MORTGAGE REQUIRES THE MORTGAGEE TO RELEASE ALL OR ANY MATERIAL
PORTION OF THE RELATED PROPERTY FROM THE LIEN OF THE RELATED MORTGAGE EXCEPT
UPON PAYMENT IN FULL OR DEFEASANCE OF ALL AMOUNTS DUE UNDER THE RELATED
MEZZANINE LOAN.
THE MORTGAGES RELATING TO THE MEZZANINE LOANS IDENTIFIED ON THE
MEZZANINE LOAN SCHEDULE REQUIRE THE MORTGAGEE TO GRANT RELEASES OF PORTIONS OF
THE RELATED MORTGAGED PROPERTIES UPON (A) THE SATISFACTION OF CERTAIN LEGAL AND
UNDERWRITING REQUIREMENTS AND (B) EXCEPT WHERE THE PORTION OF THE PROPERTY
PERMITTED TO BE RELEASED WAS NOT CONSIDERED BY, SELLER TO BE MATERIAL IN THE
UNDERWRITING OF THE MEZZANINE LOAN, EITHER (1) THE PAYMENT OF A RELEASE PRICE
SET FORTH THEREIN AND PREPAYMENT CONSIDERATION IN CONNECTION THEREWITH OR
(2) THE PARTIAL DEFEASANCE OF SUCH MEZZANINE LOAN.
(34)
NO MATERIAL DEFAULT.
THERE EXISTS NO MONETARY DEFAULT AND NO
MATERIAL NON-MONETARY DEFAULT, BREACH, VIOLATION OR EVENT OF ACCELERATION (AND
NO EVENT WHICH, WITH THE PASSAGE OF TIME OR THE GIVING OF NOTICE, OR BOTH, WOULD
CONSTITUTE ANY OF THE FOREGOING) UNDER THE DOCUMENTS EVIDENCING OR SECURING THE
MORTGAGE LOAN OR THE RELATED MEZZANINE LOAN, IN ANY SUCH CASE TO THE EXTENT THE
SAME MATERIALLY AND ADVERSELY AFFECTS THE VALUE OF THE MEZZANINE LOAN AND THE
RELATED PROPERTY.
NEITHER THE MORTGAGE LOAN SELLER NOR ANY SERVICER ACTING ON
ITS BEHALF HAS ISSUED ANY NOTICE OF DEFAULT, BREACH OR VIOLATION RELATED TO THE
MORTGAGE LOAN, ACCELERATED THE MORTGAGE LOAN OR COMMENCED JUDICIAL OR
NON-JUDICIAL FORECLOSURE PROCEEDINGS WITH RESPECT TO THE MORTGAGE LOAN.
NEITHER
THE MEZZANINE LOAN SELLER NOR ANY SERVICER ACTING ON ITS BEHALF HAS ISSUED ANY
NOTICE OF DEFAULT, BREACH OR VIOLATION RELATED TO THE MEZZANINE LOAN,
ACCELERATED THE MEZZANINE LOAN OR COMMENCED JUDICIAL OR NON-JUDICIAL FORECLOSURE
PROCEEDINGS WITH RESPECT TO THE MEZZANINE LOAN.
(35)
LOCAL LAW COMPLIANCE. THE IMPROVEMENTS LOCATED ON OR FORMING PART
OF EACH PROPERTY COMPLIES IN ALL MATERIAL RESPECTS WITH APPLICABLE ZONING LAWS
AND ORDINANCES, OR CONSTITUTES A LEGAL NON-CONFORMING USE OR STRUCTURE OR, IF
ANY SUCH IMPROVEMENT DOES NOT SO COMPLY AND DOES NOT CONSTITUTE A LEGAL
NON-CONFORMING USE OR STRUCTURE, SUCH NON-COMPLIANCE AND FAILURE DOES NOT
MATERIALLY AND ADVERSELY AFFECT (I) THE VALUE OF THE RELATED PROPERTY AS
DETERMINED BY THE APPRAISAL PERFORMED AT ORIGINATION OR (II) THE PRINCIPAL USE
OF THE PROPERTY AS OF THE DATE OF THE ORIGINATION OF SUCH MORTGAGE LOAN.
AS OF
THE DATE OF ORIGINATION OF THE MORTGAGE LOAN, WITH RESPECT TO EACH LEGAL
NON-CONFORMING USE OR STRUCTURE, IF A CASUALTY OCCURRED AT THAT TIME, THE
PROPERTY COULD HAVE BEEN RESTORED OR REPAIRED TO SUCH AN EXTENT THAT THE USE OR
STRUCTURE OF THE RESTORED OR REPAIRED PROPERTY WOULD BE SUBSTANTIALLY THE SAME
USE OR STRUCTURE, OR LAW AND ORDINANCE INSURANCE HAS BEEN OBTAINED, OR A
HOLDBACK WAS ESTABLISHED AND THE MORTGAGOR IS REQUIRED TO CAUSE THE PROPERTY TO
BECOME A CONFORMING USE OR STRUCTURE.
(36)
JUNIOR LIENS.
NONE OF THE MORTGAGE LOANS OR RELATED MEZZANINE
LOANS PERMITS THE RELATED PROPERTY OR PLEDGED EQUITY TO BE ENCUMBERED BY ANY
LIEN