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200304289
<br />(d) The hooks and accounts of the operations of the mortgaged
<br />100, 107 and 110, and Subparts I and M pf Part 200).
<br />property and ofthe project shall be kept in accordance with the 11
<br />Upon a violation ofany ofthc above provisions ofthis Agreement by
<br />requirements of the Secretary.
<br />Owners, the Secretary may give written notice thereof, to Owners, by
<br />(c) Within sixty (60) days following the end of each fiscal year the
<br />registered in certified mail, addressed to the addresses stated in this
<br />Secretary shall be famished with a complete annual financial
<br />Agreement, or such other addresses as may subsequently, upon appre-
<br />report based upon an examination of the books and records of
<br />priatc written notice thereof to the Secretary, be designated by the
<br />mortgagor prepared in accordance with the requirements ofthe
<br />Owners as their legal business address. If such violation is not
<br />Secretary, prepared and certified to by an officer or responsible
<br />corrected to the satisfaction of the Secretary within thirty (30) days
<br />Owner and, when required by the Secretary, prepared and certi-
<br />after the date such notice is mailed m within such further time as the
<br />tied by a Certified Public Accountant, or other person acceptable
<br />Secretary determines is necessary to correct the violation, without
<br />to the Secretary.
<br />farthernotiecthe Sceretarymaydeelare adefault under this Agreement
<br />At request ofthe Secre
<br />(Q q tary, his agents, employees, or anomeysI
<br />effective on the date of such declamfion of default and upon such
<br />the Owners shall famish manthly occupancy reports and shall
<br />default the Secretary may:
<br />give specific answers to questions upon which information is
<br />(a) (i) If the Secretary holds the note - declare the whole of said
<br />desired from time to time relative to income, assets, liabilities,
<br />indebtedness immediately due and payable and then proceed
<br />contracts, operation, and condition ofthe property ad the scams of
<br />with the foreclosure of the mortgage;
<br />the insured mortgage.
<br />(ii) If said time is not held by the Secretary -notify the holder of
<br />(g) All rents and other receipts ofthe project shall M deposited in the
<br />the note of such default and request holder to declare a
<br />name of the project in a financial institution, whose deposits are
<br />default under the not and mortgage, and holder after recede-
<br />insured byan agency ofthe Federal Government. Such funds shall
<br />ing such notice and request, but not otherwise, at its option,
<br />be withdrawn only in accordance with the provisions of this
<br />may declare the whole indebtedness due, and thereupon
<br />Agreement for expenses of the Project or for distributions of
<br />proceed with foreclosure ofthe mortgage, or assign the note
<br />surplus cash as permitted by paragraph 6(c) above. Any Owner
<br />and mortgage to the Secretary as provided in the Regula.
<br />receiving funds ofthe project other than by such distribution of
<br />tions;
<br />surplus cash shall immediately deposit such funds in the project
<br />hank account and failing so w do in violation ofthis Agreement
<br />(b) Collect all rents and charges in connection with the operation of
<br />shall hold such funds m =at Any Owner receiving property of
<br />r pay
<br />the project in violation ofthis Agreement shall hold such fundsm
<br />this Agreement end under the note end mortgage and the
<br />under this Agree ent and t e note a d mortgage and the
<br />tract. At such time as the Owners shall have last control and/or
<br />necessary expenses ofpreacmng the property and operating the
<br />possession ofthe project, all funds held in trust shall be delivered
<br />project.
<br />to the mortgagee to the extent that the mortgage indebtedness has
<br />(c) Take possession of die project, bring any action necessary m
<br />not been satisfied.
<br />enforce any rights of the Owners growing out of the project
<br />(h) Ifthe mortgage is insured ander Section 232:
<br />operation, and operate theproject in accordance with the termsof
<br />this Agreement until such time as the Secretary in his discretion
<br />(1) The Ovicraorlessecs shallot ulltimes maintain in fill tons
<br />detemdnes that the Owners are again in a position to operate the
<br />and effect from the state or other licensing authority such
<br />project in accordance with the terms of this Agreement and in
<br />license as may be required m operate the project as naming
<br />compliance with the requirements of the note and mortgage.
<br />home and shall not lease all or part ofthe project except on
<br />(d) Apply to any court, State or for specific of
<br />terms approved by the Secretary.
<br />Fedor violation of he
<br />this Agreement, for an injunction against any violation of the
<br />(2) The Owners shall suitably equip the project for nursing
<br />Agreement, for the appointment of a receivar to take over and
<br />home operations.
<br />operate the project in accordance with the hours ofthe Agreement,
<br />(3) The Owners shall execute a Security Agreement and Financ-
<br />or for such other relief as may be appropriate, since the injury to
<br />in Statement (or other form of chattel lien)upon ell itemsof
<br />the Sccrct ary an sing from a de fault under any of the terms ofthis
<br />are
<br />equipment, except as me Secretary may exempt, which a
<br />Agreement would be irrepanbleand the amoantofdamage would
<br />not incorporated M security for the insured mortgage. The
<br />be difficult m ascerta in.
<br />Security Agreement and Financing Statement shall coned- 12.
<br />As security for the payment due under this Agreement to the reserve
<br />rate a first lien upon such equipment and shall tan in favor
<br />fund for replacements, and in secure the Secretary because of his
<br />of the mortgagee as additional security for the insured
<br />liability under the endorsement of the note for insurance, and as
<br />mortgage.
<br />security for the other obligations under this Agreement, the Owners
<br />(i) Ifthemortgage isinceredunder Section231, Ownersor
<br />respectively assign, pledge and mortgage to the Secretary their rights
<br />lessees shall at all times maintain in full force and effect
<br />mthe rents, profits, income and charges ofeahaterever amt which they
<br />from the state or other licensing authority such license
<br />may receive or be entitled to receive from the operation of the
<br />as maybe requiredto operate the project as housing for
<br />mortgaged property, mbjech however, to any assignment ofrents in
<br />the eldttly.
<br />the insured mortgage referred to herein. Until a default is declared
<br />under this Agreement, however, permission is granted m Owners m
<br />10. Owners will comply with the provisions ofany Federal, State, orlocal
<br />collect and retain under the previsions of this Agreement such rents,
<br />law prohibiting discrimination in housing on the grounds of race,
<br />profits, income, and charges, but upon default this permission, is
<br />color, religion or creed, sex, or national origin, including Title VIII of
<br />terminated as to all rents due or collected thereafter.
<br />the Civil Rights Act of 1968 (Public Law 90 -284; 82 Star 13), as
<br />amended, Executive Order 11063, and all requirements imposed by or
<br />pursuant to the regulations of the Department of Housing and Urban
<br />Development implementing these authorities (including 24 CFR Parts
<br />Replaces FHA -2466 whch may ba used! until supply exhausted Page 3 of 6
<br />g
<br />form rat Handbook k 4570.1
<br />rat Handbook 461021
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