ASSESSMENTS FOR PUBLIC IMPROVEMENTS OR
OTHERWISE AFFECTING THE PROPERTY, NOR ARE THERE ANY CONTEMPLATED IMPROVEMENTS TO
THE PROPERTY THAT MAY RESULT IN SUCH SPECIAL OR OTHER ASSESSMENTS.
3.1.15
ENFORCEABILITY.
THE LOAN DOCUMENTS ARE NOT SUBJECT TO ANY RIGHT OF
RESCISSION, SET-OFF, COUNTERCLAIM OR DEFENSE BY BORROWER, INCLUDING THE DEFENSE
OF USURY, NOR WOULD THE OPERATION OF ANY OF THE TERMS OF THE LOAN DOCUMENTS, OR
THE EXERCISE OF ANY RIGHT THEREUNDER, RENDER THE LOAN DOCUMENTS UNENFORCEABLE,
EXCEPT AS SUCH ENFORCEMENT MAY BE LIMITED BY BANKRUPTCY, INSOLVENCY,
REORGANIZATION, MORATORIUM OR OTHER SIMILAR LAWS AFFECTING THE ENFORCEMENT OF
CREDITORS' RIGHTS GENERALLY, AND BY GENERAL PRINCIPLES OF EQUITY (REGARDLESS OF
WHETHER SUCH ENFORCEABILITY IS CONSIDERED IN A PROCEEDING IN EQUITY OR AT LAW),
AND BORROWER HAS NOT ASSERTED ANY RIGHT OF RESCISSION, SET-OFF, COUNTERCLAIM OR
DEFENSE WITH RESPECT THERETO.
3.1.16
ASSIGNMENT OF LEASES.
TO THE BEST OF BORROWER'S KNOWLEDGE, THE
ASSIGNMENT OF LEASES CREATES A VALID ASSIGNMENT OF, OR A VALID SECURITY INTEREST
IN, CERTAIN RIGHTS UNDER THE LEASES, SUBJECT ONLY TO PERMITTED ENCUMBRANCES AND
A LICENSE GRANTED TO BORROWER TO EXERCISE CERTAIN RIGHTS AND TO PERFORM CERTAIN
OBLIGATIONS OF THE LESSOR UNDER THE LEASES, INCLUDING, WITHOUT LIMITATION, THE
RIGHT TO OPERATE THE PROPERTY. NO PERSON OTHER THAN BORROWER AND LENDER HAS ANY
INTEREST IN OR ASSIGNMENT OF THE LEASES OR ANY PORTION OF THE RENTS DUE AND
PAYABLE OR TO BECOME DUE AND PAYABLE THEREUNDER.
3.1.17
INSURANCE.
BORROWER HAS OBTAINED AND HAS DELIVERED TO LENDER
CERTIFICATES OF INSURANCE, WITH ALL PREMIUMS PAID THEREUNDER, REFLECTING THE
INSURANCE COVERAGES, AMOUNTS AND OTHER REQUIREMENTS SET FORTH IN THIS AGREEMENT.
NO CLAIMS HAVE BEEN MADE UNDER ANY OF THE POLICIES WITH RESPECT TO THE PROPERTY
OR BORROWER, AND NONE OF BORROWER, ITS AFFILIATES OR, TO THE BEST OF BORROWER'S
KNOWLEDGE, ANY OTHER PERSON, HAS DONE, BY ACT OR OMISSION, ANYTHING WHICH WOULD
IMPAIR THE COVERAGE OF ANY OF THE POLICIES.
3.1.18
LICENSES.
TO THE BEST OF BORROWER'S KNOWLEDGE, ALL MATERIAL PERMITS
AND APPROVALS, INCLUDING WITHOUT LIMITATION, CERTIFICATES OF OCCUPANCY (IF
APPLICABLE), REQUIRED BY ANY GOVERNMENTAL AUTHORITY FOR THE USE, OCCUPANCY AND
OPERATION OF THE PROPERTY IN THE MANNER IN
30
WHICH THE PROPERTY IS CURRENTLY BEING USED, OCCUPIED AND OPERATED HAVE BEEN
OBTAINED AND ARE IN FULL FORCE AND EFFECT.
3.1.19
FLOOD ZONE.
EXCEPT AS MAY OTHERWISE BE SHOWN ON THE SURVEY, NONE OF
THE IMPROVEMENTS ON THE PROPERTY IS LOCATED IN AN AREA IDENTIFIED BY THE FEDERAL
EMERGENCY MANAGEMENT AGENCY AS A SPECIAL FLOOD HAZARD AREA.
3.1.20
PHYSICAL CONDITION.
EXCEPT AS MAY OTHERWISE BE DISCLOSED IN THE
PHYSICAL CONDITION REPORT AND THE ENVIRONMENTAL REPORT DELIVERED TO LENDER IN
CONNECTION WITH THE UNDERWRITING OF THE LOAN, TO THE BEST OF BORROWER'S
KNOWLEDGE, THE PROPERTY, INCLUDING, WITHOUT LIMITATION, ALL BUILDINGS,
IMPROVEMENTS, PARKING FACILITIES, SIDEWALKS, STORM DRAINAGE SYSTEMS, ROOFS,
PLUMBING SYSTEMS, HVAC SYSTEMS, FIRE PROTECTION SYSTEMS, ELECTRICAL SYSTEMS,
EQUIPMENT, ELEVATORS, EXTERIOR SIDINGS AND DOORS, LANDSCAPING, IRRIGATION
SYSTEMS AND ALL STRUCTURAL COMPONENTS, ARE IN GOOD CONDITION, ORDER AND REPAIR
IN ALL MATERIAL RESPECTS; THERE EXISTS NO STRUCTURAL OR