AFFECT THE VALUE OR
MARKETABILITY OF THE PROPERTY EXCEPT THOSE WHICH ARE INSURED AGAINST BY TITLE
INSURANCE.
4.1.26
LEASES.
THE PROPERTY IS NOT SUBJECT TO ANY LEASES OTHER
THAN THE ANCHOR TENANT LEASE (AND SUBLEASES PERMITTED UNDER THE ANCHOR TENANT
LEASE).
NO PERSON HAS ANY POSSESSORY INTEREST IN THE PROPERTY OR RIGHT TO
OCCUPY THE SAME EXCEPT UNDER AND PURSUANT TO THE PROVISIONS OF THE ANCHOR TENANT
LEASE.
THE ANCHOR TENANT LEASE IS IN FULL FORCE AND EFFECT AND TO BORROWER'S
KNOWLEDGE AFTER INQUIRY, THERE ARE NO DEFAULTS THEREUNDER BY EITHER 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 (INCLUDING SECURITY
DEPOSITS) HAS BEEN PAID MORE THAN ONE (1) MONTH IN ADVANCE OF ITS DUE DATE.
TO
BEST OF BORROWER'S KNOWLEDGE, ALL WORK TO BE PERFORMED BY BORROWER UNDER THE
ANCHOR TENANT LEASE HAS BEEN PERFORMED AS REQUIRED AND HAS BEEN ACCEPTED BY THE
ANCHOR 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 THE ANCHOR TENANT HAVE ALREADY BEEN RECEIVED BY THE ANCHOR TENANT.
THERE HAS BEEN NO PRIOR SALE, TRANSFER OR ASSIGNMENT, HYPOTHECATION OR PLEDGE OF
THE ANCHOR TENANT LEASE OR OF THE RENTS RECEIVED THEREIN WHICH IS OUTSTANDING.
TO BORROWER'S KNOWLEDGE AFTER INQUIRY, EXCEPT AS SET FORTH ON SCHEDULE IV, THE
ANCHOR TENANT HAS NOT ASSIGNED THE ANCHOR TENANT LEASE OR SUBLET ALL OR ANY
PORTION OF THE PREMISES DEMISED THEREBY, NOR DOES ANYONE EXCEPT THE ANCHOR
TENANT AND ITS EMPLOYEES OCCUPY SUCH LEASED PREMISES.
EXCEPT AS SET FORTH ON
SCHEDULE IV, THE ANCHOR TENANT DOES NOT HAVE A RIGHT OR OPTION PURSUANT TO THE
ANCHOR TENANT LEASE TO PURCHASE ALL OR ANY PART OF THE LEASED PREMISES OR THE
BUILDING OF WHICH THE LEASED PREMISES ARE A PART.
EXCEPT AS DISCLOSED IN THE
ENVIRONMENTAL REPORT DELIVERED TO LENDER IN CONNECTION HEREWITH, TO BORROWER'S
ACTUAL KNOWLEDGE, NO HAZARDOUS WASTES OR TOXIC SUBSTANCES, AS DEFINED BY
APPLICABLE FEDERAL, STATE OR LOCAL STATUTES, RULES AND REGULATIONS, HAVE BEEN
DISPOSED, STORED OR TREATED BY ANCHOR TENANT ON OR ABOUT THE LEASED PREMISES NOR
DOES BORROWER HAVE ANY KNOWLEDGE OF ANCHOR TENANT'S INTENTION TO USE ITS LEASED
PREMISES FOR ANY ACTIVITY WHICH, DIRECTLY OR INDIRECTLY, INVOLVES THE USE,
GENERATION, TREATMENT, STORAGE, DISPOSAL OR TRANSPORTATION OF ANY PETROLEUM
PRODUCT OR ANY TOXIC OR HAZARDOUS CHEMICAL, MATERIAL, SUBSTANCE OR WASTE, EXCEPT
IN EITHER EVENT, IN COMPLIANCE WITH APPLICABLE FEDERAL, STATE OR LOCAL STATUES,
RULES AND REGULATIONS.
32
4.1.27
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) HEREOF, AND DOES NOT FAIL TO REFLECT ANY MATERIAL
MATTER AFFECTING THE PROPERTY OR THE TITLE THERETO.
4.1.28
LOAN TO VALUE. THE MAXIMUM PRINCIPAL AMOUNT OF THE NOTE
DOES NOT EXCEED ONE HUNDRED TWENTY-FIVE PERCENT (125%) OF THE FAIR MARKET VALUE
OF THE PROPERTY AS SET