OF THE FAIR MARKET VALUE
OF THE PROPERTY AS SET FORTH ON THE APPRAISAL OF THE PROPERTY.
4.1.38
MORTGAGE TAXES.
AS OF THE DATE HEREOF, BORROWER REPRESENTS
THAT IT HAS PAID OR HAS DEPOSITED WITH THE TITLE COMPANY ISSUING THE TITLE
INSURANCE POLICY FUNDS SUFFICIENT TO PAY ALL STATE, COUNTY AND MUNICIPAL
RECORDING AND ALL OTHER TAXES IMPOSED UPON THE EXECUTION AND RECORDATION OF THE
MORTGAGE.
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 LENDER NOTWITHSTANDING ANY INVESTIGATION HERETOFORE OR HEREAFTER MADE BY
LENDER OR ON ITS BEHALF.
V.
BORROWER COVENANTS
SECTION 5.1
AFFIRMATIVE COVENANTS.
FROM THE
CLOSING DATE AND UNTIL PAYMENT AND PERFORMANCE IN FULL OF ALL OBLIGATIONS OF
BORROWER UNDER THE LOAN DOCUMENTS OR THE EARLIER RELEASE OF THE LIEN OF THE
MORTGAGE ENCUMBERING THE PROPERTY (AND ALL RELATED OBLIGATIONS)
42
IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS,
BORROWER HEREBY COVENANTS AND AGREES WITH LENDER THAT:
5.1.1
EXISTENCE; COMPLIANCE WITH LEGAL REQUIREMENTS;
INSURANCE.
BORROWER SHALL DO OR CAUSE TO BE DONE ALL THINGS NECESSARY TO
PRESERVE, RENEW AND KEEP IN FULL FORCE AND EFFECT ITS EXISTENCE, RIGHTS,
LICENSES, PERMITS AND FRANCHISES AND COMPLY WITH ALL LEGAL REQUIREMENTS
APPLICABLE TO IT AND THE PROPERTY.
BORROWER SHALL NOT COMMIT, NOR SHALL
BORROWER PERMIT ANY OTHER PERSON IN OCCUPANCY OF OR INVOLVED WITH THE OPERATION
OR USE OF THE PROPERTY TO COMMIT ANY ACT OR OMISSION AFFORDING THE FEDERAL
GOVERNMENT OR ANY STATE OR LOCAL GOVERNMENT THE RIGHT OF FORFEITURE AS AGAINST
THE PROPERTY OR ANY PART THEREOF OR ANY MONIES PAID IN PERFORMANCE OF BORROWER'S
OBLIGATIONS UNDER ANY OF THE LOAN DOCUMENTS.
BORROWER HEREBY COVENANTS AND
AGREES NOT TO COMMIT, PERMIT OR SUFFER TO EXIST ANY ACT OR OMISSION AFFORDING
SUCH RIGHT OF FORFEITURE.
BORROWER SHALL AT ALL TIMES MAINTAIN, PRESERVE AND
PROTECT ALL ITS FRANCHISES AND TRADE NAMES AND PRESERVE ALL THE REMAINDER OF ITS
PROPERTY USED OR USEFUL IN THE CONDUCT OF ITS BUSINESS AND SHALL KEEP THE
PROPERTY IN GOOD WORKING ORDER AND REPAIR, AND FROM TIME TO TIME MAKE, OR CAUSE
TO BE MADE, ALL REASONABLY NECESSARY REPAIRS, RENEWALS, REPLACEMENTS,
BETTERMENTS AND IMPROVEMENTS THERETO, ALL AS MORE FULLY PROVIDED IN THE
MORTGAGE.
BORROWER SHALL KEEP THE PROPERTY INSURED AT ALL TIMES BY FINANCIALLY
SOUND AND REPUTABLE INSURERS, TO SUCH EXTENT AND AGAINST SUCH RISKS, AND
MAINTAIN LIABILITY AND SUCH OTHER INSURANCE, AS IS MORE FULLY PROVIDED IN THIS
AGREEMENT.
BORROWER SHALL OPERATE THE PROPERTY IN ACCORDANCE WITH THE TERMS AND
PROVISIONS OF THE O&M AGREEMENT IN ALL MATERIAL RESPECTS.
AFTER PRIOR WRITTEN
NOTICE TO