Examples of HUD Mortgage in a sentence
On or before the Closing Date, WH and DRE have entered into the Real Property Transfer Agreement, substantially in the form of Exhibit C (“RPTA”), pursuant to which WH will transfer the real property and improvements owned by the Hospital, whether located at the Hospital campus or elsewhere, to DRE, subject to the HUD Mortgage, effective at the Effective Time, all on the terms set forth in the RPTA.
This Mortgage shall at all times remain subordinate to (i) the Multifamily Mortgage, Security Agreement, Assignment of Rents and Fixture Filing, dated as of the date hereof, by the Borrower for the benefit of ORIX Real Estate Capital, LLC (the “HUD Mortgage”), and (ii) the Leasehold Mortgage (Seller Loan), dated as of the date hereof, by the Borrower for the benefit of the Lender (the “Seller Mortgage” and together with the HUD Mortgage, the “Senior Mortgages”).
In addition, and without limiting the generality of the foregoing, WH and Diocese shall negotiate in good faith any amendments to this Agreement and agree to any reasonable amendments to the RPTA or Master Hospital Lease as are necessary to obtain any consents to the transactions contemplated by this Agreement, the RPTA or the Master Hospital Lease under the HUD Mortgage.
In addition, and without limiting the generality of the foregoing, WVUHS shall negotiate in good faith any amendments to this Agreement and agree to any reasonable amendments to the RPTA or Master Hospital Lease as are necessary to obtain any consents to the transactions contemplated by this Agreement, the RPTA or the Master Hospital Lease under the HUD Mortgage.
To the extent the rights and/or remedies under the HUD Mortgage conflict with the rights and/or remedies of the Lender hereunder, then the rights and/or remedies under the HUD Mortgage shall control, and the Lender shall do no act or deed which, either directly or indirectly adversely affects such rights and/ or remedies of the lender under the HUD Mortgage.
Further, the terms of this Mortgage and the rights and remedies of the Lender hereunder shall be subject and subordinate to the lien, terms, covenants and conditions of the HUD Mortgage.
To the extent the terms, covenants and/or conditions of this Mortgage are contrary to or inconsistent with the terms, covenants or conditions of the HUD Mortgage, with the result that the Borrower's performance or compliance with such terms, covenants and/or conditions shall constitute a default under the HUD Mortgage, then such contrary or inconsistent terms, covenants and/or conditions under this Mortgage shall be null and void.