WHICH THE REQUIRED PREMIUM HAS BEEN PAID EXISTS WHICH IS BINDING ON THE TITLE
INSURER AND WHICH EVIDENCES THAT SUCH TITLE POLICY WILL BE ISSUED).
EACH TITLE
POLICY (OR, IF IT HAS YET TO BE ISSUED, THE COVERAGE TO BE PROVIDED THEREBY) IS
IN FULL FORCE AND EFFECT, ALL PREMIUMS THEREON HAVE BEEN PAID, INSURES THE
ORIGINATOR OF THE MORTGAGE LOAN, ITS SUCCESSORS AND ASSIGNS AND (I) NO MATERIAL
CLAIMS HAVE BEEN MADE THEREUNDER AND NO CLAIMS HAVE BEEN PAID THEREUNDER AND
(II) WAS ISSUED BY A TITLE INSURANCE COMPANY QUALIFIED AT ORIGINATION TO DO
BUSINESS IN THE JURISDICTION IN WHICH THE PROPERTY IS LOCATED TO THE EXTENT SUCH
QUALIFICATION WAS REQUIRED IN ORDER FOR THE TITLE POLICY TO BE ENFORCEABLE..
(23)
NO HOLDBACKS.
THE PROCEEDS OF EACH MEZZANINE LOAN HAVE BEEN FULLY
DISBURSED AND THERE IS NO OBLIGATION FOR FUTURE ADVANCES WITH RESPECT THERETO.
(24)
PLEDGE AND MORTGAGE PROVISIONS.
THE NOTE AND PLEDGE FOR EACH
MORTGAGE LOAN AND RELATED MEZZANINE LOAN, TOGETHER WITH APPLICABLE STATE LAW,
CONTAINS CUSTOMARY AND ENFORCEABLE PROVISIONS FOR COMPARABLE MORTGAGED
PROPERTIES AND EQUITY INTERESTS SIMILARLY SITUATED (SUBJECT TO CUSTOMARY
BANKRUPTCY AND EQUITY EXCEPTIONS) SUCH AS TO RENDER THE RIGHTS AND REMEDIES OF
THE HOLDER THEREOF ADEQUATE FOR THE PRACTICAL REALIZATION AGAINST THE RELATED
PROPERTY AND PLEDGED EQUITY OF THE PRINCIPAL BENEFITS OF THE SECURITY INTENDED
TO BE PROVIDED THEREBY.
(25)
ENVIRONMENTAL CONDITIONS.
WITH RESPECT TO EACH PROPERTY (A) AN
ENVIRONMENTAL SITE ASSESSMENT (OR AN UPDATE OF A PREVIOUS ASSESSMENT) WAS
PERFORMED BY AN INDEPENDENT THIRD PARTY ENVIRONMENTAL CONSULTANT WITH RESPECT TO
EACH PROPERTY IN CONNECTION WITH THE ORIGINATION OF THE RELATED MEZZANINE LOAN,
(B) A REPORT OF EACH SUCH ASSESSMENT (AN "ENVIRONMENTAL REPORT") IS DATED NO
EARLIER THAN 12 MONTHS PRIOR TO THE PURCHASE DATE AND HAS BEEN DELIVERED TO
BUYER, AND (C) THERE IS NO VIOLATION OF APPLICABLE ENVIRONMENTAL LAWS AND
REGULATIONS WITH RESPECT TO, OR ANY MATERIAL AND ADVERSE ENVIRONMENTAL CONDITION
OR CIRCUMSTANCE AFFECTING, ANY PROPERTY THAT WAS NOT DISCLOSED IN SUCH REPORT.
EACH MORTGAGE REQUIRES THE RELATED MORTGAGOR TO COMPLY WITH ALL APPLICABLE
FEDERAL, STATE AND LOCAL ENVIRONMENTAL LAWS AND REGULATIONS.
WHERE SUCH
ENVIRONMENTAL REPORT DISCLOSED A VIOLATION OF APPLICABLE ENVIRONMENTAL LAWS AND
REGULATIONS OR THE EXISTENCE OF A MATERIAL AND ADVERSE ENVIRONMENTAL CONDITION
OR CIRCUMSTANCE AFFECTING ANY PROPERTY, (I) A PARTY NOT RELATED TO THE MORTGAGOR
WAS IDENTIFIED AS THE RESPONSIBLE PARTY FOR SUCH CONDITION OR CIRCUMSTANCE,
(II) THE RELATED MORTGAGOR WAS REQUIRED EITHER TO PROVIDE ADDITIONAL SECURITY
AND/OR TO OBTAIN AN OPERATIONS AND MAINTENANCE PLAN OR (III) THE RELATED
MORTGAGOR PROVIDED EVIDENCE SATISFACTORY TO THE ORIGINATOR OF SUCH MORTGAGE LOAN
THAT APPLICABLE FEDERAL, STATE OR LOCAL GOVERNMENTAL AUTHORITIES WOULD NOT TAKE
ANY ACTION, OR REQUIRE THE TAKING OF ANY ACTION, IN RESPECT OF SUCH VIOLATION,
CONDITION OR CIRCUMSTANCE.
THE RELATED MEZZANINE LOAN DOCUMENTS CONTAIN
PROVISIONS PURSUANT TO WHICH THE RELATED MORTGAGOR OR A PRINCIPAL OF SUCH
MORTGAGOR HAS AGREED TO INDEMNIFY THE MORTGAGEE FOR DAMAGES RESULTING FROM
VIOLATIONS OF ANY APPLICABLE ENVIRONMENTAL LAWS.
(26)
LOAN DOCUMENT STATUS.
EACH MORTGAGE NOTE,