OTHER MATERIAL DEFECTS
OR DAMAGES IN THE PROPERTY, WHETHER LATENT OR OTHERWISE, AND BORROWER HAS NOT
RECEIVED WRITTEN NOTICE FROM ANY INSURANCE COMPANY OR BONDING COMPANY OF ANY
DEFECTS OR INADEQUACIES IN THE PROPERTY, OR ANY PART THEREOF, WHICH WOULD
ADVERSELY AFFECT THE INSURABILITY OF THE SAME OR CAUSE THE IMPOSITION OF
EXTRAORDINARY PREMIUMS OR CHARGES THEREON OR OF ANY TERMINATION OR THREATENED
TERMINATION OF ANY POLICY OF INSURANCE OR BOND.
3.1.21
BOUNDARIES.
EXCEPT AS MAY OTHERWISE BE SHOWN ON THE SURVEY, ALL OF
THE IMPROVEMENTS WHICH WERE INCLUDED IN DETERMINING THE APPRAISED VALUE OF THE
PROPERTY LIE WHOLLY WITHIN THE BOUNDARIES AND BUILDING RESTRICTION LINES OF THE
PROPERTY, AND NO IMPROVEMENTS ON ADJOINING PROPERTIES ENCROACH UPON THE
PROPERTY, AND NO EASEMENTS OR OTHER ENCUMBRANCES AFFECTING THE PROPERTY ENCROACH
UPON ANY OF THE IMPROVEMENTS, SO AS TO MATERIALLY ADVERSELY AFFECT THE VALUE OR
MARKETABILITY OF THE PROPERTY EXCEPT FOR THE PERMITTED ENCUMBRANCES AND THOSE
WHICH ARE INSURED AGAINST BY TITLE INSURANCE.
3.1.22
LEASES.
BORROWER REPRESENTS AND WARRANTS TO LENDER WITH RESPECT TO
THE LEASES (EXCEPT AS MAY OTHERWISE BE DISCLOSED IN ANY TENANT OR SELLER
ESTOPPEL CERTIFICATE DELIVERED TO LENDER ON OR PRIOR TO THE DATE HEREOF) THAT:
(A) TO THE BEST OF BORROWER'S KNOWLEDGE, THE RENT ROLL WITH RESPECT TO THE
PROPERTY ATTACHED HERETO AS SCHEDULE I IS TRUE, COMPLETE AND CORRECT IN ALL
MATERIAL RESPECTS AND THE PROPERTY IS NOT SUBJECT TO ANY LEASES OTHER THAN THE
LEASES DESCRIBED IN SCHEDULE I, (B) THE LEASES IDENTIFIED ON SCHEDULE I ARE IN
FULL FORCE AND EFFECT AND, TO THE BEST OF BORROWER'S KNOWLEDGE AND EXCEPT AS SET
FORTH ON SCHEDULE I, THERE ARE NO MATERIAL DEFAULTS THEREUNDER BY EITHER PARTY,
(C) THE COPIES OF THE LEASES DELIVERED TO LENDER ARE TRUE AND COMPLETE, (D)
EXCEPT FOR PAYMENTS MADE (ON A QUARTERLY OR ANNUAL BASIS) BY THE PROVIDERS OF
TELECOMMUNICATIONS AND DROP BOX SERVICES OR AS OTHERWISE SET FORTH ON SCHEDULE
I, NO RENT (INCLUDING SECURITY DEPOSITS) HAS BEEN PAID MORE THAN ONE (1) MONTH
IN ADVANCE OF ITS DUE DATE, (E) ALL WORK TO BE PERFORMED BY BORROWER UNDER EACH
LEASE (OTHER THAN WORK WHICH IS NOT REQUIRED TO BE COMPLETED AS OF THE CLOSING
DATE) HAS BEEN PERFORMED AS REQUIRED AND, TO THE BEST OF BORROWER'S KNOWLEDGE,
HAS BEEN ACCEPTED BY THE APPLICABLE TENANT, (F) TO THE BEST OF BORROWER'S
KNOWLEDGE, EXCEPT FOR THE UNFUNDED TENANT ALLOWANCES OR AS OTHERWISE SET FORTH
ON SCHEDULE I, ANY PAYMENTS, FREE RENT, PARTIAL RENT, REBATE OF RENT OR OTHER
PAYMENTS, CREDITS, ALLOWANCES OR ABATEMENTS REQUIRED TO BE GIVEN BY BORROWER TO
ANY TENANT HAS ALREADY BEEN
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RECEIVED BY SUCH TENANT, AND (G) ALL SECURITY DEPOSITS ARE BEING HELD IN
ACCORDANCE WITH LEGAL REQUIREMENTS.
3.1.23
FILING AND RECORDING TAXES.
ALL TRANSFER TAXES, DEED STAMPS,
INTANGIBLE TAXES OR OTHER AMOUNTS IN THE NATURE OF TRANSFER TAXES REQUIRED TO BE
PAID UNDER APPLICABLE LEGAL REQUIREMENTS IN CONNECTION WITH THE TRANSFER OF THE
PROPERTY TO BORROWER HAVE BEEN PAID OR ARE BEING PAID