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2� 1 ���43�
<br /> 34. Bo�-rower sha11 not w�th�ut t�ie prio�written a�praval o�H�D, in��uding wit�aut
<br /> �imitatio��n accordance with Pr�gram �bligations:
<br /> (a� �onvey, assig�, transfer, p�edge, hypothecate, encumber, or otherwis� dispose of
<br /> the Mortgagec�Property or any interest therein, or permit the c�nveyance, assignment, �r transfer
<br /> of any �nterest�r contra� zn Barrower�if the effect of such cnnveyance, ass�gnment ar transfer is
<br /> the creation or eliminatian�f a Principal} ur��ess�erm�tted by Program �bligations. Borrower
<br /> need nat�b�tain the prior written approva� of HUI� for: (�} c�nveyance of the M�rtgaged
<br /> Property at a juc�iciai or non judicial foreclosure saie under the Borr�wer's S�curity Instrument;
<br /> �i�} �nclusian of the Mortgaged Property in a bankruptcy estate hy operation af law under the
<br /> United States Barikruptcy C�de; (iii� acquisition of an interest by�nheritan�e ar by court decree;
<br /> or (iv� as oth�rw�s� al�awed�y Program �bligati�ns.
<br /> �b} Enter into any contract, agreem�nt or arrangement to borrow funds �r finance any
<br /> purchase or incur any �iabi�ity, direct or contingent, oth�r than in a�cordance with the Laan
<br /> Do�uments and Pragram �bligatians.
<br /> (c} Pay aut any funds in vi�lation�f this Agre�ment, the Loan I]ocuments, �r
<br /> Program �b�igations.
<br /> (d} In accordance w�th 24 �.F.R. 232.1��7 ar any succ�ss�r regu�ation, ex�ept f�r
<br /> Distr�butions a�lowed pursuant to this Agreement, pay an�compensati�n, including wages or
<br /> salar�es, in exc�ss of fair and reasonable compensation or incur any obligation to do so, to any
<br /> afficer, director, stockho�der, trustee, beneficiary, partner, member, �r Princ�pal of Borrawer, or
<br /> to any n�minee thereaf, ex�ept that, at any time at which Borrow�r is th� aperat�r of the
<br /> Healthcare Facilit�, Borrow�r may pay fair and reasonabie compensat�on t� employees wh� are
<br /> officers, directors, stockholders, trustees, beneficiaries,partners, m�mbers or Principals of
<br /> B�rr�wer.
<br /> (e� Enter into ar�hange any contract, agreement or arrangement for su�ervisory or
<br /> manager�a� services or leases for the operation of the Healthcare Facility or any port�on of the
<br /> Proj ect, except as permitted under Program �b�igations.
<br /> �� �onvey, assign or transf�r any right ta receive Rents of the Mortgaged Property.
<br /> �g� R.emodel, add tn, subtract fr�m, construet, reconstruct or demaiish any part of the
<br /> Praj ect, except as required by HUI]under S�ction 21(c} and except that Barrower may, vv�th�ut
<br /> approval of HUD, (i� dispose of or cause to be disposed of obsolete or deteriorated Fixtures or
<br /> Personalty if the same are repiaced w�th I�ke items of the same or greater quality or vaiue
<br /> �provided, that Borrower shal�have no obiigation to replace any such Fixtures or Persona�ty that
<br /> are not needed for op�ration of the Praj e�t} and ��i} make minor a�t�rat�ons that do not adverse�y
<br /> affect the Mflrtgaged Property.
<br /> �h} P�rmit the use of the Proj ect, �nc�uding any p�rt�on�f the Healthcare Facil�t�, for
<br /> any other purp�se except the Approved Use, or permit commercial use greater than that
<br /> Pre�ious versions obsolete Page Z2 of 3S form HUD-5246fi-�RCF ��C1���4}
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