RES 2026001 - Laserfiche WebLink

Notwithstanding anything else in the Ground Lease to which this Lease Addendum is attached, and for valuable consideration, the receipt and sufficiency of which the Parties hereto hereby acknowledge and agree, and to induce the Lender to make the Loan to the Tenant described in the Security Instrument, and to induce HUD to insure said Loan, so long as this leasehold estate is subject to a security instrument insured, reinsured, or held by HUD or given to HUD in connection with a resale, or the Property is acquired and held by HUD because of a default under the Security Instrument, Landlord and Tenant acknowledge and agree to the following provisions. Option 1 - Ground Lease The leasehold estate consists of the ground (land) only; all buildings, improvements, alterations and fixtures now or in the future located thereon are owned in fee simple by the Tenant. As such, the term "Property" means the legally described land subject to the Ground Lease except the buildings, improvements, alterations and fixtures now or in the future located on the land. 1. Compliance with HUD Requirements. Pursuant to the Act, the following provisions may not be waived under any circumstances, whether for a new ground lease or an existing ground lease: (a) the term of the Ground Lease and all other Ground Lease provisions comply with the section of the Act and related federal regulations under which the Note is endorsed for mortgage insurance; (b) the Landlord owns the Property in fee simple, and the leasehold estate is granted directly by the Landlord to the Tenant; (c) the leasehold estate underlying the Ground Lease constitutes a mortgageable real property interest under state law; (d) the Ground Lease and related Ground Lease documents do not conflict with any Program Obligationsl11 promulgated by HUD with respect to such mortgage insurance; and (e) all ground rent amounts have prior written approval by HUD. 2. Modifications. The Ground Lease and this Lease Addendum shall not be modified without the written consent of HUD and Lender. Modifications of the Ground Lease (H "Program Obligations" means(1)all applicable statutes and any regulations issued by the Secretary pursuant thereto that apply to the Project, including all amendments to such statutes and regulations. as they become effective, except that changes subject to notice and comment rulemaking shall become effective only upon completion of the rulemaking process, and (2)all current requirements in HUD handbooks and guides, notices, and mortgagee letters that apply to the Project, and all future updates, changes and amendments thereto, as they become effective, except that changes subject to notice and comment rulemaking shall become effective only upon completion of the rulemaking process. and provided that such future updates, changes and amendments shall be applicable to the Project only to the extent that they interpret, clarify and implement terms in this Lease Addendum rather than add or delete provisions from such document. Handbooks, guides. notices. and mortgagee letters are available on "HUDCLIPS,'atwww.hud.gov. 4936-6057-3568 v3