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201606436
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Last modified
7/24/2017 3:45:33 PM
Creation date
9/29/2016 9:21:55 AM
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DEEDS
Inst Number
201606436
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2� 1 ���43� <br /> corrected ar�ured, or�aused to he corrected�r cured, t�e iden��fied �tems <br /> to H�JD's satisfaction, �D� there remain a�y outstanding l�ans fram the <br /> Reserv� for Replacement or Resi-dual R�ceipts acco�.nt, nr any required <br /> c�e�osits ta such accounts have not�een made when ciue, ar�E� the <br /> Reserve f�r Replacemer�t accaunt or ar�y other required reser�� daes n�t <br /> have the minimum ba�an�e required by HUI]; andlor <br /> (v� �f the B�rr�we�is als� �perat�r, at any time that�perator is prohibited <br /> fram distributing, advancing ar otherwise using funds attributable to the <br /> Healthcar� Facility (e.g., failure to timely file financia�reports �r when <br /> Healthcare Facil�ty Work�ng �apita� is negative}. <br /> �c} Any Distribution of any funds, which the party rec�iving such funds is not entitled <br /> ta retain hereund�r, shall be returned to Borrow�r's Proje�t-related accounts immed�ately. <br /> �d} Up�n each required calculation of Surplus Cash, Barrower must dem�nstrate <br /> positive Surplus �ash, or t� the extent Surplus �ash is negative, repay t� Proj ect-related accounts <br /> any Distr�buti�ns taken during such caicu�ati�n period. Such repayment must be made within <br /> th�rty �3�} days of the canclusion of the reporting periad, or such�onger�eriod approved by <br /> HLTD. <br /> �e} If a Non-Pr�fit Borrower has been perrnitted ta take Distribut�ons, as ind�cated on <br /> the first page af this Agreement, and to the extent the annua� audited financia� stat�rnent of such <br /> N�n-Profit Borrower dem�nstrates Surp�us Cash, such N�n�Prof�t Borrower may make <br /> D�stribut�ons of such Surplus �ash, upan the foilowing conditions: <br /> (i� Distributi�ns may only be made after the end of any annual �r semi-arinua� <br /> fiscal period, and when the Borravver�an demonstrate p�sit�ve Surplus <br /> Cash pursuant to Sect�on 15, at the end of the irnmed�ately prior annual or <br /> semi-annual fiscal period; <br /> �11� �perator is in g�od standing with the applicab�e �ic�nsing agency and has <br /> no a�en state compliance issues or spec�al focus facility designat�an; <br /> (iii� ' N� unresolved audit find�ngs in the annua� audited f�nancial statements <br /> exist relating to the Proj ect; <br /> ��v} BorroWer and �perator are in compliance with the terms �f this <br /> Agreement and the �perat�r's Regulatory Agre�ment, respective�y, w�th <br /> no natice of n�ncompliance ar v���ati�n from HUD; <br /> �v� No d�faults exist under any of the Loan Documents and all payments <br /> reyuired by any of th� Loan D�cuments are current, with n� n�tice of <br /> n�ncompliance ar�iolation from HUD; and <br /> Previous vers�ons ohsolete Pag�'1�of 3fi form HUa-924GS-�RCF ���12�14} <br />
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