201303290 - Laserfiche WebLink

Browse

201303290 8 hh. "State" includes the several states comprising the United States of America, and Puerto Rico, the District of Columbia, Guam, the Commonwealth of the Northern Marianas, American Samoa, and the U.S. Virgin Islands. ii. "Taxes" means all taxes, assessments, vault rentals and other charges, if any, general, special or otherwise, including all assessments for schools, public betterments and general or local improvements, that are levied, assessed or imposed by any public authority or quasi-public authority, and that, if not paid, could become a lien on the Land or the Improvements. jj. "Undocumented Expense" is defined in Section 16. kk. "Violation" is defined in Section 37. II. "Waste" means a failure to keep the Mortgaged Property in decent, safe and sanitary condition and in good repair. During any period in which HUD insures the Loan or holds a security interest on the Mortgaged Property, Waste is committed when, without Lender's and HUD's express written consent, Borrower: (1) physically changes the Mortgaged Property, whether negligently or intentionally, in a manner that reduces its value; (2) fails to maintain and repair the Mortgaged Property in accordance with Program Obligations; (3) fails to pay before delinquency any Taxes secured by a lien having priority over the Security Instrument; (4) materially fails to comply with covenants in the Note, the Security Instrument or this Regulatory Agreement respecting physical care, maintenance, construction, abandonment, demolition, or insurance against casualty of the Mortgaged Property; or (5) retains possession of Rents to which Lender or its assigns have the right of possession under the terms of the Loan Documents; II. CONSTRUCTION; REFINANCING 2. CONSTRUCTION FUNDS. Borrower shall keep funds of the Mortgaged Property to be used for repairs or for construction or substantial rehabilitation separate and apart from operating funds of the Mortgaged Property. Funds for construction or Previous editions are obsolete; Regulatory Agreement HUD-92466M(Rev.04/11) Replaces form HUD-92466(11/02)