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201406144
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Last modified
7/20/2017 8:56:44 PM
Creation date
9/26/2014 2:44:50 PM
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DEEDS
Inst Number
201406144
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. ��14��144 <br /> �3} the L�nder and HUD zecei�e a written application of Master Tenant andlor <br /> �perator, as appiicable, for each such release �each, a"Release Appl�cation"}; <br /> and <br /> �4� the following conditions are satisfed: <br /> �A} the Lease�o�erage Ratia with respect ta the healthcare facilities that will <br /> remain subj ect to the Master Lease after such Master L�ase Re�ease i s at least 1.45 ta <br /> I.�� as of th�date the Lender recei�es a Release Application, subject t�HUD's right t� <br /> reduce th�required Lease �o�erage Ratio; <br /> �B} in canneGtion with subsections(i} and �ii} above, the purchaser or assignee <br /> af the interests af the Landlord ar�perator in the Project obta.ins pre�ious participatiar� <br /> clearance and campletes the dncuments reQuired by Program �bligations; and <br /> (�} in connection w�th subsections (i}and �ii} above, HUD reasonably � <br /> appro�es the purchaser�r assignee of the interests of the �perator in the Project as a <br /> qual ified operator of the Hea�th�are Faci 1 ity in acCordanc� vvith Program �b�igations, <br /> �ncluding without limitation HUD's normal and customary criteria appiied in e�a�uating <br /> the experience, reputati�n, �1t1�at1�I7 a�1C� G1a1�115�IlSt�I"�, It75Ura�71�1ty, ar�d financia� <br /> strength�f a proposed ❑perator�f the Healthcare Facility. <br /> 6. Lender's Right ta Cure. <br /> a Master Tenant and�p�rator hereby each agrees that it wi11 not e�ercise any right <br /> � � . . . . . <br /> ranted to them under the Mast�r Lease and Sublease, respecti�ely, or whlch it might oth�rwlse <br /> � ; <br /> ha�e under appiicable law, to term�nate the Master Lease an account of a default of Borrower, or <br /> to terminate the Subl�as� as a result of a default af Mast�r Tenar�t, or the occurrence of any other <br /> e�ent,withaut first gi�ing ta Lender pri�r written n�tice of its intent to terminate, which notice <br /> shall include a statement of the default or e�ent on whi�h such ir�tent to termtnate is based. <br /> Ther�aft�r, Master Tenant shal l not take any acti�n ta term inate the Master Lease, and <br /> � erator shall not take any acti�n to terminate the Sublease, if Lender�i}within thirty�3�} days <br /> P <br /> aft�r such n�t�ce, sha11 cure such default�r e�ent if the sam�e can�e cured by the payment or <br /> ex enditure of money, or(ii} shall diligently take aeti�n to abtain poss�ssion of the Project <br /> P <br /> includin �ssession by r�ceiver� and t� cure such default ar e�ent in the case of a default or <br /> � gp <br /> event which cannot be cured unless and until Lender has obtained possession, but ir� no e��nt to <br /> exceed one hundred eighty�18�}days after such written not�ce to L�nd�r by Master Tenar�t or <br /> �perator�f its intention to terminate. <br /> Notwithstandin an �ther r�vision of this Agreement, in�no event shall Master Tenant <br /> � y p <br /> de�lare a default of the Master Lease against Borrower if Master Tenant is af�liated with <br /> Borrower,nor shall �perator declare a default of the Sublease against Master Tenant if�perator <br /> is affiliated with Master Tenant, unless either is requested to do s�by HUI]. <br /> b F�r the u ases of facilitating Lender's rights hereunder, Lender shall ha�e, and <br /> � � I� rP <br /> fnr such u ases is hereby granted by Borrower, Master Tenant and�perator,the ri�ht t�enter <br /> p �'P , <br /> upnn the Project ther�on for th� purpose of affect�ng any such cure. <br /> ' s�ersians obsolete Page G of 9 form HkJa-9�333-�RCF tRev.D31'13} <br /> Previou <br />
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