Agmt09 Mental Health Association of San Mateo County

Browse Search

transfer. Also, the Borrower shall require the transferee to expressly assume the Borrower's obligations under the CalHF A Documents; provided, however, HUD shall not be required to enforce the requirements of this sentence and if Borrower and any transferee fail to include such assumption in transfer documents, such failure shall not affect the validity of the transfer. CalHF A shall have the right to specifically enforce the requirement that any transferee assume the Borrower's obligations under the CalHF A Documents. In the absence of such written assumption, no transfer shall be deemed to relieve the transferor from any obligations under the CalHF A Documents. 8. Default under CalHF A Documents. CalHF A shall not declare a default under the CalHF A Documents unless it has received the prior written approval of HUD, and CaIHFA's right to accelerate the CalHF A Note during the term of the HUD Documents shall be enforceable only with the prior written approval of HUD. 9. Receiver. CalHF A, for itself, its successors and assigns, further covenants and agrees that in the event of the appointment of a receiver in any action by CalHF A, its successors or assigns, to foreclose the CalHF A Deed of Trust, no rents, revenue or other income of the Development collected by the receiver or by the mortgagee-in-possession shall be utilized for the payment of interest, principal, or any other charges due and payable under the CalHF A Deed of Trust, except from Residual Receipts, if any, as the term is defined in the HOO Regulatory Agreement, or from new permanent financing funds provided by the California Department of Housing and Community Development or any other permanent lender. The appointment of a receiver shall require approval by the Secretary ofHUD, and pursuant to HUD regulations, as long as CalHF A is the beneficiary under the CalHF A Deed of Trust, CalHFA cannot be mortgagee-in-possession. In the event of the appointment, by any court, of any person, other than HUD or CaIHFA, as a receiver or a mortgagee or party in possession, or in the event of any enforcement of any assignment of leases, rents, issues, profits, or contracts contained in the CalHF A Documents, with or without court action, no rents, revenue or other income of the Development collected by the receiver, person in possession or person pursuing enforcement as aforesaid, shall be utilized for the payment of interest, principal or any other amount due and payable under the provisions of the CalHF A Documents, except from Residual Receipts in accordance with the HUD Regulatory Agreement, or from new permanent financing funds provided by the California Department of Housing and Community Development or any other permanent lender. The receiver, person in possession or person pursuing enforcement shall operate the Development in accordance with all provisions of the HUD Documents. 10. Deed-in-Lieu of Foreclosure. In the event that HUD acquires title to the Property by deed-in-lieu of foreclosure, the lien of the CalHF A Deed of Trust will automatically terminate subject to the conditions as hereinafter described. CalHF A may cure a default under the HUD Deed of Trust prior to conveyance by deed-in-lieu of foreclosure. HUD shall give written notice to CalHFA of a proposed tender of title in the event BUD decides to accept a deed-in-lieu of foreclosure. BUD will only give such written notice if, at the time of the placing of the CalHF A Deed of Trust against the Property, HUD receives a copy of an endorsement to the title policy of the Borrower or CalHF A which indicates that (a) the CalHFA Deed of Trust has been recorded and (b) BUD is required to give notice of any proposed election or tender of a deed-in-lieu of foreclosure. Such notice shall be given at the address stated in the CalHFA Deed of Trust or such other address as may subsequently, upon written notice to HUD, be designated by CalHF A as its legal business address. CalHF A shall have thirty (30) days to cure the default after notice of intent to accept a deed-in-lieu of foreclosure is mailed. 11. Borrower's Notice to CalHF A. Notwithstanding the requirements set forth in Paragraph 10 above, in Exhibit ~G" - Page 3