OR THE
OPERATION THEREOF FOR THE PERMITTED USE, EXCEPT AS REFERRED TO OR REFLECTED IN
SAID FINANCIAL STATEMENTS.
SINCE THE DATE OF SUCH FINANCIAL STATEMENTS, THERE
HAS
37
BEEN NO MATERIALLY ADVERSE CHANGE IN THE FINANCIAL CONDITION, OPERATIONS OR
BUSINESS OF BORROWER FROM THAT SET FORTH IN SAID FINANCIAL STATEMENTS.
4.1.12
CONDEMNATION.
NO CONDEMNATION OR OTHER PROCEEDING HAS BEEN
COMMENCED OR, TO BORROWER'S KNOWLEDGE, IS CONTEMPLATED WITH RESPECT TO ALL OR
ANY PORTION OF THE PROPERTY OR FOR THE RELOCATION OF ROADWAYS PROVIDING ACCESS
TO THE PROPERTY.
4.1.13
FEDERAL RESERVE REGULATIONS.
NO PART OF THE PROCEEDS OF THE
LOAN WILL BE USED FOR THE PURPOSE OF PURCHASING OR ACQUIRING ANY "MARGIN STOCK"
WITHIN THE MEANING OF REGULATION U OF THE BOARD OF GOVERNORS OF THE FEDERAL
RESERVE SYSTEM OR FOR ANY OTHER PURPOSE WHICH WOULD BE INCONSISTENT WITH SUCH
REGULATION U OR ANY OTHER REGULATIONS OF SUCH BOARD OF GOVERNORS, OR FOR ANY
PURPOSES PROHIBITED BY LEGAL REQUIREMENTS OR BY THE TERMS AND CONDITIONS OF THIS
AGREEMENT OR THE OTHER LOAN DOCUMENTS.
4.1.14
UTILITIES AND PUBLIC ACCESS.
THE PROPERTY HAS RIGHTS OF
ACCESS TO PUBLIC WAYS AND IS SERVED BY WATER, SEWER, SANITARY SEWER AND STORM
DRAIN FACILITIES ADEQUATE TO SERVICE THE PROPERTY FOR ITS INTENDED USES.
TO
BORROWER'S KNOWLEDGE, ALL PUBLIC UTILITIES NECESSARY OR CONVENIENT TO THE FULL
USE AND ENJOYMENT OF THE PROPERTY ARE LOCATED EITHER IN THE PUBLIC RIGHT-OF-WAY
ABUTTING THE PROPERTY (WHICH ARE CONNECTED SO AS TO SERVE THE PROPERTY WITHOUT
PASSING OVER OTHER PROPERTY) OR IN RECORDED EASEMENTS SERVING THE PROPERTY AND
SUCH EASEMENTS ARE SET FORTH IN AND INSURED BY THE TITLE INSURANCE POLICY.
ALL
ROADS NECESSARY FOR THE USE OF THE PROPERTY FOR ITS CURRENT PURPOSES HAVE BEEN
COMPLETED AND DEDICATED TO PUBLIC USE AND ACCEPTED BY ALL GOVERNMENTAL
AUTHORITIES.
4.1.15
NOT A FOREIGN PERSON.
BORROWER IS NOT A "FOREIGN PERSON"
WITHIN THE MEANING OF §1445(F)(3) OF THE CODE.
4.1.16
SEPARATE LOTS.
THE PROPERTY IS COMPRISED OF ONE (1) OR MORE
PARCELS WHICH CONSTITUTE A SEPARATE TAX LOT OR LOTS AND DOES NOT CONSTITUTE A
PORTION OF ANY OTHER TAX LOT NOT A PART OF THE PROPERTY.
4.1.17
ASSESSMENTS.
THERE ARE NO PENDING, OR TO BORROWER'S
KNOWLEDGE, PROPOSED SPECIAL OR OTHER ASSESSMENTS FOR PUBLIC IMPROVEMENTS OR
OTHERWISE AFFECTING THE PROPERTY, NOR ARE THERE ANY CONTEMPLATED IMPROVEMENTS TO
THE PROPERTY THAT MAY RESULT IN SUCH SPECIAL OR OTHER ASSESSMENTS.
4.1.18
ENFORCEABILITY.
THE LOAN DOCUMENTS ARE NOT SUBJECT TO ANY
RIGHT OF RESCISSION, SET-OFF, COUNTERCLAIM OR DEFENSE BY BORROWER OR GUARANTOR,
INCLUDING THE DEFENSE OF USURY, NOR WOULD THE OPERATION OF ANY OF THE TERMS OF
THE LOAN DOCUMENTS, OR THE EXERCISE OF ANY RIGHT THEREUNDER EXERCISED BY LENDER
IN ACCORDANCE WITH APPLICABLE LAW, RENDER THE LOAN DOCUMENTS UNENFORCEABLE, AND
NEITHER BORROWER NOR GUARANTOR HAS ASSERTED ANY RIGHT OF RESCISSION, SET-OFF,
COUNTERCLAIM OR DEFENSE WITH RESPECT THERETO.
4.1.19
NO PRIOR ASSIGNMENT.
THERE IS NO PRIOR ASSIGNMENT OF THE
LEASES OR ANY PORTION OF THE RENTS BY BORROWER OR ANY OF ITS PREDECESSORS IN
INTEREST,