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
36
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 RESPECTIVE 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 THEIR
CURRENT RESPECTIVE 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, 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 BORROWER HAS NOT
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,
GIVEN AS COLLATERAL SECURITY WHICH WILL BE OUTSTANDING UPON APPLICATION OF THE
PROCEEDS OF THE LOAN.
4.1.20
INSURANCE.
BORROWER HAS OBTAINED AND HAS DELIVERED TO LENDER
(A) CERTIFIED COPIES OF ALL INSURANCE