SINGLE PURPOSE
ENTITY.
BORROWER WILL AT ALL TIMES REMAIN A SINGLE PURPOSE ENTITY.
SECTION 7.11
FURTHER
ASSURANCES.
BORROWER SHALL, FROM TIME TO TIME, UPON LENDER'S REQUEST, EXECUTE,
DELIVER, RECORD AND FURNISH SUCH DOCUMENTS AND DO SUCH OTHER ACTS AS LENDER MAY
REASONABLY DEEM NECESSARY OR DESIRABLE TO: (I) PERFECT AND MAINTAIN VALID LIENS
UPON THE SECURITY CONTEMPLATED BY THE LOAN DOCUMENTS, (II) CORRECT ANY ERRORS OF
A TYPOGRAPHICAL OR OTHER MANIFEST NATURE WHICH MAY BE CONTAINED IN ANY OF THE
LOAN DOCUMENTS, (III) EVIDENCE BORROWER'S COMPLIANCE WITH THE LOAN DOCUMENTS,
AND (IV) CONSUMMATE FULLY AND CARRY OUT THE INTENT OF THE TRANSACTIONS
CONTEMPLATED UNDER THIS AGREEMENT.
SECTION 7.12
ERISA.
BORROWER
HEREBY COVENANTS TO LENDER FOR SO LONG AS THE NOTE REMAINS UNPAID, BORROWER WILL
NOT BE AN "EMPLOYEE BENEFIT PLAN" (WITHIN THE MEANING OF SECTION 3(3) OF ERISA)
TO WHICH ERISA APPLIES AND BORROWER'S ASSETS WILL NOT CONSTITUTE ASSETS OF ANY
SUCH PLAN.
SECTION 7.13
NEW APPRAISALS.
BORROWER ACKNOWLEDGES LENDER'S RIGHT TO OBTAIN A NEW APPRAISAL (OR UPDATE OF AN
EXISTING APPRAISAL) AT ANY TIME WHILE THE LOAN OR ANY PORTION THEREOF REMAINS
OUTSTANDING (A) WHEN, IN LENDER'S REASONABLE JUDGMENT, SUCH AN APPRAISAL IS
WARRANTED (AT A MINIMUM, A REAPPRAISAL WILL BE REQUIRED THREE YEARS FROM THE
DATE OF VALUE CITED IN THE ORIGINAL APPRAISAL REPORT), AND/OR (B) TO COMPLY WITH
STATUTES, RULES, REGULATIONS, OR DIRECTIVES OF GOVERNMENTAL AUTHORITIES HAVING
JURISDICTION OVER LENDER.
BORROWER HEREBY AGREES TO PAY, UPON DEMAND, ALL
REASONABLE APPRAISERS' FEES AND RELATED EXPENSES INCURRED BY LENDER FROM TIME TO
TIME IN OBTAINING APPRAISAL REPORTS.
SECTION 7.14
CONTRACT
MAINTENANCE; OTHER AGREEMENTS.
BORROWER WILL, FOR THE BENEFIT OF LENDER, FULLY
AND PROMPTLY KEEP, OBSERVE, PERFORM AND SATISFY EACH OBLIGATION,
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condition, covenant and restriction affecting the Property or imposed on it
under any agreement between Borrower and a third party relating to the
Collateral or the Secured Obligations, so that there will be no default
thereunder and so that the Persons (other than Borrower) obligated thereon shall
be and remain at all times obligated to perform for the benefit of Borrower and
Lender.
Except as expressly contemplated in the Loan Documents, Borrower will
not permit to exist any condition, event or fact which could allow or serve as a
basis or justification for any such Person to avoid such performance.
SECTION 7.15
LIENS.
NEITHER
BORROWER NOR GUARANTOR SHALL TAKE ANY ACTION THAT WOULD IMPAIR THE LIENS CREATED
UNDER THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT.
BORROWER SHALL NOT BE
PERMITTED TO HAVE ANY LIENS ON THE PROPERTY OTHER THAN THE LIENS CREATED BY THE
LOAN DOCUMENTS, AND PERMITTED EXCEPTIONS WITHOUT THE PRIOR WRITTEN CONSENT OF
LENDER, WHICH PRIOR CONSENT MAY BE GRANTED OR WITHHELD IN LENDER'S SOLE BUT
REASONABLE DISCRETION.
ARTICLE VIII
CONDOMINIUM MATTERS
SECTION 8.1
CONDOMINIUM
CONTRACTS.
EXCEPT AS SET FORTH IN THE IMMEDIATELY FOLLOWING SENTENCE, WITHOUT
THE PRIOR WRITTEN CONSENT OF LENDER, BORROWER SHALL NOT, AND SHALL NOT CAUSE,
PERMIT OR SUFFER ANY OTHER PERSON ACTING ON BEHALF OF OR AS AGENT FOR BORROWER,
TO