Common use of SOPHISTICATED PARTIES, REASONABLE TERMS, NO FIDUCIARY RELATIONSHIP Clause in Contracts

SOPHISTICATED PARTIES, REASONABLE TERMS, NO FIDUCIARY RELATIONSHIP. Each Borrower represents, warrants and acknowledges that (i) it is a sophisticated real estate investor, familiar with transactions of this kind, and (ii) it has entered into this Loan Agreement and the other Loan Documents after conducting its own assessment of the alternatives available to it in the market, and after lengthy negotiations in which it has been represented by competent legal counsel of its choice. Each Borrower also acknowledges and agrees that the rights of Lender under this Loan Agreement and the other Loan Documents are reasonable and appropriate, taking into consideration all of the facts and circumstances including the quantity of the Loan, the nature of the Properties, and the risks incurred by Lender in this transaction. No provision in this Loan Agreement or in any of the other Loan Documents and no course of dealing between the parties shall be deemed to create (i) any partnership or joint venture between Lender and any Borrower or any other Person, or (ii) any fiduciary or similar duty by Lender to any Borrower or any other Person. The relationship between Lender and Borrowers is exclusively the relationship of a creditor and a debtor, and all relationships between Lender and any other Borrower Party are ancillary to such creditor/debtor relationship.

SOPHISTICATED PARTIES, REASONABLE TERMS, NO FIDUCIARY RELATIONSHIP. Each Borrower represents, warrants and acknowledges that (i) it is a sophisticated real estate investor, 93 familiar with transactions of this kind, and (ii) it has entered into this Loan Agreement and the other Loan Documents after conducting its own assessment of the alternatives available to it them in the market, and after lengthy negotiations in which it has been represented by competent legal counsel of its choice. Each Borrower also acknowledges and agrees that the rights of Lender under this Loan Agreement and the other Loan Documents are reasonable and appropriate, taking into consideration all of the facts and circumstances including without limitation the quantity of the Loan, the nature of the PropertiesProperty, and the risks incurred by Lender in this transaction. No provision in this Loan Agreement or in any of the other Loan Documents and no course of dealing between the parties shall be deemed to create (i) any partnership or joint venture between Lender and any Borrower or any other Person, or (ii) any fiduciary or similar duty by Lender to any Borrower or any other Person. The relationship between Lender and Borrowers Borrower is exclusively the relationship of a creditor and a debtor, and all relationships between Lender and any other Borrower Party are ancillary to such creditor/debtor relationship.

SOPHISTICATED PARTIES, REASONABLE TERMS, NO FIDUCIARY RELATIONSHIP. Each The Borrower representsParties represent, warrants warrant and acknowledges acknowledge that (i) it is a they are sophisticated real estate investorinvestors, familiar with transactions of this kind, and (ii) it has they have entered into this Loan Agreement and the other Loan Documents after conducting its their own assessment of the alternatives available to it them in the market, and after lengthy negotiations in which it has they have been represented by competent legal counsel of its their choice. Each The Borrower Parties also acknowledges acknowledge and agrees agree that the rights of Lender under this Loan Agreement and the other Loan Documents are reasonable and appropriate, taking into consideration all of the facts and circumstances including without limitation the quantity of the Loan, the nature of the PropertiesProperty, and the risks incurred by Lender in this transaction. No provision in this Loan Agreement or in any of the other Loan Documents and no course of dealing between the parties shall be deemed to create (i) any partnership or joint venture between Lender and any Borrower or any other Person, or (ii) any fiduciary or similar duty by Lender to any Borrower or any other Person. The relationship between Lender and Borrowers Borrower is exclusively the relationship of a creditor and a debtor, and all relationships between Lender and any other Borrower Party are ancillary to such creditor/debtor relationship.

SOPHISTICATED PARTIES, REASONABLE TERMS, NO FIDUCIARY RELATIONSHIP. Each Borrower representsParties represent, warrants warrant and acknowledges acknowledge that (i) it is a they are sophisticated real estate investorinvestors, familiar with transactions of this kind, and (ii) it has they have entered into this Loan Agreement and the other Loan Documents after conducting its their own assessment of the alternatives available to it them in the market, and after lengthy negotiations in which it has they have been represented by competent legal counsel of its their choice. Each Borrower Parties also acknowledges acknowledge and agrees agree that the rights of Lender under this Loan Agreement and the other Loan Documents are reasonable and appropriate, taking into consideration all of the facts and circumstances including without limitation the quantity of the Loan, the nature of the PropertiesProperty, and the risks incurred by Lender in this transaction. No provision in this Loan Agreement or in any of the other Loan Documents and no course of dealing between the parties shall be deemed to create (i) any partnership or joint venture between Lender and any Borrower or any other Person, or (ii) any fiduciary or similar duty by Lender to any Borrower or any other Person. The relationship between Lender and Borrowers Borrower is exclusively the relationship of a creditor and a debtor, and all relationships between Lender and any other Borrower Party are ancillary to such creditor/debtor relationship.

SOPHISTICATED PARTIES, REASONABLE TERMS, NO FIDUCIARY RELATIONSHIP. Each Borrower representsBorrowers represent, warrants warrant and acknowledges acknowledge that (i) it is a they are sophisticated real estate investorinvestors, familiar with transactions of this kind, and (ii) it has have entered into this Loan Agreement and the other Loan Documents after conducting its own assessment of the alternatives available to it them in the market, and after lengthy negotiations in which it has they have been represented by competent legal counsel of its their choice. Each Borrower Borrowers also acknowledges acknowledge and agrees agree that the rights of Lender under this Loan Agreement and the other Loan Documents are reasonable and appropriate, taking into consideration all of the facts and circumstances including without limitation the quantity of the Loan, the nature of the Properties, and the risks incurred by Lender in this transaction. No provision in this Loan Agreement or in any of the other Loan Documents and no course of dealing between the parties shall be deemed to create (i) any partnership or joint venture between Lender and any Borrower Borrowers or any other Person, or (ii) any fiduciary or similar duty by Lender to any Borrower Borrowers or any other Person. The relationship between Lender and Borrowers is exclusively the relationship of a creditor and a debtor, and all relationships between Lender and any other Borrower Party are ancillary to such creditor/debtor relationship.

SOPHISTICATED PARTIES, REASONABLE TERMS, NO FIDUCIARY RELATIONSHIP. Each Borrower representsParties represent, warrants warrant and acknowledges acknowledge that (i) it is a they are sophisticated real estate investorinvestors, familiar with transactions of this kind, and (ii) it has they have entered into this Loan Agreement and the other Loan Documents after conducting its their own assessment of the alternatives available to it them in the market, and after lengthy negotiations in which it has they have been represented by competent legal counsel of its their choice. Each Borrower Parties also acknowledges acknowledge and agrees agree that the rights of Lender under this Loan Agreement and the other Loan Documents are reasonable and appropriate, taking into consideration all of the facts and circumstances including without limitation the quantity of the Loan, the nature of the Properties, and the risks incurred by Lender in this transaction. No provision in this Loan Agreement or in any of the other Loan Documents and no course of dealing between the parties shall be deemed to create (i) any partnership or joint venture between Lender and any Borrower or any other Person, or (ii) any fiduciary or similar duty by Lender to any Borrower or any other Person. The relationship between Lender and Borrowers any Borrower is exclusively the relationship of a creditor and a debtor, and all relationships between Lender and any other Borrower Party are ancillary to such creditor/debtor relationship.

SOPHISTICATED PARTIES, REASONABLE TERMS, NO FIDUCIARY RELATIONSHIP. Each Borrower represents, warrants represents and acknowledges that (i) it is a the Borrower Parties are sophisticated real estate investorinvestors, familiar with transactions of this kind, and (ii) it has they have entered into this Loan Agreement transaction, and the other Loan Documents have been executed and delivered only after conducting its the Borrower Parties have conducted their own assessment of the alternatives available to it them in the market, and after lengthy negotiations in which it has they have been represented by competent legal counsel of its their choice. Each Borrower also acknowledges , and agrees that (iii) the rights of Lender under this Loan Agreement and the other Loan Documents are reasonable and appropriate, taking into consideration all of the facts and circumstances including without limitation the quantity of the Loan, the nature of the PropertiesProperty, and the risks incurred by Lender in this transaction. No provision in this Loan Agreement or in any of the other Loan Documents and no course of dealing between the parties shall be deemed to create (i) any partnership or joint venture between Lender and any Borrower or any other Person, or (ii) any fiduciary or similar duty by Lender to any Borrower or any other Person. The relationship between Lender and Borrowers Borrower is exclusively the relationship of a creditor and a debtor, and all relationships between Lender and any other Borrower Party are ancillary to such creditor/debtor relationship.

SOPHISTICATED PARTIES, REASONABLE TERMS, NO FIDUCIARY RELATIONSHIP. Each Borrower represents, warrants represents and acknowledges that (i) it is a the Borrower Parties are sophisticated real estate investorinvestors, familiar with transactions of this kind, and (ii) it has they have entered into this Loan Agreement transaction, and the other Loan Documents have been executed and delivered only after conducting its the Borrower Parties have conducted their own assessment of the alternatives available to it them in the market, and after lengthy negotiations in which it has they have been represented by competent legal counsel of its their choice. Each Borrower also acknowledges , and agrees that (iii) the rights of Lender under this Loan Agreement and the other Loan Documents are reasonable and appropriate, taking into consideration all of the facts and circumstances including without limitation the quantity of the Loan, the nature of the PropertiesCollateral, and the risks incurred by Lender in this transaction. No provision in this Loan Agreement or in any of the other Loan Documents and no course of dealing between the parties shall be deemed to create (i) any partnership or joint venture between Lender and any Borrower or any other Person, or (ii) any fiduciary or similar duty by Lender to any Borrower or any other Person. The relationship between Lender and Borrowers Borrower is exclusively the relationship of a creditor and a debtor, and all relationships between Lender and any other Borrower Party are ancillary to such creditor/debtor relationship.