NOR ANY OTHER RIGHT
TO CONSTRUCT, USE OR OPERATE THE PROPERTY IS IN ANY WAY DEPENDENT UPON OR
RELATED TO ANY PROPERTY OTHER THAN THE PROPERTY. ALL CERTIFICATIONS, PERMITS,
LICENSES AND APPROVALS, INCLUDING CERTIFICATES OF COMPLETION AND OCCUPANCY
PERMITS REQUIRED FOR THE LEGAL USE, OCCUPANCY AND OPERATION OF THE PROPERTY
(COLLECTIVELY, THE "LICENSES"), HAVE BEEN OBTAINED AND ARE IN FULL FORCE AND
EFFECT.
THE USE BEING MADE OF THE PROPERTY IS IN CONFORMITY WITH THE
CERTIFICATE OF OCCUPANCY ISSUED FOR THE PROPERTY AND ALL OTHER RESTRICTIONS,
COVENANTS AND CONDITIONS AFFECTING THE PROPERTY.
33
4.12
CONTRACTS.
THERE ARE NO SERVICE, MAINTENANCE OR REPAIR CONTRACTS
AFFECTING THE PROPERTY THAT ARE NOT TERMINABLE ON ONE MONTH'S NOTICE OR LESS
WITHOUT CAUSE AND WITHOUT PENALTY OR PREMIUM.
ALL SERVICE, MAINTENANCE OR
REPAIR CONTRACTS AFFECTING THE PROPERTY HAVE BEEN ENTERED INTO AT ARMS-LENGTH IN
THE ORDINARY COURSE OF BORROWER'S BUSINESS (OR THAT OF ITS PREDECESSOR IN
INTEREST) AND PROVIDE FOR THE PAYMENT OF FEES IN AMOUNTS AND UPON TERMS
COMPARABLE TO EXISTING MARKET RATES.
4.13
FEDERAL RESERVE REGULATIONS; INVESTMENT COMPANY ACT.
NO PART OF THE
PROCEEDS OF THE LOAN WILL BE USED FOR THE PURPOSE OF PURCHASING OR ACQUIRING ANY
"MARGIN STOCK" WITHIN THE MEANING OF REGULATION U OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM OR FOR ANY OTHER PURPOSE THAT WOULD BE INCONSISTENT
WITH SUCH REGULATION U OR ANY OTHER REGULATION OF SUCH BOARD OF GOVERNORS, OR
FOR ANY PURPOSE PROHIBITED BY LEGAL REQUIREMENTS OR ANY LOAN DOCUMENT.
BORROWER
IS NOT (I) AN "INVESTMENT COMPANY" OR A COMPANY "CONTROLLED" BY AN "INVESTMENT
COMPANY," WITHIN THE MEANING OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED;
(II) A "HOLDING COMPANY" OR A "SUBSIDIARY COMPANY" OF A "HOLDING COMPANY" OR AN
"AFFILIATE" OF EITHER A "HOLDING COMPANY" OR A "SUBSIDIARY COMPANY" WITHIN THE
MEANING OF THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935, AS AMENDED; OR
(III) SUBJECT TO ANY OTHER FEDERAL OR STATE LAW OR REGULATION WHICH PURPORTS TO
RESTRICT OR REGULATE ITS ABILITY TO BORROW MONEY.
4.14
EASEMENTS; UTILITIES AND PUBLIC ACCESS.
ALL EASEMENTS, CROSS
EASEMENTS, LICENSES, AIR RIGHTS AND RIGHTS-OF-WAY OR OTHER SIMILAR PROPERTY
INTERESTS (COLLECTIVELY, "EASEMENTS"), IF ANY, NECESSARY FOR THE FULL
UTILIZATION OF THE IMPROVEMENTS FOR THEIR INTENDED PURPOSES HAVE BEEN OBTAINED,
ARE DESCRIBED IN THE TITLE INSURANCE POLICY AND ARE IN FULL FORCE AND EFFECT
WITHOUT DEFAULT THEREUNDER.
THE PROPERTY HAS RIGHTS OF ACCESS TO PUBLIC WAYS
AND IS SERVED BY WATER, SEWER, SANITARY SEWER AND STORM DRAIN FACILITIES
ADEQUATE TO SERVICE IT FOR ITS INTENDED USES.
ALL PUBLIC UTILITIES NECESSARY OR
CONVENIENT TO THE FULL USE AND ENJOYMENT OF THE PROPERTY ARE LOCATED IN THE
PUBLIC RIGHT-OF-WAY ABUTTING THE PROPERTY, AND ALL SUCH UTILITIES ARE CONNECTED
SO AS TO SERVE THE PROPERTY WITHOUT PASSING OVER OTHER PROPERTY ABSENT A VALID
EASEMENT.
ALL ROADS NECESSARY FOR THE USE OF THE PROPERTY FOR ITS CURRENT
PURPOSE HAVE BEEN COMPLETED AND DEDICATED TO PUBLIC USE AND ACCEPTED BY ALL
GOVERNMENTAL AUTHORITIES.
4.15
PHYSICAL CONDITION.
TO BORROWER'S KNOWLEDGE AND