THE DATE HEREOF, THE GROUND LEASE IS IN FULL FORCE
AND EFFECT AND NO DEFAULT HAS OCCURRED UNDER THE GROUND LEASE AND THERE IS NO
EXISTING CONDITION WHICH, BUT FOR THE PASSAGE OF TIME OR THE GIVING OF NOTICE,
COULD RESULT IN A DEFAULT UNDER THE TERMS OF THE GROUND LEASE.
(E)
NOTICE.
THE GROUND LEASE REQUIRES THE GROUND LESSOR TO GIVE
NOTICE OF ANY DEFAULT BY BORROWER TO LENDER, SUBJECT TO COMPLIANCE WITH SECTION
7(B) OF THE GROUND LEASE.
THE GROUND LEASE, OR ESTOPPEL LETTERS RECEIVED BY
LENDER FROM THE GROUND LESSOR, FURTHER PROVIDES THAT NOTICE OF TERMINATION GIVEN
UNDER THE GROUND LEASE IS NOT EFFECTIVE AGAINST LENDER UNLESS A COPY OF THE
NOTICE HAS BEEN DELIVERED TO LENDER IN THE MANNER DESCRIBED IN THE GROUND LEASE,
SUBJECT TO COMPLIANCE WITH SECTION 7(B) OF THE GROUND LEASE.
(F)
CURE.
SUBJECT TO SECTION 7(B) OF THE GROUND LEASE, LENDER IS
PERMITTED THE OPPORTUNITY (INCLUDING, WHERE NECESSARY, SUFFICIENT TIME TO GAIN
POSSESSION OF THE INTEREST OF BORROWER UNDER THE GROUND LEASE) TO CURE ANY
DEFAULT UNDER THE GROUND LEASE, WHICH IS CURABLE AFTER THE RECEIPT OF NOTICE OF
ANY OF THE DEFAULT BEFORE THE GROUND LESSOR THEREUNDER MAY TERMINATE THE GROUND
LEASE.
(G)
TERM.
THE GROUND LEASE HAS A TERM, INCLUDING EXTENSION OPTIONS,
WHICH EXTENDS NOT LESS THAN TWENTY (20) YEARS BEYOND THE MATURITY DATE.
(H)
NEW LEASE.
THE GROUND LEASE REQUIRES THE GROUND LESSOR TO ENTER
INTO A NEW LEASE WITH LENDER UPON TERMINATION OF THE GROUND LEASE FOR ANY
REASON.
43
(I)
INSURANCE PROCEEDS.
UNDER THE TERMS OF THE GROUND LEASE AND THE
SECURITY INSTRUMENT, TAKEN TOGETHER, ANY RELATED INSURANCE PROCEEDS WILL BE
APPLIED EITHER TO THE REPAIR OR RESTORATION OF ALL OR PART OF THE PROPERTY, WITH
LENDER HAVING THE RIGHT TO HOLD AND DISBURSE THE PROCEEDS AS THE REPAIR OR
RESTORATION PROGRESSES, OR TO THE PAYMENT OF THE OUTSTANDING PRINCIPAL BALANCE
OF THE LOAN TOGETHER WITH ANY ACCRUED INTEREST THEREON.
(J)
SUBLEASING.
THE GROUND LEASE DOES NOT IMPOSE ANY RESTRICTIONS ON
SUBLEASING.
4.1.40
REA/DEVELOPMENT AGREEMENT.
THE REA AND THE DEVELOPMENT AGREEMENT ARE
IN FULL FORCE AND EFFECT AND NEITHER BORROWER NOR, TO BORROWER'S KNOWLEDGE, ANY
OTHER PARTY TO THE REA OR THE DEVELOPMENT AGREEMENT, IS IN DEFAULT THEREUNDER,
AND TO THE BEST OF BORROWER'S KNOWLEDGE, THERE ARE NO CONDITIONS WHICH, WITH THE
PASSAGE OF TIME OR THE GIVING OF NOTICE, OR BOTH, WOULD CONSTITUTE A DEFAULT
THEREUNDER.
EXCEPT AS SET FORTH ON SCHEDULE V, THE REA HAS NOT BEEN MODIFIED,
AMENDED OR SUPPLEMENTED.
SECTION 4.2
SURVIVAL OF REPRESENTATIONS. BORROWER AGREES THAT ALL OF
THE REPRESENTATIONS AND WARRANTIES OF BORROWER SET FORTH IN SECTION 4.1 AND
ELSEWHERE IN THIS AGREEMENT AND IN THE OTHER LOAN DOCUMENTS SHALL SURVIVE FOR SO
LONG AS ANY AMOUNT REMAINS OWING TO LENDER UNDER THIS AGREEMENT OR ANY OF THE
OTHER LOAN DOCUMENTS BY BORROWER.
ALL REPRESENTATIONS, WARRANTIES, COVENANTS
AND AGREEMENTS MADE IN THIS AGREEMENT OR IN THE OTHER LOAN DOCUMENTS BY BORROWER
SHALL BE DEEMED TO HAVE BEEN RELIED UPON BY