SUCH
TERM IS DEFINED IN ARTICLE 9 OF THE UCC) OF BORROWER IS LOCATED AT C/O COMSTOCK
HOMEBUILDING COMPANIES, INC., 11465 SUNSET HILLS ROAD, SUITE 510, RESTON,
VIRGINIA 20190.
THE STATE OF ORGANIZATION OF BORROWER IS VIRGINIA.
THE FEDERAL
EMPLOYMENT IDENTIFICATION NUMBER OF BORROWER IS [20-2176975] AND THE
ORGANIZATIONAL IDENTIFICATION NUMBER OF BORROWER, AS DESIGNATED BY THE
COMMONWEALTH OF VIRGINIA IS [S 139465-1].
BORROWER SHALL NOT CHANGE ITS STATE
OF ORGANIZATION WITHOUT LENDER'S PRIOR WRITTEN CONSENT.
SECTION 3.22
OWNERSHIP STRUCTURE.
THE OWNERSHIP STRUCTURE OF
BORROWER (INCLUDING THE OWNERSHIP INTERESTS) IS ACCURATELY SET FORTH ON EXHIBIT
D HERETO.
SECTION 3.23
PRIORITY AND PERFECTION.
AS OF THE CLOSING DATE,
LENDER HAS A FIRST PRIORITY, PERFECTED SECURITY INTEREST IN THE PROPERTY, IN
EACH ITEM THEREOF, AND IN EACH OTHER ITEM OF PROPERTY
(TANGIBLE OR INTANGIBLE)
GIVEN TO LENDER BY BORROWER OR GUARANTOR OR ANY OTHER PARTY PURSUANT TO ANY OF
THE LOAN DOCUMENTS AS SECURITY FOR THE LOAN. FROM AND AFTER THE CLOSING DATE,
BORROWER WILL NOT TAKE ANY ACTION WHICH HAS ANY EFFECT ON LENDER'S FIRST
PRIORITY PERFECTED SECURITY INTEREST IN THE PROPERTY.
SECTION 3.24
CONDOMINIUM CONTRACTS.
UPON THE EXECUTION AND
DELIVERY THEREOF, ALL APPROVED CONDOMINIUM CONTRACTS SHALL BE IN FULL FORCE AND
EFFECT AND SHALL BE IN COMPLIANCE WITH SECTION 8.1.
NO EVENT OF DEFAULT, OR ANY
EVENT WHICH, WITH THE PASSAGE OF TIME OR THE GIVING OF NOTICE, OR BOTH, WOULD
CONSTITUTE AN EVENT OF DEFAULT, HAS OCCURRED PURSUANT TO THE TERMS OF ANY OF THE
APPROVED CONDOMINIUM CONTRACTS, UPON THE EXECUTION AND DELIVERY THEREOF, ON THE
PART OF BORROWER OR, TO BORROWER'S KNOWLEDGE, THE OTHER PARTIES THERETO.
SECTION 3.25
CONDOMINIUM DOCUMENTS.
BORROWER HAS DELIVERED (OR
WILL DELIVER) TO LENDER TRUE, CORRECT AND COMPLETE COPIES OF EACH CONDOMINIUM
DOCUMENT AND EACH CONDOMINIUM DOCUMENT IS (OR WILL BE) IN COMPLIANCE WITH
APPLICABLE LAWS.
SECTION 3.26
BORROWER'S EQUITY; ADVANCES.
BORROWER HAS USED (OR
WILL USE) ALL OF BORROWER'S MINIMUM EQUITY INVESTMENT, ALL OF BORROWER'S
ADDITIONAL EQUITY AND ALL ADVANCES SOLELY FOR PURPOSES SET FORTH IN, AND
CONSISTENT WITH, THE PROJECT BUDGET.
SECTION 3.27
PATRIOT ACT.
NEITHER BORROWER, GUARANTOR, NOR ANY
OF THEIR RESPECTIVE OFFICERS, DIRECTORS, SHAREHOLDERS, PARTNERS, MEMBERS OR
AFFILIATES (INCLUDING THE INDIRECT HOLDERS OF EQUITY INTERESTS IN BORROWER OR
GUARANTOR) IS OR WILL BE AN ENTITY OR PERSON: (I) THAT IS LISTED IN THE ANNEX
TO, OR IS OTHERWISE SUBJECT TO THE PROVISIONS OF EXECUTIVE ORDER 13224 ISSUED ON
SEPTEMBER 24, 2001 ("EO13224"); (II) WHOSE NAME APPEARS ON THE UNITED STATES
TREASURY DEPARTMENT'S OFFICE OF FOREIGN ASSETS CONTROL ("OFAC") MOST CURRENT
LIST OF "SPECIFICALLY DESIGNATED NATIONAL AND BLOCKED PERSONS" (WHICH LIST MAY
BE PUBLISHED FROM TIME TO TIME IN VARIOUS MEDIUMS INCLUDING, BUT NOT LIMITED TO,
THE OFAC WEBSITE, ); (III) WHO COMMITS,
THREATENS TO COMMIT OR SUPPORTS "TERRORISM", AS THAT TERM IS DEFINED IN EO13224;
OR (IV) WHO IS OTHERWISE AFFILIATED WITH ANY
8
entity or person listed above (any and all parties or persons described in
clauses [i] - [iv] above are herein referred to as a "Prohibited