Common use of Contributor’s Representations and Warranties as to the Property Clause in Contracts

Contributor’s Representations and Warranties as to the Property. As a material inducement to REIT to execute this Agreement and consummate the Closing, SOIF represents and warrants to REIT with respect to the Springhouse Property that: (a) The most current Rent Roll for the Springhouse Property delivered to REIT as part of the Property Information is the Rent Roll relied upon by SOIF in the ordinary course of business. (b) To SOIF’s knowledge, Springhouse Titleholder has complied in all material respects with its obligations under each of the Leases in effect with respect to its Property. (c) The list of Service Contracts included in the Due Diligence Materials is true and correct in all material respects as of the date of its preparation. Other than the Service Contracts delivered to REIT as part of the Property Information, there are, to SOIF’s knowledge, no other property or asset management contracts or other arrangements, contracts and agreements to which any of the Companies is a party affecting the ownership, repair, maintenance, leasing or operation of the Property, and the copies of such documents delivered to REIT are true and correct in all material respects. To SOIF’s knowledge, neither Springhouse Titleholder nor any other party to any of the Service Contracts is in default thereunder beyond any applicable notice or cure period. (d) There are no pending or, to SOIF’s knowledge, threatened in writing (a) eminent domain proceedings for the condemnation of any portion of the Land or (b) litigation against Springhouse Titleholder or any of the Companies in respect of the Property which, if decided adversely to Springhouse Titleholder or any of the Companies, would have a Material Adverse Effect. (e) Except as set forth on a Disclosure Schedule: (a) all material licenses or permits necessary to operate the Property in material compliance with applicable Laws and otherwise as presently operated have been obtained and are in full force and effect and (b) to SOIF’s knowledge, Springhouse Titleholder is in compliance in all material respects with each such license and permit. (f) Except as set forth on a Disclosure Schedule, Springhouse Titleholder has received no written notice from any Governmental Authority or agency having jurisdiction over the Property that the Property or its use is in material violation of any Law that would have a Material Adverse Effect. (g) To SOIF’s knowledge, and except as may be disclosed on a Disclosure Schedule or in the environmental reports made available to REIT as a part of the Property Information, no Hazardous Materials have, during the period of Springhouse Titleholder’s ownership of the Property, existed or currently exist in, on or under, or have been or are being disposed of or released from, the Property in quantities that exceed reportable concentrations under current applicable Environmental Laws; and, to SOIF’s knowledge, no well or xxxxx, underground storage tank or tanks (whether existing or abandoned) exist or have, during the period of Springhouse Titleholder’s ownership of the Property, existed on or under the Property. (h) Copies of the Property Information and all documents containing information material to the ownership or operation of the Property have been delivered to REIT and are true, correct and complete copies; and SOIF is not aware of any material inaccuracy or omission in such information. (i) The Loan Documents delivered to REIT as part of the Property Information include true, accurate and complete copies of all of the material documents and instruments in effect with respect to the Loans, including all amendments, modifications and supplements thereto. To SOIF’s knowledge, no material default or breach exists under any Loan Document beyond any applicable cure period, nor does there exist any material default or breach, or any material event or circumstance, which, with the giving of notice or passage of time, or both, would constitute a material default or breach by Springhouse Titleholder or any other party under any of the Loan Documents. (j) Springhouse Titleholder is the owner of its Personal Property free and clear of all Encumbrances other than the Permitted Exceptions, and has not previously assigned its rights in and to its Personal Property except for security interests granted as security for the Loans. Except as set forth in the Property Information, Springhouse Titleholder does not lease any equipment or other personal property in connection with the ownership or operation of the Property. (k) To SOIF’s knowledge, all vacant rental units at the Property are substantially in rent ready condition, except for units vacant for routine cleaning or maintenance as is customarily performed by Springhouse Titleholder in the ordinary course of business consistent with current practices. (l) Except as set forth in a Disclosure Schedule, SOIF has not received written notice of any uncured violation of any declaration of covenants, conditions and restrictions, reciprocal easement agreements or similar instrument governing or affecting the use, operation, maintenance, management or improvement of all of any portion of the Property (collectively “CCRs”), and to SOIF’s knowledge Springhouse Titleholder is not in material default under, and the Property is in compliance in all material respects with, all applicable CCRs. Without limiting the foregoing, to SOIF’s knowledge, Springhouse Titleholder is not in default with respect to payment of any material contributions or assessments payable by Springhouse Titleholder under any CCRs.

Contributor’s Representations and Warranties as to the Property. As a material inducement to REIT Operating Partnership to execute this Agreement and consummate the Closing, SOIF Contributor represents and warrants to REIT Operating Partnership with respect to the Springhouse Property that: (a) The most current Rent Roll for the Springhouse Property delivered to REIT Operating Partnership as part of the Property Information is the Rent Roll relied upon by SOIF Contributor in the ordinary course of business. (b) To SOIFContributor’s knowledge, Springhouse Titleholder Contributor has complied in all material respects with its obligations under each of the Leases in effect with respect to its Property. (c) The list of Service Contracts included in the Due Diligence Materials is true and correct in all material respects as of the date of its preparation. Other than the Service Contracts delivered to REIT Operating Partnership as part of the Property Information, there are, to SOIFContributor’s knowledge, no other property or asset management contracts or other arrangements, contracts and agreements to which any of the Companies Contributor is a party affecting the ownership, repair, maintenance, leasing or operation of the Property, and the copies of such documents delivered to REIT Operating Partnership are true and correct in all material respects. To SOIFContributor’s knowledge, neither Springhouse Titleholder Contributor nor any other party to any of the Service Contracts is in default thereunder beyond any applicable notice or cure period. (d) There are no pending or, to SOIFContributor’s knowledge, threatened in writing (a) eminent domain proceedings for the condemnation of any portion of the Land or (b) litigation against Springhouse Titleholder or any of the Companies Contributor in respect of the Property which, if decided adversely to Springhouse Titleholder or any of the Companies, Contributor would have a Material Adverse Effect. (e) Except as set forth on a Disclosure Schedule: (a) all material licenses or permits necessary to operate the Property in material compliance with applicable Laws and otherwise as presently operated have been obtained and are in full force and effect and (b) to SOIFContributor’s knowledge, Springhouse Titleholder Contributor is in compliance in all material respects with each such license and permit. (f) Except as set forth on a Disclosure Schedule, Springhouse Titleholder Contributor has received no written notice from any Governmental Authority or agency having jurisdiction over the Property that the Property or its use is in material violation of any Law that would have a Material Adverse Effect. (g) To SOIFContributor’s knowledge, and except as may be disclosed on a Disclosure Schedule or in the environmental reports made available to REIT Operating Partnership as a part of the Property Information, no Hazardous Materials have, during the period of Springhouse TitleholderContributor’s ownership of the Property, existed or currently exist in, on or under, or have been or are being disposed of or released from, the Property in quantities that exceed reportable concentrations under current applicable Environmental Laws; and, to SOIFContributor’s knowledge, no well or xxxxx, underground storage tank or tanks (whether existing or abandoned) exist or have, during the period of Springhouse TitleholderContributor’s ownership of the Property, existed on or under the Property. (h) Copies of the Property Information and all documents containing information material to the ownership or operation of the Property have been delivered to REIT Operating Partnership and are true, correct and complete copies; and SOIF Contributor is not aware of any material inaccuracy or omission in such information. (i) The Loan Documents delivered to REIT Operating Partnership as part of the Property Information include true, accurate and complete copies of all of the material documents and instruments in effect with respect to the Loans, including all amendments, modifications and supplements thereto. To SOIFContributor’s knowledge, no material default or breach exists under any Loan Document beyond any applicable cure period, nor does there exist any material default or breach, or any material event or circumstance, which, with the giving of notice or passage of time, or both, would constitute a material default or breach by Springhouse Titleholder Contributor or any other party under any of the Loan Documents. (j) Springhouse Titleholder Contributor is the owner of its Personal Property free and clear of all Encumbrances other than the Permitted Exceptions, and has not previously assigned its rights in and to its Personal Property except for security interests granted as security for the Loans. Except as set forth in the Property Information, Springhouse Titleholder Contributor does not lease any equipment or other personal property in connection with the ownership or operation of the Property. (k) To SOIF’s knowledge, all All vacant rental units at the Property are substantially in rent ready condition, except for units vacant for routine cleaning or maintenance as is customarily performed by Springhouse Titleholder Contributor in the ordinary course of business consistent with current practices. (l) Except as set forth in a Disclosure Schedule, SOIF Contributor has not received written notice of any uncured violation of any declaration of covenants, conditions and restrictions, reciprocal easement agreements or similar instrument governing or affecting the use, operation, maintenance, management or improvement of all of any portion of the Property (collectively “CCRs”), and to SOIFContributor’s knowledge Springhouse Titleholder Contributor is not in material default under, and the Property is in compliance in all material respects with, all applicable CCRs. Without limiting the foregoing, to SOIFContributor’s knowledge, Springhouse Titleholder Contributor is not in default with respect to payment of any material contributions or assessments payable by Springhouse Titleholder Contributor under any CCRs.

Contributor’s Representations and Warranties as to the Property. As a material inducement to REIT to execute this Agreement and consummate the Closing, SOIF II represents and warrants to REIT with respect to the Springhouse Oak Crest Property that: (a) The most current Rent Roll for the Springhouse Oak Crest Property delivered to REIT as part of the Property Information is the Rent Roll relied upon by SOIF II in the ordinary course of business. (b) To SOIFSOIF II’s knowledge, Springhouse Oak Crest Titleholder has complied in all material respects with its obligations under each of the Leases in effect with respect to its Property. (c) The list of Service Contracts included in the Due Diligence Materials is true and correct in all material respects as of the date of its preparation. Other than the Service Contracts delivered to REIT as part of the Property Information, there are, to SOIFSOIF II’s knowledge, no other property or asset management contracts or other arrangements, contracts and agreements to which any of the Companies is a party affecting the ownership, repair, maintenance, leasing or operation of the Property, and the copies of such documents delivered to REIT are true and correct in all material respects. To SOIFSOIF II’s knowledge, neither Springhouse Oak Crest Titleholder nor any other party to any of the Service Contracts is in default thereunder beyond any applicable notice or cure period. (d) There are no pending or, to SOIFSOIF II’s knowledge, threatened in writing (a) eminent domain proceedings for the condemnation of any portion of the Land or (b) litigation against Springhouse Oak Crest Titleholder or any of the Companies in respect of the Property which, if decided adversely to Springhouse Oak Crest Titleholder or any of the Companies, would have a Material Adverse Effect. (e) Except as set forth on a Disclosure Schedule: (a) all material licenses or permits necessary to operate the Property in material compliance with applicable Laws and otherwise as presently operated have been obtained and are in full force and effect and (b) to SOIFSOIF II’s knowledge, Springhouse Oak Crest Titleholder is in compliance in all material respects with each such license and permit. (f) Except as set forth on a Disclosure Schedule, Springhouse Oak Crest Titleholder has received no written notice from any Governmental Authority or agency having jurisdiction over the Property that the Property or its use is in material violation of any Law that would have a Material Adverse Effect. (g) To SOIFSOIF II’s knowledge, and except as may be disclosed on a Disclosure Schedule or in the environmental reports made available to REIT as a part of the Property Information, no Hazardous Materials have, during the period of Springhouse Oak Crest Titleholder’s ownership of the Property, existed or currently exist in, on or under, or have been or are being disposed of or released from, the Property in quantities that exceed reportable concentrations under current applicable Environmental Laws; and, to SOIFSOIF II’s knowledge, no well or xxxxx, underground storage tank or tanks (whether existing or abandoned) exist or have, during the period of Springhouse Oak Crest Titleholder’s ownership of the Property, existed on or under the Property. (h) Copies of the Property Information and all documents containing information material to the ownership or operation of the Property have been delivered to REIT and are true, correct and complete copies; and SOIF II is not aware of any material inaccuracy or omission in such information. (i) The Loan Documents delivered to REIT as part of the Property Information include true, accurate and complete copies of all of the material documents and instruments in effect with respect to the Loans, including all amendments, modifications and supplements thereto. To SOIFSOIF II’s knowledge, no material default or breach exists under any Loan Document beyond any applicable cure period, nor does there exist any material default or breach, or any material event or circumstance, which, with the giving of notice or passage of time, or both, would constitute a material default or breach by Springhouse Oak Crest Titleholder or any other party under any of the Loan Documents. (j) Springhouse Oak Crest Titleholder is the owner of its Personal Property free and clear of all Encumbrances other than the Permitted Exceptions, and has not previously assigned its rights in and to its Personal Property except for security interests granted as security for the Loans. Except as set forth in the Property Information, Springhouse Oak Crest Titleholder does not lease any equipment or other personal property in connection with the ownership or operation of the Property. (k) To SOIFSOIF II’s knowledge, all vacant rental units at the Property are substantially in rent ready condition, except for units vacant for routine cleaning or maintenance as is customarily performed by Springhouse Oak Crest Titleholder in the ordinary course of business consistent with current practices. (l) Except as set forth in a Disclosure Schedule, SOIF II has not received written notice of any uncured violation of any declaration of covenants, conditions and restrictions, reciprocal easement agreements or similar instrument governing or affecting the use, operation, maintenance, management or improvement of all of any portion of the Property (collectively “CCRs”), and to SOIFSOIF II’s knowledge Springhouse Oak Crest Titleholder is not in material default under, and the Property is in compliance in all material respects with, all applicable CCRs. Without limiting the foregoing, to SOIFSOIF II’s knowledge, Springhouse Oak Crest Titleholder is not in default with respect to payment of any material contributions or assessments payable by Springhouse Oak Crest Titleholder under any CCRs.