UTILITY HOLDING
COMPANY ACT OF 1935, AS AMENDED; OR (III) SUBJECT TO ANY OTHER FEDERAL OR STATE
LAW OR REGULATION WHICH PURPORTS TO RESTRICT OR REGULATE ITS ABILITY TO BORROW
MONEY.
4.14
EASEMENTS; UTILITIES AND PUBLIC ACCESS.
ALL EASEMENTS, CROSS
EASEMENTS, LICENSES, AIR RIGHTS AND RIGHTS-OF-WAY OR OTHER SIMILAR PROPERTY
INTERESTS (COLLECTIVELY, "EASEMENTS"), IF ANY, NECESSARY FOR THE FULL
UTILIZATION OF THE IMPROVEMENTS FOR THEIR INTENDED PURPOSES HAVE BEEN OBTAINED,
ARE DESCRIBED IN THE OWNER'S TITLE INSURANCE POLICY AND ARE IN FULL FORCE AND
EFFECT WITHOUT DEFAULT THEREUNDER.
THE PROPERTY HAS RIGHTS OF ACCESS TO PUBLIC
WAYS AND IS SERVED BY WATER, SEWER, SANITARY SEWER AND STORM DRAIN FACILITIES
ADEQUATE TO SERVICE IT FOR ITS INTENDED USES.
ALL PUBLIC UTILITIES NECESSARY OR
CONVENIENT TO THE FULL USE AND ENJOYMENT OF THE PROPERTY ARE LOCATED IN THE
PUBLIC RIGHT-OF-WAY ABUTTING THE PROPERTY, AND ALL SUCH UTILITIES ARE CONNECTED
SO AS TO SERVE THE PROPERTY WITHOUT PASSING OVER OTHER PROPERTY ABSENT A VALID
EASEMENT.
ALL ROADS NECESSARY FOR THE USE OF THE PROPERTY FOR ITS CURRENT
PURPOSE HAVE BEEN COMPLETED AND DEDICATED TO PUBLIC USE AND ACCEPTED BY ALL
GOVERNMENTAL AUTHORITIES.
4.15
PHYSICAL CONDITION.
TO BORROWER'S KNOWLEDGE AND EXCEPT AS SET FORTH
IN THE PROPERTY CONDITION ASSESSMENT, PREPARED BY AEI CONSULTANTS AND DELIVERED
TO LENDER IN CONNECTION WITH THE LOAN, THE PROPERTY, INCLUDING ALL IMPROVEMENTS,
PARKING FACILITIES, SYSTEMS, EQUIPMENT AND LANDSCAPING, ARE IN GOOD CONDITION,
ORDER AND REPAIR IN ALL MATERIAL RESPECTS; TO BORROWER'S KNOWLEDGE THERE EXISTS
NO STRUCTURAL OR OTHER MATERIAL DEFECT OR DAMAGES TO THE
39
PROPERTY, WHETHER LATENT OR OTHERWISE.
NEITHER BORROWER NOR MORTGAGE BORROWER
HAS RECEIVED NOTICE FROM ANY INSURANCE COMPANY OR BONDING COMPANY OF ANY DEFECT
OR INADEQUACY IN THE PROPERTY, OR ANY PART THEREOF, WHICH WOULD ADVERSELY AFFECT
ITS INSURABILITY OR CAUSE THE IMPOSITION OF EXTRAORDINARY PREMIUMS OR CHARGES
THEREON OR ANY TERMINATION OF ANY POLICY OF INSURANCE OR BOND.
NO PORTION OF
THE PROPERTY IS LOCATED IN AN AREA AS IDENTIFIED BY THE FEDERAL EMERGENCY
MANAGEMENT AGENCY AS AN AREA HAVING SPECIAL FLOOD HAZARDS.
THE IMPROVEMENTS
HAVE SUFFERED NO MATERIAL CASUALTY OR DAMAGE WHICH HAS NOT BEEN FULLY REPAIRED
AND THE COST THEREOF FULLY PAID.
4.16
LEASES.
THE RENT ROLL ATTACHED HERETO AS SCHEDULE 8 (THE "RENT
ROLL") IS TRUE, COMPLETE AND CORRECT AND THE PROPERTY IS NOT SUBJECT TO ANY
LEASES OTHER THAN THE LEASES DESCRIBED IN THE RENT ROLL.
EXCEPT AS SET FORTH ON
THE RENT ROLL OR TENANT ESTOPPEL CERTIFICATES DELIVERED TO LENDER PRIOR TO THE
DATE HEREOF: (I) EACH LEASE IS IN FULL FORCE AND EFFECT; (II) THE TENANTS UNDER
THE LEASES HAVE ACCEPTED POSSESSION OF AND ARE IN OCCUPANCY OF ALL OF THEIR
RESPECTIVE DEMISED PREMISES, HAVE COMMENCED THE PAYMENT OF RENT UNDER THE
LEASES, AND THERE ARE NO OFFSETS, CLAIMS OR DEFENSES TO THE ENFORCEMENT THEREOF;
(III) ALL RENTS DUE AND PAYABLE UNDER THE LEASES HAVE BEEN PAID AND NO PORTION
THEREOF HAS BEEN PAID FOR ANY PERIOD MORE THAN 30 DAYS IN ADVANCE; (IV) THE RENT
PAYABLE