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201606438
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Last modified
7/24/2017 3:45:45 PM
Creation date
9/29/2016 9:53:19 AM
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DEEDS
Inst Number
201606438
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2� 1 ���438 <br /> (h} �perator acknow�edges that t�e financial infarn�ation refer��c�d abov� is <br /> necessary for HUD to r�vi�w fran�time to time, give�the risk inherent in the operat�a�of th� <br /> Healt�care Fac�lity, and g�ven t�ie nec�ssity of th� �perator's financia� a.�� o�erat�ona� stabi�ity <br /> in ard�r to ensure t�mely payment of amounts due under the Loan Docu�ents (whether direct�y <br /> from �perator�v�ere �perat�r is t�i� Borrower, or indirect�y from amfl�.nts due ur�der a�y <br /> BorrowerW�perator Agreement vvher� �pe�ator is not Borrawer}. At HUD's optian, HUI] may <br /> c�ir�ct that any f�nanc�al ar aperat�anal reports re�uired by this Agreement be subm�tted to <br /> Lender andlar anather th�rd party, as directed by Lender or HUD to review such report�s}, in <br /> addition to �r in lieu of submiss�on t� HUD. <br /> 21. UNIF�RM C�MMERCIAL C�DEILIENS. �p�ratar sha�l execute and <br /> deiiver an�perator Security Agreement�Form HUD-92323-�R�F) in ac�o�dance with Pr�gram <br /> �bligations. �perator sha�� �xecute and de�iver such deposit accaunt cantr�l agreements as may <br /> be required by Lender andlor HUD. �perator hereby authorizes each of the Lender and HUD to <br /> f le such U�� financing statements, amendments and c�ntinuat�on stat�ments as e�ther of them <br /> may deem t� b�nece�sary �r appropriate in cannect�on with the security interests grant�d <br /> pursuant to the �perator's Security Agreement. Except as provided in th�s Section 21, without <br /> the priar Written approva� �f Lender and HUD, �perator shall not be permitted to grant any other <br /> liens �n any of the proper�y re�ated ta th� Proj ect. If the Pr�j ect�ncludes g�vernment <br /> receivab�es, �perator shai�b�permxtted to pledg�the Healthcare Faci��ty's accounts receivable <br /> to an accounts receivabl� lender pursuant to AR F�nancing Documents consented ta by Lender <br /> and HUD. In the event that Lender and HUD grant such appraval, ���the halder(s} of such lien <br /> shal� �nter into an�ntercredit�r agreement with Lender andlor HUD in such form and upon such <br /> terms as c�nsented t� by Lender and HUD, including any HUI]-requ�red rider, and �ii} �perat�r <br /> and Borrawer sha�l agree to c�mply with the terms required by Lender and HUD in c�nnection <br /> therev�ith. <br /> 2�. AC��UNTS RECEIVABLE FINANCING. No accounts receivahle or <br /> receipts from the Healthcare Faci�ity may be p�edged w�thout pri�r written approval of Lender <br /> and HUD �f the terms af such f�nancing and the docum�nts evidenc�ng and securing such <br /> financing. In the event that Lender ar�d HUD grant such approval, (�} the hoider�s} of such lien <br /> shall enter into an intercredxtor agreement with Lender andlor HUD in such form and upan such <br /> terms as cansented ta �y Lender and HUI], and (ii} �perator and Borrawer shal� agree t� comply <br /> v�rzth the terms required by Lender and HUD in connection thereWith. Until the Loan is paid in <br /> full, no m�dif�cations, extensions, amendments, ar renewa�s on different terms and conditions, to <br /> a Mat�rial Term, as def�ned below, of the accounts receivable loan or any accaunts rec�ivable <br /> related �oan d�cument sha�l take effect without pri�r written consent of HUD and Lender. Far <br /> purposes h�rein, "Material Term" shall mean any term of an accounts receivable 1�an or xn any <br /> document evidencing or securing such f nancing that: �1� extends the maturity date of the laan; <br /> �2} adds guarantors to the loan; (3} re�eases guarantors fr�m the loan; (4� adds b�rroWers to the <br /> 1�an; �5} adds an interest reserve to the loan; (6} amends the interest rate payabl� on the <br /> outstanding principal balar�ce of the l�an; (7} iricreases or decreases the princ�pal amount af the <br /> Ioan; �S� adds collateral as additional security for the 1oan; andlor�9� amends or expands the <br /> type of obligations secured by the loan. In the event of conflict between this Section 2� and any <br /> Previvus v�rsions obsol�#e Page 14 fa�m HUO-9Z466A-QRCF �Re�. D612�14} <br /> Repla�es HU�-924�8-NHL <br />
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