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200008622
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Last modified
10/13/2011 8:41:30 PM
Creation date
10/20/2005 9:52:22 PM
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DEEDS
Inst Number
200008622
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200008622 <br />EXHIBIT "B" <br />6. Section 1(x) of the Instrument is hereby amended to add the following <br />sentence at the end thereof: <br />"together with and including all proceeds from any private insurance for <br />tenants to cover rental charges and charges for services at or in connection <br />with the Mortgaged Property, and the right to payments from Medicare or <br />Medicaid programs, or similar federal, state or local programs, boards, <br />bureaus or agencies and rights to payment from tenants, private insurers or <br />others ( "third party payments "), due for the rents of tenants or for services <br />at the Mortgaged Property." Each of the foregoing shall be considered <br />"Rents" for the purposes of the actions and rights set forth in Section 3 of the <br />Instrument." <br />7. Section 3(b) of the Instrument is hereby amended to add the following <br />sentence at the end thereof: <br />"After an Event of Default, Lender is further authorized to give notice to all <br />third party providers, including insurers, any governmental provider, or <br />Medicare or Medicaid or any similar program or provider, at Lender's <br />option, instructing them to pay all Rents which would be otherwise paid to <br />Borrower to Lender, to the extent permitted by law." <br />8. Section 3(c) of the Instrument is hereby amended to add the following <br />sentence at the end thereof: <br />"Because of the special regulatory requirements applicable to the Mortgaged <br />Property as a Seniors Housing Facility, including the requirement that <br />operators be approved and licensed, Borrower (and any licensed operator <br />or manager of the Mortgaged Property), in order to induce Lender to lend <br />funds hereunder, hereby agrees, upon the occurrence of an Event of Default <br />and at the option of Lender, that it shall continue to provide all necessary <br />services required under any operating agreement or applicable licensing or <br />regulatory requirements and shall fully cooperate with Lender and any <br />receiver as may be appointed by a court, in performing these services and <br />agree to arrange for an orderly transition to a replacement licensed operator, <br />manager or provider of the necessary services." <br />9. Section 4(e) of the Instrument is hereby amended to provide that acceptable <br />Leases may have a month -to -month term. <br />Modifications to Instrument (Seniors Housing) Form 4075 3/99 Page 3 <br />
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