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<br />84 - 005482
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<br />(0 At the request of the Commissioner, his agents, employees, or attorneys,the Owners shall furnish monthly
<br />occupancy reports and shall give specific answers to questions upon which information is desited from time to
<br />~....;:; i-2~ci.~i....: ~v ~;l'" HI""ui..'::, u.::>",d.3, iJ...ti;~lJo;;,::>, ....Vlli.lCi..:l~, vpciC:.iiuu. r:lliJ \-umiii.iul1 Ul iile pl"olJt:ny C:tnu tne
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<br />status of the insured mortgage.
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<br />(g) All rents and other receIpts of the project shall be deposited in the name of the project in a bank, whose
<br />deposits are IOSured by the F.D,I.C, Such funds shall be withdrawn only in accordance with the provisions of
<br />this Agr€'!:"ment for expenses of the project o. for distiibutions of surplus cash as limited by paragraph 6 (e)
<br />above, Any Owner recelvlOg funds of the project other than by such distribulion of surplus cash shall immedi-
<br />ately deposit such funds In the project bank account and failing so to do in violaiion of this Agreement shall
<br />hold such funds in trust, Any Owner receiving property of the project in violalion of this Agreement shall
<br />immedicHdy u~iiver ~uch property to the project and failtng so to do shall hold such property in trust.
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<br />10, Owners will comply WIth the proVIsions of any Federal, State, or local law prohibiling discrimination in housing
<br />on the grounds of race, color, creed, or national origin, including Title VI of the Civil Rights Act of 1964
<br />(Public Law 88-352, 78 Stat, 241), all requirements imposed by or pursuant to the Regulations of the Department
<br />of Housing and Urban Development (24 CFR, Subtitle A, Part 1) issued pursuant to that title, and regulations
<br />ISSUed pursuant to Executive Order 11063.
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<br />11. Upon a violatIon of any of the ahove provisions of thiF "'<<reement by Owners, the Commissioner may give written
<br />notice thereof to Owners, by registered or ce,tif'",i ".c :, add:ressed: .' the eddresses stated in this Agreement,
<br />or such other addresses as may subsequently, up- ~ppl'()priate written notice thereof to the Commissionec.. be
<br />designated by the Owners as then legel busjness.adrlress. If such violation is not corrected to the satisfaction
<br />of the Commissioner within thirty days after the date such notice is mailed or within such further time es the
<br />CommlsslOner reasonably determines is necessary to correct the violation, without further notice the Commissioner
<br />may declare a default under this Agreement effective on the date of such declaration o{default and upon such
<br />default the ComnllSSlOner may:
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<br />(a) (1) If the Comnllssloner holds the note - declare the whole of said indebtedness immediately due and payable
<br />and then proceed with the foreclosure of the mortgage;
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<br />(2) If said note is not held by the Commissioner - notify the holder of the note of such default IlOd request
<br />holder to declare a default under the note and mortgage. and the holder after receiving such notice and re-
<br />quest. but not otherwise, at its option, may declare the whole indebtedness due, and thereupon proceed
<br />with foredosure of the mQrtgage. or assIgn the note and mortgage to the Commissioner as provided in the
<br />Regulations;
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<br />(b) Collect all re nts and charges in connection with the operation of the project and use such collections to pay
<br />the mortgagor's obltgations under this Agreement and under the note and mortgage and the necessary expenses
<br />of preserving the property and operating the project;
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<br />(c) Take possession of the project, briitg any action necessary to enforce any rights of the Owners growing out
<br />of the project operation, and operate the project in accordance with the terms of thill Agreement until such ti=e
<br />as tht" CO!!!!n!s~icne! in h:s ,hs;:~eHin~ d~~t'rmine5 that the Owners ere again in a position to operate the project
<br />to accordancp 1Il!'~ th"! !~~~ ~! th~s Ag:e~=::.t ~nd i.. ,=i)m.pH;"-c~ w=Hh u't-c ii:i{uli-cmcnl::t Ul me nute linG mongllge;
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<br />(d) Applv to any court, State or Federa!, fo, specific performance of this Agreement, for an injunction against any
<br />V10lalton 01 the Agreement, for rhe appolOtment of a receiver to take over and operate the project in accordence
<br />with the terms of the Agreement,or for such other relief as may b,. appropriate, since the injury to the Commis-
<br />Sioner arising from a default under any of the terms of thIS Agre-emenl would be irreparable and the amount of
<br />d.amage would be difficult to ascertain.
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<br />12, As secUflty lor the payment due under this Agreement to the reserve fund for replacements, and to secure the
<br />ComDl.lssioner because of hiS liability under the endorsement of the note for Insurance. and as security for the
<br />l.1thet obhgal1ons under thIS Agreement. the Owners respectively assign, pledge and mortgage to the Commis..
<br />slonenheu nghts t the rents, profits, income and charges of whatever sort which they may receive or be entiUed
<br />to receive from the operatwfi of the mortgag.ed property, subject, however, to .my assignme-nt of rents in the
<br />ms.ured mcrtgag~ ceferH:.--d to herem. Until a default 15 declared under this Agreement, however, permission is
<br />g,H~nted to Owners to collt:''Ct and retain under the provlsions. of this AgreemC'nt sUf.:h rents, profIts, income, and
<br />l,..har~es, but upon default tius pc:rmlSSlon 15 te rm.lnated us to all rents du~ or collected th.ercufter.
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<br />13, A~ U$t.>d In tius Agreement the term:
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<br />i.a; "Mortg,at,t"" inciudes "Deed of Trust tI, UChattel Mortgage", and uny other set:urity for the note Hientihed
<br />fit.'ft'1n. and endorsed lJr IOSU[i;IOCe or held by the Commissioner;
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<br />!h} uMQrt~eg~ll :etc.., to the hvtder of Hie tnOtt~gt:' identifed herem, HS successors and as.slgn~,
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<br />tJ...! "Mvrtgag,-H lllt,'dllS lht., ongmal borrower under th~ morlgage dud .ts SUt.'l'eS~Ol~., dnd ;'~"'Sl~J1~,
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