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8. G`wnera ahall not Eile any petition in bankruptcy~ ar far a reoeiver, oc in insolvency, oc foc reor-
ganization o~ composition, or make any assignment far the benefit of cceditocs or to a trustee for
crcditors or peemit an adjudication ia baakruptcy, tha te~kiag po~ses~ion of the martgaged pmp-
erty or eny pert thereof by a receiver, or the seizunc and sale nf the mortgag~ed property ar any
part thereof under judicial proc:ess ~r purauant to anr power nf sale and fail to have such ad-
verse actions aet aside within farty-fiive days.
9. (a) Owners shall pe+~vide for the management of the project in a manaer satisfactory to the Com-
missioaer. Any maaagem~nt coatract eatered into by Owners, or any of them, iavolvia~ the p~vj-
ect shall contaia e pe+oviaioa that it shall be subject so termination~ without penalty and with or
without cause, upon writtea request by the Commissioner addressed t~ the Owners. Upon receipt
of such eequest Ownets shall immediately tetminate the contract withia a period of nat more than
thirty (30) da~+s end ahall make arrangements satisfactory to the CAmmissioaer for continuing
proper manag~ement of the project.
(b) Payment for services, supplies, or materials shall not exceed the amount ordinarily paid for
such aervices, supplies, or materials in the er~a where the services aee rendered or the supplies
or matrrials furaished.
(c) The mortgaged property, equipme~at, beuldings, plans, of~ces, apparatus, devices, books, con-
trects, recards, documeats, and other papers relating thereto shall at all times be maintaiaed in
reasonable condition for proper audit and subject to examination and inspection at any reasoaable
time by the Commissioner or his duly suthorized agents. Owners shall keep copie~ af all written
coatracts or other instruments which affect the martgaged property, all or any of which may be
subject to inspection and examin~tion by the Commissioner or his dnly authocized agenis.
(d) The books and accounts of the operations of the mor:gaged propeety and of the project shall
be kept in accordance with the requirements of the Commissioner:
(e) Within sixty days following the end of each fiscal year the Commissioner shall be furnished
with a complete annual financial repoct based upon an examinatioa of the books and records of
the morigag~or prepar~d in acoordance with the requirements of the Commissioner, certified to by
an officer or cesponsible "Owner" and, when required by the Commissioner, prepared and certi-
~ed by a Certified Public Accountant, or other person aaceptable to the Commissioner.
(t~ At the request of the Commissioner, his agents, employees, or attorneys, the ~wners shall
furnish manthly occupancy reparts and shall give speci~c answers to questions upon which in-
famation is desired frorn time co time relative to the income, assets, liabilities, contracts, op-
eration, and condition of the property and the status of tbe ins~u~ed moetgsge.
(g) All rents and other receipts of ehe pmjeci shall be depoaited in the name of the project in a
bank, whose deposits are insured by the F.D.I.C. Such funds shall be withdrawn only in accord-
ance with the provisions of this Agreement for expenses of the project or for distributions af sur-
plus cash. Any ow~er receiviag funds of the project other than by such c~istribution of surplus
C8S}l shall immediatelq deposit sach funds in the project bank accaunt and failing so ta d~n in
violatioa of this Agreement shall hold snch funda in trust. Any ownee receiving property of the
pevject in violati.on of this Agreement shall immediately deliver such property to the project and
failing so to do shall hold such property in trust.
14. Upon a violatioa of any of the above provisions of this Agreement by Owners, the +~ommissioner
may give written notice, thereof, to Owners, by r~gistered or certified mail, addressed to the
addr~sses stat~ed in this Agreement, or such other addresses as may subsequently, upon ~ppro-
= priate written notice thereof to the Commissioner, be designated by the Qwners as their legal
~ business address. If such violation is not corrected to the satisfaction of the Commissioner
wiihin thirty days after the date such notice is mailed or vrithin such Eurther tim~ as the Com-
missioner reasonably determines is necessary tn comect the violatioa, without fucther notice the
Commissionee may declare +a default under this Agreement effective on the date of such declara-
tion of default and upon such default the Commissioner may :
(a) (1) If th~ Commissioner halds the note - decla~e the whole of said indebtedness imcnediately
due and payable and then proceed with the fareclosure of the mortgage;
(2) If said note is not held by the Commissioner - natify the holder of the note of such de-
feult and request holder to declere e default nnder the note and matgeg~e, and the hol~r after
recciving such notice and request, but not otherwise, at its option, may declare the whole in-
debtedness due, and thereupon proceed with foreclasuie of the rrortgage, or assign the note
and mortgage to the Commissioaer m8 provided in the Regulations;
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