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��14��159 ex�ected ta have a Materia� Ad�erse Effe�t, an� �ther agreement ar r�corded instrument affe�ting vr per�a�ning to the Pr�perty. S�ct�an 3.8 Chan�e af Name* Ide�titv or Structure. Ind�ividua� ��rrovWer ��w��wmm��iiimiiinw��i��.�.i w�w��iw.�--� shal�not direct ar�ermit any change to be m�d�in�ts name,ident�ty[�ncluding its trade nam��r names�, piace af orgaz�i�ation vr formation ar Individua� Borravver's corporate or par�xiership or other structure unless Indi�idual Borrov�rer sha11 hav� first n�t��ied Lend�r in v�r�ting of s�uch change at least ten[1 D} Bus�ne�s Days prior to the effective date of such chan�ge and, in th� case of a�har�ge in Ind��idua�Borr�wer's struucture v�i�hout first obtaxning th�priar writt�n consent of Lender, whi�h consent ma� be given �r denied �.n Lender's reasor�abl� discretion, ex�ept as otherw�se perrnit��d pursuant to Secti�n 5.2.1� of the Loan Agreement. �dividual Borrower sha�1 �xecute and d��i�rer ta L�nder,priar t� or contemporane�us�y with the effecti�e�ate�f any such chang�, any finan.c�ng statement or financing stat�ment change reas�nab�y requued by Lender to establish �r maintaai.n �he va�idity, perfection and priority �f the 5�C1IIi�y Iri��T�S� graa�.ted herein. Se�#i�n 3.9 T,�itle. Indi�dual Barrow�r has g�od,marketable and insurab��f�e simpl� title t� th� real praperty c�mprising par� of the Prop�r�y and good titie to the balanc� of such Prap�r�y, free and clear of a11 Liens wha�soever �xcept the Fermitted Encumbranc�s, such other�iens as are permitted pursuar�t tv th�Loan Docu�ments and th� L��ns created by the �oa� I]ocuments. The Permitted Encumbrances in th� aggregate da not materi�ly and adversely aff�ct the �a�ue, operat�on or use of the Property �as current�y used} ar Borrower's ability to repay the Loan. This S�curity Instrument, whe�n proper�y recorded in the appropriat� recards, tagether w�th a,r�y Uniform Comm�rcial ��de f�nancing statements r�qui.red t� �e f�led in cor�ne�t��n herewi�h, wi�l cr�ate �i} a �alid, perfected fxrst priority Li�n on the Land and � Imprnvements, subj�t on�y to Permitt�d EncumUranc�s and the L�ens created by th� Loa� Dacurnents and ��i�perfect�d security interests in and to� and perfected co�iateral assignments �f, a�l personalty (including the I.ea.ses} of Indi��dua� Barrawer, a11 in accordance w�th the t�rms hereof, in each�ase subj ect only to any applicable Permitted Encum�raxxces, such oth�r Liens as are permitted pursuant to the �an Document� and the Li�ns ereated by the Loan Dacuxnents. There a�re n� ciaims far paym�nt for work, �abor �r materia�s affecting the Prap�rty which are past due and ar� or�may became a I�ien priar to, or af equal priority with, the Li�ns created by th�I.oan D��uments unless such claims for payments are be�ng contestet�in accardan�e with tlze terms and conditi�ns of this Security Instrument. Se�tivn 3.1� WLetter of Credit_Ri�hts. If Individua� Borrower is at any time a benefi�iary under a�etter of credit relating to the properties,rights, t�t�es ar�d �nterests referenced in Section �.1 �f this S�c�rity Instrument now ar hereaf�er issued ir� favor of Indi�dua� Barrowe�r, Ind�vidua� Borrower shall promptly [but in any e�ent �n ar pri�r to th� date af deliv�ry of the quarterly financial statements t�quir�i t�b� delivered t� Lender v�rith respect to th� quarter �n which Individual B�rrower becom�s aware that Individual Borrawe�r �s a � �er�e�iciasy under such letter of cr�dit� notify L�nder there�f and, at th� r�quest and optian of . Lender, Individua� Borrower shall us� comm�rc�ally r�asonable efforts to obtair�an a�reement in form and substance reasonably satisfa�tory ta Lender, either arrangi.ng f�r�a) the issuer and any conf�rmer of su�h letter of credit ta cansent to an assig�ent t� Len►der af th� proceeds of ar�y IU731 S I.04--NYC5Ra3A-M5W r