Common use of Rent Roll, Disclosure Clause in Contracts

Rent Roll, Disclosure. A true and correct copy of the Rent Roll has been provided to Lender and except for the Leases described in the Rent Roll none of the Properties is subject to any Leases. Except as specified in the Rent Roll: (i) the Leases are in full force and effect; (ii) neither any Borrower nor any Affiliate of any Borrower, has given any notice of default to any tenant under any Lease which remains uncured; (iii) no tenant has asserted in writing any rights of set off, claims or defenses under any Lease and no tenant has any such rights of set off, claim or defense to the enforcement of any Lease except as expressly set forth in the Leases; (iv) no tenant is in arrears in the payment of rent, additional rent or any other material charges due under any Lease, or, to the knowledge of any Borrower, is in default in the performance of any other obligations under the applicable Lease; (v) Borrowers have completed all work or alterations required to be completed by the landlord or lessor under each Lease as of the date hereof, and all of the other obligations of landlord or lessor under the Leases required to be completed as of the date hereof, have been performed; (vi) there are no rent concessions (whether in form of cash contributions, work agreements, assumption of an existing tenant’s other obligations, or otherwise) or extensions of time whatsoever not reflected in the Rent Roll; and (vii) no tenant has an option to terminate its respective Lease. The Security Deposits held by Borrowers with respect to each Lease are as set forth on the Rent Roll.

Rent Roll, Disclosure. A true and correct copy of the Rent Roll has been provided to Lender and except for the Leases described in the Rent Roll none of the Properties is are not subject to any Leases. Except as specified in the Rent Roll: (i) the Leases are in full force and effect; (ii) neither any Borrower Borrowers nor any Affiliate of any Borrower, has given any notice of default to any tenant under any Lease which remains uncured; (iii) no tenant has asserted in writing any rights of set off, claims off or defenses or material claims under any Lease and no tenant has any such rights of set off, claim or defense to the enforcement of any Lease except as expressly set forth in the Leases; (iv) other than delinquencies and non-payments of less than 30 days, no tenant is in arrears in the payment of rent, additional rent or any other material charges due under any Lease, or, to the knowledge of any BorrowerBorrowers, is in default in the performance of any other obligations under the applicable Lease; (v) Borrowers have completed all work or alterations required to be completed by the landlord or lessor under each Lease as of the date hereof, and all of the other obligations of landlord or lessor under the Leases required to be completed as of the date hereof, have been performed; (vi) there are no rent concessions (whether in form of cash contributions, work agreements, assumption of an existing tenant’s 's other obligations, or otherwise) or extensions of time whatsoever not reflected in the Rent Roll, excluding student referral fees, move-in discounts or promotional discounts provided by Borrowers in the ordinary course of business which are not material in amount or frequency; and (vii) no tenant has an option to terminate its respective Lease and (viii) to the best of Borrowers' knowledge, no bankruptcy or insolvency proceeding has been commenced (and is continuing) by or against any tenant under any Lease. The Security Deposits held by Borrowers Lender with respect to each Lease are is as set forth on the Rent Roll.

Rent Roll, Disclosure. A true and correct copy of the Rent Roll for each Individual Property has been provided to Lender and except for the Leases described in the Rent Roll none of the Properties Property is not subject to any Leases. Except as specified in the Rent Roll: (i) the Leases are in full force and effect; (ii) neither any Borrower nor any Affiliate of any Borrower, has given any notice of default to any tenant under any Lease which remains uncured; (iii) no tenant has asserted in writing any rights of set off, claims or defenses under any Lease and no tenant has any such rights of set off, claim or defense to the enforcement of any Lease except as expressly set forth in the Leases; (iv) no tenant is in arrears in the payment of rent, additional rent or any other material charges due under any Lease, or, to the knowledge of any Borrower, is in default in the performance of any other obligations under the applicable Lease; (v) Borrowers have Borrower has completed all work or alterations required to be completed by the landlord or lessor under each Lease as of the date hereof, and all of the other obligations of landlord or lessor under the Leases required to be completed as of the date hereof, have been performed; (vi) there are no rent concessions (whether in form of cash contributions, work agreements, assumption of an existing tenant’s other obligations, or otherwise) or extensions of time whatsoever not reflected in the Rent Roll; and (vii) except as expressly set forth in the Leases, no tenant has an option to terminate its respective Lease and (viii) to the best of Borrower’s knowledge, no bankruptcy or insolvency proceeding has been commenced (and is continuing) by or against any tenant under any Lease. The Security Deposits held by Borrowers Lender with respect to each Lease are is as set forth on the Rent Roll.