Property Specific Representations. (a) The Mortgaged Property is free from material delinquent water charges and sewer rents;
(b) As of the date of this Deed of Trust, the Mortgaged Property is free from unrepaired material damage caused by fire, flood, accident or other casualty;
(c) As of the date of this Deed of Trust, no part of the Mortgaged Property has been taken in condemnation, eminent domain or like proceeding nor is any such proceeding pending or, to Grantor’s knowledge, threatened;
(d) To Grantor’s knowledge, to the extent required for the intended use of such property, the Improvements are generally structurally sound, and free of material defects in materials and workmanship. All major building systems located within the Improvements, including, without limitation, the heating and air conditioning systems and the electrical and plumbing systems, are in good working order and condition, except where failure to do so would not have a material adverse effect on the operations at such property;
(e) No contract or agreement (other than Permitted Liens) provides any party with the right to obtain a lien or encumbrance upon the Mortgaged Property superior to the lien of this Deed of Trust; and
(f) There are no Leases, security agreements or financing statements materially affecting the intended use of all or any portion of the Mortgaged Property, other than (i) for Permitted Liens, (ii) as disclosed in writing by Grantor to Beneficiary prior to the date hereof, and (iii) the security agreements and financing statements created in favor of Beneficiary.
Property Specific Representations. (a) Borrower has good, marketable, insurable and indefeasible fee simple, or leasehold (as applicable) title to the Project, subject to no Liens or other encumbrances except those contained in the Title Policy, and all of the encumbrances set forth therein are in full force and effect and there are no defaults thereunder.
(b) Each Project complies with all applicable zoning ordinances and no special use permits are required for the continued use of the Project for its current use.
(c) Each Project has adequate parking (if any) to comply with all applicable Legal Requirements.
Property Specific Representations. The management agreement for the Project is in full force and effect and there is no default or violation by any party thereunder.
Property Specific Representations. (a) Borrower has good, marketable, insurable and indefeasible fee simple title to the Project, to the extent constituting real property, subject to no Liens or other encumbrances except Permitted Liens.
(b) Except as set forth in the Zoning Report, the Project complies in all material respects with all applicable zoning ordinances and no special use permits are required for the continued use of the Project for its current use.
Property Specific Representations. With respect to the Property located in Freeport, New York, the Lower Tier Entity has completed all development, the Village of Freeport has issued a certificate of completion with respect to the Property and no municipal consents are required with respect to the transfers and transactions contemplated hereby. With respect to the Property located in Merrick, New York, no letter of credit or cash collateral has been posted with respect to the Existing Debt encumbering such Property.
Property Specific Representations. (a) Borrower has good, marketable, insurable and indefeasible fee simple title to the Project, subject to no Liens or other encumbrances except those contained in the ALTA Loan Policy issued to Agent in connection with the Loan and all of the encumbrances set forth therein are in full force and effect and there are no defaults thereunder.
(b) The Project complies with all applicable zoning ordinances and zoning approvals, including a special permit, zoning text amendments, zoning authorizations, and zoning certifications, for which final approvals were obtained from the City of New York on December 15, 2021. The Project will incorporate 312,370 square feet of floor area allowed “as of right” pursuant to the applicable zoning ordinances, together with 207,414 square feet of floor area transferred to the site in accordance with the zoning special permit and related agreements with the City of New York and 27,216 square feet of zoning floor area transferred to the site in accordance with a zoning certification, for a total zoning floor area for the Development Project of 547,000 square feet. There are no additional development rights required in order to construct the Development Project in accordance with Legal Requirements, provided that nothing in this Section 6.14(b) shall require Borrower to obtain any building or other permits required for the construction of the Development Project.
(c) The Project has adequate parking (if any) to comply with all applicable Legal Requirements.
Property Specific Representations. (1) Neither the Project nor any part thereof is now damaged or injured as a result of any fire, explosion, accident, flood or other casualty.
(2) The Project is zoned RM-3, which permits the current operation of the Project as a 335-unit apartment facility with 177 parking spaces as a legal non-conforming use; and does not restrict conversion of the Project to a 335-unit hotel condominium project with adequate space at the Project for 177 parking spaces and 29 or more boat slips.
(3) There are currently 177 parking spaces located on the Project. Without limiting the representations of Borrower set forth in Sections 7.6 and 7.19, the Project complies with all applicable zoning and land use laws, rules, regulations as a legal nonconforming use and complies with all material Licenses.
(4) The repair and replacement of the exterior windows and sliding doors at the Project as required to be accomplished by Mortgage Borrower under the Original Mortgage Loan Agreement has been satisfactorily completed by Mortgage Borrower.
(5) The repairs to the Project as set forth on Schedule 9.24(a) of the Original Mortgage Loan Agreement as required to be completed by Mortgage Borrower under the Original Mortgage Loan Agreement have been satisfactorily completed by Mortgage Borrower.
(6) The Building Conversion has been effectuated through the Amendment Closing Date, in compliance with Applicable Law, including the Condominium Act.
(7) To Borrower’s knowledge, the City of Miami Beach maintains and will continue to maintain all the roadways providing access to and from the Project, including, but not limited to, access from West Avenue.
Property Specific Representations. (1) Neither the Project nor any part thereof is now damaged or injured as a result of any fire, explosion, accident, flood or other casualty.
(2) The Project is zoned RM-3, which permits the current operation of the Project as a 335-unit apartment facility with 177 parking spaces as a legal non-conforming use; and does not restrict conversion of the Project to a 335-unit hotel condominium project with adequate space at the Project for 177 parking spaces and 29 or more boat slips.
(3) There are currently 177 parking spaces located on the Project. Without limiting the representations of Borrower set forth in Sections 7.6 and 7.19, the Project complies with all applicable zoning and land use laws, rules, regulations as a legal nonconforming use and complies with all material Licenses.
(4) The repair and replacement of the exterior windows and sliding doors at the Project as required to be accomplished by Borrower under the Existing Loan Agreement has been satisfactorily completed by Borrower.
(5) The repairs to the Project as set forth on Schedule 9.24(a) of the Existing Loan Agreement as required to be completed by Borrower under the Existing Loan Agreement have been satisfactorily completed by Borrower.
(6) The Building Conversion has been effectuated through the Amendment Closing Date, in compliance with Applicable Law, including the Condominium Act.
(7) To Borrower’s knowledge, the City of Miami Beach maintains and will continue to maintain all the roadways providing access to and from the Project, including, but not limited to, access from West Avenue.
Property Specific Representations. (1) Neither the Project nor any part thereof is now damaged or injured as a result of any fire, explosion, accident, flood or other casualty.
(2) The Project is zoned RM-3, which permits the current operation of the Project as a 342-unit apartment facility with 177 parking spaces as a legal non-conforming use; and does not restrict conversion of the Project to a 342-unit hotel condominium project with adequate space at the Project for 177 parking spaces and 29 or more boat slips.
(3) The acquisition cost of the Project is not less than $110,000,000, including brokerage commissions paid by Borrower, if any, of which Borrower’s cash or cash equivalents equity investment, as of the date hereof, is at least $30,000,000.
(4) There are currently 177 parking spaces located on the Project. Without limiting the representations of Borrower set forth in Sections 7.6 and 7.19, the Project complies with all applicable zoning and land use laws, rules, regulations as a legal nonconforming use and complies with all material Licenses.
(5) To Borrower’s knowledge, the City of Miami Beach maintains and will continue to maintain all the roadways providing access to and from the Project, including, but not limited to, access from West Avenue.
Property Specific Representations. The management agreement for the Project (i) is in full force and effect, (ii) there is no default or violation by any party thereunder, and (iii) provides for a management fee of not more than 4% of rental collections.
