201207522 - Laserfiche WebLink

Browse

2 a120�52� sources, including payments under any "Housing Assistance Payments Contract" or other rental subsidy agreement (if any), pazking fees, laundry and vending machine income and fees and charges for food, health care and other services provided at the Mortgaged Property, whether now due, past due, or to become due, and tenant security deposits, entrance fees (if any), application fees, processing fees, community fees and any other amounts or fees forfeited by any resident or tenant, together with and including all proceeds from any private insurance for residents to cover rental charges and charges for services at or in connection with the Mortgaged Property, and the right to Third Party Payments (other than Medicaid payments from governmental entities) due for the rents or services of residents at the Mortgaged Property. 4. Section 3(c) (Assignment of Leases and Rents; Appointment of Receiver; Lender in Possession) of the Security Instrument is hereby amended by adding the following to the end thereof: After the occurrence of an Event of Default, at Lender's option, Lender is further authorized to give notice to a11 Third Party Payment payors (other than Medicaid payments from governmental entities), instructing them to pay a11 Third Party Payments to Lender which would be otherwise paid to Borrower, to the extent permitted by law. In the case of Third Party Payments for Medicaid, Lender and Bonower have executed a depositary agreement dated as of the Effective Date which esta.blishes special procedures for the receipt and disposition of the Third Party Payments. 5. A new subsection 4(e) is hereby added to Section 4(Protection of Lender's Security) of the Security Instrument as follows: (e) paying for any required licensing fees, permits, or other expenses related to the operation of the Mortgaged Property as a Seniors Housing Facility by or on behalf of Lender, any fines or penalties that may be assessed against the Mortgaged Property, paying any costs incurred to bring the Mortgaged Properly into full compliance with applicable codes and regulatory requirements, and paying any fees or costs related to Lender's employment of any Property Operator or service provider for the Mortgaged Property. 6. A new Section 17 is hereby added to the Security Instrument as follows: 17. Subordination of Seniors Housing Facility Lease. Any Seniors Housing Facility Lease is and shall be subject and subordina.te in all respects to the liens, terms, covenants and conditions of this Security Instnunent and the other Loan Documents, and to all renewals, modifications, consolidations, replacements and extensions thereof, and to all advances heretofore made or which may hereafter be made pursuant to this Security Instrument Modifications to Security Instrument (Seniors Housing) Form 6310.SRS Page 6 Fannie Mae 0411 � 2011 Fannie Mae