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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 />exceeds ten percent (10 %) of the net rental area; or, (f) the Mortgaged <br />Property is no longer classified as housing for older persons pursuant to the <br />Fair Housing Amendments Act of 1988, as it may be amended from time to <br />time hereafter." <br />19. The former Sections 22 (g), (h), and (i) are hereby changed to be Sections 22 <br />0), (k), and (1), respectively. <br />20. Section 43 of the Instrument is hereby amended to add the following <br />sentence at the end thereof: <br />"In addition to the remedies set forth herein and elsewhere in this <br />Instrument, Lender upon an Event of Default shall be entitled to mandate <br />the use of a lockbox bank account, to be maintained under the control and <br />supervision of Lender, for all income of the Mortgaged Property, including, <br />but not limited to, Rents, service charges, insurance payments, third party <br />provider payments including Medicare and Medicaid and any other <br />governmental or private program by which the rents or occupancy charges <br />are being paid. Lender may, upon an Event of Default, cause the removal <br />of Borrower from any Mortgaged Property operations. Until such time as <br />Lender has located a replacement licensed operator, Borrower or its related <br />or affiliated entity acting as the licensed operator, shall continue to provide <br />all required services to maintain the Mortgaged Property in full compliance <br />with all licensing and regulatory requirements as a Seniors Housing Facility. <br />Borrower acknowledges that its failure to perform this service shall <br />constitute a form of waste of the Mortgaged Property, causing irreparable <br />harm to Lender and the Mortgaged Property, and shall constitute sufficient <br />cause for the appointment of a receiver." <br />21. The following new Section is added to the Instrument after the last <br />numbered Section: <br />50. BORROWER'S REPRESENTATIONS AND WARRANTIES. In <br />addition to any other representations and warranties contained in this Instrument, <br />Borrower hereby represents and warrants to Lender as follows: <br />(a) The Mortgaged Property is duly licensed as an Assisted Living Program and <br />is in all respects otherwise legally authorized to operate the Mortgaged Property as <br />Seniors Housing Facility, under the applicable laws of the Mortgaged Property <br />Modifications to Instrument (Seniors Housing) Form 4075 3/99 Page 7 <br />
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