RESPECTS; THERE EXISTS NO STRUCTURAL OR OTHER MATERIAL DEFECTS
OR DAMAGES IN THE PROPERTY, WHETHER LATENT OR OTHERWISE, AND BORROWER HAS NOT
RECEIVED NOTICE FROM ANY INSURANCE COMPANY OR BONDING COMPANY OF ANY DEFECTS OR
INADEQUACIES IN THE PROPERTY, OR ANY PART THEREOF, WHICH WOULD ADVERSELY AFFECT
THE INSURABILITY OF THE SAME OR CAUSE THE IMPOSITION OF EXTRAORDINARY PREMIUMS
OR CHARGES THEREON OR OF ANY TERMINATION OR THREATENED TERMINATION OF ANY POLICY
OF INSURANCE OR BOND.
4.1.25
BOUNDARIES. TO THE BEST OF BORROWER'S KNOWLEDGE, AFTER DUE INQUIRY,
ALL OF THE IMPROVEMENTS WHICH WERE INCLUDED IN DETERMINING THE APPRAISED VALUE
OF THE PROPERTY LIE WHOLLY WITHIN THE BOUNDARIES AND BUILDING RESTRICTION LINES
OF THE PROPERTY, AND NO IMPROVEMENTS
29
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 TITLE INSURANCE.
4.1.26
LEASES. THE PROPERTY IS NOT SUBJECT TO ANY LEASES OTHER THAN THE
LEASES DESCRIBED ON THE RENT ROLL ATTACHED AS SCHEDULE IV HERETO AND MADE A PART
HEREOF. TO THE BEST OF BORROWER'S KNOWLEDGE AFTER DUE INQUIRY, 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 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. TO
THE BEST OF BORROWER'S KNOWLEDGE AFTER DUE INQUIRY, NO RENT (INCLUDING SECURITY
DEPOSITS) HAS BEEN PAID MORE THAN ONE (1) MONTH IN ADVANCE OF ITS DUE DATE. TO
THE BEST OF BORROWER'S KNOWLEDGE AFTER DUE INQUIRY, 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. TO THE BEST
OF BORROWER'S KNOWLEDGE AFTER DUE INQUIRY, THERE HAS BEEN NO PRIOR SALE,
TRANSFER OR ASSIGNMENT, HYPOTHECATION OR PLEDGE OF ANY LEASE OR OF THE RENTS
RECEIVED THEREIN WHICH IS OUTSTANDING. TO BORROWER'S KNOWLEDGE AFTER INQUIRY,
EXCEPT AS SET FORTH ON SCHEDULE IV, NO TENANT LISTED ON SCHEDULE IV 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 IN SCHEDULE IV, NO TENANT UNDER
ANY