BORROWER, ANY OTHER PARTY THEREUNDER OR ENTITLE
BORROWER OR, TO THE BEST KNOWLEDGE OF BORROWER, ANY OTHER PARTY THERETO TO
TERMINATE ANY SUCH AGREEMENT.
(Q)
LEASES.
NO MORTGAGED PROPERTY IS SUBJECT TO
ANY LEASES OTHER THAN THE LEASES DESCRIBED IN THE RENT ROLLS DELIVERED TO LENDER
IN CONNECTION WITH THE MAKING OF THE LOAN.
NO PERSON HAS ANY POSSESSORY
INTEREST IN ANY MORTGAGED PROPERTY OR RIGHT TO OCCUPY THE SAME EXCEPT UNDER AND
PURSUANT TO THE PROVISIONS OF THE LEASES.
THE CURRENT LEASES ARE IN FULL FORCE
AND EFFECT AND, EXCEPT AS SET FORTH ON THE RENT ROLLS DELIVERED TO LENDER IN
CONNECTION WITH THE MAKING OF THE LOAN, OR AS DISCLOSED ON SCHEDULE 4, THERE ARE
NO MONETARY OR OTHER MATERIAL DEFAULTS THEREUNDER BY EITHER PARTY AND NO
CONDITIONS WHICH WITH THE PASSAGE OF TIME AND/OR NOTICE WOULD CONSTITUTE
MONETARY OR OTHER MATERIAL DEFAULTS THEREUNDER.
EXCEPT AS DISCLOSED ON SCHEDULE
4, NO PORTION OF THE MORTGAGED PROPERTY IS LEASED TO OR OCCUPIED BY ANY
AFFILIATE OF BORROWER.
EXCEPT AS DISCLOSED ON SCHEDULE 4, ALL LEASES AT EACH
MORTGAGED PROPERTY CONSIST SOLELY OF LEASES OF HOMESITES AND RELATED COMMON
AREAS, AND NOT OF OTHER PORTIONS OF THE MORTGAGED PROPERTY.
EXCEPT AS DISCLOSED
ON SCHEDULE 4, BORROWER DOES NOT OWN ANY MANUFACTURED HOMES OR MOBILE HOMES,
WHETHER OR NOT LOCATED AT THE MORTGAGED PROPERTY.
NO MATERIAL TERMINATION
PAYMENTS OR FEES ARE DUE IN THE EVENT BORROWER CANCELS OR TERMINATES ANY
COMMERCIAL LEASES TO WHICH IT IS A PARTY.
SECTION 4.3.
SURVIVAL OF REPRESENTATIONS.
BORROWER AGREES THAT (I) ALL OF THE REPRESENTATIONS AND WARRANTIES OF BORROWER
SET FORTH IN SECTION 4.1 AND 4.2 AND IN THE OTHER LOAN DOCUMENTS DELIVERED ON
THE CLOSING DATE ARE MADE AS OF THE CLOSING DATE, AND (II) ALL REPRESENTATIONS
AND WARRANTIES MADE BY BORROWER SHALL SURVIVE THE DELIVERY OF THE NOTE AND
MAKING OF THE LOAN AND CONTINUE FOR SO LONG AS ANY AMOUNT REMAINS OWING TO
LENDER UNDER THIS AGREEMENT, THE NOTE OR ANY OF THE OTHER LOAN DOCUMENTS;
PROVIDED, HOWEVER, THAT THE REPRESENTATIONS SET FORTH IN SECTION 4.2(E) SHALL
SURVIVE FOR FIVE (5) YEARS FOLLOWING REPAYMENT OF THE INDEBTEDNESS.
ALL
REPRESENTATIONS, WARRANTIES, COVENANTS AND AGREEMENTS MADE IN THIS
65
AGREEMENT OR IN THE OTHER LOAN DOCUMENTS SHALL BE DEEMED TO HAVE BEEN RELIED
UPON BY LENDER NOTWITHSTANDING ANY INVESTIGATION HERETOFORE OR HEREAFTER MADE BY
LENDER OR ON LENDER'S BEHALF.
ARTICLE V.
AFFIRMATIVE COVENANTS
SECTION 5.1.
AFFIRMATIVE COVENANTS.
BORROWER
COVENANTS AND AGREES THAT, FROM THE DATE HEREOF AND UNTIL PAYMENT IN FULL OF THE
INDEBTEDNESS:
(A)
EXISTENCE; COMPLIANCE WITH LEGAL
REQUIREMENTS: INSURANCE.
BORROWER SHALL DO OR CAUSE TO BE DONE ALL THINGS
NECESSARY TO PRESERVE, RENEW AND KEEP IN FULL FORCE AND EFFECT ITS EXISTENCE AS
A LIMITED LIABILITY COMPANY, AND ANY RIGHTS, LICENSES, PERMITS AND FRANCHISES
NECESSARY FOR THE CONDUCT OF ITS BUSINESS AND WILL COMPLY WITH ALL LEGAL
REQUIREMENTS AND INSURANCE REQUIREMENTS APPLICABLE TO IT AND TO EACH MORTGAGED
PROPERTY IN ALL MATERIAL RESPECTS.
BORROWER SHALL AT ALL TIMES MAINTAIN,
PRESERVE AND