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201303289
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Last modified
12/31/2013 2:59:17 PM
Creation date
4/29/2013 12:27:37 PM
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DEEDS
Inst Number
201303289
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201303289 <br /> 22 <br /> 18. PRESERVATION, MANAGEMENT AND MAINTENANCE OF <br /> MORTGAGED PROPERTY. Borrower (a) shall not commit Waste, (b) shall not <br /> abandon the Mortgaged Property, (c) shall restore or repair promptly, in a good and <br /> workmanlike manner, any damaged part of the Mortgaged Property to the equivalent of <br /> its original condition, or such other condition as Lender may approve in writing, whether <br /> or not litigation or insurance proceeds or condemnation awards are available to cover <br /> any costs of such restoration or repair, (d) shall keep the Mortgaged Property in decent, <br /> safe, and sanitary condition and good repair, including the replacement of Personalty <br /> and Fixtures with items of equal or better function and quality, all in accordance with <br /> Program Obligations, (e) shall provide for qualified management of the Mortgaged <br /> Property by a residential rental property manager, (f) shall give Notice to Lender of and, <br /> unless otherwise directed in writing by Lender, shall appear in and defend, any action or <br /> proceeding that could impair the Mortgaged Property, Lender's security or Lender's <br /> rights under this Security Instrument, (g) shall not (and shall not permit any tenant or <br /> other person to) remove, demolish or alter the Mortgaged Property or any part of the <br /> Mortgaged Property except that Borrower may dispose of obsolete or deteriorated <br /> Fixtures or Personalty if the same are replaced with like items of the same or greater <br /> quality or value, or make minor alterations which do not impair the Mortgaged Property, <br /> and (h) so long as the Loan is insured or held by HUD, shall not expend any Project <br /> funds except from permissible withdrawals of Surplus Cash and except for Reasonable <br /> Operating Expenses and necessary repairs without the prior written approval of HUD. <br /> So long as the Loan is insured or held by HUD, all expenses incurred by Borrower in <br /> connection with the Mortgaged Property shall be incurred in compliance with Program <br /> Obligations. <br />
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