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<br />84 -005483
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<br />(f) At the request of the Commissioner, his egents, employees, or attorneys,the Owners shell furnish monthly
<br />occupancy reports and shall give specific answers to questions upon which 'information is desired from t!m4! to
<br />time relative to the income, assets, liabilities, contracts, operation, -and-condition of the property and the
<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 abarik,whose
<br />deposits are insured by the F ,D,l.C, Such funds shall be withdrawn only in accordence with the provisions of
<br />this Agreement for expenses of the project or for distributions of surplus cash as limited by ~agraph 6, (e)
<br />above, Any Owner receiving funds of 'the project other than by such distribution of surplus c,ash shalllmmedi..
<br />ately deposit such funds in the project -bank account and failing so to do in viohitioo oftl1isAgr-'lIIenj,sllallc
<br />hold such funds in trust. Any Owner receiving i'roperty of the projecl in violation of this Ag<<oe_iitshall
<br />immediately deliver such property to the project and failing so to do sbaH hold such propertyintrilst:
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<br />10.
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<br />Owners will comply with the provisions of any Federal, State, or local law prohibiting discrimination in-housing c
<br />on the grounds of race, color, creed, or national origin, including Title VI of the ,Civil RightsA.cto~'l,96:"/
<br />(Public Law 88-352, 78 Stat. 241), all requirements imposed by or pursueRt to the Regulations ofthe~nt
<br />of Housing end Urban Development (24 CFR, Subtitle A, Pert 1) issued pursuant to thattitie, and reguJ.tiOlls,:.'
<br />issued pursuant to Executi ve Order 11063.
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<br />11.
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<br />Upon a violation of any of the above provisions of this A~: ,=ent by Owners, the Commissiolll!lin",y.gt~.c"~tte,.(
<br />notice thereof to Owners, by registered or certified"" o' aJdl'essed to '!.e addresses stated in.this,~~~-
<br />or such other addresses as may subse'luenUy, upo" : c mpriate written notice thereof to'the ComDlissio,i!-C,rYbe",
<br />designeted by the Owners as their legel business.address, If such violation is not corrected to thesatis~tion:"
<br />of the Commissioner within thirty days after the date such notice is mailed or within suchfurtber timeasIY,-
<br />Commissioner reasonably determines is necessary to cOlrect tbe violation, wilhout further noticetheCol!llDiSsioner,~
<br />may declare a default under this Agreement effective on the- date of such declaration of-default and-upon-auCit-
<br />default the Commissioner may:
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<br />(e) (1) If the Commissioner holds the note. declare the wbole of said indebtedness immediately dueand:p8Yllble>
<br />and tben 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 and request
<br />holder to declere a default under the note and mortgage, end 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 foreclosure of the mortgage, or assign the note and mortgage to the Commissioner as provided in the
<br />Regulations;
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<br />(b) Collect all re nlS and charges in connection with the operation of the project and use such collectionsto.AAY
<br />the mortgagor's obligations under this Agreement and under the note and mortgage and the necessary expeases,
<br />01 preserving the property and operating the project;
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<br />(c) Take pass_ion of the project, bring any action necessary to enforce any rights of the Own81'S growill& Ollt
<br />of the project operation, and operate the project in accordance with the terms of this Agreem~nt- until such: ti.iiic
<br />as the Commillsioner in his discretioo determines that the Owners are again in a position to Qpmete the project
<br />in acCOrcHmce With the teons of this Agreement and in compliance with the requirements of the note and mortg.
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<br />(d) Apply to any court, State or Federal, for specific performence of this Agreement, for an injunction againat any
<br />violation of the Agreement, for the appointment of a receiver to take over and operate the project in accordance
<br />with the terms of the Agreement,or for such other relief es may be appropriate, since the injury to the Commis-
<br />sioner arising from a default under any of the terms of this Agreement would be irreparable and the amount of
<br />damag~ would be difficult to ascertain.
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<br />12. As security for the payment due under this Agreement to the reserve fund for replacements, end to secure the
<br />Commissioner because of his liability under the endorsement of the note for insurance, and as security for the
<br />olher obligations under this Agreement, the Owners respectively assign, pledge and mortgage to the Commis-
<br />sionertheir rights t the rents. profits, income and charges of whatever sort which they may receive or be entitled
<br />to receive from the operation of the mortgaged property. subject, however, to any assignment of rents in the
<br />insured mortgage referred to herein. Until a default is declared under this Agreement, however, permission is
<br />granted to Owners to collect and retain under the provisions of this Agreement such rents, profits, income, and
<br />charges, but upon default this permission IS terminated as to all rents due or collected thereafter,
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<br />13. As used in this Agn*ment the term:
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<br />(a) "Mortgage" includes "Deed of Trust", "Chattel Mortgage", and llny other security for the note identified
<br />her",n, and endolSed k>r insurance or held by the Commissioner;
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<br />(bl "l\Iort&ag""" refe,,, to the holder of the mortgage identifed hereID, its successors and assigns;
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<br />(c) IlMortgagor" mt:ans the original bonower under the mortgage and tts suCct'ssors and a....s.lgns.
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