THE INDEBTEDNESS;
(B) HAS NOT MADE ANY LOANS OR ADVANCES TO ANY
THIRD PARTY (INCLUDING ANY MEMBER, MANAGER, GENERAL PARTNER, PRINCIPAL OR
AFFILIATE OF BORROWER, OR ANY GUARANTOR); (C) IS SOLVENT AND IS ABLE TO PAY ITS
DEBTS FROM ITS ASSETS AS THE SAME SHALL BECOME DUE; (D) HAS DONE ALL THINGS
NECESSARY TO PRESERVE ITS EXISTENCE AND CORPORATE AND PARTNERSHIP FORMALITIES;
(E) HAS MAINTAINED ITS ASSETS IN SUCH A MANNER THAT IT IS NOT COSTLY OR
DIFFICULT TO SEGREGATE, ASCERTAIN OR IDENTIFY ITS INDIVIDUAL ASSETS FROM THOSE
OF ANY AFFILIATE OR ANY OTHER PERSON; (F) HAS, AND ANY MANAGER OR GENERAL
PARTNER OF BORROWER HAS, AT ALL TIMES SINCE THEIR RESPECTIVE FORMATION, OBSERVED
ALL LEGAL AND CUSTOMARY FORMALITIES REGARDING THEIR RESPECTIVE FORMATION; AND
(G) DOES NOT HOLD ITSELF OUT TO BE RESPONSIBLE FOR THE DEBTS AND OBLIGATIONS OF
ANY OTHER PERSON.
ARTICLE V
COVENANTS OF BORROWER
Borrower hereby unconditionally covenants and agrees with Lender, until the Loan
shall have been paid in full and the lien of the Lien Instrument shall have been
released, as follows:
5.1
PAYMENT AND PERFORMANCE.
BORROWER WILL PAY
THE INDEBTEDNESS AS AND WHEN SPECIFIED IN THE LOAN DOCUMENTS, AND WILL PERFORM
AND DISCHARGE ALL OF THE OBLIGATIONS, IN FULL AND ON OR BEFORE THE DATES SAME
ARE TO BE PERFORMED.
5.2
EXISTENCE.
BORROWER WILL PRESERVE AND KEEP
IN FULL FORCE AND EFFECT ITS EXISTENCE (SEPARATE AND APART FROM ITS AFFILIATES),
RIGHTS, FRANCHISES, AND TRADE NAMES.
5.3
COMPLIANCE WITH LEGAL REQUIREMENTS.
BORROWER WILL PROMPTLY AND FAITHFULLY COMPLY WITH, CONFORM TO, AND OBEY, IN ALL
MATERIAL RESPECTS, ALL LEGAL REQUIREMENTS, WHETHER THE SAME SHALL NECESSITATE
STRUCTURAL CHANGES IN, IMPROVEMENTS TO, OR INTERFERE WITH THE USE OR ENJOYMENT
OF, THE MORTGAGED PROPERTY.
5.4
PAYMENT OF IMPOSITIONS.
BORROWER WILL DULY
PAY AND DISCHARGE, OR CAUSE TO BE PAID AND DISCHARGED, THE IMPOSITIONS NOT LATER
THAN THE EARLIER TO OCCUR OF (I) THE DELINQUENCY DATE THEREOF, (II) THE DAY ANY
FINE, PENALTY, INTEREST, OR COST MAY BE ADDED THERETO OR IMPOSED, OR (III) THE
DAY ANY LIEN MAY BE FILED FOR THE NONPAYMENT THEREOF (IF SUCH DAY IS USED TO
DETERMINE THE DUE DATE OF THE RESPECTIVE ITEM), AND BORROWER SHALL DELIVER TO
LENDER A WRITTEN RECEIPT EVIDENCING THE PAYMENT OF THE RESPECTIVE IMPOSITION.
5.5
REPAIR.
BORROWER WILL KEEP THE MORTGAGED
PROPERTY IN A COMMERCIALLY REASONABLE ORDER AND CONDITION AS ON THE DATE OF THIS
AGREEMENT AND PLACEMENT IN ITS MARKET, AND WILL MAKE
19
ALL REPAIRS, REPLACEMENTS, RENEWALS, ADDITIONS, BETTERMENTS, IMPROVEMENTS, AND
ALTERATIONS THEREOF AND THERETO, INTERIOR AND EXTERIOR, STRUCTURAL AND
NONSTRUCTURAL, ORDINARY AND EXTRAORDINARY, FORESEEN AND UNFORESEEN, WHICH ARE
NECESSARY OR REASONABLY APPROPRIATE TO KEEP SAME IN SUCH ORDER AND CONDITION.
BORROWER WILL USE COMMERCIALLY REASONABLE EFFORTS TO PREVENT ANY ACT, OCCURRENCE
OR NEGLECT WHICH MIGHT IMPAIR THE VALUE OR USEFULNESS OF THE MORTGAGED PROPERTY
FOR ITS INTENDED USAGE AS SET FORTH IN THE LOAN DOCUMENTS.
5.6
INSURANCE.
BORROWER SHALL, AT BORROWER'S
EXPENSE, MAINTAIN IN FORCE AND EFFECT ON THE MORTGAGED PROPERTY AT ALL TIMES
WHILE