BUDGET TO
LENDER NOT LATER THAN THIRTY (30) DAYS PRIOR TO THE COMMENCEMENT OF SUCH FISCAL
YEAR.
(F)
BORROWER SHALL FURNISH TO LENDER, WITHIN TEN (10) DAYS AFTER
REQUEST (OR AS SOON THEREAFTER AS MAY BE REASONABLY POSSIBLE), SUCH FURTHER
DETAILED INFORMATION WITH RESPECT TO THE OPERATION OF THE PROPERTY AND THE
FINANCIAL AFFAIRS OF BORROWER AS MAY BE REASONABLY REQUESTED BY LENDER,
INCLUDING, WITHOUT LIMITATION, A COMPARISON OF THE BUDGETED INCOME AND EXPENSES
AND THE ACTUAL INCOME AND EXPENSES YEAR TO DATE FOR THE PROPERTY, TOGETHER WITH
A DETAILED EXPLANATION OF ANY VARIANCES OF MORE THAN THE GREATER OF FIVE PERCENT
(5%) OR $100,000 BETWEEN BUDGETED AND ACTUAL AMOUNTS FOR SUCH YEAR TO DATE.
4.1.7
TITLE TO THE PROPERTY.
BORROWER WILL WARRANT AND DEFEND THE
VALIDITY AND PRIORITY OF THE LIENS OF THE MORTGAGE AND THE ASSIGNMENT OF LEASES
ON THE PROPERTY AGAINST THE CLAIMS OF ALL PERSONS WHOMSOEVER, SUBJECT ONLY TO
PERMITTED ENCUMBRANCES.
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4.1.8
ESTOPPEL STATEMENT.
(A)
AFTER REQUEST BY LENDER, BORROWER SHALL
WITHIN FIVE (5) BUSINESS DAYS FURNISH LENDER WITH A STATEMENT, DULY ACKNOWLEDGED
AND CERTIFIED, STATING (I) THE UNPAID PRINCIPAL AMOUNT OF THE NOTE, (II) THE
INTEREST RATE OF THE NOTE, (III) THE DATE INSTALLMENTS OF INTEREST WERE LAST
PAID, (IV) ANY OFFSETS OR DEFENSES TO THE PAYMENT OF THE DEBT, IF ANY, AND (V)
THAT THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS HAVE NOT BEEN MODIFIED OR IF
MODIFIED, GIVING PARTICULARS OF SUCH MODIFICATION.
(B)
AFTER REQUEST BY BORROWER, LENDER SHALL WITHIN TEN (10) BUSINESS
DAYS FURNISH BORROWER WITH A STATEMENT, DULY ACKNOWLEDGED AND CERTIFIED, STATING
(I) THE UNPAID PRINCIPAL AMOUNT OF THE NOTE, (II) THE INTEREST RATE OF THE NOTE,
(III) THE DATE INSTALLMENTS OF INTEREST WERE LAST PAID, (IV) THE THEN CURRENT
AMOUNT OF THE RESERVE FUNDS, AND (V) WHETHER OR NOT LENDER HAS SENT ANY NOTICE
OF DEFAULT UNDER THE LOAN DOCUMENTS WHICH REMAINS UNCURED IN THE OPINION OF
LENDER.
(C)
BORROWER SHALL USE REASONABLE EFFORTS TO DELIVER TO LENDER, UPON
REQUEST, AN ESTOPPEL CERTIFICATE FROM EACH TENANT UNDER ANY LEASE; PROVIDED THAT
SUCH CERTIFICATE MAY BE IN THE FORM REQUIRED UNDER SUCH LEASE; PROVIDED FURTHER
THAT BORROWER SHALL NOT BE REQUIRED TO USE REASONABLE EFFORTS TO DELIVER SUCH
CERTIFICATES MORE FREQUENTLY THAN TWO (2) TIMES IN ANY CALENDAR YEAR.
4.1.9
LEASES.
(A)
ALL LEASES AND ALL RENEWALS OF LEASES (OTHER THAN
RENEWALS EXERCISED PURSUANT TO LEASES WHICH EXISTED (INCLUDING THE RENEWAL
TERMS) ON THE CLOSING DATE AND (A) FOR WHICH BORROWER HAS NO DISCRETION AS TO
THE TERMS OF SUCH RENEWAL AND (B) WHICH RENEWAL TERMS HAVE NOT BEEN MODIFIED
SINCE THE CLOSING DATE) EXECUTED AFTER THE DATE HEREOF SHALL (I) BE THE PRODUCT
OF AN ARM'S-LENGTH TRANSACTION, (II) BE ON COMMERCIALLY REASONABLE TERMS, (III)
AS TO NEW LEASES, PROVIDE THAT SUCH LEASE IS SUBORDINATE TO THE MORTGAGE AND
THAT THE LESSEE WILL ATTORN TO LENDER AND ANY PURCHASER AT A FORECLOSURE SALE
AND (IV) NOT CONTAIN ANY TERMS WHICH WOULD MATERIALLY ADVERSELY AFFECT LENDER'S
RIGHTS UNDER THE LOAN