITIES, L.P.,
in the presence of: a Delaware limited partnership
By: Vinings Investment Properties Trust,
/s/ Cynthia Samuels a Massachusettes Business Trust,
- ----------------------- as General Partner
Unofficial Witness
By: /s/ Stephanie A. Reed
/s/ Cynthia S. Ford ------------------------
- ---------------------- Title: Vice President
Notary Public
My Commission Expires:
5/2/98
- --------
[NOTARIAL SEAL]