Operator Security Agreement Page 4
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32commonly known as [________________] (the “Healthcare Facility”), authorized to
receive mortgage insurance pursuant to Section 232 of the National Housing Act, as
amended, or any subsequent legislation, and located on the real property legally described
on Exhibit A attached hereto and incorporated herein by reference (the "Land") (the
Healthcare Facility and any other improvements situated on the Land are referred to
herein as the “Improvements”) (the Land, the Healthcare Facility, and any other
Improvements, together with any and all assets of whatever nature or wherever situated
related to the Loan, are hereinafter sometimes referred to as the “Project”).
The
Operator operates the Healthcare Facility, pursuant to that certain [title of Operator’s
Lease or Agreement with Borrower or Master Tenant] (“Operator Agreement”), and
Operator is subject to that certain Regulatory Agreement (Operator) for Healthcare,
relating to the Healthcare Facility and made as of substantially even date herewith, as the
same may be amended from time to time (“Operator’s Regulatory Agreement”).
B.
As security for the Obligations (as defined below), the Borrower
(i) granted to the Secured Party the Healthcare [Mortgage, Deed of Trust, Deed to Secure
Debt, Security Deed or other Designation as appropriate in Jurisdiction], Assignment of
Leases and Revenue and Security Agreement, dated as of even date herewith,
encumbering the Project, which has been or is concurrently herewith being recorded in
the real estate records of the jurisdiction in which the Land are located (the "Security
Instrument"), and (ii) entered into a Regulatory Agreement (Owner) with the Secretary
of Housing and Urban Development, acting by and through the Federal Housing
Commissioner ("HUD"), dated as of even date herewith (the "Borrower’s Regulatory
Agreement"). The Operator expects to benefit from the operation of the Healthcare
Facility and has agreed to enter into this Agreement with the Secured Party as additional
The Note, the Security Instrument, the Borrower’s
security for the Obligations.
Regulatory Agreement, this Agreement, the Operator’s Regulatory Agreement, and all
other agreements, instruments, and documents which are now existing or are in the future
required by and/or delivered to Secured Party and/or HUD in connection with or related
to the Loan or the Obligations, whether executed or delivered by or on behalf of
Borrower or Operator [or [Master Tenant (“Master Tenant”)], as the same may be
amended from time to tim, are sometimes collectively referred to as the "Loan
Documents."
C.
As the operator of the Healthcare Facility, Operator acknowledges
and believes that it shall benefit directly from the making of the Loan. [If applicable,
include the following sentence: Further, the Operator acknowledges that it is affiliated
with,
shares common ownership with, and/or has an identity of interest with the
Borrower.]
D.
As used herein, "Healthcare Assets" means (i) any and all licenses,
permits and/or approvals issued by any governmental authority with respect to the use or
operation of the Healthcare Facility as [an assisted living or a nursing home], (ii) any
and all Medicare and Medicaid provider agreements and (iii) any and all "Government
Accounts" (as defined below) and "Government Payments" (as defined below).
Statement of Agreement
4
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Legal