201406134 - Laserfiche WebLink

Browse

��14��134 �i� If the Healthcare F�cility is an Assisted Living Facilit�, Barrower shall requir��hat no m�re than one person shall occupy any residentiai unit of the Hea�th�ar�Faci��ty un�ess��rator re�eives pri�r wr�tten c�nsent from a11 residents of sueh unit. 1�. FINAN�IAL A�C�UNTIN�. Borrower shall keep the ba�ks and accour�t�of the aperation of the Mort�aged Property in acc�rdance wi�h Pr�gram�bli�ations. Financia� records of Barrower and the Project shal� be complete,accurate and current at ail tirries. Posting must be made at least m�nthl��o the ledger a�counts,and year-end adj usting entries must be post�d prnmptly in accardan��with sou.nd accountin�principles. All expenditures in c�r�.n.ection with the Proj e�t rnust be fully do�umented so as to pr��de reasvna.ble assurance t� ai�p�rsons or entitxes tha�review such expenditures that such expend�tures are p�rmitted und�r Progra.m �b�iga��ans. Und�cumented expenses sha11 not be considered Reasonable qperat�ng Exp�nses. l�. RESERVE F�R R�PLA�EMENT. �a) Bo�rrower�hal� estahlish and maintain a Reserve for Rep�aceme�.t account for defrayirig certain costs for r�p�acir�g maj or structural eiements and meehanica� equipment of the Projec�or for any ath�r purpose. The Reserve for Replacement sha11 be deposited with Lend�r or in a safe ar�d responsib�e deposit�ry des�gnat�d by Lender in acGardance with Pro�ram �bligations. Such funds shall at all times remain under the c�n�rol�f Lender or Lender's des��ne�,whether in the form of a cash deposit or inv�sted in obligations of, ar fully�uara.nte�d as to prir�cipal by,the Ur�ited States of America or in such�ther inve�tments as�may b�all�wed by HUD and shall be held in a�counts insur�d or gua.ranteed l�y a federal agency and in accordar�ce wi�h Pragrarr� �b�igations. �b) �orrower shal�d�posit at endors�ment of the N�te an initial amou.r�t of �55,5U�.�U, if�pp��ab1e, and Borrower shall deposit a m��thl}�amount of�1,573.0�, concurren�ly with the beginning of payrnents to�vaxds amorti�ation af the Note unl�ss a diff�rent date or amount is�stablished by HUD. At�east every ten years, star�in�S ptember 9x�D,�3,an�i more frequent�y at HUI]'s dis�ret�on,Borravver sha11 subm�t ta HLJD a written analysis��its use vf th�Reserve for Replacezx�ent during th�prior ten yeaxs and the proj ected us�af the Reser�e for Rep�ac�m�nt funds during the com�ng ten years in acGordance w�th Pra�grarn�b�igations. The amQunt af th�monthly depo�it may be increased ar de�reased from time t�time at th� written directian of HLJD w�thout a record�d amendment to this Agreement. In coruZection ther�wYth, ever�ten years starting Septe,m�er 9,�4�3,�he Lender shal�obtain a phys�cal a.nd capi�a�needs assessment report far HUL]t�evaluate. The Gost af such r�p�r�may b�paid from the�eser�e for Replac�ments. HUI]may, in its sole di�cretion,require Borrower ta main�a.in a min�mum ba�an�e in the a�c�unt, in ax�arnou.r�t to be set by HUI]. The arnount of such required min�rnum balar��e is: �NIA. � �c� Borrower shal� carry the balanc�in th�s ac�ount on the financia�rec�rds as a restr�cted a�set. The Reser�e for Replacement shall be ir��est�d in accardance with Program �bligations, and any interest earned on the�n�estment shall�e dep�sited in the Reserve for Replacement for use by the Proj ect in a�cardar�ce�vith this Secti�n 13. �d} Disbursements from such�c�ount shall on�y b��nade after consent, in writi��, of HUD,wh�ch may be giveri ar withheld in HUI�'s sole discretian. In the ev�nt af a Previous versions absolete Pa�e 9 of 28 form HUD�-9��Gfi-�R�F�Rev.03113}