CORPORATIONS AND LIMITED
LIABILITY COMPANIES IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
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CONSISTENTLY APPLIED AND FOR INDIVIDUALS IN ACCORDANCE WITH ACCOUNTING
PRINCIPLES CONSISTENTLY APPLIED, SHALL BE CERTIFIED BY THE PARTY TO WHICH THEY
APPLY AS TRUE, CORRECT AND COMPLETE.
5.5
PROVIDING OPERATING STATEMENTS.
BORROWER
SHALL, WITHIN TEN (10) DAYS FOLLOWING THE CLOSE OF EACH FISCAL QUARTER, DELIVER
TO LENDER AN OPERATING STATEMENT AND RENT ROLL, IN FORM AND DETAIL REASONABLY
SATISFACTORY TO LENDER, FOR THE PROPERTY FOR THE PRECEDING FISCAL QUARTER.
BORROWER SHALL ALSO DELIVER TO LENDER AN ANNUAL OPERATING STATEMENT FOR THE
PROPERTY WITHIN NINETY (90) DAYS FOLLOWING THE END OF EACH FISCAL YEAR THEREOF.
ALL SUCH OPERATING STATEMENTS, RENT ROLLS AND LEASING STATUS REPORTS SHALL BE
CERTIFIED AS TRUE, CORRECT AND COMPLETE BY BORROWER.
5.6
COMPLYING WITH THE LOAN DOCUMENTS AND OTHER
AGREEMENTS.
BORROWER SHALL COMPLY WITH AND PERFORM ALL OF ITS AGREEMENTS AND
OBLIGATIONS UNDER THE LOAN DOCUMENTS AND SHALL COMPLY WITH ALL REASONABLE
REQUESTS BY LENDER WHICH ARE CONSISTENT WITH THE TERMS THEREOF.
BORROWER SHALL
COMPLY WITH AND PERFORM ALL OF ITS AGREEMENTS AND OBLIGATIONS UNDER ANY
MORTGAGE, DEED OF TRUST, LEASE, BANK LOAN, CREDIT AGREEMENT, AND ANY OTHER
AGREEMENT AND ANY GOVERNMENTAL REQUIREMENTS TO WHICH BORROWER IS A PARTY, OR BY
WHICH BORROWER MAY BE BOUND OR AFFECTED.
5.7
COMPLIANCE WITH LAWS.
BORROWER WILL COMPLY
AND, TO THE EXTENT IT IS ABLE, WILL CAUSE OTHERS TO COMPLY WITH ALL LAWS AND
REQUIREMENTS OF GOVERNMENTAL AUTHORITIES HAVING JURISDICTION OVER THE
PROCESSING, APPROVING AND RECORDING OF ANY SUBDIVISION MAP, AND WILL FURNISH
LENDER WITH REPORTS OF ANY OFFICIAL SEARCHES FOR VIOLATION OF ANY REQUIREMENTS
ESTABLISHED BY SUCH GOVERNMENTAL AUTHORITIES.
BORROWER WILL COMPLY AND, TO THE
EXTENT IT IS ABLE, WILL CAUSE OTHERS TO COMPLY WITH ALL RESTRICTIVE COVENANTS
AND ALL OBLIGATIONS CREATED BY PRIVATE CONTRACTS AND LEASES WHICH AFFECT
OWNERSHIP, DEVELOPMENT, CONSTRUCTION, EQUIPPING, FIXTURING, USE, OCCUPANCY, SALE
OR LEASING OF THE PROPERTY (OR ANY PORTION THEREOF).
THE PROPERTY AND THE
LEASING THEREOF SHALL BE IN COMPLIANCE WITH ALL PERMITS AND APPROVALS ISSUED BY
GOVERNMENTAL AGENCIES WITH RESPECT TO THE PROPERTY, APPLICABLE BUILDING, ZONING
AND USE LAWS, REQUIREMENTS, REGULATIONS AND ORDINANCES, AND ANY DEVELOPMENT WILL
NOT VIOLATE ANY RESTRICTIONS OF RECORD AGAINST THE PROPERTY.
BORROWER WILL
DELIVER TO LENDER, PROMPTLY AFTER RECEIPT THEREOF, COPIES OF ALL PERMITS AND
APPROVALS RECEIVED FROM GOVERNMENTAL AUTHORITIES RELATING TO THE USE,
CONSTRUCTION, DEVELOPMENT, OR SALE OF THE PROPERTY.
5.8
OWNERSHIP OF COLLATERAL.
BORROWER WILL BE THE
SOLE OWNER OF ALL COLLATERAL ACQUIRED AFTER THE DATE HEREOF, FREE FROM ANY
ADVERSE LIEN, SECURITY INTEREST OR ADVERSE CLAIM OF ANY KIND WHATSOEVER, EXCEPT
FOR SECURITY INTERESTS AND LIENS IN FAVOR OF LENDER, LIENS DISCLOSED IN THE
TITLE POLICY, AND OTHER LIENS APPROVED BY LENDER, IN LENDER'S SOLE DISCRETION.
BORROWER WILL NOT CONVEY OR TRANSFER ANY PORTION OF THE COLLATERAL WITHOUT THE
PRIOR WRITTEN CONSENT OF LENDER; PROVIDED, HOWEVER, BORROWER MAY CONVEY OR
TRANSFER SOME OR ALL OF THE EQUIPMENT SO LONG AS BORROWER OBTAINS A REPLACEMENT
OF COMPARABLE OR GREATER UTILITY AND