MORTGAGED PROPERTY; (II) OUTSTANDING OR UNPAID JUDGMENTS AGAINST
BORROWER, ANY GUARANTOR OR THE MORTGAGED PROPERTY; OR (III) DEFAULTS BY BORROWER
WITH RESPECT TO ANY ORDER, WRIT, INJUNCTION, DECREE, OR DEMAND OF ANY
GOVERNMENTAL AUTHORITY OR ARBITRATOR.
4.8
GOVERNMENTAL REQUIREMENTS.
TO THE BEST OF
BORROWER'S KNOWLEDGE AFTER INVESTIGATION AND DUE INQUIRY, EXCEPT AS DISCLOSED ON
THE PROPERTY CONDITION REPORT, NO VIOLATION OF ANY GOVERNMENTAL REQUIREMENTS
EXISTS OR WILL EXIST WITH RESPECT TO THE MORTGAGED PROPERTY AND NEITHER BORROWER
NOR THE GUARANTOR ARE, NOR WILL THEY BE, IN DEFAULT WITH RESPECT TO ANY
GOVERNMENTAL REQUIREMENTS.
4.9
UTILITY SERVICES.
ALL UTILITY SERVICES OF
SUFFICIENT SIZE AND CAPACITY NECESSARY FOR THE IMPROVEMENTS AND THE USE THEREOF
FOR THEIR INTENDED PURPOSES ARE AVAILABLE, INCLUDING POTABLE WATER, STORM AND
SANITARY SEWER, GAS, ELECTRIC AND TELEPHONE FACILITIES.
4.10
ACCESS.
ALL ROADS NECESSARY FOR THE FULL
UTILIZATION OF THE IMPROVEMENTS FOR THEIR INTENDED PURPOSES THAT ARE RELATED TO
THE ACCESS OF THE LAND HAVE BEEN COMPLETED AND HAVE BEEN DEDICATED TO THE PUBLIC
USE AND ACCEPTED BY THE APPROPRIATE GOVERNMENTAL AUTHORITY.
4.11
NO COMMENCEMENT.
NO STEPS HAVE BEEN TAKEN, NOR
HAS ANY CONTRACT OR OTHER AGREEMENT FOR CONSTRUCTION THEREON BEEN ENTERED INTO,
FOR FURNISHING MATERIALS FOR SUCH CONSTRUCTION OR FOR ANY OTHER PURPOSE, THE
PERFORMANCE OF WHICH BY THE OTHER PARTY THERETO WOULD GIVE RISE TO A LIEN ON THE
LAND.
4.12
FINANCIAL STATEMENTS.
EACH FINANCIAL STATEMENT
OF BORROWER OR GUARANTOR DELIVERED HERETOFORE, CONCURRENTLY HEREWITH OR
HEREAFTER TO LENDER WAS AND WILL BE PREPARED IN CONFORMITY WITH GENERALLY
ACCEPTED ACCOUNTING PRINCIPLES OR ANOTHER BASIS APPROVED BY LENDER IN WRITING,
APPLIED ON A BASIS CONSISTENT WITH THAT OF PREVIOUS STATEMENTS AND FAIRLY
DISCLOSE THE FINANCIAL CONDITION OF BORROWER OR GUARANTOR, AS THE CASE MAY BE,
(INCLUDING ALL CONTINGENT LIABILITIES) AS OF THE DATE THEREOF AND FOR THE PERIOD
COVERED THEREBY, AND THERE HAS BEEN NO MATERIAL ADVERSE CHANGE IN EITHER
BORROWER'S OR GUARANTOR'S FINANCIAL CONDITION SUBSEQUENT TO THE DATE OF THE MOST
RECENT FINANCIAL STATEMENT OF BORROWER OR GUARANTOR DELIVERED TO LENDER.
4.13
DISCLAIMER OF FUTURE FINANCING.
BORROWER
ACKNOWLEDGES AND AGREES THAT LENDER HAS NOT MADE ANY COMMITMENTS, EITHER EXPRESS
OR IMPLIED, TO EXTEND THE TERM OF THE LOAN PAST ITS STATED MATURITY DATE OR TO
PROVIDE BORROWER WITH ANY FUTURE FINANCING, EXCEPT AS SET FORTH HEREIN.
18
4.14
ERISA.
NEITHER BORROWER, NOR ANY OF BORROWER'S
CONSTITUENT PARTIES ARE AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF
ERISA, WHICH IS SUBJECT TO TITLE I OF ERISA, AND THE ASSETS OF SUCH PARTIES DO
NOT CONSTITUTE "PLAN ASSETS" OF ONE OR MORE SUCH PLANS WITHIN THE MEANING OF
29 C.F.R. SECTION 2510.3-101.
4.15
INDEBTEDNESS, OPERATIONS AND FUNDAMENTAL CHANGES
OF BORROWER.
BORROWER: (A) HAS NOT INCURRED ANY DEBT, SECURED OR UNSECURED,
DIRECT OR CONTINGENT (INCLUDING GUARANTEEING ANY OBLIGATION), OTHER THAN (I) THE
INDEBTEDNESS, AND (II) TRADE PAYABLES OR ACCRUED EXPENSES INCURRED IN THE
ORDINARY COURSE OF BUSINESS OF OPERATING THE MORTGAGED PROPERTY; NO DEBT
WHATSOEVER MAY BE SECURED (SENIOR, SUBORDINATE OR PARI PASSU) BY THE MORTGAGED
PROPERTY EXCEPT