Form Hud-92450-Ca-Ohf Capital Advance Program Completion Assurance Agreement
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1
2Capital Advance Program
OMB Approval No. 2502-0602
U.S. Department of Housing
(exp. 05/31/2016)
and Urban Development
Completion Assurance Agreement
Office of Housing
Federal Housing Commissioner
Under Section 202 of the Housing Act of 1959 or
Section 811 of the National Affordable Housing Act
Public reporting burden for this collection of information is estimated to average 1.5 hours per response, including the time for reviewing instructions,
searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information.
HUD may not collect this information, and you are not required to complete this form, unless it displays a currently valid OMB control number.
This information collection is necessary to ensure that viable projects are developed. It is important to obtain information from applicants to assist HUD
in determining if nonprofit organizations initially funded continue to have the financial and administrative capacity needed to develop a project and that the
project design meets the needs of the residents. The Department will use this information to determine if the project meets statutory requirements with
respect to the development and operation of the project, as well as ensuring the continued marketability of the projects. This information is required in
order to obtain benefits. This information is considered non-sensitive and no assurance of confidentiality is provided.
This Agreement made this _________________________ day of ______________________________ , 20 _________ , by and between
____________________________________________________________________________________________________ party of the
first part, a _____________________________________________________________________________________________ having an
office at ___________________________________________________________________________ (hereinafter called the Contractor),
and ____________________________________________________________________________________________ having an office
at ________________________________________________________________________________________ party of the second part,
a ______________________________________________________________________________________ (hereinafter called the
Owner), and the United States of America, Secretary of Housing and Urban Development (hereinafter called “HUD”), party of the third part.
Witnesseth
Whereas the Contractor and the Owner have entered into a Construction Contract dated __________________________ , 20 _______ ,
providing for the construction of a housing project described in said Contract, said project being known as Project Number _____________
________________ , a copy of said Contract being on file with HUD and ____________________________________________________
____________________________________________________________________________________________________________
Whereas the construction of the said project is to be financed by a capital advance made to said Owner by HUD, which capital advance is
secured by a _______________________________________________ (hereinafter called the Mortgage).
Owner or HUD may suffer or sustain through the failure of the
Whereas HUD is unwilling to provide portions of the capital
Contractor to fulfill the provisions of (a), (b), or (c) above or
advance unless the Contractor shall first furnish assurance to the
through the failure of the Contractor to fulfill all obligations
Owner and HUD for the performance of the obligations of the
under said Construction Contract.
Contractor under said Construction Contract including but not
limited to:
Now Therefore, in consideration of the mutual promises and
undertakings hereinafter contained, and for the purpose of inducing
(a) the completion of said project in accordance with drawings and
HUD to make portions of the capital advance available during
specifications referred to in said Construction Contract;
construction, the partieshereto on behalf of themselves, their suc-
(b) the completion of said project free and clear of any liens, claims
cessors or assigns respectively, undertake and agree that:
or encumbrances whatsoever, except for the lien of the HUD
(a) The Contractor has deposited with HUD, or if HUD so elects,
mortgage;
with a depository satisfactory to HUD, a Completion Assur-
(c) the payment of all mechanics and laborers employed in the
ance Fund (hereinafter called the Fund), in the amount of
construction of the project at wages prevailing in the locality of
$ ______________________________________ to secure or
the project as determined by the Secretary of Labor in accor-
indemnify the Owner or HUD, as the case may be, for any
dance with the Davis-Bacon Act, as amended (if applicable);
expenses, loss, or damage suffered or sustained as the result of
any default by the Contractor in the performance of the Con-
(d) the satisfaction of any loss, damage, expense or claim which the
form HUD-92450-CAOHF (12/20/2005)
Page 1 of 2
ref Handbooks 4571.4 & 4571.5
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