MATERIAL DEFECTS OR DAMAGES IN
ANY PROPERTY, WHETHER LATENT OR OTHERWISE; AND (C) NO BORROWER HAS RECEIVED
NOTICE FROM ANY INSURANCE COMPANY OR BONDING COMPANY OF ANY DEFECTS OR
INADEQUACIES IN ANY 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.
EXCEPT AS DISCLOSED ON THE SURVEYS, TO EACH
BORROWER'S ACTUAL KNOWLEDGE, ALL OF THE IMPROVEMENTS WHICH WERE INCLUDED IN
DETERMINING THE APPRAISED VALUE OF EACH PROPERTY LIE WHOLLY WITHIN THE
BOUNDARIES AND BUILDING RESTRICTION LINES OF SUCH PROPERTY, AND NO IMPROVEMENTS
ON ADJOINING PROPERTIES ENCROACH UPON SUCH PROPERTY, AND NO EASEMENTS OR OTHER
ENCUMBRANCES UPON ANY PROPERTY ENCROACH UPON ANY OF THE IMPROVEMENTS, SO
149
AS TO MATERIALLY AND ADVERSELY AFFECT THE VALUE OR MARKETABILITY OF SUCH
PROPERTY EXCEPT THOSE WHICH ARE INSURED AGAINST BY THE APPLICABLE TITLE
INSURANCE POLICY FOR SUCH PROPERTY.
4.1.26
LEASES.
TO EACH BORROWER'S ACTUAL KNOWLEDGE AFTER DUE
INQUIRY AND EXCEPT AS SET FORTH ON SCHEDULE X ATTACHED HERETO OR AS OTHERWISE
DISCLOSED IN THE ESTOPPEL CERTIFICATES DELIVERED TO LENDER IN CONNECTION WITH
THE CLOSING OF THE LOAN, (A) THE PROPERTIES ARE NOT SUBJECT TO ANY LEASES OTHER
THAN THE HRHI LEASE AND THE OTHER LEASES DESCRIBED IN SAID SCHEDULE X, (B) EACH
BORROWER IS THE OWNER AND LESSOR OF THE LANDLORD'S INTEREST IN EACH SUCH LEASE
AFFECTING ITS PROPERTY, (C) NO PERSON HAS ANY POSSESSORY INTEREST IN ANY
PROPERTY OR ANY RIGHT TO OCCUPY THE SAME EXCEPT UNDER AND PURSUANT TO THE
PROVISIONS OF SUCH LEASES, (D) ALL COMMERCIAL LEASES ARE IN FULL FORCE AND
EFFECT AND THERE ARE NO MATERIAL 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 MATERIAL DEFAULTS THEREUNDER, (E) THE COPIES OF THE
COMMERCIAL LEASES DELIVERED TO LENDER ARE TRUE AND COMPLETE, AND THERE ARE NO
ORAL AGREEMENTS WITH RESPECT THERETO, (F) NO RENT (INCLUDING SECURITY DEPOSITS)
HAS BEEN PAID MORE THAN ONE (1) MONTH IN ADVANCE OF ITS DUE DATE, (G) ALL WORK
TO BE PERFORMED BY THE LANDLORD UNDER EACH LEASE HAS BEEN PERFORMED AS REQUIRED
IN SUCH LEASE 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 ANY BORROWER TO ANY TENANT HAS ALREADY
BEEN RECEIVED BY SUCH TENANT, (H) THERE HAS BEEN NO PRIOR SALE, TRANSFER OR
ASSIGNMENT, HYPOTHECATION OR PLEDGE OF ANY LEASE OR OF THE RENTS RECEIVED
THEREIN WHICH IS STILL IN EFFECT, (I) NO COMMERCIAL TENANT LISTED ON SCHEDULE X
HAS ASSIGNED ITS LEASE OR SUBLET ALL OR ANY PORTION OF THE PREMISES DEMISED
THEREBY, NO SUCH COMMERCIAL TENANT HOLDS ITS LEASED PREMISES UNDER ASSIGNMENT OR
SUBLEASE, NOR DOES ANYONE EXCEPT SUCH COMMERCIAL TENANT AND ITS EMPLOYEES OCCUPY
SUCH LEASED PREMISES, (J) NO