has obtained the flood insurance required by Section 3.01(a)(vi) hereof. No
Project lies in a 100 year flood plain that has been identified by the Secretary
of Housing and Urban Development or any other Governmental Authority or, if it
does, Borrower has obtained the flood insurance required by
Section 3.01(a)(vi) hereof.
(E)
COMPLETION; ENCROACHMENT. ALL IMPROVEMENTS NECESSARY FOR THE
EFFICIENT USE AND OPERATION OF THE PROJECTS, INCLUDING, WITHOUT LIMITATION, ALL
IMPROVEMENTS WHICH WERE INCLUDED FOR PURPOSES OF DETERMINING THE APPRAISED VALUE
OF EACH PROJECT IN THE APPRAISAL(S), HAVE BEEN COMPLETED AND, EXCEPT AS SHOWN ON
THE SURVEYS, NONE OF SAID IMPROVEMENTS LIE OUTSIDE THE BOUNDARIES AND BUILDING
RESTRICTION LINES APPLICABLE TO ANY PROJECT. EXCEPT AS SET FORTH IN EACH TITLE
INSURANCE POLICY INSURING THE LIEN OF EACH MORTGAGE, NO IMPROVEMENTS ON
ADJOINING PROPERTIES ENCROACH UPON ANY PROJECT.
(F)
SEPARATE LOT. EACH PROJECT IS TAXED SEPARATELY WITHOUT REGARD TO
ANY OTHER REAL ESTATE AND CONSTITUTE A LEGALLY SUBDIVIDED LOT UNDER ALL
APPLICABLE LEGAL REQUIREMENTS (OR, IF NOT SUBDIVIDED, NO SUBDIVISION OR PLATTING
OF ANY PROJECT IS REQUIRED UNDER APPLICABLE LEGAL REQUIREMENTS), AND FOR ALL
PURPOSES MAY BE MORTGAGED, ENCUMBERED, CONVEYED OR OTHERWISE DEALT WITH AS AN
INDEPENDENT PARCEL. NO PROJECT BENEFITS FROM ANY TAX ABATEMENT OR EXEMPTION.
(G)
USE. THE EXISTENCE OF ALL IMPROVEMENTS, THE PRESENT USE AND
OPERATION THEREOF AND THE ACCESS OF THE PROJECTS AND THE IMPROVEMENTS TO ALL OF
THE UTILITIES AND OTHER ITEMS REFERRED TO IN PARAGRAPH (K) BELOW ARE IN
COMPLIANCE IN ALL MATERIAL RESPECTS WITH ALL LEASES AFFECTING THE PROJECTS AND
ALL APPLICABLE LEGAL REQUIREMENTS, INCLUDING, WITHOUT LIMITATION, ENVIRONMENTAL
STATUTES, DEVELOPMENT LAWS AND USE REQUIREMENTS. BORROWER HAS NOT RECEIVED ANY
NOTICE FROM ANY GOVERNMENTAL AUTHORITY ALLEGING ANY MATERIAL UNCURED VIOLATION
RELATING TO ANY PROJECT OF ANY APPLICABLE LEGAL REQUIREMENTS.
(H)
LICENSES AND PERMITS. BORROWER CURRENTLY HOLDS AND WILL CONTINUE
TO HOLD ALL CERTIFICATES OF OCCUPANCY, LICENSES, REGISTRATIONS, PERMITS,
CONSENTS, FRANCHISES AND APPROVALS OF ANY GOVERNMENTAL AUTHORITY OR ANY OTHER
PERSON WHICH ARE MATERIAL FOR THE LAWFUL OCCUPANCY AND OPERATION OF THE PROJECTS
OR WHICH ARE MATERIAL TO THE OWNERSHIP OR OPERATION OF THE PROJECTS OR THE
CONDUCT OF BORROWER'S BUSINESS. ALL SUCH CERTIFICATES OF OCCUPANCY, LICENSES,
REGISTRATIONS, PERMITS, CONSENTS, FRANCHISES AND APPROVALS ARE CURRENT AND IN
FULL FORCE AND EFFECT.
(I)
ENVIRONMENTAL MATTERS. BORROWER HAS RECEIVED AND REVIEWED THE
ENVIRONMENTAL REPORT AND HAS NO REASON TO BELIEVE THAT THE ENVIRONMENTAL REPORT
CONTAINS ANY UNTRUE STATEMENT OF A MATERIAL FACT OR OMITS TO STATE A MATERIAL
FACT NECESSARY TO MAKE THE STATEMENTS CONTAINED THEREIN OR HEREIN, IN LIGHT OF
THE CIRCUMSTANCES UNDER WHICH SUCH STATEMENTS WERE MADE, NOT MISLEADING.
(J)
PROPERTY PROCEEDINGS. THERE ARE NO ACTIONS, SUITS OR PROCEEDINGS
PENDING OR, TO BORROWER'S ACTUAL KNOWLEDGE AFTER DUE INQUIRY AND INVESTIGATION,
THREATENED IN ANY COURT OR BEFORE ANY GOVERNMENTAL AUTHORITY OR ARBITRATION
BOARD OR TRIBUNAL (I) RELATING TO (A) THE ZONING
39
OF A PROJECT OR ANY PART THEREOF, (B) ANY CERTIFICATES OF OCCUPANCY, LICENSES,
REGISTRATIONS, PERMITS, CONSENTS OR APPROVALS ISSUED WITH RESPECT TO A PROJECT