200003557 - Laserfiche WebLink

Browse

X60008557 a part of such lot or lots, and no other land or improvements is assessed and taxed together with the Property or any portion thereof. Section 4.9 Leases. Borrower has delivered a true, correct and complete schedule ( "Rent Roll ") of all Leases affecting the Property as of the date hereof, which accurately and completely sets forth in all material respects for each Lease the following: the name of the tenant, the expiration date of the Lease, all amendments and agreements relating to the Lease, any extension and renewal provisions, the base rent payable, the security deposit held thereunder, any options to purchase and any other material concessions or provisions of such Lease. Except as disclosed in the Rent Roll: (a) Borrower is the sole owner of the entire lessor's interest in the Leases; (b) the Leases are valid and enforceable against Borrower and the tenants set forth therein and in full force and effect; (c) none of the Rents reserved in the Leases have been assigned or otherwise pledged or hypothecated (except to Lender); (d) none of the Rents have been collected for more than one (1) month in advance (provided that a security deposit shall not be deemed rent collected in advance); (e) all security deposits reflected on the Rent Roll have been collected and are being held by Borrower; (f) the premises demised under the Leases have been completed and the tenants under the Leases have accepted the same and have taken possession of the same on a rent - paying basis; (g) there exist no offsets or defenses to the payment of any portion of the Rents; (h) Borrower has received no notice from any tenant challenging the validity or enforceability of any Lease; (i) all payments due from tenants under the Leases are current; 0) no tenant under any Lease is in default thereunder, or is a debtor in any bankruptcy, reorganization, insolvency or similar proceeding, or has demonstrated a history of payment problems which suggest financial difficulty; (k) there are no agreements with the tenants under the Leases other than expressly set forth in each Lease; (1) no Lease contains an option to purchase, right of first refusal to purchase, or any other similar provision; (m) no person or entity has any possessory interest in, or right to occupy, the Property except under and pursuant to a Lease; (n) each Lease (other than a residential Lease) is subordinate to this Security Instrument, either pursuant to its terms or a recorded subordination agreement; (o) no brokerage commissions or finders fees are due and payable regarding any Lease; and (p) Borrower has delivered to Lender true, correct and complete copies of all Leases described in the Rent. Section 4.10 Financial Condition. Borrower (a) is solvent, and no bankruptcy, reorganization, insolvency or similar proceeding under any state or federal law with respect to Borrower has been initiated, (b) has received reasonably equivalent value for the granting of this Security Instrument, and Borrower's granting of this Security Instrument does not constitute a fraudulent conveyance. Section 4.11 Business Purposes. The loan evidenced by the Note is solely for the business purpose of Borrower, and is not for personal, family, household, or agricultural purposes. Section 4.12 Taxes. Borrower, any Guarantor and any Indemnitor have filed all federal, state, county, municipal, and city income and other tax returns required to have been filed by them and have paid all taxes and related liabilities which have become due pursuant to such returns or pursuant to any assessments received by them. Neither Borrower, any Guarantor nor any Indemnitor knows of any basis for any additional assessment in respect of any such taxes and related liabilities for prior years. Section 4.13 No Change in Facts or Circumstances. All information in the application forthe loan submitted to Lender ( "Loan Application ") and in all financial statements, rent rolls, reports, certificates and other documents submitted in connection with the Loan Application or in satisfaction of the terms thereof, are accurate, complete and correct in all respects. There has been no adverse change in any condition, fact, circumstance or event that would make any such information inaccurate, incomplete or otherwise misleading. Section 4.14 Disclosure. Borrower has disclosed to Lender all material facts and has not failed to disclose any material fact that could cause any representation or warranty made herein to be materially misleading. ATLANTA4181845.4 GMACCM (SLP) — DOT (8/98) 19 Grand Isle, Nebraska