DUE DURING THE TERM OF THE
LOAN WITHIN FIFTEEN (15) DAYS AFTER THE DEADLINE (AS SUCH DEADLINE MAY BE
EXTENDED) FOR FILING THE SAME.
ALL SUCH FINANCIAL STATEMENTS SHALL BE IN
REASONABLE DETAIL, SHALL BE PREPARED FOR PARTNERSHIPS, CORPORATIONS AND LIMITED
LIABILITY COMPANIES IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
CONSISTENTLY APPLIED AND FOR INDIVIDUALS IN ACCORDANCE WITH ACCOUNTING
PRINCIPLES CONSISTENTLY APPLIED, SHALL BE CERTIFIED BY THE PARTY TO WHICH THEY
APPLY AS TRUE, CORRECT AND COMPLETE.
14
5.5
PROVIDING OPERATING STATEMENTS.
BORROWER SHALL, WITHIN TEN
(10) DAYS FOLLOWING THE CLOSE OF EACH FISCAL QUARTER, DELIVER TO LENDER AN
OPERATING STATEMENT AND RENT ROLL, IN FORM AND DETAIL REASONABLY SATISFACTORY TO
LENDER, FOR THE PROPERTY FOR THE PRECEDING FISCAL QUARTER.
BORROWER SHALL ALSO
DELIVER TO LENDER AN ANNUAL OPERATING STATEMENT FOR THE PROPERTY WITHIN NINETY
(90) DAYS FOLLOWING THE END OF EACH FISCAL YEAR THEREOF.
ALL SUCH OPERATING
STATEMENTS, RENT ROLLS AND LEASING STATUS REPORTS SHALL BE CERTIFIED AS TRUE,
CORRECT AND COMPLETE BY BORROWER.
5.6
COMPLYING WITH THE LOAN DOCUMENTS AND OTHER AGREEMENTS.
BORROWER
SHALL COMPLY WITH AND PERFORM ALL OF ITS AGREEMENTS AND OBLIGATIONS UNDER THE
LOAN DOCUMENTS AND SHALL COMPLY WITH ALL REASONABLE REQUESTS BY LENDER WHICH ARE
CONSISTENT WITH THE TERMS THEREOF.
BORROWER SHALL COMPLY WITH AND PERFORM ALL
OF ITS AGREEMENTS AND OBLIGATIONS UNDER ANY MORTGAGE, DEED OF TRUST, LEASE, BANK
LOAN, CREDIT AGREEMENT, AND ANY OTHER AGREEMENT AND ANY GOVERNMENTAL
REQUIREMENTS TO WHICH BORROWER IS A PARTY, OR BY WHICH BORROWER MAY BE BOUND OR
AFFECTED.
5.7
COMPLIANCE WITH LAWS.
BORROWER WILL COMPLY AND, TO THE EXTENT IT
IS ABLE, WILL CAUSE OTHERS TO COMPLY WITH ALL LAWS AND REQUIREMENTS OF
GOVERNMENTAL AUTHORITIES HAVING JURISDICTION OVER THE PROCESSING, APPROVING AND
RECORDING OF ANY SUBDIVISION MAP, AND WILL FURNISH LENDER WITH REPORTS OF ANY
OFFICIAL SEARCHES FOR VIOLATION OF ANY REQUIREMENTS ESTABLISHED BY SUCH
GOVERNMENTAL AUTHORITIES.
BORROWER WILL COMPLY AND, TO THE EXTENT IT IS ABLE,
WILL CAUSE OTHERS TO COMPLY WITH ALL RESTRICTIVE COVENANTS AND ALL OBLIGATIONS
CREATED BY PRIVATE CONTRACTS AND LEASES WHICH AFFECT OWNERSHIP, DEVELOPMENT,
CONSTRUCTION, EQUIPPING, FIXTURING, USE, OCCUPANCY, SALE OR LEASING OF THE
PROPERTY (OR ANY PORTION THEREOF).
THE PROPERTY AND THE LEASING THEREOF SHALL
BE IN COMPLIANCE WITH ALL PERMITS AND APPROVALS ISSUED BY GOVERNMENTAL AGENCIES
WITH RESPECT TO THE PROPERTY, APPLICABLE BUILDING, ZONING AND USE LAWS,
REQUIREMENTS, REGULATIONS AND ORDINANCES, AND ANY DEVELOPMENT WILL NOT VIOLATE
ANY RESTRICTIONS OF RECORD AGAINST THE PROPERTY.
BORROWER WILL DELIVER TO
LENDER, PROMPTLY AFTER RECEIPT THEREOF, COPIES OF ALL PERMITS AND APPROVALS
RECEIVED FROM GOVERNMENTAL AUTHORITIES RELATING TO THE USE, CONSTRUCTION,
DEVELOPMENT, OR SALE OF THE PROPERTY.
5.8
OWNERSHIP OF PERSONAL PROPERTY.
BORROWER WILL BE THE SOLE OWNER OF
ALL COLLATERAL ACQUIRED AFTER THE DATE HEREOF, FREE FROM ANY ADVERSE LIEN,
SECURITY INTEREST OR ADVERSE CLAIM OF ANY KIND WHATSOEVER, EXCEPT FOR SECURITY
INTERESTS AND LIENS IN FAVOR OF LENDER, LIENS DISCLOSED IN THE TITLE POLICY, AND
OTHER LIENS APPROVED BY LENDER, IN LENDER'S SOLE DISCRETION.
BORROWER WILL NOT
CONVEY OR