Local Law Compliance. To the Seller's actual knowledge, based upon a letter from governmental authorities, a legal opinion, an endorsement to the related title policy, or other due diligence considered reasonable by prudent commercial mortgage lenders, taking into account the location of the Mortgaged Property, as of the date of origination of such Mortgage Loan and as of the Cut-off Date, there are no material violations of any applicable zoning ordinances, building codes and land laws applicable to the Mortgaged Property or the use and occupancy thereof which (i) are not insured by the Title Policy or a law and ordinance insurance policy or (ii) would have a material adverse effect on the value, operation or net operating income of the Mortgaged Property.
Appears in 8 contracts
Samples: Mortgage Loan Purchase Agreement (Greenwich Capital Commercial Funding Corp. Commercial Mortgage Trust 2007-Gg11), Mortgage Loan Purchase Agreement (Greenwich Capital Commercial Funding Corp. Commercial Mortgage Trust 2006-Gg7), Mortgage Loan Purchase Agreement (Greenwich Capital Commercial Funding Corp. Commercial Mortgage Trust 2006-Gg7)
Local Law Compliance. To the Seller's actual knowledge, based upon a letter from governmental authorities, a legal opinion, an endorsement to the related title policy, or other due diligence considered reasonable by prudent commercial mortgage lenders, lenders taking into account the location of the Mortgaged Property, as of the date of origination of such Mortgage Loan and as of the Cut-off Date, there are no material violations of any applicable zoning ordinances, building codes and land laws applicable to the Mortgaged Property or the use and occupancy thereof which (i) are not insured by the Title Policy or a law and ordinance insurance policy or (ii) would have a material adverse effect on the value, operation or net operating income of the Mortgaged Property.
Appears in 7 contracts
Samples: Loan Purchase Agreement (GS Mortgage Securities Trust 2007-Gg10), Loan Purchase Agreement (GS Mortgage Securities Trust 2006-Gg8), Loan Purchase Agreement (GS Mortgage Securities Trust 2006-Gg6)
Local Law Compliance. To the Seller's actual knowledge, based upon a letter from governmental authorities, a legal opinion, an endorsement to the related title policy, or other due diligence considered reasonable by prudent commercial and multifamily mortgage lenders, taking into account the location of the related Mortgaged Property, as of the date of origination of such Mortgage Loan and as of the Cut-off Date, there are no material violations of any applicable zoning ordinances, building codes and land laws applicable to the Mortgaged Property or the use and occupancy thereof which (ia) are not insured by the Title Policy or a law and ordinance insurance policy or (iib) would have a material adverse effect on the value, operation or net operating income of the Mortgaged Property.
Appears in 2 contracts
Samples: Mortgage Loan Purchase Agreement (Citigroup Commercial Mortgage Trust 2008-C7), Mortgage Loan Purchase Agreement (Citigroup Commercial Mortgage Trust 2008-C7)
Local Law Compliance. To the Seller's actual knowledge, based upon a letter from governmental authorities, a legal opinion, an endorsement to the related title policy, or other due diligence considered reasonable by prudent commercial mortgage lenders, lenders taking into account the location of the Mortgaged Property, as of the date of origination of such the Mortgage Loan and as of the Cut-off Date, there are no material violations of any applicable zoning ordinances, building codes and land laws applicable to the Mortgaged Property or the use and occupancy thereof which (i) are not insured by the Title Policy or a law and ordinance insurance policy or (ii) would have a material adverse effect on the value, operation or net operating income of the Mortgaged Property.
Appears in 1 contract
Samples: Mortgage Loan Purchase Agreement (GS Mortgage Securities Trust 2007-Gg10)