Example Definitions of "Waste"
Waste. A failure to keep the Project in decent, safe and sanitary condition and in good repair. "Waste" also means the failure to meet certain financial obligations regarding the payment of Taxes and the relinquishment of the possession of Rents. During any period in which HUD insures the Loan or holds a security interest on the Mortgaged Property, Waste is committed when, without Lender's and HUD's express written consent, Borrower: (1) physically changes, or permits changes to, the Mortgaged... Property, whether negligently or intentionally, in a manner that reduces its value; (2) fails to maintain the Mortgaged Property in decent, safe, and sanitary condition and in good repair; (3) fails to pay, or cause to be paid, before delinquency any Taxes that because of such failure, may subject the Project to a lien having priority over the Borrower Security Instrument; (4) materially fails to comply with covenants in the Note, the Borrower Security Instrument, this Agreement, or any of the Loan Documents respecting physical care, maintenance, construction, abandonment, demolition, or insurance against casualty of the Mortgaged Property; or (5) retains possession of Rents to which Lender or its assigns have the right of possession under the terms of the Loan Documents. View More
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