DEFAULTS.
ALL PAYMENTS DUE UNDER THE TERMS OF
THE RELATED BOND DOCUMENTS AND BOND MORTGAGE DOCUMENTS HAVE BEEN MADE.
EXCEPT
AS DESCRIBED ON SCHEDULE D, (I) THERE HAVE BEEN NO DELINQUENCIES OF 30 DAYS OR
MORE SINCE THE ORIGINATION OF THE BOND MORTGAGE THAT HAVE NOT BEEN CURED,
(II) THERE ARE NO EXISTING MATERIAL NON-MONETARY DEFAULTS UNDER THE TERMS OF THE
BOND MORTGAGE DOCUMENTS, AND (III) THERE HAVE BEEN NO MATERIAL NON-MONETARY
DEFAULTS SINCE THE DATE OF THE ORIGINATION
15
OF THE BOND MORTGAGE THAT REMAIN UNCURED.
THE RELATED BOND MORTGAGE DOCUMENTS
ARE NOT CROSS-DEFAULTED (EXCEPT TO OTHER INDEBTEDNESS OF THE BORROWER RELATED TO
THE MORTGAGED PROPERTY), AND THE RELATED BOND MORTGAGE IS NOT
CROSS-COLLATERALIZED WITH ANY OTHER TRANSACTION EXCEPT AS DESCRIBED ON SCHEDULE
D.
(J)
FORM 8038.
FORM 8038 RELATING TO EACH SERIES OF BONDS THAT WAS
"REISSUED" (FOR FEDERAL TAX PURPOSES) OR IS A NEW ISSUE WITH RESPECT TO THE
MORTGAGED PROPERTY HAS BEEN OR WILL BE TIMELY FILED WITH THE INTERNAL REVENUE
SERVICE.
(K)
BOND MORTGAGE OWNERSHIP.
EACH BOND TRUSTEE IS THE SOLE OWNER AND
HOLDER OF THE BOND MORTGAGE RELATED TO THE ISSUE OF BONDS FOR WHICH IT IS THE
BOND TRUSTEE.
THE BOND TRUSTEE'S INTEREST IN EACH SUCH BOND MORTGAGE IS FREE
AND CLEAR OF ANY THIRD PARTY SECURITY INTERESTS, CLAIMS AND ENCUMBRANCES OF ANY
KIND.
(L)
THIRD-PARTY REPORTS.
THE SERVICER OR ITS AFFILIATES OBTAINED ALL
THIRD-PARTY REPORTS REQUIRED BY THE SERVICER'S INSTITUTIONAL UNDERWRITING
STANDARDS RELATING TO THE MORTGAGED PROPERTY OR THE OWNER, INCLUDING, WITHOUT
LIMITATION, ANY CREDIT REPORT, APPRAISAL, ENGINEERING REPORT, ENVIRONMENTAL
REPORT OR AUDIT, TITLE INSURANCE POLICY, FLOOD ZONE DETERMINATIONS AND SURVEYS.
WITH RESPECT TO EACH SUCH REPORT, (I) THE SERVICER HAS EXAMINED THE REPORT,
(II) THE PREPARER OF THE REPORT IS APPROPRIATELY QUALIFIED, REQUIRED BY THE
SERVICER'S INSTITUTIONAL UNDERWRITING STANDARDS, AND (III) THE REPORT WAS
PREPARED IN THE MANNER REQUIRED BY THE SERVICER'S INSTITUTIONAL UNDERWRITING
STANDARDS.
(M)
UNDISCLOSED INFORMATION ABOUT OWNER.
THE SPONSOR HAS ACTUAL
KNOWLEDGE OF THE FACTS AND CIRCUMSTANCES AFFECTING THE OWNERS, AND THE
GUARANTORS OR INDEMNITORS OF THE OWNERS' OBLIGATIONS WITH RESPECT TO THE
MORTGAGED PROPERTIES THAT MAY MATERIALLY AND ADVERSELY AFFECT THE OWNERS'
ABILITY TO MEET THEIR RESPECTIVE OBLIGATIONS UNDER THE BOND MORTGAGE IN A TIMELY
MANNER, WHICH IS DISCLOSED ON SCHEDULE D.
OTHER THAN AS DISCLOSED ON SCHEDULE
D, THE SPONSOR HAS NO ACTUAL KNOWLEDGE OF ANY OTHER SUCH FACT OR CIRCUMSTANCE.
THE DESCRIPTION OF THE OWNER, AND EACH PRINCIPAL OF THE OWNER, CONTAINED IN THE
DATA TAPE IS TRUE, COMPLETE AND CORRECT IN ALL MATERIAL RESPECTS.
(N)
INSOLVENCY.
EXCEPT AS SPECIFICALLY DISCLOSED ON SCHEDULE D, NO
BANKRUPTCY, INSOLVENCY, REORGANIZATION OR COMPARABLE PROCEEDING HAS EVER BEEN
INSTITUTED BY OR AGAINST THE OWNER OR ANY GUARANTOR OR INDEMNITOR OF THE OWNER'S
OBLIGATIONS, AND NO SUCH PROCEEDING IS NOW PENDING AGAINST ANY SUCH PARTY.
(O)
[RESERVED].
(P)
NEGLIGENCE.
TO SPONSOR'S BEST KNOWLEDGE, THERE HAS BEEN NO
NEGLIGENT ACT OR OMISSION BY THE SPONSOR, ANY PRINCIPAL OF THE SPONSOR, THE
SERVICER OR ANY EMPLOYEE OF THE SPONSOR OR THE