BORROW
MONEY.
4.14
EASEMENTS; UTILITIES AND PUBLIC ACCESS.
ALL
EASEMENTS, CROSS EASEMENTS, LICENSES, AIR RIGHTS AND RIGHTS-OF-WAY OR OTHER
SIMILAR PROPERTY INTERESTS (COLLECTIVELY, "EASEMENTS"), IF ANY, NECESSARY FOR
THE FULL UTILIZATION OF THE IMPROVEMENTS FOR THEIR INTENDED PURPOSES HAVE BEEN
OBTAINED, ARE DESCRIBED IN THE TITLE INSURANCE POLICY AND ARE IN FULL FORCE AND
EFFECT WITHOUT DEFAULT THEREUNDER.
THE PROPERTY HAS RIGHTS OF ACCESS TO PUBLIC
WAYS AND IS SERVED BY WATER, SEWER, SANITARY SEWER AND STORM DRAIN FACILITIES
ADEQUATE TO SERVICE IT FOR ITS INTENDED USES.
ALL PUBLIC UTILITIES NECESSARY OR
CONVENIENT TO THE FULL USE AND ENJOYMENT OF THE PROPERTY ARE LOCATED IN THE
PUBLIC RIGHT-OF-WAY ABUTTING THE PROPERTY, AND ALL SUCH UTILITIES ARE CONNECTED
SO AS TO SERVE THE PROPERTY WITHOUT PASSING OVER OTHER PROPERTY ABSENT A VALID
EASEMENT.
ALL ROADS NECESSARY FOR THE USE OF THE PROPERTY FOR ITS CURRENT
PURPOSE HAVE BEEN COMPLETED AND DEDICATED TO PUBLIC USE AND ACCEPTED BY ALL
GOVERNMENTAL AUTHORITIES.
4.15
PHYSICAL CONDITION.
TO BORROWER'S KNOWLEDGE AND
EXCEPT AS SET FORTH IN THE PROPERTY CONDITION ASSESSMENT, PREPARED BY AEI
CONSULTANTS AND DELIVERED TO LENDER IN CONNECTION WITH THE LOAN, THE PROPERTY,
INCLUDING ALL IMPROVEMENTS, PARKING FACILITIES, SYSTEMS, EQUIPMENT AND
LANDSCAPING, ARE IN GOOD CONDITION, ORDER AND REPAIR IN ALL MATERIAL RESPECTS;
TO BORROWER'S KNOWLEDGE THERE EXISTS NO STRUCTURAL OR OTHER MATERIAL DEFECT OR
DAMAGES TO THE
45
PROPERTY, WHETHER LATENT OR OTHERWISE.
BORROWER HAS NOT RECEIVED NOTICE FROM
ANY INSURANCE COMPANY OR BONDING COMPANY OF ANY DEFECT OR INADEQUACY IN THE
PROPERTY, OR ANY PART THEREOF, WHICH WOULD ADVERSELY AFFECT ITS INSURABILITY OR
CAUSE THE IMPOSITION OF EXTRAORDINARY PREMIUMS OR CHARGES THEREON OR ANY
TERMINATION OF ANY POLICY OF INSURANCE OR BOND.
NO PORTION OF THE PROPERTY IS
LOCATED IN AN AREA AS IDENTIFIED BY THE FEDERAL EMERGENCY MANAGEMENT AGENCY AS
AN AREA HAVING SPECIAL FLOOD HAZARDS.
THE IMPROVEMENTS HAVE SUFFERED NO
MATERIAL CASUALTY OR DAMAGE WHICH HAS NOT BEEN FULLY REPAIRED AND THE COST
THEREOF FULLY PAID.
4.16
LEASES.
THE RENT ROLL ATTACHED HERETO AS SCHEDULE 8
(THE "RENT ROLL") IS TRUE, COMPLETE AND CORRECT AND THE PROPERTY IS NOT SUBJECT
TO ANY LEASES OTHER THAN THE LEASES DESCRIBED IN THE RENT ROLL.
EXCEPT AS SET
FORTH ON THE RENT ROLL OR TENANT ESTOPPEL CERTIFICATES DELIVERED TO LENDER PRIOR
TO THE DATE HEREOF: (I) EACH LEASE IS IN FULL FORCE AND EFFECT; (II) THE TENANTS
UNDER THE LEASES HAVE ACCEPTED POSSESSION OF AND ARE IN OCCUPANCY OF ALL OF
THEIR RESPECTIVE DEMISED PREMISES, HAVE COMMENCED THE PAYMENT OF RENT UNDER THE
LEASES, AND THERE ARE NO OFFSETS, CLAIMS OR DEFENSES TO THE ENFORCEMENT THEREOF;
(III) ALL RENTS DUE AND PAYABLE UNDER THE LEASES HAVE BEEN PAID AND NO PORTION
THEREOF HAS BEEN PAID FOR ANY PERIOD MORE THAN 30 DAYS IN ADVANCE; (IV) THE RENT
PAYABLE UNDER EACH LEASE IS THE AMOUNT OF FIXED RENT SET FORTH IN THE RENT ROLL,
AND THERE IS NO CLAIM OR BASIS FOR A CLAIM BY THE TENANT THEREUNDER FOR AN
ADJUSTMENT TO