§ 720.65 Amendments and waivers.

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Development Plans, financial quirements and all other terms and conditions in the Project Agreement, Indenture and cther Project Documents that do not specifically require the consent of all or a portion of the holders of the guaranteed debt obligations that were initially approved by the Secretary, may be amended or waived. All proposals by the Developer for amendments or waivers shall be submitted to the Secretary for approval. The Secretary may recommend or require such amendments, modifications or waivers as he shall deem necessary or desirable to ensure the financial viability of the Project, to protect the security interests of the United States or to otherwise preserve his ability to carry out the purposes of the Act.

§ 720.66 Remedies of the Secretary.

(a) General. The Secretary shall have the remedies set forth in the Project Documents, together with such other remedies as are available at law or equity.

(b) Foreclosure. (1) When an event occurs which, under the Project Dccuments, entitles the Secretary or the Trustee to foreclose against any of the real property subject to the lien of the Indenture, the Secretary or the Trustee may foreclose in full or in part, regardless of whether acceleration of maturity of any outstanding guaranteed debt obligations has occurred.

(2) The Secretary shall have no obligation to accelerate the maturity of any guaranteed debt obligations regardless of the amount realized from foreclosure.

(c) Extinguishment. (1) The authority to extinguish granted to the Secretary under 42 U.S.C. 4527(3) and under the Project Documents may be exercised by the Secretary to extinguish rights and equities of redemption.

(2) No compensation shall be payable to any party on account of the extinguishment of any of such party's rights.

(d) Deed in lieu of foreclosure. The Secretary may accept a deed-in-lieu-offoreclosure upon terms and conditions satisfactory to him.

Subpart E-Other Assistance

§ 720.70 Applicability of this Subpart.

This Subpart applies to assistance, other than guarantee assistance, available under the Act and other provisions of law to assist in carrying out Projects for which guarantee assistance has been provided under the Act or for which a Determination of Eligibility has been made.

§ 720.71 Multiple forms of assistance.

The award of any form of assistance provided under this Subpart shall not in itself exclude the availability of any other form of assistance under this Subpart. The availability of any form of assistance under this Subpart is not conditioned upon action taken with respect to any other form of assistance under this Subpart.

§ 720.72 Supplementary grants.

Following are the general requirements and procedures applicable to supplementary grants for public facilities as described in § 720.1(b)(2).

(a) Application for basic grant. The first step in applying for a supplementary grant is the submission of an application for a grant (referred to herein as the "basic grant”) under one of the statutory authorities cited in § 720.1(b)(2)(i). Such application and the subsequent processing and approval thereof must be in accordance with the requirements of the Federal agency responsible for the administration of the basic grant program. No application for a supplementary grant shall be accepted by the General Manager unless an application for the corresponding basic grant has been made.

(b) Application for supplementary grant. An application for a supplementary grant, in a form prescribed by the General Manager, shall only be made to the General Manager at or subsequent to the time an application for the corresponding basic grant is made. A copy of the application for the basic grant shall accompany the application for the supplementary grant.

(c) Approval of supplementary grant. A supplementary grant shall be approved only if:

(1) The Secretary determines that the facility proposed to be assisted by the supplementary grant is necessary or desirable for carrying out a Project; (2) The related basic grant has been approved by the basic granting agency; and

(3) A Project Agreement has been entered into for the Project which the facility is intended to serve.

§ 720.73 Community development block grants.

Title I of the Housing and Community Development Act of 1974 (42 U.S.C. 301) authorizes grant assistance for certain community development activities, including such activities in behalf of Projects under the Act and under the New Communities Act of 1968 (42 U.S.C. 3901 et seq.). The policies and procedures applicable to this program are contained in 24 CFR, Part 570. Developers and others intending to apply for assistance under Title I in behalf of new communities should consult with the General Manager.

$720.74 Federally-assisted housing.

Section 8 of the United States Housing Act of 1937, as amended (42 U.S.C. 1437(f), authorizes the making of housing assistance payments on behalf of lower income families renting housing pursuant to the United States Housing Act of 1937 (42 U.S.C. 1437 et seq.), including such families renting such housing in new community Projects. The policies and procedures applicable to this program are contained in 24 CFR, Ch. II.

Subpart F-Fee and Charge Schedule

§ 720.80 Applicability of this Subpart.

This Subpart specifies the fees and charges which have been established for payment to HUD in connection with applications for and approval of guarantees and other assistance.

§ 720.81 Fees and charges.

(a) Application charge. A non-refundable application charge of $10,000 shall accompany the initial submission of all or part of an application by a Public or Private Developer for guar

antee assistance or a Determination of Eligibility (§ 720.44; § 720.49).

(b) Commitment charge. A commitment charge equal to 0.5 percent of the principal amount of the guarantee commitment by the Secretary up to $30 million, and in addition, 0.1 percent of the principal amount above $30 million shall be paid by the Developer upon acceptance of an offer of commitment (§ 720.46(c)) or at the time a guarantee is made (§ 720.48), whichever occurs first. Should the Project become impractical, infeasible, or impossible to undertake prior to issuance of a guarantee, the Secretary may refund such portion of the commitment charge as he deems equitable. (c) Reopening charge. A timely reopening request (§ 720.46(c)) shall be accompanied by a charge of 0.05 percent of the expired offer of commitment for guarantee assistance. An offer of commitment which has expired because of the failure to pay the commitment charge may be reopened and accepted only upon payment by the Developer of the commitment charge and the reopening charge.

(d) Guarantee fee. A guarantee fee equal to 3 percent of the principal amount of guaranteed debt obligations shall be paid by the Developer at the time of the issuance of such obligations, subject to waiver in whole or in part at the discretion of the Secretary.

(e) Annual fee. An annual fee equal to 0.5 percent of the average principal amount of guaranteed debt obligations and unused guarantee commitment, outstanding during the preceding year, shall be paid on the first anniversary date of the guarantee, until the seventh anniversary date. Thereafter an annual fee of 1 percent of the average principal amount of guaranteed debt obligations and unused guarantee commitment outstanding during the preceding year shall be paid on each subsequent anniversary date of the initial guarantee until the total debt obligation is paid in full. Annual fees may, however, be waived in whole or in part at the discretion of the Secretary.

(f) Transfer charge. Upon application for approval of a substitution of Developers (§ 720.21(d)), 8 transfer