201406134 - Laserfiche WebLink

Browse

��14��134 15. DI�'�'RIBiJ�'I[�NS. (a� Borrower may make�d take DYstributions of Mortgaged Property,to the extent and as permitt�d by the law vf the applicab�e j urisdictivn,pursuant to�he restricti�ns l�elaw, including with�ut�im�tation the rec�nciliati�n r�quirements set forth in�ection 1��d�; provided how�ver that,excep�ars r�ay be appr�ved by HUD or permitted under Program ��igations� ar as othe�-�vise prov�ded in this Agreement,I]istri�utions of Mo�gaged Property are prohibit�d for Non-Prof t Lorro�wer�. (b} D�stributions sha11 n�t be made: �i) from bt�rrawed funds�un�ess the Barrow�r is �perator and such. D�stribution is�ermitted under the�per�tor's Regulatary Agreem�nt a.�d Program�b�igati�ns)�r prior to the c�mpletion�f � the construction or rehabilitati�n af the Praj ect; �ii� after Ht..JD has��ven writt�n notice t� Borrower af a vialation or default ur�der th.�s Agreement and.lor after Lender has g�ven wriiten n�tice ta Borrower of a viol�tion or defau�t under any of the Laan Documents, and until the terms of su�h notices of via��ation or defaul�have been satisfied to th�satisfaction�f HUD ancllor �ender, as applica�le; �iii} when Borrawer ar the Praject is under a forb�arance agreement; (i�} If: (A�necessary service�for the operatzon of the Healthcare Facility are not being pro�ided on a regular basis, which�ailure Borr�wer knows or shou�d have kn�wn ab�ut in th�exercise of due care� �B} written notiGes�f necessary physical repairs or deficienczes involving exi�ent or significant heaXth or safety risks ta residents in c�nne�tion with the Proj ect�including but not limited to build�r�g code vi��ati�ns�by other�o�ernmental Auth�r�ties andlar by HUD ha�e been issued and remain unresol�ed ta th� satisfac�ian af the issuing�overnmental Authari�ys (�} Borrower has been notified ir�writ�ng by HUI], Lender�r�ther Gavernmentai Autharity that n�cessary physica� repairs ar�d.l�r deficiencies e�ist in connectian with the Proje�t and �orraw�r ha.�not corre�t�d�r cured, �r caused to b�corrected or cured,the ide�.tified items to HUD's satisfact��n, �D�th�re remain any outstandin��oans fr�m th�Res�r�e for Replacement�r Residua�Re�eipts account, ar any required depo�its to su�h a�c�unts ha��nat been made w�en due, c�r�E�th�Reser��far Replacement acc�unt or any other required reserve does no�have the minimum balance required by HLJD; a.ndl�r ��} �f the Borrower is also �perator, at any time that�peratar is prahib�ted from distribut�ng,ad�ancing ar oth�rw�ise usin�funds Previous versians❑bs�lete Page 1� af 28 �orm HUD-92�S�-�R�F�R�v.D31�3}