PROPERTY IS NOT SUBJECT TO ANY
LEASES OTHER THAN THE LEASES DESCRIBED ON THE RENT ROLL ATTACHED AS SCHEDULE XI
HERETO AND MADE A PART HEREOF.
NO PERSON HAS ANY POSSESSORY INTEREST IN THE
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, 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 TENANT, AND ANY PAYMENTS, FREE RENT,
PARTIAL RENT, REBATE OF RENT OR OTHER PAYMENTS, CREDITS, ALLOWANCES OR
38
ABATEMENTS REQUIRED TO BE GIVEN BY BORROWER TO ANY TENANT HAS ALREADY BEEN
RECEIVED BY SUCH TENANT.
THERE HAS BEEN NO PRIOR SALE, TRANSFER OR ASSIGNMENT,
HYPOTHECATION OR PLEDGE OF ANY LEASE OR OF THE RENTS RECEIVED THEREIN WHICH IS
OUTSTANDING.
TO BORROWER'S KNOWLEDGE, EXCEPT AS SET FORTH ON SCHEDULE XI, NO
TENANT LISTED ON SCHEDULE XI HAS ASSIGNED ITS LEASE OR SUBLET ALL OR ANY PORTION
OF THE PREMISES DEMISED THEREBY, NO SUCH TENANT HOLDS ITS LEASED PREMISES UNDER
ASSIGNMENT OR SUBLEASE, NOR DOES ANYONE EXCEPT SUCH TENANT AND ITS EMPLOYEES
OCCUPY SUCH LEASED PREMISES.
NO TENANT UNDER ANY LEASE HAS A RIGHT OR OPTION
PURSUANT TO SUCH LEASE OR OTHERWISE TO PURCHASE ALL OR ANY PART OF THE LEASED
PREMISES OR THE BUILDING OF WHICH THE LEASED PREMISES ARE A PART.
EXCEPT AS SET
FORTH IN SCHEDULE XI, NO TENANT UNDER ANY LEASE HAS ANY RIGHT OR OPTION FOR
ADDITIONAL SPACE IN THE IMPROVEMENTS.
TO BORROWER'S ACTUAL KNOWLEDGE BASED ON
THE ENVIRONMENTAL REPORT DELIVERED TO LENDER IN CONNECTION HEREWITH, NO
HAZARDOUS WASTES OR TOXIC SUBSTANCES, AS DEFINED BY APPLICABLE FEDERAL, STATE OR
LOCAL STATUTES, RULES AND REGULATIONS, HAVE BEEN DISPOSED, STORED OR TREATED BY
ANY TENANT UNDER ANY LEASE ON OR ABOUT THE LEASED PREMISES NOR DOES BORROWER
HAVE ANY KNOWLEDGE OF ANY TENANT'S INTENTION TO USE ITS LEASED PREMISES FOR ANY
ACTIVITY WHICH, DIRECTLY OR INDIRECTLY, INVOLVES THE USE, GENERATION, TREATMENT,
STORAGE, DISPOSAL OR TRANSPORTATION OF ANY PETROLEUM PRODUCT OR ANY TOXIC OR
HAZARDOUS CHEMICAL, MATERIAL, SUBSTANCE OR WASTE, EXCEPT IN EITHER EVENT, IN
COMPLIANCE WITH APPLICABLE FEDERAL, STATE OR LOCAL STATUES, RULES AND
REGULATIONS.
4.1.27
SURVEY.
TO BORROWER'S KNOWLEDGE, THE SURVEY FOR THE PROPERTY
DELIVERED TO LENDER IN CONNECTION WITH THIS AGREEMENT DOES NOT FAIL TO REFLECT
ANY MATERIAL MATTER AFFECTING THE PROPERTY OR THE TITLE THERETO.
4.1.28
LOAN TO VALUE.
THE MAXIMUM PRINCIPAL AMOUNT OF THE LOAN DOES NOT
EXCEED ONE HUNDRED TWENTY-FIVE PERCENT (125%) OF THE FAIR MARKET VALUE OF THE
PROPERTY AS SET FORTH ON THE APPRAISAL OF THE PROPERTY DELIVERED TO LENDER.
4.1.29
FILING AND RECORDING TAXES.
ALL