Common use of Financial Statements; Records Clause in Contracts

Financial Statements; Records. Borrower shall deliver or cause to be delivered to Lender, within ninety (90) days after the end of each of the respective party's fiscal years, (i) an annual operating statement of income and expenses (which shall be audited if an Event of Default exists) with respect to the operation of the Property, prepared in accordance with generally accepted accounting principles, consistently applied ("GAAP") and certified by the chief financial officer or manager of Borrower as complete and correct in all material respects, (ii) financial statements of Borrower and Mission West Properties, Inc., a Maryland corporation, the general partner of Borrower ("Principal") (which shall be audited if an Event of Default exists), in reasonable detail and certified as complete and correct in all material respects by the party furnishing the statement, and (iii) financial statements of all tenants under leases of the Property, if available according to such leases. Borrower agrees to keep adequate books and records of account in accordance with GAAP and shall permit Lender, and its agents, accountants and attorneys, upon reasonable prior notice, to visit and inspect the Property and examine the Property's books and records of account at Borrower's office during normal business hours, and to discuss the Property's affairs, finances and accounts with Borrower, at such reasonable times as Lender may request. Such statements shall be prepared in a form acceptable to Lender, to include, without limitation, a current leasing summary (which shall disclose, among other things, names of tenants, square footage of leased area, commencement dates and expiration dates of the leases as well as concessions granted to Lessees), gross rental income, other income, real estate taxes, insurance, operating expenses and depreciation deduction accompanied by financial statements received by Borrower from tenants. If the operating statements for the Property provided by Borrower are not in a form acceptable to Lender or Borrower fails to furnish such statements and reports, Lender shall have the right to audit the respective books and records of the Property at the expense of Borrower and if Borrower prevents Lender from conducting such audit, Lender may at the election of Lender declare this Deed of Trust in default.

Financial Statements; Records. Borrower shall deliver or cause to be delivered to Lender, within ninety (90) days after the end of each of the respective party's fiscal years, (i) an annual operating statement of income and expenses (which shall be audited if an Event of Default exists) with respect to the operation of the Property, prepared in accordance with generally accepted accounting principles, consistently applied ("GAAP") reasonable detail and certified by the chief financial officer or manager of Borrower as complete and correct in all material respects, (ii) a financial statements statement of Borrower and Mission West Properties, Inc., a Maryland corporation, the general partner of Borrower ("Principal") (which shall be audited if an Event of Default exists), prepared in reasonable detail accordance with generally accepted accounting principles, consistently applied, and certified as complete and correct in all material respects by the party furnishing the statementchief financial officer of Principal, and (iii) financial statements of all tenants under leases of the Property, if available according to such leases. Borrower agrees to keep adequate books and records of account in accordance with GAAP account, and shall permit Lender, and its agents, accountants and attorneys, upon reasonable prior notice, to visit and inspect the Property and examine the Property's books and records of account at Borrower's office during normal business hours, and to discuss the Property's affairs, finances and accounts with Borrower, at such reasonable times as Lender may request. Such statements shall be prepared in a form acceptable to Lender, to include, without limitation, a current leasing summary (which shall disclose, among other things, names of tenants, square footage of leased area, commencement dates and expiration dates of the leases as well as concessions granted to Lessees), gross rental income, other income, real estate taxes, insurance, operating expenses and depreciation deduction accompanied by financial statements received by Borrower from tenants. If the operating statements for the Property provided by Borrower are not in a form acceptable to Lender or Borrower fails to furnish such statements and reports, Lender shall have the right to audit the respective books and records of the Property at the expense of Borrower and if Borrower prevents Lender from conducting such audit, Lender may at the election of Lender declare this Deed of Trust in default.

Financial Statements; Records. Borrower shall deliver or cause to be delivered to Lender, within ninety (90) days after the end of each of the respective party's fiscal years, (i) an annual operating statement statements of income and expenses (which shall be bechief financial officer of Principal audited if an Event of Default exists) with respect to the operation of the Property, prepared in accordance with generally accepted accounting principles, consistently applied ("GAAP") reasonable detail and certified by the chief financial officer or manager of the respective Borrower as complete and correct in all material respects, (ii) a financial statements statement of Borrower and Mission West Properties, Inc., a Maryland corporation, the general partner of each Borrower ("Principal") (which shall be audited if an Event of Default exists), prepared in reasonable detail accordance with generally accepted accounting principles, consistently applied, and certified as complete and correct in all material respects by the party furnishing the statementchief financial officer of Principal, and (iii) financial statements of all tenants under leases of the Property, if available according to such leases. Borrower agrees to keep adequate books and records of account in accordance with GAAP account, and shall permit Lender, and its agents, accountants and attorneys, upon reasonable prior notice, to visit and inspect the Property and examine the Property's books and records of account at Borrower's office during normal business hours, and to discuss the Property's affairs, finances and accounts with Borrower, at such reasonable times as Lender may request. Such statements shall be prepared in a form acceptable to Lender, to include, without limitation, a current leasing summary (which shall disclose, among other things, names of tenants, square footage of leased area, commencement dates and expiration dates of the leases as well as concessions granted to Lessees), gross rental income, other income, real estate taxes, insurance, operating expenses and depreciation deduction accompanied by financial statements received by Borrower from tenants. If the operating statements for the Property provided by Borrower are not in a form acceptable to Lender or Borrower fails to furnish such statements and reports, Lender shall have the right to audit the respective books and records of the Property at the expense of Borrower and if Borrower prevents Lender from conducting such audit, Lender may at the election of Lender declare this Deed of Trust in default.

Financial Statements; Records. Borrower shall deliver or cause to be delivered to Lender, within ninety (90) days after the end of each of the respective party's ’s fiscal years, (i) an annual operating statement of income and expenses (which shall be audited if an Event of Default exists) with respect to the operation of the Property, prepared in accordance with generally accepted accounting principles, consistently applied ("GAAP") reasonable detail and certified by the chief financial officer or manager of Borrower as complete and correct in all material respects, (ii) a financial statements statement of Borrower and Mission West Properties, Inc., a Maryland corporation, the general partner of Borrower ("“Principal"”) (which shall be audited if an Event of Default exists), prepared in reasonable detail accordance with generally accepted accounting principles, consistently applied, and certified as complete and correct in all material respects by the party furnishing the statementchief financial officer of Principal, and (iii) financial statements of all tenants under leases of the Property, if available according to such leases. Borrower agrees to keep adequate books and records of account in accordance with GAAP account, and shall permit Lender, and its agents, accountants and attorneys, upon reasonable prior notice, to visit and inspect the Property and examine the Property's ’s books and records of account at Borrower's ’s office during normal business hours, and to discuss the Property's ’s affairs, finances and accounts with Borrower, at such reasonable times as Lender may request. Such statements shall be prepared in a form acceptable to Lender, to include, without limitation, a current leasing summary (which shall disclose, among other things, names of tenants, square footage of leased area, commencement dates and expiration dates of the leases as well as concessions granted to Lessees), gross rental income, other income, real estate taxes, insurance, operating expenses and depreciation deduction accompanied by financial statements received by Borrower from tenants. If the operating statements for the Property provided by Borrower are not in a form acceptable to Lender or Borrower fails to furnish such statements and reports, Lender shall have the right to audit the respective books and records of the Property at the expense of Borrower and if Borrower prevents Lender from conducting such audit, Lender may at the election of Lender declare this Deed of Trust in default.