Common use of FRANCHISE AGREEMENTS; PROPERTY IMPROVEMENT PLANS Clause in Contracts

FRANCHISE AGREEMENTS; PROPERTY IMPROVEMENT PLANS. The Borrowers have delivered to Lender a true and complete copy of each of the Franchise Agreements to which they are a party, and such Franchise Agreements have not been modified or amended except pursuant to amendments or modifications delivered to Lender. To the Borrowers' Knowledge, (i) the applicable Franchise Agreements are in full force and effect and (ii) except as set forth on SCHEDULE 4.7(E), no material default by the Borrowers, Manager or the applicable Franchisor exists thereunder. The defaults listed on SCHEDULE 4.7(E), individually and in the aggregate, do not and will not have a Material Adverse Effect. Except for the Property Improvement Plans set forth on EXHIBIT G attached hereto, there are no other property improvement plans or similar capital improvement plans or obligations required by any Franchisor pursuant to any Franchise Agreement, in effect for any of the Properties.

FRANCHISE AGREEMENTS; PROPERTY IMPROVEMENT PLANS. The Borrowers have Borrower has delivered to Lender a true and complete copy of the Franchise Agreements relating to each of the Franchise Agreements Properties to which they the Mortgage Borrowers are a party, and such Franchise Agreements have not been modified or amended except pursuant to amendments or modifications delivered to Lender. To the Borrowers' Borrower's Knowledge, (i) the applicable each Franchise Agreements are Agreement is in full force and effect and (ii) except as set forth on SCHEDULE 4.7(E), no material default by the Mortgage Borrowers, Manager or the applicable Franchisor Franchisors exists thereunder. The defaults listed on SCHEDULE 4.7(E), individually and in the aggregate, do not and will not have a Material Adverse Effect. Except for the Property Improvement Plans set forth on EXHIBIT G attached hereto, there are no other property improvement plans or similar capital improvement plans or obligations required by any Franchisor pursuant to any Franchise Agreement, in effect for any of the Properties.