LEASE HAS ANY RIGHT OR OPTION FOR ADDITIONAL SPACE IN THE IMPROVEMENTS
EXCEPT AS SET FORTH IN SCHEDULE IV. TO BORROWER'S ACTUAL KNOWLEDGE BASED ON THE
ENVIRONMENTAL REPORT DELIVERED TO LENDER IN CONNECTION HEREWITH, NO HAZARDOUS
WASTES OR TOXIC SUBSTANCES, AS DEFINED BY APPLICABLE FEDERAL, STATE OR LOCAL
STATUTES, RULES AND REGULATIONS, HAVE BEEN DISPOSED, STORED OR TREATED BY ANY
TENANT UNDER ANY LEASE ON OR ABOUT THE LEASED PREMISES NOR DOES BORROWER HAVE
ANY KNOWLEDGE OF ANY TENANT'S INTENTION TO USE ITS LEASED PREMISES FOR ANY
ACTIVITY WHICH, DIRECTLY OR INDIRECTLY, INVOLVES THE USE, GENERATION, TREATMENT,
STORAGE, DISPOSAL OR TRANSPORTATION OF ANY PETROLEUM PRODUCT OR ANY TOXIC OR
HAZARDOUS CHEMICAL, MATERIAL, SUBSTANCE OR WASTE, EXCEPT IN EITHER EVENT, IN
COMPLIANCE WITH APPLICABLE FEDERAL, STATE OR LOCAL STATUES, RULES AND
REGULATIONS.
4.1.27
SURVEY. THE SURVEY FOR THE PROPERTY DELIVERED TO LENDER IN
CONNECTION WITH THIS LOAN AGREEMENT HAS BEEN PREPARED IN ACCORDANCE WITH THE
PROVISIONS OF SECTION 3.1.3(C) HEREOF, AND DOES NOT FAIL TO REFLECT ANY MATERIAL
MATTER AFFECTING THE PROPERTY OR THE TITLE THERETO.
4.1.28
LOAN TO VALUE. THE MAXIMUM PRINCIPAL AMOUNT OF THE NOTE DOES NOT
EXCEED ONE HUNDRED TWENTY-FIVE PERCENT (125%) OF THE FAIR MARKET VALUE OF THE
PROPERTY AS SET FORTH ON THE APPRAISAL OF THE PROPERTY DELIVERED TO LENDER.
4.1.29
FILING AND RECORDING TAXES. ALL TRANSFER TAXES, DEED STAMPS,
INTANGIBLE TAXES OR OTHER AMOUNTS IN THE NATURE OF TRANSFER TAXES REQUIRED TO BE
PAID BY ANY PERSON UNDER
30
APPLICABLE LEGAL REQUIREMENTS CURRENTLY IN EFFECT IN CONNECTION WITH THE
ACQUISITION OF THE PROPERTY BY BORROWER HAVE BEEN PAID OR ARE SIMULTANEOUSLY
BEING PAID. ALL MORTGAGE, MORTGAGE RECORDING, STAMP, INTANGIBLE OR OTHER SIMILAR
TAX REQUIRED TO BE PAID BY ANY PERSON UNDER APPLICABLE LEGAL REQUIREMENTS
CURRENTLY IN EFFECT IN CONNECTION WITH THE EXECUTION, DELIVERY, RECORDATION,
FILING, REGISTRATION, PERFECTION OR ENFORCEMENT OF ANY OF THE LOAN DOCUMENTS,
INCLUDING, WITHOUT LIMITATION, THE MORTGAGE, HAVE BEEN PAID, AND, UNDER CURRENT
LEGAL REQUIREMENTS, THE MORTGAGE IS ENFORCEABLE IN ACCORDANCE WITH ITS TERMS BY
LENDER (OR ANY SUBSEQUENT HOLDER THEREOF).
4.1.30
SPECIAL PURPOSE ENTITY/SEPARATENESS. (A)
UNTIL THE DEBT HAS BEEN
PAID IN FULL, BORROWER HEREBY REPRESENTS, WARRANTS AND COVENANTS THAT THE
BORROWER IS, SHALL BE AND SHALL CONTINUE TO BE A SPECIAL PURPOSE ENTITY. IF
BORROWER CONSISTS OF MORE THAN ONE PERSON, EACH SUCH PERSON SHALL BE A SPECIAL
PURPOSE ENTITY.
(B)
THE REPRESENTATIONS, WARRANTIES AND COVENANTS SET FORTH IN SECTION
4.1.30(A) SHALL SURVIVE FOR SO LONG AS ANY AMOUNT REMAINS PAYABLE TO LENDER
UNDER THIS LOAN AGREEMENT OR ANY OTHER LOAN DOCUMENT.
(C)
ANY AND ALL OF THE ASSUMPTIONS MADE IN ANY INSOLVENCY OPINION,
INCLUDING, BUT NOT LIMITED TO, ANY EXHIBITS ATTACHED THERETO, WILL HAVE BEEN AND
SHALL BE TRUE AND CORRECT IN ALL RESPECTS, AND BORROWER WILL HAVE COMPLIED AND
WILL COMPLY WITH ALL OF THE ASSUMPTIONS MADE WITH RESPECT TO IT IN ANY
INSOLVENCY OPINION. EACH ENTITY OTHER THAN BORROWER WITH RESPECT TO WHICH AN
ASSUMPTION IS MADE IN ANY INSOLVENCY OPINION WILL HAVE COMPLIED AND WILL