Form HUD-92223, Promissory Note, is a U.S. Department of Housing and Urban Development (HUD) form, issued by the Office of Housing, in which the maker promises to pay a stated sum with interest. It is signed for the mortgagor by an authorized representative, and its prepayment clause ties the note to a Regulatory Agreement with HUD. On this page you can fill out Form HUD-92223 online on FillingPDF and download or print the completed PDF. The original form is published by HUD at hud.gov.
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What is HUD-92223?
Form HUD-92223, Promissory Note, is a form issued by the U.S. Department of Housing and Urban Development (HUD), Office of Housing, in which the maker promises to pay a stated sum with interest, with maturity at or after maturity of the mortgage.
The printed text fixes the structure of the note. The undersigned promises to pay a named payee a sum in dollars, payable at a stated place, on or before a number of years from the date of the note. Interest runs at a stated percent per annum on the remaining principal and is payable annually, starting on a date you enter and falling on the first day of a month you enter. Interest that is not paid on time does not create a default under the note: it accrues and becomes payable in full at maturity. Any unpaid principal plus accrued interest is due on the maturity date entered on the form.
The note also contains a prepayment condition. The maker may pay any amount or all of the principal at any interest paying date, but neither prepayment of principal nor any interest payment may be made except from non-project revenue or from surplus cash, as defined in, and under the conditions of, the Regulatory Agreement between the maker and HUD, whose date you enter. The maker also waives presentment, demand, protest and notice of demand, protest and nonpayment.
The form carries the reference "Handbook 4470.1" and the edition mark HUD-92223 (1/95). It is HUD's own form of note, not a blank general-purpose loan document.
Who needs to file HUD-92223?
The form is completed by the maker of the note, the mortgagor, which promises to pay the payee named on it. It has a single signature block: the mortgagor's name, followed by the name, title and signature of the mortgagor's authorized representative.
Because the note refers to a Regulatory Agreement between the maker and HUD, the party completing it is the one bound by that agreement. The form itself does not say which HUD program or transaction calls for it; the printed reference to Handbook 4470.1 is the pointer the form gives for that guidance.
The form gives no exclusions. The prepayment clause applies to the maker, and the waiver of presentment, demand and protest is made by the undersigned. If you are not the mortgagor, or do not sign for the mortgagor as its authorized representative, you do not complete the signature block.
When to file HUD-92223
The form prints no filing deadline. It is completed when the note is made and is dated on the line "Dated at ___, this ___ day of _, 20."
Two dates you enter set the life of the note. Interest is payable annually, commencing on the date you enter and thereafter on the first day of the month you enter, until the entire indebtedness is paid. The remaining principal and accrued interest are due on the maturity date you enter, and the form notes that maturity shall be at or after maturity of the mortgage. Prepayment is allowed at any interest paying date, subject to the non-project revenue and surplus cash condition.
How to fill out HUD-92223
Enter the repayment period
In the opening sentence, enter the number of years from the date of the note after "on or before". The asterisk note says maturity shall be at or after maturity of the mortgage.
Name the payee
After "promises to pay to:", enter the name of the party to whom the note is payable.
Enter the sum and place of payment
Write the principal amount in words and in the dollar box, then the place where payment is to be made after "payable at".
Enter the interest rate
Enter the percent per annum on the remaining balance of principal, in words and in the percent box. Interest is payable annually.
Set the interest payment dates
Enter the date interest payments commence, with the year, and the month in which payments fall on the first day thereafter.
Enter the maturity date
Enter the month, day and year on which the remaining principal plus accrued interest is due and payable.
Enter the Regulatory Agreement date
In the prepayment paragraph, enter the date of the Regulatory Agreement between the maker and HUD.
Complete the "Dated at" line
Enter the place of signing, then the day, month and year of the note.
Name the mortgagor and sign
Enter the Mortgagor's Name. On the "By:" line, the authorized representative adds name, title and signature at the X.
Review and download the PDF
Check that the amounts, rate, dates and names match the transaction, then download or print the completed PDF from FillingPDF for signing and delivery.
How to submit HUD-92223
The form prints no mailing address, portal, office or delivery channel. It is a note signed by the mortgagor's authorized representative, and its text refers to the Regulatory Agreement between the maker and HUD and to Handbook 4470.1.
For where a completed note goes, follow the instructions of HUD or the HUD office handling your transaction. HUD publishes the blank form at https://www.hud.gov/sites/documents/doc_20635.pdf.
Sign the note with the name, title and signature of the mortgagor's authorized representative before it is delivered. FillingPDF lets you fill out and download the PDF; submission follows the channels HUD gives you.
Common mistakes to avoid
- Entering a maturity that falls before maturity of the mortgage; the form states that maturity shall be at or after maturity of the mortgage.
- Leaving the Regulatory Agreement date blank, even though the prepayment condition refers to that agreement between the maker and HUD.
- Paying principal or interest from funds other than non-project revenue or surplus cash as defined in the Regulatory Agreement; the note allows payments only from those sources.
- Treating unpaid interest as a default; the note says interest not paid when due accrues and is payable in full at maturity.
- Signing without the name and title of the mortgagor's authorized representative next to the signature, as the "By:" line requires.
- Leaving the mortgagor's name blank above the signature line.
- Entering a payment day other than the first day of a month; interest is payable on the first day of the month entered.
- Omitting the place of signing or the day, month and year on the "Dated at" line.
Frequently asked questions
What is Form HUD-92223, Promissory Note?
Form HUD-92223 is a HUD Office of Housing form of note. The maker promises to pay a named payee a stated sum with interest, on or before a set number of years, with prepayment limited to non-project revenue or surplus cash under a Regulatory Agreement with HUD.
Can I fill out the HUD-92223 promissory note online?
Yes. You can fill out the PDF online on FillingPDF and download or print it. FillingPDF is an independent service and does not file or deliver the note; follow the instructions of HUD or the HUD office handling your transaction for delivery.
Who signs Form HUD-92223?
The note is signed for the mortgagor by its authorized representative. The "By:" line asks for that person's name, title and signature, and the mortgagor's name is entered separately above it.
What happens if the interest is not paid on time under this note?
Nothing is defaulted by that alone. The form states that interest not paid when due does not create a default but accrues and is payable in full at maturity. The unpaid principal plus accrued interest is due on the maturity date entered.
Can the principal be prepaid under Form HUD-92223?
Yes, at any interest paying date, in any amount or in full. But no prepayment of principal and no interest payment may be made except from non-project revenue or surplus cash, as defined in and under the conditions of the Regulatory Agreement with HUD.
What maturity date should I enter on a HUD promissory note?
Enter the date on which the remaining principal and accrued interest are due. The form's asterisk note says that maturity shall be at or after maturity of the mortgage, so the date cannot fall before the mortgage matures.
What does Handbook 4470.1 on the form mean?
The form prints "ref Handbook 4470.1" as its reference. It is the HUD handbook the form points to; the form itself does not summarize it, so consult that handbook or your HUD office for program guidance.
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