BOUNDARIES AND BUILDING RESTRICTION LINES OF THE
PROPERTY, AND NO IMPROVEMENTS 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 THE TITLE INSURANCE POLICY.
39
4.1.26
LEASES.
THE PROPERTY IS NOT SUBJECT TO ANY LEASES OTHER
THAN THE LEASES DESCRIBED IN THE RENT ROLL ATTACHED AS SCHEDULE II HERETO AND
MADE A PART HEREOF.
BORROWER IS THE OWNER AND LESSOR OF LANDLORD'S INTEREST IN
THE LEASES.
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, 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.
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.
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,
EXCEPT AS SET FORTH ON SCHEDULE II, NO TENANT LISTED ON SCHEDULE II 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 II, NO TENANT UNDER
ANY LEASE HAS ANY RIGHT OR OPTION FOR ADDITIONAL SPACE IN THE IMPROVEMENTS.
TO
BORROWER'S ACTUAL KNOWLEDGE BASED ON THE ENVIRONMENTAL REPORT DELIVERED TO
LENDER IN CONNECTION HEREWITH, 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 ANY TENANT UNDER ANY LEASE ON OR ABOUT
THE LEASED PREMISES NOR DOES BORROWER HAVE ANY KNOWLEDGE OF ANY 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.
4.1.27
SURVEY.
TO BORROWER'S KNOWLEDGE, NO SURVEY FOR