OMB Approval No. 2502-0605
(exp. 03/31/2018)
ADDENDUM
(Utah)
HUD Project Number:
Project Name:
The title of the Security Instrument is modified for Utah projects as follows:
HEALTHCARE TRUST DEED, ASSIGNMENT OF LEASES, RENTS AND REVENUE AND SECURITY AGREEMENT
(UTAH)
The following Section 43 hereby replaces Section 43 of the Security Instrument:
43. ACCELERATION; REMEDIES.
If a Monetary Event of Default occurs and is continuing, Lender, at Lender’s option, may declare the Indebtedness to be immediately due and payable without further demand, and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Security Instrument or in the Note. Following a Covenant Event of Default, Lender, at Lender’s option, but so long as the Loan is insured or held by HUD, only after receipt of the prior written approval of HUD, may declare the Indebtedness to be immediately due and payable without further demand, and may invoke the power of sale and any other remedies permitted by applicable law or provided in this Security Instrument or in the Note, or seek the appointment of a receiver for the Healthcare Facility. Borrower acknowledges that the power of sale granted in this Security Instrument may be exercised by Lender without prior judicial hearing. Lender shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including reasonable attorneys’ fees (including but not limited to appellate litigation), costs of documentary evidence, abstracts and title reports.
In addition to the provisions of paragraph (a), the following rights and remedies are available to Lender at any time HUD is not the holder of the Note and the Security Instrument. Borrower has the right to bring an action to assert the non-existence of an Event of Default or any other defense of Borrower to acceleration and sale. If the power of sale is invoked, Trustee shall execute a written notice of the occurrence of an Event of Default and of Lender’s election to cause the Mortgaged Property to be sold and shall record such notice in each county in which the Mortgaged Property is located. Lender or Trustee shall mail notice of default in the manner provided by the laws of Utah to Borrower and to such other persons as the laws of Utah prescribe. Trustee shall give public notice of sale and shall sell the Mortgaged Property according to the laws of Utah. Trustee may sell the Mortgaged Property at the time and place and under the terms designated in the notice of sale in one or more parcels. Trustee may postpone sale of all or any part of the Mortgaged Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender's designee may purchase the Mortgaged Property at any sale. Trustee shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any covenant or warranty, express or implied. The recitals in Trustee's deed shall be prima facie evidence of the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all costs and expenses of the sale, including Trustee's fees and attorney’s fees together not to exceed 5% of the gross sales price, and costs of title evidence; (b) to the Indebtedness in such order as Lender, in Lender's discretion, directs; and (c) the excess, if any, to the person or persons legally entitled thereto or to the county clerk of the county in which the sale took place.
The following Sections 52 through 55 are hereby added to the Security Instrument:
RECONVEYANCE. Upon payment of the Indebtedness, Lender shall request Trustee to reconvey the Mortgaged Property and shall surrender this Security Instrument and the Note to Trustee. Trustee shall reconvey the Mortgaged Property without warranty to the person or persons legally entitled thereto. Such person or persons shall pay Trustee's reasonable costs incurred in so reconveying the Mortgaged Property. [U.C.A. 57‑1‑40]
SUBSTITUTE TRUSTEE. Lender, at Lender's option, may from time to time remove Trustee and appoint a successor trustee to any Trustee appointed under this Security Instrument by filing a substitution of trustee in accordance with Utah law. Without conveyance of the Mortgaged Property, the successor trustee shall succeed to all the title, power and duties conferred upon the Trustee herein and by applicable law. [U.C.A. 57-1-22]
REQUEST FOR NOTICES. Borrower requests that copies of the notice of default and notice of sale be sent to Borrower at Borrower's address stated in the first paragraph on page 1 of this Security Instrument. [U.C.A. 57-1-26]
INTEGRATION CLAUSE. In addition to the provisions of Section 37 of this Security Instrument, this Security Instrument and the Loan Documents represent the final expression of the agreement between Lender and Borrower and may not be contradicted by evidence of any alleged oral agreement, whether prior, contemporaneous or subsequent. There are no unwritten oral agreements between the parties to this Security Instrument. [U.C.A. 25-5-4(d)]
THE SECURITY INSTRUMENT SHALL BE PREPARED TO CONFORM TO THE REQUIREMENTS OF THE LOCAL FILING JURISDICTION IN WHICH THE DOCUMENT IS TO BE RECORDED AND FILED.
Previous
versions obsolete Page
Security Instrument/Mortgage/Deed of Trust - Addendum
| File Type | application/vnd.openxmlformats-officedocument.wordprocessingml.document |
| File Title | Prepared by, and after recording |
| Author | Freddie Mac |
| File Modified | 0000-00-00 |
| File Created | 2021-01-14 |