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200507874 (m) Title Insurance. Lender has received a lender's title insurance policy insuring this Security Instrument as a first lien on the Realty subject only to Permitted Encumbrances. (n) Insurance. The Property is insured in accordance with the requirements set forth in Article III hereof. (o) Space Leases. W Borrower has delivered a true, correct and complete schedule of all Space Leases as of the date hereof, which accurately and completely sets forth in all material respects, for each such Space Lease, the matters set forth therein (collectively, the "Rent Roll"), (ii) Each Space Lease constitutes the legal, valid and binding obligation of Borrower and, to the knowledge of Borrower, is enforceable against the tenant thereof. No default exists, or with the passing of time or the giving of notice would exist, (A) under any Major Space Lease or (B) under any other Space Leases which would, in the aggregate, have a Material Adverse Effect. (iii) No tenant under any Space Lease has, as of the date hereof, paid Rent more than thirty (30) days in advance except for Rent aggregating not more than five percent (5 %) of the Rent receivable for such period, and the Rents under such Space Leases have not been waived, released, or otherwise discharged or compromised. (iv) All work to be performed by Borrower under the Space Leases has been substantially performed, all contributions to be made by Borrower to the tenants thereunder have been made except for any held -back amounts, and all other conditions precedent to each such tenant's obligations thereunder have been satisfied. (v) Except as previously disclosed to Lender in writing, there are no options to terminate any Major Space Lease. (vi) Each tenant under a Major Space Lease or such tenant's authorized subtenant is currently occupying the space demised by such Major Space Lease. (vii) Borrower has delivered to Lender true, correct and complete copies of all Major Space Leases described in the Rent Roll. (viii) Each Space Lease is in full force and effect and (except as disclosed on the Rent Roll) has not been assigned, modified, supplemented or amended in any way. (ix) Each tenant under each Major Space Lease is free from bankruptcy, reorganization or arrangement proceedings or a general assignment for the benefit of creditors. (x) No Space Lease provides any party with the right to obtain a lien or encumbrance upon the Property superior to the lien of this Security Instrument. (p) Property Agreements. W Each Property Agreement other than the lease between Fee Owner and Lessee (which is terminable upon the occurrence of an Event of Default) and Permitted Encumbrances is terminable with or without cause on not less than thirty (30) days notice and is otherwise on commercially reasonable terms and consistent with the Approved Manager Standard. (ii) No Property Agreement provides any party with the right to obtain a lien or encumbrance upon the Property superior to the lien of this Security Instrument. 30