SUCH INDIVIDUAL PROPERTY.
4.1.23
FLOOD ZONE.
TO THE BEST OF BORROWER'S KNOWLEDGE, AFTER DUE INQUIRY,
NO IMPROVEMENTS ON ANY INDIVIDUAL PROPERTY ARE LOCATED IN AN AREA IDENTIFIED BY
THE FEDERAL EMERGENCY MANAGEMENT AGENCY AS AN AREA HAVING SPECIAL FLOOD HAZARDS
AND, IF SO LOCATED, THE FLOOD INSURANCE REQUIRED PURSUANT TO
SECTION 6.1(A)(I) IS IN FULL FORCE AND EFFECT WITH RESPECT TO EACH SUCH
INDIVIDUAL PROPERTY.
4.1.24
PHYSICAL CONDITION.
EXCEPT AS DISCLOSED IN THE PHYSICAL CONDITIONS
REPORTS DELIVERED TO LENDER IN CONNECTING WITH THIS LOAN, TO BORROWER'S
KNOWLEDGE, EACH INDIVIDUAL PROPERTY, INCLUDING, WITHOUT LIMITATION, ALL
BUILDINGS, IMPROVEMENTS, PARKING FACILITIES, SIDEWALKS, STORM DRAINAGE SYSTEMS,
ROOFS, PLUMBING SYSTEMS, HVAC SYSTEMS, FIRE PROTECTION SYSTEMS, ELECTRICAL
SYSTEMS, EQUIPMENT, ELEVATORS, EXTERIOR SIDINGS AND DOORS, LANDSCAPING,
IRRIGATION SYSTEMS AND ALL STRUCTURAL COMPONENTS, ARE IN GOOD CONDITION, ORDER
AND REPAIR IN ALL MATERIAL RESPECTS; THERE EXISTS NO STRUCTURAL OR OTHER
MATERIAL DEFECTS OR DAMAGES IN ANY INDIVIDUAL PROPERTY, WHETHER LATENT OR
OTHERWISE, AND NO BORROWER HAS RECEIVED NOTICE FROM ANY INSURANCE COMPANY OR
BONDING COMPANY OF ANY DEFECTS OR INADEQUACIES IN ANY INDIVIDUAL PROPERTY, OR
ANY PART THEREOF, WHICH WOULD ADVERSELY AFFECT THE INSURABILITY OF THE SAME OR
CAUSE THE IMPOSITION OF EXTRAORDINARY PREMIUMS OR CHARGES THEREON OR OF ANY
TERMINATION OR THREATENED TERMINATION OF ANY POLICY OF INSURANCE OR BOND.
4.1.25
BOUNDARIES. TO THE BEST OF BORROWER'S KNOWLEDGE, AFTER DUE INQUIRY,
ALL OF THE IMPROVEMENTS WHICH WERE INCLUDED IN DETERMINING THE APPRAISED VALUE
OF EACH INDIVIDUAL PROPERTY LIE WHOLLY WITHIN THE BOUNDARIES AND BUILDING
RESTRICTION LINES OF SUCH INDIVIDUAL PROPERTY, AND NO IMPROVEMENTS ON ADJOINING
PROPERTIES ENCROACH UPON ANY INDIVIDUAL PROPERTY, AND NO EASEMENTS OR OTHER
ENCUMBRANCES UPON ANY INDIVIDUAL PROPERTY ENCROACH UPON ANY OF THE IMPROVEMENTS,
SO AS TO AFFECT THE VALUE OR MARKETABILITY OF APPLICABLE INDIVIDUAL PROPERTY
EXCEPT THOSE WHICH ARE INSURED AGAINST BY THE APPLICABLE TITLE INSURANCE POLICY.
4.1.26
LEASES.
THE PROPERTIES ARE NOT SUBJECT TO ANY LEASES OTHER THAN THE
OPERATING LEASES AND THE LEASES DESCRIBED ON THE RENT ROLL ATTACHED AS SCHEDULE
V HERETO AND MADE A PART
53
HEREOF, EXCEPT THAT THE WESTBURY PROPERTY IS SUBJECT TO THE GROUND LEASE.
EACH
OPERATING LEASE DELIVERED TO LENDER IN CONNECTION WITH THE CLOSING OF THIS LOAN
WAS, WHEN DELIVERED, TRUE, CORRECT AND COMPLETE, AND NO SUCH OPERATING AGREEMENT
HAS BEEN MODIFIED SINCE DELIVERY EXCEPT IN ACCORDANCE WITH THE TERMS HEREOF.
NO
PERSON HAS ANY POSSESSORY INTEREST IN ANY INDIVIDUAL PROPERTY OR RIGHT TO OCCUPY
THE SAME EXCEPT UNDER AND PURSUANT TO THE PROVISIONS OF THE LEASES.
THE CURRENT
LEASES ARE IN FULL FORCE AND EFFECT AND TO BORROWER'S KNOWLEDGE AFTER INQUIRY,
THERE ARE NO DEFAULTS THEREUNDER BY EITHER PARTY AND THERE ARE NO CONDITIONS
THAT, WITH THE PASSAGE OF TIME OR THE GIVING OF NOTICE, OR BOTH, WOULD
CONSTITUTE DEFAULTS THEREUNDER.
NO RENT (INCLUDING SECURITY DEPOSITS) HAS BEEN
PAID MORE THAN ONE (1) MONTH IN ADVANCE OF ITS DUE DATE.
ALL WORK TO BE
PERFORMED BY BORROWER UNDER EACH LEASE HAS BEEN PERFORMED AS REQUIRED AND HAS
BEEN ACCEPTED BY THE APPLICABLE