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201302395
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Last modified
3/27/2013 4:41:58 PM
Creation date
3/27/2013 3:39:28 PM
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DEEDS
Inst Number
201302395
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11. COMPLIANCE WITH LAWS. Borrower shall comply with all applicable: <br />laws; ordinances; regulations; requirements of any Governmental Authority; lawful <br />covenants and agreements recorded against the Mortgaged Property; so long as the Loan <br />is insured or held by HUD, the Regulatory Agreement, and Program Obligations including <br />lead -based paint maintenance requirements of 24 CFR Part 35, subpart G, and any <br />successor regulations; including but not limited to those of the foregoing pertaining to: <br />health and safety; construction of Improvements on the Mortgaged Property; fair housing; <br />civil rights; zoning and land use; Leases; and maintenance and disposition of tenant <br />security deposits; and, with respect to all of the foregoing, all subsequent amendments, <br />revisions, promulgations or enactments. Borrower shall at all times maintain records <br />sufficient to demonstrate compliance with the provisions of this Section 11. Borrower shall <br />take appropriate measures to prevent, and shall not engage in or knowingly permit, any <br />illegal activities at the Mortgaged Property, including those that could endanger tenants or <br />visitors, result in damage to the Mortgaged Property, result in forfeiture of the Mortgaged <br />Property, or otherwise impair the lien created by this Security Instrument or Lender's <br />interest in the Mortgaged Property. Borrower represents and warrants to Lender that no <br />portion of the Mortgaged Property has been or will be purchased with the proceeds of any <br />illegal activity. <br />12. USE OF PROPERTY. Unless permitted by applicable law and approved by <br />Lender, Borrower shall not (a) allow changes in the use for which all or any part of the <br />Mortgaged Property is being used at the time this Security Instrument was executed, (b) <br />convert any individual dwelling units or common areas to commercial use, (c) initiate or <br />acquiesce in a change in the zoning classification of the Mortgaged Property that results <br />in any change in permitted use that was in effect at the time of initial /final endorsement, <br />(d) establish any condominium or cooperative regime with respect to the Mortgaged <br />Property, (e) materially change any unit configurations or change the number of units in the <br />Mortgaged Property, (f) combine all or any part of the Mortgaged Property with all or any <br />part of a tax parcel which is not part of the Mortgaged Property, (g) subdivide or otherwise <br />split any tax parcel constituting all or any part of the Mortgaged Property, or (h) so long as <br />the Note is insured or held by HUD, permit the Mortgaged Property to be used as transient <br />housing or as a hotel in violation of Section 513 of the National Housing Act, as amended. <br />13. PROTECTION OF LENDER'S SECURITY. <br />(a) If Borrower fails to perform any of its obligations under this Security <br />Instrument, Note or Regulatory Agreement, or if any action or proceeding is commenced <br />which purports to affect the Mortgaged Property, Lender's security or Lender's rights under <br />this Security Instrument, including eminent domain, insolvency, Waste, code enforcement, <br />civil or criminal forfeiture, enforcement of Hazardous Materials Laws, fraudulent <br />conveyance or reorganizations or proceedings involving a bankrupt or decedent, then <br />Lender at Lender's option may make such appearances, advance such sums and take <br />such actions as Lender reasonably deems necessary to perform such obligations of <br />Borrower and to protect Lender's interest, including (1) payment of fees and out -of- pocket <br />Previous editions are obsolete <br />Contingent Repayment Mortgage <br />201302395 <br />HUD MF Security Instrument HUD- 94000M (Rev. 04/11) <br />Page 21 FRENCH VILLAGE <br />
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