Laserfiche WebLink
��14��141 <br /> �d} �peratar shall permit HUD andl�r Lender, or the de�ignee �f either, to <br /> conduct a physical inspectivn of the Health�are Faci�ity at any reasonable time upon r�asonable <br /> notice. <br /> �e} If the Healthcare Facility is an Assisted Living Faci�ity, no mor� tha.n �ne <br /> person shai� occupy any residential un�t of the Hea�thcare Facility unle�s �perator receives priar <br /> written��nsent fram all residents �f such unit. <br /> 6. ��NSULTANTS. <br /> �a} If, based on re�iew of financiai information, state regulatary <br /> �ommunicat�ons andlar other data, HUI] determines that a Proj e�t �perat�ng I]efic�ency exists, <br /> HUI� may pra�ide �perator with written notic� that the �perator must sele�t and engage �at the <br /> �perator's e�pense and subordinate to a�l Reasonable �perating Exper�ses of the Healthcare <br /> Facil�ty�, with�n ten �1�� Business I]ays of such not�ce, the services of a management consultant <br /> �the "Consultant") who �s not an Affiliate with either Borrower or �perator. The Consultant <br /> must be approved in writing by HUD �upon selection of the C�nsu�tant, �perator Wi�� give notice <br /> to HUD, who wi�l accept ar reject the ��nsu�tant w�thin three (3� Business Days), based upon <br /> the review of the �onsultant's directly relevant Wark exper�ence, capacity, costs, a.nd ather <br /> relevant fact�rs. For purposes her�in, any of the follow�ng circumstances c�nstitute a Proj ect <br /> �perating DefiGiency: <br /> �i} �perator fails to make any payments pursuant to any Borrower- <br /> �peratar Agreem�nt, if such payments are intended to be used by <br /> Borrower t� make the required debt service payments pursuar�t t� <br /> the Loan Documents and if such failure, in HUD's sole <br /> determinatian, has a materially adverse effe�t on the Proj e�t; <br /> �11� Ari�Ul"le Qr ril�re pf t�le fQ��QWlrig f1ria.11�la.I lI1C�1Ca.t�rS eXlSt: <br /> �. negative warking�apital is shown in finaneial statements of <br /> Uperatar for three �3} or mnre consecut�ve quarters; <br /> 2. debt service coverage, as �alculat�� in accnrdance with <br /> HUI] undervvriting proc�dures, is be�ovv 1.1 for two ��� <br /> . <br /> c�nsecutive quart�rs or 1.� for one quarter; <br /> 3. with respect to accounts payable, average days payable, <br /> pursuant to Program �bligations, remain at ninety �9D� <br /> days due or greater for two (Z} c�nsecutive fisca� quarters; <br /> or <br /> 4, with resp��t to accvunts receivable, average days <br /> receivable, pursuant to Program C�b��gations, remain greater <br /> than one hundred eighty �l$�} days for two �2} conse�utive <br /> � fis�al quarters. <br /> Pre�ious�ersions obsol�te Page'�of 1S form HUD-9�4S�A-�RCF�Rev.�8113} <br /> Repiaces H lJ D-924�6-N H L <br />