Common use of Statements to be Delivered Clause in Contracts

Statements to be Delivered. Until the Loan is repaid in full, Borrower shall cause the following financial statements and documentation to be delivered at the time and in the form and manner referenced below: (i) audited statements of the financial position (balance sheet) of Borrower as of the close of each fiscal year of Borrower during the Term, and of stockholders' equity, retained earnings, changes in financial position and cash flows for such fiscal year, which statements shall be duly certified by the Designated Officer to fairly represent the financial condition of Borrower as of the date thereof and to have been prepared in accordance with generally accepted accounting principles and accompanied by an opinion of the Approved Accountant (which opinion shall be unqualified and shall not contain any "statement of emphasis") to the effect that such financial statements present fairly, in all material respects, the financial condition of Borrower as of the end of the fiscal year being reported on and that the results of the operations and cash flows for said year are in conformity with generally accepted accounting principles, consistently applied, and that the examination of the Approved Accountant in connection with such financial statements has been conducted in accordance with generally accepted auditing standards and included such tests of the accounting records and such other auditing procedures as the Approved Accountant deemed necessary in the circumstances; (ii) unaudited quarterly balance sheet of Borrower, a statement of profits and losses and a calculation of net cash flows for the applicable quarter, such quarterly financial statements to be certified by a Designated Officer to fairly represent the financial condition of Borrower as of the date thereof and to have been prepared in accordance with generally accepted accounting principles; (iii) a monthly operating statement showing all receipts, expenses and net cash flow for the applicable calendar month, year-to-date results and variances from the same month in the prior calendar year and from the Approved Budget, and such other matters as Lender shall reasonably require, which monthly operating statements shall be certified by a Designated Officer to be true, correct and complete in all material respects and shall be prepared on a cash basis; (iv) not later than each December 1 during the Term, Borrower shall submit to Lender a detailed budget for each Property covering the calendar year commencing on the following January 1 (each such budget is referred to as an "APPROVED BUDGET"); until Lender shall receive a new budget, the Approved Budget from the prior year shall remain in effect, and it is expressly understood and agreed that the budget for the calendar year in which the Closing Date shall occur shall be delivered to Lender within thirty (30) days following the Closing Date; (v) the annual Form 1065 (with accompanying schedules K-1) (or any substitute therefor) prepared by Borrower; (vi) schedule of all accounts payable with respect to each Property at the end of each calendar quarter, certified by a Designated Officer to be true, correct and complete in all material respects; and (vii) such other reports and information which Lender reasonably requires certified by a Designated Officer to be true, correct and complete in all material respects.

Statements to be Delivered. Until the Loan is repaid in full, Borrower shall cause the following financial statements and documentation to be delivered at the time and in the form and manner referenced below: : (i) audited statements of the financial position (balance sheet) of Borrower as of the close of each fiscal year of Borrower during the Term, and of stockholders' equityReceipts, Expenses and retained earnings, changes in financial position and cash flows for such fiscal year, which statements shall be duly certified by the Designated Officer to fairly represent the financial condition of Borrower as of the date thereof and to have been prepared in accordance with generally accepted accounting principles and accompanied by an opinion of the Approved Accountant (which opinion shall be unqualified and shall not contain any "statement of emphasis") to the effect that such financial statements present fairly, in all material respects, the financial condition of Borrower as of the end of the fiscal year being reported on and that the results of the operations and cash flows for said year are in conformity with generally accepted accounting principles, consistently applied, and that the examination of the Approved Accountant in connection with such financial statements has been conducted in accordance with generally accepted auditing standards and included such tests of the accounting records and such other auditing procedures as the Approved Accountant deemed necessary in the circumstances; ; (ii) an unaudited quarterly balance sheet of Borrower, a statement of profits and losses and a calculation of net cash flows for the applicable quarter, including Receipts and Expenses and occupancy and firm statistics, such quarterly financial statements to be certified by a Designated Officer to fairly represent the financial condition of Borrower as of the date thereof and to have been prepared in accordance with generally accepted accounting principles; ; (iii) a monthly operating statement showing all receiptsReceipts, expenses Expenses and net cash flow for the applicable calendar month, year-to-date results and variances from the same month in the prior calendar year and from the Approved Budget, and such other matters as Lender shall reasonably require, which monthly operating statements shall be certified by a Designated Officer to be true, correct and complete in all material respects and shall be prepared on a cash basis; (iv) not later than each December 1 during the Term, Borrower shall submit to Lender a detailed budget for each Property covering the calendar year commencing on the following January 1 (each such budget is referred to as an "APPROVED BUDGET"); until Lender shall receive a new budget, the Approved Budget from the prior year shall remain in effect, and it is expressly understood and agreed that the budget for the calendar year in which the Closing Date shall occur shall be delivered to Lender within thirty (30) days following the Closing Date; (v) the annual Form 1065 (with accompanying schedules K-1) (or any substitute therefor) prepared by Borrower; (vi) schedule of all accounts payable with respect to each Property at the end of each calendar quarter, certified by a Designated Officer to be true, correct and complete in all material respects; and (vii) such other reports and information which Lender reasonably requires certified by a Designated Officer to be true, correct and complete in all material respects.which

Statements to be Delivered. Until the Loan is repaid in full, Borrower shall cause the following financial statements and documentation to be delivered at the time and in the form and manner referenced below: (ia) audited statements of the financial position (balance sheet) of Borrower as of the close of each fiscal year of Borrower during the Term, and of stockholders' equityReceipts, Expenses and retained earnings, changes in financial position and cash flows for such fiscal year, which statements shall be duly certified by the Designated Officer to fairly represent the financial condition of Borrower as of the date thereof and to have been prepared in accordance with generally accepted accounting principles and accompanied by an opinion of the Approved Accountant (which opinion shall be unqualified and shall not contain any "statement of emphasis") to the effect that such financial statements present fairly, in all material respects, the financial condition of Borrower as of the end of the fiscal year being reported on and that the results of the operations and cash flows for said year are in conformity with generally accepted accounting principles, consistently applied, and that the examination of the Approved Accountant in connection with such financial statements has been conducted in accordance with generally accepted auditing standards and included such tests of the accounting records and such other auditing procedures as the Approved Accountant deemed necessary in the circumstances; (iib) an unaudited quarterly balance sheet of Borrower, a statement of profits and losses and a calculation of net cash flows for the applicable quarter, including Receipts and Expenses and occupancy and daily rate statistics, such quarterly financial statements to be certified by a Designated Officer to fairly represent the financial condition of Borrower as of the date thereof and to have been prepared in accordance with generally accepted accounting principles; (iiic) a monthly operating statement showing all receiptsReceipts, expenses Expenses and net cash flow for the applicable calendar month, year-to-date results and variances from the same month in the prior calendar year and from the Approved Budget, and such other matters as Lender shall reasonably require, which monthly operating statements shall be certified by a Designated Officer to be true, correct and complete in all material respects and shall be prepared on a cash basis; (ivd) not later than each December 1 during the Term, Borrower shall submit to Lender a detailed budget for each Property the Premises covering the calendar year commencing on the following January 1 1, each of which budgets shall be subject to Lender's approval (provided that Borrower shall have the option to submit to Lender a revised budget not later than June 30 of each year during the Term to adjust such budget on the basis of the actual results of Borrower to such point in such calendar year)(each such budget when so approved, is referred to as an "APPROVED BUDGETApproved Budget"); ) until Lender shall receive approve a new budget, the Approved Budget from the prior year shall remain in effect, and it is expressly understood and agreed that the budget for the calendar year in which the Closing Date shall occur shall be delivered to Lender within thirty (30) days following the Closing Date; (ve) the annual Form 1065 (with accompanying schedules K-1) (or any substitute therefor) prepared by Borrower; (vif) a schedule of all accounts payable with respect to each Property at the end of each calendar quarter, certified by a Designated Officer to be true, correct and complete in all material respects; and (viig) such other reports and information which Lender reasonably requires certified by a Designated Officer to be true, correct and complete in all material respects.

Statements to be Delivered. Until the Loan is repaid in full, Borrower shall cause the following financial statements and documentation to be delivered at the time and in the form and manner referenced below: (i) audited statements of the financial position (balance sheet) of Borrower as of the close of each fiscal year of Borrower during the TermTerm (which may be included in a consolidated financial statement of Tower), and of stockholders' equityReceipts, Expenses and retained earnings, changes in financial position and cash flows for such fiscal year, which statements shall be duly certified by the Designated Officer to fairly represent the financial condition of Borrower as of the date thereof and to have been prepared in accordance with generally accepted accounting principles and accompanied by an opinion of the Approved Accountant (which opinion shall be unqualified and shall not contain any "statement of emphasis") to the effect that such financial statements present fairly, in all material respects, the financial condition of Borrower as of the end of the fiscal year being reported on and that the results of the operations and cash flows for said year are in conformity with generally accepted accounting principles, consistently applied, and that the examination of the Approved Accountant in connection with such financial statements has been conducted in accordance with generally accepted auditing standards and included such tests of the accounting records and such other auditing procedures as the Approved Accountant deemed necessary in the circumstances; (ii) an unaudited quarterly balance sheet of Borrower, a statement of profits and losses and a calculation of net cash flows for the applicable quarter, including Receipts and Expenses, such quarterly financial statements to be certified by a Designated Officer to fairly represent the financial condition of Borrower as of the date thereof and to have been prepared in accordance with generally accepted accounting principles; (iii) a monthly operating statement showing all receiptsReceipts, expenses Expenses and net cash flow for the applicable calendar month, year-to-date results and variances from the same month in the prior calendar year and from the Approved Budget, and such other matters as Lender shall reasonably require, which monthly operating statements shall be certified by a Designated Officer to be true, correct and complete in all material respects and shall be prepared on a cash basis; (iv) not later than each December 1 during the Term, Borrower shall submit to Lender a detailed budget for each Property the Premises covering the calendar year commencing on the following January 1 1, each of which budgets shall be subject to Lender's approval (provided that Borrower shall have the option to submit to Lender a revised budget not later than June 30 of each year during the Term to adjust such budget on the basis of the actual results of Borrower to such point in such calendar year)(each such budget, when so approved, is referred to as an "APPROVED BUDGETApproved Budget"); until Lender shall receive approve a new budget, the Approved Budget from the prior year shall remain in effect, and it . It is expressly understood and agreed that the budget for the 1998 calendar year in which the Closing Date shall occur shall be delivered submitted to Lender for approval within thirty ninety (3090) days following the Closing Date; (v) the annual Form 1065 (with accompanying schedules K-1) (or any substitute therefor) prepared by Borrower; (vi) a schedule of all accounts payable with respect to each Property at the end of each calendar quarter, certified by a Designated Officer to be true, correct and complete in all material respects; (vii) monthly Rent Rolls, certified by a Designated Officer to be true, correct and complete in all material respects; and (viiviii) such other reports and information which Lender reasonably requires certified by a Designated Officer to be true, correct and complete in all material respects.