OBSERVANCE OF ALL OF THE COVENANTS AND AGREEMENTS REQUIRED TO BE PERFORMED
AND/OR OBSERVED BY MANAGER UNDER THE PROPERTY MANAGEMENT AGREEMENT, IN A
COMMERCIALLY REASONABLE MANNER.
5.1.23
SUPPLEMENTAL MORTGAGE AFFIDAVITS. AS OF THE DATE HEREOF, BORROWER
REPRESENTS THAT IT HAS PAID OR HAS DEPOSITED WITH THE TITLE COMPANY ISSUING THE
TITLE INSURANCE
48
POLICY FUNDS SUFFICIENT TO PAY ALL STATE, COUNTY AND MUNICIPAL RECORDING AND ALL
OTHER TAXES IMPOSED UPON THE EXECUTION AND RECORDATION OF THE MORTGAGE.
IF AT
ANY TIME LENDER DETERMINES, BASED ON APPLICABLE LAW, THAT LENDER IS NOT BEING
AFFORDED THE MAXIMUM AMOUNT OF SECURITY AVAILABLE FROM THE PROPERTY AS A DIRECT
OR INDIRECT RESULT OF APPLICABLE TAXES NOT HAVING BEEN PAID WITH RESPECT TO THE
PROPERTY, BORROWER AGREES THAT BORROWER WILL EXECUTE, ACKNOWLEDGE AND DELIVER TO
LENDER, WITHIN FIFTEEN (15) DAYS OF LENDER'S REQUEST, SUPPLEMENTAL AFFIDAVITS
INCREASING THE AMOUNT OF THE DEBT ATTRIBUTABLE TO THE PROPERTY FOR WHICH ALL
APPLICABLE TAXES HAVE BEEN PAID TO AN AMOUNT DETERMINED BY LENDER TO BE EQUAL TO
THE LESSER OF (A) THE GREATER OF THE FAIR MARKET VALUE OF THE PROPERTY (I) AS OF
THE DATE HEREOF AND (II) AS OF THE DATE SUCH SUPPLEMENTAL AFFIDAVITS ARE TO BE
DELIVERED TO LENDER, AND (B) THE AMOUNT OF THE DEBT ATTRIBUTABLE TO THE
PROPERTY, AND BORROWER SHALL, ON DEMAND, PAY ANY ADDITIONAL TAXES.
5.1.24
EMBARGOED PERSON.
BORROWER COVENANTS AND AGGRESS (A) THAT IT HAS
PERFORMED AND SHALL PERFORM REASONABLE DUE DILIGENCE TO ENSURE THAT
AT ALL
TIMES THROUGHOUT THE TERM OF THE LOAN, INCLUDING AFTER GIVING EFFECT TO ANY
TRANSFERS BY BORROWER TO ANY AFFILIATES OF BORROWER PERMITTED PURSUANT TO THE
LOAN DOCUMENTS, (I) NONE OF THE FUNDS OR OTHER ASSETS OF BORROWER CONSTITUTE
PROPERTY OF, OR ARE BENEFICIALLY OWNED, DIRECTLY OR INDIRECTLY, BY ANY PERSON,
ENTITY OR GOVERNMENT NAMED ON THE OFAC LIST, SUBJECT TO TRADE RESTRICTIONS UNDER
U.S. LAW, INCLUDING, BUT NOT LIMITED TO, THE INTERNATIONAL EMERGENCY ECONOMIC
POWERS ACT, 50 U.S.C. §§ 1701 ET SEQ., THE TRADING WITH THE ENEMY ACT, 50 U.S.C.
APP. 1 ET SEQ., THE UNITING AND STRENGTHENING AMERICA BY PROVIDING APPROPRIATE
TOOLS REQUIRED TO INTERCEPT AND OBSTRUCT TERRORISM ACT OF 2001, U.S. PUBLIC LAW
107-56 AND ANY EXECUTIVE ORDERS OR REGULATIONS PROMULGATED THEREUNDER WITH THE
RESULT THAT THE INVESTMENT IN BORROWER, PRINCIPAL OR GUARANTOR, AS APPLICABLE
(WHETHER DIRECTLY OR INDIRECTLY), IS PROHIBITED BY LAW OR THE LOAN MADE BY THE
LENDER IS IN VIOLATION OF LAW ("EMBARGOED PERSON"), (II) NO EMBARGOED PERSON HAS
ANY INTEREST OF ANY NATURE WHATSOEVER IN BORROWER WITH THE RESULT THAT THE
INVESTMENT IN BORROWER (WHETHER DIRECTLY OR INDIRECTLY), IS PROHIBITED BY LAW OR
THE LOAN IS IN VIOLATION OF LAW, (III) NONE OF THE FUNDS OF BORROWER HAVE BEEN
DERIVED FROM ANY UNLAWFUL ACTIVITY WITH THE RESULT THAT THE INVESTMENT IN
BORROWER (WHETHER DIRECTLY OR INDIRECTLY), IS PROHIBITED BY LAW OR THE LOAN IS
IN VIOLATION OF LAW, (IV) BORROWER, PRINCIPAL AND GUARANTOR ARE IN FULL
COMPLIANCE WITH ALL APPLICABLE ORDERS, RULES, REGULATIONS AND RECOMMENDATIONS OF
THE