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��14��134 Property priar to HUD endarsernent of the Note except as�ermitted by Pragram�bl�gations ar as o�herwise perrr�itted l�y HUD,and pr�►vid�d that this Section 5 is not applicable �f�UD has given prior written appro�al to�a�early�omm�n�em�nt�r earl}�staTt�f construction, or if this Project is an Insurance�C.l�ox��ompletion Ioan or involv�s a loan ref nancing. G. DRAWINGS AND SP��IFI�ATI�]NS. The Proje�t shall be construct�d in ac�vrdanc�w�th the t�rms�f�he C�nstruct�on Contra�t as appro�ed by H[J�, if any, a,nd with fihe"Drawings and Specif catians,"a� such term is referr�d to in such�onstruction��ntract. 7. REQUIR�D ��NSTT�LJCTI�N P�RNIITS. Uriless othervvi�e required in the �onstru�tion�a�ntract ar�.d Building Loan Agreement, B�rrower has obtained all necessary certif cates,permits, licenses, qualif cations� authorizations, �onsents and approvals from a�1 neGessary��vernmental Auth�rit�es to�wn, construct or substantially rehabilitate,t❑carry�ut a11 af the transactions required by the Loan Documents and to com�ly wxth a11 applicabl�federal statute�and r�gulations of HUD in effect�n th� date of the Firm Gommitm�nt, e�c�pt for thase, if any, which�ustomari.ly would b�obtained at a later date, at an appropriate stage�f constructian or c�mplet�on there�f, and which the BQrrovver sha11 obtain in the future. The �i�enses and permits that are in effect as of the date here�f are suffici�nt to a11ov�a.ny constructi�n�or substa.z��ia1 rehabilitat�on,as appl�cable}of the Imp�rovement�to pr�ceed to comp�etion in th�ard�nary caurse. As the construction(or subst�ntial r�habilitation, as appZicabl�}of the�roject pr�gresses,unless�therwise required by th��anstruction�ontra�t, Ba�rrower�hal�procure ar�d submit all neces�asy building and�ther permxts�required by Governrrien�l Authorities. The Project sha11 not be avail��le f�r re�id�n�y by ar�y resident,nor shall the Healthcare Facility commence�p�rations, e�cept�o the exte�t appro�ed by prior � written consent of HUD ar��of a11�ther le�al authorit�es ha�ing jurisdiction�f the Project. �. FRE-C�MPLETI�N A��[]UNTIN�REQUIREM�NTS. B�rrower shall subm�t an accvunting t�HUI�, as requir�d by Frogra�n C]blx�atians, for all rec�ipts and disbursements during the period startin�with the dat�of first�ccupan�y�f the Martga�ed Property after endorsement of th�Note a.nd�nding, at the�ption of Barrower, any date after completion of the Proj ect, as determined in accordar�ce wi�h Program�bligations. Ariy income of the Pro�ect in e�cess of disbur�ements for HUD--appr��d construction and de�elo�m�nt c�sts and Reasanabl��p�ratin�Expenses, as such ex�ess is det�rmined by HUD, shall be tr�ated as a recovery af canstructian cast, exeept as otherwise al�owed in Program�b��gations. III. FINANCIAL MANAGEMENT 9. DUTSTANDYNG �BLIGATI�NS. B�rrower shall ha��no obli�ations as of th�date af this Agreement except those appr�ved by HUL7 �n vvriting and, except far those approved obl�gati�n�,th� Land has been paid f�r in fu11�or if the Land is subject to a�easehold in�erest, it mu�t b�e subj ect�o a HUI]-ap�roved Iease}, arad is free fr�m any liens or purchase m�ney ob�i�ations, exc��t as appraved�ay HUD. As of th�date hereof, a�l �ontractua� abligati�ns r��ating to the Proj ect hav��een fully disclosed to HUD. 1 U. PAYMENTS. Borrower shal�ma1{e prorr��tly a11 payments,including any d�pnsits��required reserves, due under the Loar�Documents, inc�udin�withaut�imitation the Note and the Borrower's Security Instrurn�nt. Previous versians obsolete Page 7 af�8 f�rm HLJD-9246�-�RCF�Rev.D311�}