Common use of Financial Statements; Reporting Clause in Contracts

Financial Statements; Reporting. The financial statements and other financial information heretofore furnished, or caused to be furnished, to Lender relating to Borrower and the Project are true, accurate and complete in all material respects as of the date specified therein, were prepared in accordance with accepted accounting principles on a basis consistent with that of preceding years, and fully and accurately present in all material respects the financial condition of the Borrower as of the date specified. Since the date of such statements, there has been no material adverse change in the business or financial condition of the Borrower. For so long as the Loan remains unsatisfied, Borrower agrees to provide to Lender, or cause to be provided to Lender, such financial information reasonably required by Lender (in form and substance reasonably satisfactory to Lender), including, without limitation, (a) annual balance sheets and income statements of Borrower and LBO no later than ninety (90) days after the end of each fiscal year of Borrower; (b) copies of federal income tax returns of Borrower and LBO within thirty (30) days of the date the same are filed, (c) a Project Operating Statement on a quarterly basis showing all revenue and expense items on a quarterly and rolling twelve month basis; and (d) audited financial statements of Borrower and LBO or any tenant operating the Project. Borrower shall also promptly report to Lender any material adverse change in the net worth or financial status of Borrower or LBO.

Financial Statements; Reporting. The financial statements and other financial information heretofore furnished, or caused to be furnished, to Lender relating to Borrower and the Project are true, accurate and complete in all material respects as of the date specified therein, were prepared in accordance with accepted accounting principles on a basis consistent with that of preceding years, and fully and accurately present in all material respects the financial condition of the Borrower as of the date specified. Since the date of such statements, there has been no material adverse change in the business or financial condition of the Borrower. For so long as the Loan remains unsatisfied, Borrower agrees to provide to Lender, or cause to be provided to Lender, such financial information reasonably required by Lender (in form and substance reasonably satisfactory to Lender), including, without limitation, (a) annual balance sheets and income statements of Borrower and LBO Mount Snow no later than ninety (90) days after the end of each fiscal year of Borrower; (b) copies of federal income tax returns of Borrower and LBO Mount Snow within thirty (30) days of the date the same are filed, (c) a Project Operating Statement on a quarterly basis showing all revenue and expense items on a quarterly and rolling twelve month basis; and (d) audited financial statements of Borrower and LBO Mount Snow or any tenant operating the Project. Borrower shall also promptly report to Lender any material adverse change in the net worth or financial status of Borrower or LBOMount Snow.