Section 8 Housing Assistance Payments Contract. (a) The Mortgaged Property is the subject of the Current HAP Contract. The Borrower conveys, pledges, transfers and grants to Lender a security interest pursuant to the Uniform Commercial Code of the Property Jurisdiction or any other applicable law in and to the HAP Contract Rights. (b) If an Event of Default has occurred and is continuing, Lender may direct the Contract Administrator to remit future Housing Assistance Payments to Lender. Borrower consents to all such remittances. Lender will apply to the Indebtedness any Housing Assistance Payments that it receives. B. Section 5.47 is deleted and replaced with the following:
Appears in 2 contracts
Samples: Rider to Multifamily Loan and Security Agreement, Multifamily Loan and Security Agreement
Section 8 Housing Assistance Payments Contract. (a) The Mortgaged Property is the subject of the Current HAP Contract. The Borrower conveys, pledges, transfers transfers, and grants to Lender a security interest pursuant to the Uniform Commercial Code of the Property Jurisdiction or any other applicable law in and to the HAP Contract Rights.
(b) If an Event of Default has occurred and is continuing, Lender may direct the Contract Administrator to remit future Housing Assistance Payments to Lender. Borrower consents to all such remittances. Lender will apply to the Indebtedness any Housing Assistance Payments that it receives.
B. C. Section 5.47 is deleted and replaced with the following:
Appears in 1 contract
Samples: Loan Agreement
