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I& <br />(2) The previous participation of each of these parties in HUD programs on the <br />prescribed HUD form; and <br />(3) Any possible conflict of interest by any of these parties that would be a violation <br />of the Agreement or the Contract. <br />The Owner shall fully and promptly update such disclosures. <br />1.12 Interest of Member or of Delegate to Congress. <br />No member of or delegate to the Congress of the United States of America or resident commis- <br />sioner shall be admitted to any share or part of this Agreement or to any benefits which may arise <br />therefrom. <br />1.13 Assignment of the Agreement or Contract or Interest in It. <br />A. The Owner agrees that the Owner has not made and will not make any transfer in any <br />form, including any sale or assignment, of this Agreement or the Contract or the property <br />without the prior written consent of the PHA. A change in ownership in the Owner, such <br />as a stock transfer or transfer of the interest of a limited partner, is not subject to the <br />provisions of this section. Transfer of the interest of a general partner is subject to the <br />provisions of this section. <br />B. Where the Owner requests the consent of the PHA for a transfer in any form, including <br />any sale or assignment, of this Agreement or the Contract or the property, the PHA will <br />review the transferee's previous participation in the HUD programs. The PHA will give <br />its consent to a transfer of the Agreement or Contract pursuant to paragraph A of this <br />section if the transferee agrees in writing (in a form acceptable to the PHA) to comply <br />with all terms of the Agreement and Contract, and if the transferee is acceptable to the <br />PHA. The PHA's criteria for acceptance of the transferee must be no more restrictive <br />than initial acceptance of any Owner under the program at the time of the Owner's <br />request. <br />C. If an Owner is proposing to pledge the Agreement or HAP Contract as security for <br />financing, the Owner must submit the financing documents to the PHA for approval. In <br />determining the approvability of a pledge arrangement, the PHA must review the docu- <br />ments submitted by the Owner to ensure that the financing documents do not modify the <br />Agreement or Contract, and do not contain any requirements inconsistent with the <br />Agreement or Contract. Any pledge of the Agreement or Contract must be limited to <br />amounts payable under the Contract in accordance with the terms of the Contract. <br />Page 12 of 15 form HUD - 52531 -A (4/90) <br />ref. Handbook 7420.8 <br />