Common use of Status of Existing Loan Clause in Contracts

Status of Existing Loan. Borrower acknowledges for the benefit of Lender that the Note, the Loan Agreement, the Deeds of Trust and the other Loan Documents all comprise valid and binding obligations enforceable in accordance with their terms, and that Borrower has no offset or defense against the indebtedness evidenced by the Note or any of the obligations set forth in the Loan Documents.

Status of Existing Loan. Borrower acknowledges for the benefit of Lender that the Note, the 2010 Loan Agreement, the Deeds of Trust and the other Loan Documents all comprise valid and binding obligations enforceable in accordance with their respective terms, and that Borrower has no offset or defense against the indebtedness evidenced by the Note or any of the obligations set forth in the Loan Documents.

Status of Existing Loan. Borrower acknowledges and Guarantor acknowledge for the benefit of Lender that the NoteNotes, the Loan AgreementAgreement as amended by this Seventh Amendment, the Deeds of Trust Security Instruments, and the any other Loan Documents are all comprise valid and binding obligations enforceable in accordance with their terms, and that neither Borrower nor Guarantor has no any offset or defense against the indebtedness evidenced by the Note Notes or any of the obligations set forth in the Loan Documents.

Status of Existing Loan. Borrower acknowledges Borrowers and Guarantor acknowledge for the benefit of Lender that the Note, the Loan Agreement, the Deeds of Trust and any additional documents required by Lender or executed by any Borrower in connection with the other Loan, each as amended from time to time (collectively, the “Loan Documents Documents”) are all comprise valid and binding obligations enforceable in accordance with their respective terms, and that Borrower has Borrowers have no offset or defense against the indebtedness evidenced by the Note Note, as amended, or any of the obligations set forth in the Loan Documents.