COLLECTIVELY REFERRED TO AS THE "LICENSES").
BORROWER SHALL AND SHALL CAUSE ALL OTHER PERSONS TO, KEEP AND MAINTAIN ALL
LICENSES NECESSARY FOR THE OPERATION OF THE PROPERTY FOR THE PERMITTED USE.
THE
USE BEING MADE OF THE PROPERTY IS IN CONFORMITY WITH ALL CERTIFICATES OF
OCCUPANCY ISSUED FOR THE PROPERTY.
4.1.23
FLOOD ZONE.
TO BORROWER'S KNOWLEDGE, NO IMPROVEMENTS ON THE PROPERTY
ARE LOCATED IN AN AREA IDENTIFIED BY THE FEDERAL EMERGENCY MANAGEMENT AGENCY AS
AN AREA HAVING SPECIAL FLOOD HAZARDS OR, IF SO LOCATED, THE FLOOD INSURANCE
REQUIRED PURSUANT TO SECTION 6.1(A)(I) IS IN FULL FORCE AND EFFECT WITH RESPECT
TO THE PROPERTY.
4.1.24
PHYSICAL CONDITION.
EXCEPT AS DISCLOSED IN THE PHYSICAL CONDITIONS
REPORT DELIVERED TO LENDER IN CONNECTION WITH THIS LOAN, TO BORROWER'S
KNOWLEDGE, THE PROPERTY, INCLUDING, WITHOUT LIMITATION, ALL BUILDINGS,
IMPROVEMENTS, PARKING FACILITIES, SIDEWALKS, STORM DRAINAGE SYSTEMS, ROOFS,
PLUMBING SYSTEMS, HVAC SYSTEMS, FIRE PROTECTION SYSTEMS, ELECTRICAL SYSTEMS,
EQUIPMENT, ELEVATORS, EXTERIOR SIDINGS AND DOORS, LANDSCAPING, IRRIGATION
SYSTEMS AND ALL STRUCTURAL COMPONENTS, ARE IN GOOD CONDITION, ORDER
39
AND REPAIR IN ALL MATERIAL RESPECTS; THERE EXISTS NO STRUCTURAL OR OTHER
MATERIAL DEFECTS OR DAMAGES IN THE PROPERTY AND BORROWER HAS NOT RECEIVED NOTICE
FROM ANY INSURANCE COMPANY OR BONDING COMPANY OF ANY DEFECTS OR INADEQUACIES IN
THE PROPERTY, OR ANY PART THEREOF, WHICH WOULD ADVERSELY AFFECT THE INSURABILITY
OF THE SAME OR CAUSE THE IMPOSITION OF EXTRAORDINARY PREMIUMS OR CHARGES THEREON
OR OF ANY TERMINATION OR THREATENED TERMINATION OF ANY POLICY OF INSURANCE OR
BOND.
4.1.25
BOUNDARIES.
TO BORROWER'S KNOWLEDGE, ALL OF THE IMPROVEMENTS WHICH
WERE INCLUDED IN DETERMINING THE APPRAISED VALUE OF THE PROPERTY LIE WHOLLY
WITHIN THE BOUNDARIES AND BUILDING RESTRICTION LINES OF THE PROPERTY, AND NO
IMPROVEMENTS ON ADJOINING PROPERTIES ENCROACH UPON THE PROPERTY, AND NO
EASEMENTS OR OTHER ENCUMBRANCES UPON THE PROPERTY ENCROACH UPON ANY OF THE
IMPROVEMENTS, SO AS TO AFFECT THE VALUE OR MARKETABILITY OF THE PROPERTY EXCEPT
THOSE WHICH ARE INSURED AGAINST BY THE TITLE INSURANCE POLICY.
4.1.26
LEASES.
THE PROPERTY IS NOT SUBJECT TO ANY LEASES OTHER THAN THE
LEASES DESCRIBED IN THE RENT ROLL ATTACHED AS SCHEDULE II HERETO AND MADE A PART
HEREOF.
BORROWER IS THE OWNER AND LESSOR OF LANDLORD'S INTEREST IN THE LEASES.
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 ABATEMENTS REQUIRED TO BE GIVEN BY
BORROWER TO