201606436 - Laserfiche WebLink

Browse

2� 1 ��43� "operating lease"pursuant to �eneral�y Accepted Accounting Princip��s and FASB Standard �3 (ar�ts succ�ssor}, incl�xdir�g with�ut limitation provisi�ns t�at convey an ownership �nterest in the Pro�ect to �peratQ�or grant ��erator a�arga�n�urchase aption dur�ng or a�ter t�e lease t�rm. Nothing herein shall be cnnst�ued as prohibiting Borr�wer from grant�ng an �perat�r�r Master �'enant, as app�icab�e, an option to pur�hase the Project�n arms-Iength negotiated terms, provided that such terms d� not cause the ��erat�r Lease to�e �haxact�rized as someth�ng ather than an"operating lease" for accounting purposes and pr�vided such�ption provid�s that th� exercisrng of same is subj ect to the pr�ar satisfa�tian af appiicable Progra.r� �bligations, i�clud�ng those reiating to the transfer af physical assets. 27. PERSUNAL PR�PERTY; SECURITY INTERESTS. Borrower sha�l suitab�y equip, or cause to be equipped,the Proj ect for the Approv�d Use. Except as otherwise approved in writing by HUD, BarraWer shal� grant t� Lender and HUD a first lien security interest in a�� pers�nal pr�perty of Borrower related to the Proj ect as add�ti�nal security for the obligations �f Barrower under the N�te,th�Barrower's Security Instrument and this Agreement. Such security interest sha11 be evidenced by such security agreements as Lender andlor HUI] may require and, in c�nnection therewith, Borr�Wer shall �xecute or cause to be executed and delivered such d�posit account�ontr�� agreem�nts as may he r�quired by Lender andlar HUD. Borrower hereby authorizes each of Lender and HUD to �le such LT�� financing statem�nts, amendments, and c�ntinuation statements as either af them may d�em to be necessary or appropriate in connecti�n vvith th� f�regaing secur�ty interests. Borrower sha�I not be permitted to grant any other�iens on any of the Mortgaged Property without the priar writt�n approva� of Lender and HUD. �8. PR�FESSI�NAL LIABILITY INSURANCE. Borrovver sha��maintain, or cause �perator or any less�e �r management agent t� ma�ntain, professional liabil�ty insurance that compli�s with the app�icable requir�ments of HUD. Annually, Borrower shall provide, or cause �perator or any lessee or management agent to provide, to HLJI] and Lender, a cert�fication of compl�ance with such professional ��ability insurance requirements as evidenced by an Acord or cert�fied copy of the insuranc�p�l�cy. �9. PR�PERTY MANAGEMENT A�REEMENT�. If, in addition to or in l�eu af any Borrower-�p�rator Agreement, Barrower enters inta a prop�rty management agreement or ather docum�nt�ut�ining pr�cedures for managing the H�althcare Faci��ty �"Management Agreem�nt"}, such agreement or document must be approved by HUD and consistent With Prngram �bligations. Any management agent must be approved by HLTI] and rnust execute and deliver a Management Agent �ertification—R�sidential �are Facil�ties (forrn HUI]-9839-�R�F, or successor form} in such form as appr�ved by HUD. Any Management Agreement shall contain the f�llowing pr�vis�ons: (1} the Management Agreement sha11 terminat� w�thout penalty up�n fa�lur�to com��y with the provisions af Manag�ment Cert�fiGation t� HUI], or f�r other good cause, includ�ng W�thout limitation f�r vio�ations of the Borrawer's Regulatary Agreement, �perat�r's Regu�atory Agr�ement, andlor Master T�nant's Regulat�ry Agreement, �f an , th�rt da s after HUD has mailed t� Borrower, �r�p�rator, as appi�cable, a wr�tten notice of � y y its desire t� terminate the Management Agreement; �Z} in the event that HUI] determines that any of the Permits and Approvals reasonably necessary to aperate the Hea�thcare Fac��ity is at Pre�ious�ersians obsolete Page 24 of 3S form HUD-924G�-DRCF ��C1�0'14}