Common use of Resident Agreements Clause in Contracts

Resident Agreements. The Resident Agreements comply in all material respects with all applicable Laws, including Healthcare Laws. Borrower shall not, and shall not permit Property Manager to: (i) modify in any material respect the form of Resident Agreement previously approved by Lender; (ii) accept any payment under any Resident Agreement more than one month in advance of its due date; or (iii) enter into any Resident Agreement upon a form that fails to comply with applicable Laws. Each Borrower will maintain or cause to be maintained all deposits, including, without limitation, deposits relating to patients or Resident Agreements, at such commercial or savings bank or banks as may be reasonably satisfactory to Lender. Any bond or other instrument which Borrower (or Property Manager under the Management Agreement), as the case may be, is permitted to hold in lieu of cash deposits under any applicable legal requirements shall be maintained in full force and effect unless replaced by cash deposits as hereinabove described, shall be issued by an institution reasonably satisfactory to Lender, shall, if permitted pursuant to any legal requirements, name Lender as payee or mortgagee thereunder and shall, in all respects, comply with any applicable laws and legal requirements and otherwise be reasonably satisfactory to Lender. Following the occurrence and during the continuance of any Event of Default, Borrower shall, upon Lender’s request, if permitted by any applicable legal requirements, turn over to Lender the deposits (and any interest theretofore earned thereon and remaining therewith in the ordinary course of business) with respect to Borrower’s Individual Property, to be held by Lender subject to the terms of their related agreements.