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200507874
<br />"Trigger Event' ' shall mean the earliest to occur of (a) an Event of Default or (b) the date on which the
<br />Aggregate Debt Service Coverage, as determined by Lender in its sole and absolute discretion, shall fall below
<br />1.15:1.0 for the trailing twelve (12) month period.
<br />"Trustee" shall mean the Person or Persons identified in this Security Instrument and its or their successors
<br />and assigns.
<br />"UCC" shall mean the Uniform Commercial Code as in effect from time to time in the State in which the
<br />Realty is located.
<br />"Undefeased Note" shall have the meaning set forth in Section 15.01 hereof.
<br />"Unscheduled Payments" shall mean (a) all Loss Proceeds that Borrower has elected or is required to apply
<br />to the repayment of the Debt pursuant to this Security Instrument, the Note or any other Loan Documents, (b) any
<br />funds representing a voluntary or involuntary principal prepayment other than scheduled Principal Payments and
<br />(c) any Net Proceeds
<br />"Use Requirements" shall mean any and all building codes, permits, certificates of occupancy or
<br />compliance, laws, regulations, or ordinances (including, without limitation, health, pollution, fire protection, medical
<br />and day -care facilities, waste product and sewage disposal regulations), restrictions of record, easements, reciprocal
<br />easements, declarations or other agreements affecting the use of the Property or any part thereof.
<br />"Welfare Plan" shall mean an employee welfare benefit plan as defined in Section 3(1) of ERISA
<br />established or maintained by Borrower, Guarantor or any ERISA Affiliate or that covers any current or former
<br />employee of Borrower, Guarantor or any ERISA Affiliate.
<br />"Work" shall have the meaning set forth in Section 3.04(a)(i) hereof.
<br />ARTICLE II: COVENANTS WARRANTIES
<br />AND REPRESENTATIONS OF BORROWER
<br />Section 2.01. Payment of Debt. Borrower will pay the Debt at the time and in the manner provided in the
<br />Note and the other Loan Documents, all in lawful money of the United States of America in immediately available
<br />funds.
<br />Section 2.02. Re resentations Warranties and Covenants of Borrower. Borrower represents and warrants
<br />to and covenants With Lender:
<br />(a) Organization and Authori ty. Borrower (i) is a limited liability company, general partnership,
<br />limited partnership or corporation, as the case may be, duly organized, validly existing and in good standing under
<br />the laws of the jurisdiction of its formation, (ii) has all requisite power and authority and all necessary licenses and
<br />permits to own and operate the Property and to carry on its business as now conducted and as presently proposed to
<br />be conducted and (iii) is duly qualified, authorized to do business and in good standing in the jurisdiction where the
<br />Property is located and in each other jurisdiction where the conduct of its business or the nature of its activities
<br />makes such qualification necessary, or if not qualified or authorized to do business under such jurisdictions, will
<br />become qualified and authorized in such jurisdictions within ninety (90) days of the date hereof. If Borrower is a
<br />limited liability company, limited partnership or general partnership, each general partner or managing member, as
<br />applicable, of Borrower which is a corporation is duly organized, validly existing, and in good standing under the
<br />laws of the jurisdiction of its incorporation.
<br />(b) Power. Borrower and, if applicable, each General Partner has full power and authority to execute,
<br />deliver and perform, as applicable, the Loan Documents to which it is a party, to make the borrowings thereunder, to
<br />execute and deliver the Note and to grant to Lender a first, prior, perfected and continuing lien on and security
<br />interest in the Property, subject only to the Permitted Encumbrances.
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