AND BUILDING RESTRICTION LINES OF THE PROPERTY, AND NO IMPROVEMENTS ON ADJOINING
PROPERTIES ENCROACH UPON THE PROPERTY, AND NO EASEMENTS OR OTHER ENCUMBRANCES
UPON THE PROPERTY ENCROACH UPON ANY OF THE IMPROVEMENTS, SO AS TO AFFECT THE
VALUE OR MARKETABILITY OF THE PROPERTY EXCEPT THOSE WHICH ARE INSURED AGAINST BY
THE TITLE INSURANCE POLICY OR OTHERWISE SET FORTH AS "PERMITTED EXCEPTIONS" IN
THE TITLE INSURANCE POLICY.
4.1.25.
LEASES.
THE PROPERTY IS NOT SUBJECT TO ANY LEASES OTHER THAN THE
LEASES DESCRIBED IN SCHEDULE III ATTACHED HERETO AND MADE A PART HEREOF.
BORROWER IS THE OWNER AND LESSOR OF LANDLORD'S INTEREST IN THE LEASES.
NO
PERSON HAS ANY POSSESSORY INTEREST IN THE 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, THERE ARE NO DEFAULTS BY BORROWER THEREUNDER AND,
TO BORROWER'S KNOWLEDGE, THERE ARE NO DEFAULTS THEREUNDER BY ANY OTHER PARTY AND
THERE ARE NO CONDITIONS THAT, WITH THE PASSAGE OF TIME OR THE GIVING OF NOTICE,
OR BOTH, WOULD CONSTITUTE DEFAULTS THEREUNDER.
NO RENT HAS BEEN PAID MORE THAN
ONE (1) MONTH IN ADVANCE OF ITS DUE DATE.
EXCEPT AS SET FORTH ON SCHEDULE III,
ALL WORK TO BE PERFORMED BY BORROWER UNDER EACH LEASE HAS BEEN PERFORMED AS
REQUIRED AND HAS BEEN ACCEPTED BY THE APPLICABLE TENANT, AND ANY PAYMENTS, FREE
RENT, PARTIAL RENT, REBATE OF RENT OR OTHER PAYMENTS, CREDITS, ALLOWANCES OR
ABATEMENTS REQUIRED TO BE GIVEN BY BORROWER TO ANY TENANT HAS ALREADY BEEN
RECEIVED BY SUCH TENANT.
THERE HAS BEEN NO PRIOR SALE, TRANSFER OR ASSIGNMENT,
HYPOTHECATION OR PLEDGE OF ANY LEASE OR OF THE
106
RENTS RECEIVED THEREIN WHICH IS STILL IN EFFECT.
TO BORROWER'S KNOWLEDGE AND
EXCEPT AS SET FORTH ON SCHEDULE III, NO TENANT LISTED ON SCHEDULE III HAS
ASSIGNED ITS LEASE OR SUBLET ALL OR ANY PORTION OF THE PREMISES DEMISED THEREBY,
NO SUCH TENANT HOLDS ITS LEASED PREMISES UNDER ASSIGNMENT OR SUBLEASE, NOR DOES
ANYONE EXCEPT SUCH TENANT AND ITS EMPLOYEES OCCUPY SUCH LEASED PREMISES.
NO
TENANT UNDER ANY LEASE HAS A RIGHT OR OPTION PURSUANT TO SUCH LEASE OR OTHERWISE
TO PURCHASE ALL OR ANY PART OF THE LEASED PREMISES OR THE BUILDING OF WHICH THE
LEASED PREMISES ARE A PART.
EXCEPT AS SET FORTH ON SCHEDULE III, NO TENANT
UNDER ANY LEASE HAS ANY RIGHT OR OPTION FOR ADDITIONAL SPACE IN THE
IMPROVEMENTS.
4.1.26.
SURVEY.
THE SURVEY FOR THE PROPERTY DELIVERED TO LENDER IN
CONNECTION WITH THIS AGREEMENT HAS BEEN PREPARED IN ACCORDANCE WITH THE
PROVISIONS OF SECTION 3.1.3(C) AND, TO BORROWER'S KNOWLEDGE, DOES NOT FAIL TO
REFLECT ANY MATERIAL MATTER AFFECTING THE PROPERTY OR THE TITLE THERETO.
4.1.27.
PRINCIPAL PLACE OF BUSINESS; STATE OF ORGANIZATION.
BORROWER'S
PRINCIPAL PLACE OF BUSINESS AS OF THE DATE HEREOF IS THE ADDRESS SET FORTH IN
THE INTRODUCTORY PARAGRAPH OF THIS AGREEMENT.
OPBIZ IS ORGANIZED UNDER THE LAWS
OF THE STATE OF NEVADA AND FEE OWNER IS ORGANIZED UNDER THE LAWS OF THE STATE OF