Additional Representations, Warranties and Covenants of Assuming Obligors. As a condition of this Agreement, Assuming Obligors represent and warrant to Lender as follows:
Additional Representations, Warranties and Covenants of Assuming Obligors. As a condition of this Agreement, Assuming Obligors represent and warrant to Lender as follows: (a) Assuming Borrower is a limited partnership duly organized, validly existing and in good standing under the laws of the State of Texas. Assuming Borrower has full power and authority to enter into and carry out the terms of this Agreement and to assume and carry out the terms of the Loan Documents. (b) AmREIT Westside Plaza GP, Inc., is a corporation duly organized and validly existing in good standing under the laws of the State of Texas. AmREIT Westside Plaza GP, Inc., is, and shall remain, the sole General Partner of Assuming Borrower and has full power and authority to enter into this Agreement as General Partner on behalf of Assuming Borrower, and to execute this Agreement. (c) AmREIT Monthly Income & Growth III Fund, Ltd. is a limited partnership duly organized and validly existing under the laws of the State of Texas and is qualified to do business and in good standing in the State of Texas. MIG III has full power and authority to enter into and carry out the terms of this Agreement and to assume and carry out the terms of the Loan Documents to which it is a party. (d) AmREIT is a real estate investment trust duly organized and validly existing under the laws of the State of Texas. AmREIT has full power and authority to enter into and carry out the terms of this Agreement and to assume and carry out the terms of the Loan Documents to which it is a party (e) This Agreement and the Loan Documents constitute legal, valid and binding obligations of Assuming Obligors enforceable in accordance with their respective terms. Neither the entry into nor the assumption and performance of and compliance with this Agreement or any of the Loan Documents has resulted or will result in any violation of, or a conflict with or a default under, any judgment, decree, order, mortgage, indenture, contract, 10
