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"HUD"means the United States Department of Housing and Urban Development. <br /> "HUD Regulatory Agreement" means collectively, the [Regulatory Agreement-Borrower <br /> between Borrower and HUD with respect to the Project, and the Regulatory Agreement-Operator <br /> between Borrower and HUD] with respect to the Project, as the same may be supplemented, <br /> amended or modified from time to time. <br /> "Lender"means Merchants Capital Corp., its successors and assigns. <br /> "Mortgage Loan" means the mortgage loan made by Lender to the Borrower pursuant to the <br /> Mortgage Loan Documents with respect to the Project. <br /> "Mortgage Loan Documents" means the Security Instrument, the HUD Regulatory Agreement <br /> and all other documents required by HUD or Lender in connection with the Mortgage Loan. <br /> "National Housing Act"means the National Housing Act, as amended. <br /> "Program Obligations"has the meaning set forth in the Security Instrument. <br /> "Residual Receipts"has the meaning specified in the HUD Regulatory Agreement. <br /> "Security Instrument" means the mortgage or deed of trust from Borrower in favor of Lender, as <br /> the same may be supplemented, amended or modified. <br /> "Surplus Cash"has the meaning specified in the HUD Regulatory Agreement. <br /> (c) Notwithstanding anything in the Restrictive Covenants to the contrary, the <br /> provisions hereof are expressly subordinate to (i) the Mortgage Loan Documents, including <br /> without limitation, the Security Instrument, and (ii) Program Obligations (the Mortgage Loan <br /> Documents and Program Obligations are collectively referred to herein as the "HUD <br /> Requirements"). Borrower covenants that it will not take or permit any action that would result <br /> in a violation of the Code, HUD Requirements or Restrictive Covenants. In the event of any <br /> conflict between the provisions of the Restrictive Covenants and the provisions of the HUD <br /> Requirements, HUD shall be and remains entitled to enforce the HUD Requirements. <br /> Notwithstanding the foregoing, nothing herein limits the Agency's ability to enforce the terms of <br /> the Restrictive Covenants, provided such terms do not conflict with statutory provisions of the <br /> National Housing Act or the regulations related thereto. The Borrower represents and warrants <br /> that to the best of Borrower's knowledge the Restrictive Covenants impose no terms or <br /> requirements that conflict with the National Housing Act and related regulations. <br /> (d) In the event of foreclosure (or deed in lieu of foreclosure), the Restrictive <br /> Covenants (including without limitation, any and all land use covenants and/or restrictions <br /> contained herein) shall automatically terminate. <br /> E-2 <br />