Examples of Borrower Security in a sentence
Borrower certifies that upon final endorsement of the Note by HUD, Borrower shall have no unpaid obligations in connection with the purchase of the Mortgaged Property, the construction of the Mortgaged Property, or with respect to the Borrower Security Instrument except such unpaid obligations as have the written approval of HUD as to terms, form and amount, including those obligations existing pursuant to the First Mortgage Documents.
Borrower shall cause the Project to be insured at all times in accordance with the Borrower Security Instrument and Program Obligations, and Borrower shall notify HUD of all payments received, or claimed, from an insurer.
In the event all or any of the Improvements shall be destroyed or damaged by fire, by an exercise of the power of eminent domain, by failure of warranty, or other casualty, subject to the rights of First Lender, the money derived from any settlement, judgment, or insurance on any portion of the Project shall be applied in accordance with the terms of Program Obligations and the Borrower Security Instrument or as otherwise may be directed in writing by HUD.
Any capitalized term or word used herein but not defined shall have the meaning given to such term in the Borrower Security Instrument.
Except as otherwise approved in writing by HUD, Borrower shall grant to Lender and HUD a second lien security interest in all personal property of Borrower related to the Project as additional security for the obligations of Borrower under the Note, the Borrower Security Instrument and this Agreement, subject only to the rights of the First Lender under the First Mortgage Documents.
Until a default is declared under this Agreement, a revocable license is granted to Borrower to collect and retain such Rents, charges, fees, carrying charges, Project accounts, security deposits, and other revenues and receipts, but upon an Event of Default under this Agreement or under the Borrower Security Instrument, such revocable license is automatically terminated.
Borrower need not obtain the prior written approval of HUD for: (i) conveyance of the Mortgaged Property at a judicial or non-judicial foreclosure sale under the Borrower Security Instrument or the First Mortgage Documents; (ii) inclusion of the Mortgaged Property in a bankruptcy estate by operation of law under the United States Bankruptcy Code; (iii) acquisition of an interest by inheritance or by court decree; or (iv) as otherwise allowed by Program Obligations.
This Agreement shall bind, and the benefits shall inure to, Borrower, its heirs, legal representative, executors, administrators, successors in office or interest, and assigns, and to HUD and HUD’s successors, so long as the Contract of Insurance continues in effect, and during such further time as HUD shall be Lender, holder, coinsurer, or reinsurer of the Borrower Security Instrument, or obligated to reinsure the Note or the Borrower Security Instrument.
However, in the event of either a monetary or other default under this Agreement, the Note, the Borrower Security Instrument, or any of the other Loan Documents, the Borrower shall cooperate in any legal and lawful manner necessary or required to permit the continued operation of the Healthcare Facility for the Approved Use.
In the event of a notification of default under the terms of the Borrower Security Instrument, pursuant to which the Indebtedness has been accelerated, a written notification by HUD to Borrower of a violation of this Agreement or at such other times as determined solely by HUD, HUD may direct the application of the balance in such account to the amount due on the Indebtedness as accelerated or for such other purposes as may be determined solely by HUD.