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201302389
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Last modified
3/27/2013 4:30:05 PM
Creation date
3/27/2013 3:24:59 PM
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DEEDS
Inst Number
201302389
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Previous editions are obsolete <br />201302389 <br />for food and other services provided at the Mortgaged Property, whether now due, <br />past due, or to become due, Residual Receipts, and escrow accounts, however and <br />whenever funded and wherever held. <br />(ii) "Taxes" means all taxes, assessments, vault rentals and other charges, if <br />any, general, special or otherwise, including all assessments for schools, public <br />betterments and general or local improvements, which are levied, assessed or imposed <br />by any public authority or quasi - public authority, and which, if not paid, could become a <br />lien on the Land or the Improvements. <br />(jj) "Waste" means a failure to keep the Mortgaged Property in decent, safe <br />and sanitary condition and in good repair. During any period in which HUD insures this <br />Loan or holds a security interest on the Mortgaged Property, Waste is committed when, <br />without Lender's and HUD's express written consent, Borrower: <br />(1) physically changes the Mortgaged Property, whether negligently or <br />intentionally, in a manner that reduces its value; <br />(2) fails to maintain and repair the Mortgaged Property in accordance <br />with Program Obligations; <br />(3) fails to pay before delinquency any Taxes secured by a lien having <br />priority over this Security Instrument; <br />(4) materially fails to comply with covenants in the Note, this Security <br />Instrument or the Regulatory Agreement respecting physical care, <br />maintenance, construction, abandonment, demolition, or insurance <br />against casualty of the Mortgaged Property; or <br />12 <br />(5) retains possession of Rents to which Lender or its assigns have the <br />right of possession under the terms of the Loan Documents. <br />2. UNIFORM COMMERCIAL CODE SECURITY AGREEMENT. This <br />Security Instrument is also a security agreement under the Uniform Commercial Code <br />for any of the Mortgaged Property which, under applicable law, may be subject to a <br />security interest under the Uniform Commercial Code, whether acquired now or in the <br />future, and all products and cash proceeds and non -cash proceeds thereof (collectively, <br />"UCC Collateral "), and Borrower hereby grants to Lender a security interest in the <br />UCC Collateral. Borrower hereby authorizes Lender to file financing statements, <br />continuation statements and amendments, in such form as Lender may require to <br />perfect or continue the perfection of this security interest. Borrower agrees to enter into <br />HUD MF Security Instrument HUD- 94000M (Rev.11/12) <br />
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