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200709152 Obligations and indebtedness Grantor owes to Beneficiary, whether now existing or hereafter accrued, made or extended. All such future advances will have the same priority as the original advance. Article ITI Representations and Warranties. Grantor makes the following representations and warranties to Lender: Section 3.1 Title to Real Property. Grantor (a) owns fee simple title to the Real Property, (b) owns all of the beneficial and equitable interest in and to the Real Property, and (c) is lawfully seized and possessed of the Real Property. Grantor has the right and authority to convey the Real Property. The Real Property is subject to no Encumbrances other than the Permitted Encumbrances. Section 3.2 Title to Other Property. Grantor has good title to the Personalty, and the Personalty is not subject to any Encumbrance other than the Permitted Encumbrances. Section 3.3 Propertv Assessments. The Real Property is assessed for purposes of Property Assessments as a separate and distinct parcel from any other property, such that the Real Property shall never become subject to the Lien of any Property Assessments levied or assessed against any property other than the Real Property. Section 3.4 Independence of the Real Property. No buildings or other improvements on property not covered by this Deed of Trust rely on the Real Property or any interest therein to fulfill any requirement of any Governmental Authority for the existence of such property, building or improvements; and none of the Real Property relies, or will rely, on any property not covered by this Deed of Trust or any interest therein to fulfill any requirement of any Governmental Authority. The Real Property has been properly subdivided from all other property in accordance with the requirements of any applicable Governmental Authorities. Section 3.5 Existing Improvements. The existing Improvements, if any, were constructed, and are being used and maintained, in accordance with all applicable Laws, including zoning Laws. Article IV Affirmative Covenants. Section 4.1 Obligations. Grantor agrees to promptly pay and perform all of the Obligations, time being of the essence in each case. Section 4.2 Property Assessments; Documentary Taxes. Grantor (a) will promptly pay in full and discharge all Property Assessments, and (b) will furnish to Lender, upon demand, thc receipted bills for such Property Assessments prior to the day upon which the same shall become delinquent. Property Assessments shall be considered delinquent as of the first day any interest or penalty commences to accrue thereon. Grantor will promptly pay all stamp, documentary, recordation, transfer and intangible taxes and all other taxes that may from time to time be required to be paid with respect to the Loans, the Loan Agreement, this Deed of Trust or any of the other Loan Documents. Error! Unknown document property name. 10