Common use of Formation; Authority Clause in Contracts

Formation; Authority. Borrower has complied with all laws and regulations concerning Borrower’s organization, existence and the transaction of Borrower’s business, and is in good standing in each state in which Borrower conducts business. Borrower is authorized to execute, deliver and perform Borrower’s obligations under each of the Borrower Loan Documents and the Funding Loan Documents, and Borrower is authorized to rehabilitate the Improvements and to own and operate the Property.

Formation; Authority. Borrower has complied with all laws and regulations concerning Borrower’s Borrower‟s organization, existence and the transaction of Borrower’s Borrower‟s business, and is in good standing in each state in which Borrower conducts business. Borrower is authorized to execute, deliver and perform Borrower’s Borrower‟s obligations under each of the Borrower Loan Documents and the Funding Loan Documents, and Borrower is authorized to rehabilitate construct the Improvements and to own and operate the Property.

Formation; Authority. Borrower has complied with all laws and regulations concerning Borrower’s organization, existence and the transaction of Borrower’s business, and is in good standing in each state in which Borrower conducts business. Borrower is authorized to execute, deliver and perform Borrower’s obligations under each of the Borrower Loan Documents and the Funding Loan Documents, and Borrower is authorized to rehabilitate construct the Improvements and to own and operate the Property.

Formation; Authority. Borrower has complied with all laws and regulations concerning BorrowerXxxxxxxx’s organization, existence and the transaction of Borrower’s business, and is in good standing in each state in which Borrower conducts business. Borrower is authorized to execute, deliver and perform Borrower’s obligations under each of the Borrower Loan Documents and the Funding Loan Documents, and Borrower is authorized to rehabilitate the Improvements and to own and operate the Property.

Formation; Authority. Borrower has complied with all laws and regulations concerning BorrowerXxxxxxxx’s organization, existence and the transaction of Borrower’s business, and is in good standing in each state in which Borrower conducts business. Borrower is authorized to execute, deliver and perform Borrower’s obligations under each of the Borrower Loan Documents and the Funding Loan Documents, and Borrower is authorized to rehabilitate construct the Improvements and to own and operate the Property.