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201303290
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Last modified
12/31/2013 3:00:35 PM
Creation date
4/29/2013 12:22:33 PM
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DEEDS
Inst Number
201303290
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201303290 <br /> 22 <br /> n. Materially change any unit configurations or change the number of units in the <br /> Mortgaged Property. <br /> VII. ENFORCEMENT <br /> 37. VIOLATION OF AGREEMENT. The occurrence of any one or more of the <br /> following shall constitute a "Violation" under this Agreement: <br /> a. Any failure by Borrower to comply with any of the provisions of this Agreement; <br /> b. Any fraud or material misrepresentation or material omission by Borrower, any of <br /> its officers, directors, trustees, general partners, members, managers or managing <br /> agent in connection with (1) any financial statement, rent roll or other report or <br /> information provided to HUD during the term of this Agreement or (2) any request for <br /> HUD's consent to any proposed action, including a request for disbursement of funds <br /> from any restricted account for which HUD's prior written approval is required; and/or <br /> c. The commencement of a forfeiture action or proceeding, whether civil or <br /> criminal, which, in HUD's reasonable judgment, could result in a forfeiture of the <br /> Mortgaged Property or otherwise materially impair HUD's interest in the Mortgaged <br /> Property. <br /> 38. DECLARATION OF DEFAULT. <br /> a. At any time during the existence of a Violation, HUD may give written Notice of <br /> the Violation to Borrower, by registered or certified mail, addressed to the addresses <br /> stated in this Agreement, or such other addresses as may subsequently, upon <br /> appropriate written Notice to HUD, be designated by Borrower as its legal business <br /> address. If, after receiving written Notice of a Violation, that Violation is not corrected to <br /> the satisfaction of HUD either within thirty (30) days after the date Notice is mailed, or <br /> within such shorter or longer time set forth in said Notice, HUD may declare a default <br /> under this Agreement without further Notice. Alternatively, in order to protect the health <br /> and safety of the tenants, HUD may declare a default at any time during the existence <br /> of a Violation without providing prior written Notice of the Violation. <br /> b. Upon any Declaration of Default HUD may: <br /> i. If HUD holds the Note, declare the whole of said Indebtedness immediately due <br /> and payable and then proceed with the foreclosure of the Security Instrument; <br /> ii. If said Note is not held by HUD, notify the holder of the Note of such default and <br /> request the holder to declare a default under the Note and Security Instrument, and the <br /> Previous editions are obsolete; Regulatory Agreement HUD-92466M (Rev.04/11) <br /> Replaces form HUD-92466(11/02) <br />
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