RESERVE REGULATIONS.
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
147
WHICH WOULD BE INCONSISTENT WITH SUCH REGULATION U OR ANY OTHER REGULATIONS OF
SUCH BOARD OF GOVERNORS, OR FOR ANY PURPOSES PROHIBITED BY ANY LEGAL
REQUIREMENTS OR BY THE TERMS AND CONDITIONS OF THIS AGREEMENT OR THE OTHER LOAN
DOCUMENTS.
4.1.14
UTILITIES AND PUBLIC ACCESS.
TO SUCH BORROWER'S ACTUAL
KNOWLEDGE AFTER DUE INQUIRY, EACH PROPERTY HAS RIGHTS OF ACCESS TO PUBLIC WAYS
AND IS SERVED BY WATER, SEWER, SANITARY SEWER AND STORM DRAIN FACILITIES
ADEQUATE TO SERVICE SUCH PROPERTY FOR ITS INTENDED USES.
ALL PUBLIC UTILITIES
NECESSARY TO THE CONTINUED CURRENT USE AND ENJOYMENT OF EACH PROPERTY ARE
LOCATED EITHER IN THE PUBLIC RIGHT-OF-WAY ABUTTING SUCH PROPERTY (WHICH ARE
CONNECTED SO AS TO SERVE SUCH PROPERTY WITHOUT PASSING OVER OTHER PROPERTY) OR
IN RECORDED EASEMENTS SERVING SUCH PROPERTY AND SUCH EASEMENTS ARE SET FORTH IN
AND INSURED BY THE TITLE INSURANCE POLICY COVERING SUCH PROPERTY.
TO SUCH
BORROWER'S ACTUAL KNOWLEDGE AFTER DUE INQUIRY, ALL ROADS NECESSARY FOR THE USE
OF EACH PROPERTY FOR ITS CURRENT PURPOSE HAVE BEEN COMPLETED AND DEDICATED TO
PUBLIC USE AND ACCEPTED BY ALL GOVERNMENTAL AUTHORITIES OR ARE LOCATED IN
RECORDED EASEMENTS SERVING SUCH PROPERTY AND SUCH EASEMENTS ARE SET FORTH IN AND
INSURED BY THE TITLE INSURANCE POLICY.
4.1.15
NOT A FOREIGN PERSON.
NO BORROWER IS A "FOREIGN PERSON"
WITHIN THE MEANING OF §1445(F)(3) OF THE CODE.
4.1.16
SEPARATE LOTS.
EACH PROPERTY IS COMPRISED OF ONE (1) OR
MORE PARCELS WHICH CONSTITUTE A SEPARATE TAX LOT OR LOTS AND DOES NOT CONSTITUTE
A PORTION OF ANY OTHER TAX LOT NOT A PART OF SUCH PROPERTY.
4.1.17
ASSESSMENTS.
EXCEPT AS DISCLOSED IN THE TITLE INSURANCE
POLICY, TO EACH BORROWER'S ACTUAL KNOWLEDGE, THERE ARE NO PENDING OR PROPOSED
SPECIAL OR OTHER ASSESSMENTS FOR PUBLIC IMPROVEMENTS OR OTHERWISE AFFECTING ANY
PROPERTY, NOR ARE THERE ANY CONTEMPLATED IMPROVEMENTS TO ANY PROPERTY THAT MAY
RESULT IN SUCH SPECIAL OR OTHER ASSESSMENTS.
4.1.18
ENFORCEABILITY.
THE LOAN DOCUMENTS ARE NOT SUBJECT TO ANY
RIGHT OF RESCISSION, SET-OFF, COUNTERCLAIM OR DEFENSE BY ANY BORROWER, HRHI OR
ANY GUARANTOR, INCLUDING THE DEFENSE OF USURY, NOR WOULD THE OPERATION OF ANY OF
THE TERMS OF THE LOAN DOCUMENTS, OR THE EXERCISE OF ANY RIGHT THEREUNDER, RENDER
THE LOAN DOCUMENTS UNENFORCEABLE (SUBJECT TO PRINCIPLES OF EQUITY AND
BANKRUPTCY, INSOLVENCY AND OTHER LAWS GENERALLY AFFECTING CREDITORS' RIGHTS AND
THE ENFORCEMENT OF DEBTORS' OBLIGATIONS), AND NONE OF ANY BORROWER, HRHI NOR ANY
GUARANTOR HAS ASSERTED ANY RIGHT OF RESCISSION, SET-OFF, COUNTERCLAIM OR DEFENSE
WITH RESPECT THERETO.
4.1.19
NO PRIOR ASSIGNMENT.
THERE ARE NO PRIOR ASSIGNMENTS BY
BORROWERS OF THE LEASES OR ANY PORTION OF THE RENTS DUE AND PAYABLE OR TO BECOME
DUE AND PAYABLE WHICH ARE PRESENTLY OUTSTANDING.
4.1.20
INSURANCE.
BORROWERS HAVE OBTAINED AND HAVE DELIVERED TO
LENDER CERTIFIED COPIES OF