201406133 - Laserfiche WebLink

Browse

��14��133 �4} materially fails to comply�vith Covenants in the Note,this Security Instrum�nt,Borrower's Regu�at�ry Agreement, or any Loa� Document, respecting physi�al �are, maintenance, c�nstruction, abandonment, demolition, or insurance against casualty of th�Mortgaged Prop�rty; or �5} retains possession of Rents to which Lender or its assi�ns have the right of possess�on under the terms �f the Loan Dacuments. "UC� Collateral"means any Mortgaged Property which, u�der app��cable law, may be subject to a security interest under the UCC,whether acquir�ed now or in the future, and all products and cash praceeds and non-cash proceeds thereof. 2. UNIF�RM C�MMERCIAL C�DE SE�URITY AGREEMENT. �a� This Security Instrument is also a security agreement under the Uniform Comm�rGial �ode("UC�"� for any of the Mortgaged Property which is U�C �ol�ateral, and Borrower hereby grants to Lender a se�urity interest in the U�C ��lateral. Borrower hereby authoriz�s Lender to file financing statements, continuatian statements and amendments, including any deposit account control agreements or similar agreements, in such form as Lender may r�quire to perfect or continue the perfection of this security inter�st. Borrower agrees ta enter into any agreements, in farm as Lender may require, that the U�C requires to perfect and continue perfection of Lender's s�curity interest in the portion of UC� C�llateral that requires Lender control to attain such perfection. Barrower sha�l pay a11 filing costs and a11 costs and expenses of any record searches for financing statements that Lender may require. With�ut the priar written consent�f Lender and HUD, B�rrovver shall not create or permit tc�exist any other �ien or security interest in any of the U�� ollateral. Borrower repr�sents and warrants to Lender that, ex�ept for UC� f�lings disclosed t� Lender and HUD that are to be re�eased in c�nnection with the closing of the L�an �r oth�rwise consented to in writing b�Lender and HUD, no U�� filings hav�b�en made against Borrower, the LJCC C�llateral,the Martgaged Property, or the Project prior to the initial nr initiallfinal endors�ment�f the Note hy HUI3, and Borrower has taken and shall take no action that wou�d gi�e r�se to such LJ�� filings, except far any UC� filings in�onnection w�th the acyu�sition of any P�rsonalty that has been appr��ed in writing by HUI]. Barrower also represents and warrants to Lender that, except in connection with any A�counts Receivable financing as appraved by Lender and HUD or as otherwis� permitted by Lender and HUI�, Borrower has not entered inta, and will r�ot enter inta, n�r has it permitted nar will it permit, �perator or Master Tenant or any management agent, as applicable, � to enter into any agreement with any party ather than Lender in canjunctian with the present Loan transacti�n that allnws for the perfection of a secur�ty interest in any portion of the UCC Colla�eral. Borrower will prompt�y natify Lender af any change in its business or principal Iocation, name, or other organizationa� change that w�u1d require a filing under the U�C to cantinue perfection of Lender's interest, and hereby authorizes Lender to file, and will ass�st Lender in filing, any forms necessary to cantinu�the effectiveness of ex�sting financ�ng staternents or for perfection of Lender's security �nterest. If an Event of Defau�t has occurred and is cantinuing, Lender shall have the remedies of a secured party under the UC�, in addition to all remedies provided by this Security Instrument or ex�sting under applicable �aw. In exercising any remedies, Lender may exercise its remedies against the U�� allateral separately or together, and �n any order, �vithout in any way aff�ct�ng the a�ailabi�ity of Lender's other Pre�ious versions abso�ete Page 13 of 4Q form HUD-94��-�RCF�Rev.�31'!3}