Status of Property. (a) Borrower has obtained all Permits, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification. (b) The Property and the present and contemplated use and occupancy thereof are in full compliance with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and other similar Legal Requirements. (c) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service. (d) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property. (e) The Property is served by public water and sewer systems. (f) Except as otherwise disclosed in writing to Lender, the Property is free from damage caused by fire or other casualty. The Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond. (g) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full. There are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrument. (h) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenants’ property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documents. (i) All liquid and solid waste disposal, septic and sewer systems located on the Property are in a good and safe condition and repair and in compliance with all Legal Requirements. (j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow lands. (k) All the Improvements lie within the boundaries of the Land and any building restriction lines applicable to the Land. (l) To Borrower’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
Appears in 4 contracts
Samples: Loan Agreement (Independence Realty Trust, Inc), Loan Agreement (Independence Realty Trust, Inc), Loan Agreement (Independence Realty Trust, Inc)
Status of Property. (a) The Land and Improvements are not located in an area identified by the Secretary of Housing and Urban Development, or any successor, as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973, or the National Flood Insurance Reform Act of 1994, as each have been or may be amended, or any successor law (collectively, the “Flood Acts”) or, if located within any such area, Borrower has obtained and will maintain the insurance prescribed in Section 3.06 below.
(b) Borrower has all Permitsnecessary (i) certificates, licenses, and other approvals, governmental and otherwise, for the operation of the Property and the conduct of its business and (ii) zoning, building code, land use, environmental and other similar permits or approvals, all of which are currently in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture forfeiture, or modification.
(b) . The Property and the present and contemplated its use and occupancy thereof are is in full compliance with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and other similar Legal RequirementsBorrower has received no notice of any violation or potential violation of the Laws which has not been remedied or satisfied.
(c) The Property is served by all utilities (including water and sewer) required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility serviceits use.
(d) All public roads and streets necessary for service of and access to serve the Property for the current or contemplated its use thereof have been completed, are serviceable serviceable, are legally open, and all-weather have been either dedicated to and are physically and legally open for use accepted by the public. The Property has either direct access to such public roads appropriate governmental entities or streets or access to such public roads or streets granted by virtue of a perpetual recorded easement or similar agreement inuring in favor right of Borrower and any subsequent owners of the Propertyway.
(e) The Property is served by public water and sewer systems.
(f) Except as otherwise disclosed in writing to Lender, the Property is free from damage caused by fire or other casualty. The Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(gf) All costs and expenses of any and all for labor, materials, supplies supplies, and equipment used in the construction of the Improvements have been paid in full. There are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrument.
(hg) Borrower or Operating Lessee owns and has paid in full for, and is or leases pursuant to the owner ofCapital Leases, all furnishings, fixtures fixtures, and equipment (other than Tenants’ propertyproperty (which term “Tenant” shall not include Operating Lessee for purposes of this section)) used in connection with the operation of the Property, free and clear of any and all security interests, liens liens, or encumbrances, encumbrances except the lien Permitted Encumbrances, the Capital Leases, and security interest those created by this Agreement, the Note, the Security Instrument and the other Loan DocumentsInstrument.
(ih) All liquid The Property is assessed for real estate tax purposes as one or more wholly independent tax lot(s), separate from any adjoining land or improvements and solid waste disposal, septic no other land or improvements is assessed and sewer systems located on the Property are in a good and safe condition and repair and in compliance taxed together with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow lands.
(k) All the Improvements lie within the boundaries of the Land and any building restriction lines applicable to the Land.
(l) To Borrower’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
Appears in 3 contracts
Samples: Deed of Trust, Security Agreement and Fixture Filing (CNL Hotels & Resorts, Inc.), Deed of Trust, Security Agreement and Fixture Filing (CNL Hotels & Resorts, Inc.), Mortgage (CNL Hotels & Resorts, Inc.)
Status of Property. (a) No portion of the Improvements is located in an area identified by the Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts or, if any portion of the Improvements is located within such area, Borrower has obtained and will maintain the insurance prescribed in Section 3.3 hereof.
(b) Borrower has obtained all Permitsnecessary certificates, licenses and other approvals, governmental and otherwise, necessary for the operation of the Property and the conduct of its business and all required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(bc) The Property and the present and contemplated use and occupancy thereof are or shall be in full compliance with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and environmental laws and other similar Legal Requirementslaws.
(cd) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(de) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(ef) The Property is served by public water and sewer systems.
(fg) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualty. The Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(g) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full. There are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrument.
(h) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenantstenants’ property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documentshereby.
(i) All liquid and solid waste disposal, septic and sewer systems located on the Property are in a good and safe condition and repair and in compliance with all Legal RequirementsApplicable Laws.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow lands.
(k) All the Improvements lie within the boundaries of the Land and any building restriction lines applicable to the Land.
(l) To Borrower’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
Appears in 2 contracts
Samples: Open End Mortgage and Security Agreement (Griffin Land & Nurseries Inc), Open End Mortgage and Security Agreement (Griffin Land & Nurseries Inc)
Status of Property. (a) No portion of the Improvements is located in an area identified by the Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended, or any successor law, or, if located within any such area, Borrower has obtained and will maintain the insurance prescribed in Section 3.2 hereof.
(b) To Borrower’s actual knowledge, Borrower has obtained all Permitsnecessary certificates, permits, licenses and other approvals, governmental and otherwise, necessary for the use, occupancy and operation of the Property and the conduct of its business (including, without limitation, certificates of completion and certificates of occupancy) and all required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(bc) The Property and the present and contemplated use and occupancy thereof are to the actual knowledge of Borrower in full compliance with all applicable Applicable Laws, including, without limitation, zoning ordinances, building codes, land use and environmental laws, Environmental Laws laws relating to the disabled (including, but not limited to, the ADA) and other similar Legal Requirementslaws.
(cd) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(de) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(ef) The Property is served by public water and sewer systems.
(fg) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualty. The PropertyThere is no pending or, includingto the actual knowledge of Borrower, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in threatened condemnation proceedings affecting the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, Property or any part portion thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(gh) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been (or will be) paid in full. There are full and no notice of any mechanics’ or similar materialmen’s liens or of any claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise of right to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrumentliens have been received.
(hi) Borrower has (or will have) paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenantstenants’ property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documentshereby.
(ij) All liquid and solid waste disposal, septic and sewer systems located on the Property are to the actual knowledge of Borrower in a good and safe condition and repair and in compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow landsApplicable Laws.
(k) All the Improvements lie within the boundaries boundary of the Land and any building restriction lines applicable to the Land.
(l) To Borrower’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
Appears in 2 contracts
Samples: Deed of Trust and Security Agreement (Inland American Real Estate Trust, Inc.), Deed of Trust and Security Agreement (Inland American Real Estate Trust, Inc.)
Status of Property. (a) Borrower has obtained all Permits, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(b) The Property and the present and contemplated use and occupancy thereof are in full compliance with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and other similar Legal Requirements.
(c) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service. The Property is served by public water and sewer systems.
(db) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(ec) The Property is served by public water and sewer systems.
(f) Except as otherwise disclosed in writing to Lender, the Property is free from damage caused by fire or other casualty. The Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(gd) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full. There are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrument.
(he) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenants’ property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documents.
(if) All liquid and solid waste disposal, septic and sewer systems located on the Property are in a good and safe condition and repair and in compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow lands.
(k) All the Improvements lie within the boundaries of the Land and any building restriction lines applicable to the Land.
(l) To Borrower’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
Appears in 2 contracts
Samples: Loan Agreement (Wheeler Real Estate Investment Trust, Inc.), Loan Agreement (Wheeler Real Estate Investment Trust, Inc.)
Status of Property. (a) Borrower has obtained or caused Mortgage Borrower to obtain all PermitsPermits (other than Health Care Licenses which are addressed in Section 3.38(a) hereof) for the operation of Borrower’s or Mortgage Borrower’s business, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification. Mortgage Borrower has used commercially reasonable efforts to cause each Tenant with respect to each Triple Net Leased Property to obtain all Permits for the operation of such Tenant’s business.
(b) The Except as shown in the Zoning Reports, each Individual Property and the present and contemplated use and occupancy thereof are in full compliance in all material respects with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and other similar Legal Requirements.
(c) The Each Individual Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the each Individual Property has accepted or is equipped to accept such utility service.
(d) All public roads and streets necessary for service of and access to the each Individual Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Each Individual Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Mortgage Borrower and any subsequent owners of the applicable Individual Property.
(e) The Each Individual Property is served by public water and sewer systems.
(f) Except as otherwise disclosed in writing to Lenderset forth on Schedule XXIV attached hereto, the each Individual Property is free from material damage caused by fire or other casualty. The Except as shown in the Property Condition Reports, (i) each Individual Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; respects and (ii) there exists no structural or other material defects or damages in the any Individual Property, whether latent or otherwise, and neither Borrower nor any Mortgage Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the any Individual Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(g) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements and incurred as of the date hereof have been or will be paid in full. There Except as shown on the Title Insurance Policies, there are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise to affecting any such liens) affecting the Individual Property which are or may be prior to or equal to the lien of the applicable Security Instrument.
(h) Mortgage Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenants’ propertyand subtenants’ property or the property subject to a Permitted Equipment Lease) used in connection with the operation of the each Individual Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan DocumentsPermitted Encumbrances.
(i) All Except as shown in the Environmental Reports, all liquid and solid waste disposal, septic and sewer systems located on the each Individual Property are in a good and safe condition and repair and in compliance in all material respects with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, (i) no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No Acts and (ii) no part of the any Individual Property consists of or is classified as wetlands, tidelands or swamp and overflow lands.
(k) All Except as set forth in the Title Insurance Policies, all the Improvements lie within the boundaries of the Land and any building restriction lines applicable to the Land.
(l) To Borrower’s knowledge after due inquiryknowledge, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Propertyany Individual Property (or any portion thereof), nor are there any contemplated improvements to the any Individual Property that may result in such special or other assessments.
(m) Except as set forth on Schedule XXV and except for projects costing less than $100,000 (which projects costing less than $100,000 and not listed on Schedule XXV are not in excess of the Alteration Threshold), neither Borrower nor Mortgage Borrower has (i) made, ordered or contracted for any construction, repairs, alterations or improvements to be made on or to any Individual Property which have not been completed and paid for in full, (ii) ordered materials for any such construction, repairs, alterations or improvements which have not been paid for in full or (iii) attached any fixtures to any Individual Property which have not been paid for in full.
(n) Borrower has no direct employees.
Appears in 2 contracts
Samples: Mezzanine Loan Agreement (NorthStar Healthcare Income, Inc.), Mezzanine Loan Agreement (Northstar Realty Finance Corp.)
Status of Property. (a) Borrower No portion of the Improvements is located in an area identified by the Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, or the National Flood Insurance Reform Act of 1994, as each may be amended, or any successor law, or, if any portion of the Improvements is now or at any time in the future located within any such area, Mortgagor has obtained and will maintain the insurance prescribed in Section 3.3 hereof.
(b) Except building and occupancy permits for currently vacant space, Mortgagor has obtained all Permitsnecessary certificates, licenses and other approvals, governmental and otherwise, necessary for the operation of the Property and the conduct of its business and all required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(bc) The Property and the present and contemplated use and occupancy thereof are do not and will not violate in full compliance with any material respect all applicable Applicable Laws, including, without limitation, zoning ordinances, building codes, land use lawsand Environmental Laws, Environmental Laws laws relating to the disabled (including but not limited to, the ADA) and other similar Legal Requirementslaws.
(cd) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(de) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(ef) The Property is served by public water and sewer systems.
(fg) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualty. The Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(gh) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full. There are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrument.
(hi) Borrower Mortgagor has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenants’ tenants' property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documentshereby.
(ij) All liquid and solid waste disposal, septic and sewer systems located on the Property are in a good and safe condition and repair and in compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow landsApplicable Laws.
(k) All security deposits relating to the Leases reflected on the certified rent roll delivered to Lender have been collected by Mortgagor except as noted on the certified rent roll.
(l) Mortgagor has received no notice of an actual or threatened condemnation or eminent domain proceeding by any public or quasi-public authority.
(m) All the Improvements lie within the boundaries of the Land and any building restriction lines applicable to the LandProperty.
(l) To Borrower’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
Appears in 2 contracts
Samples: Real Estate Purchase Agreement (Cv Reit Inc), Loan and Credit Facility Agreement (Cv Reit Inc)
Status of Property. (a) Borrower has obtained all Permits, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(b) The Property and the present and contemplated use and occupancy thereof are in full compliance with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and other similar Legal Requirements.
(c) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(d) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(e) The Property is served by public water and sewer systems.
(f) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualty. The Except as otherwise specifically noted in the property condition report provided to Lender in connection with the origination of the Loan, to the best of Borrower’s knowledge (after due inquiry), the Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(g) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full. There are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrument.
(h) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenants’ propertyproperty or the property subject to a Permitted Equipment Lease) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documents.
(i) All liquid and solid waste disposal, septic and sewer systems located on the Property are in a good and safe condition and repair and and, to the best of Borrower’s knowledge with due inquiry, in compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow lands.
(k) All Except as expressly disclosed on the Survey, all the Improvements lie within the boundaries of the Land and any building restriction lines applicable to the Land.
(l) To Borrower’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
(m) Borrower has not (i) made, ordered or contracted for any construction, repairs, alterations or improvements to be made on or to the Property which have not been completed and paid for in full, (ii) ordered materials for any such construction, repairs, alterations or improvements which have not been paid for in full or (iii) attached any fixtures to the Property which have not been paid for in full. There is no such construction, repairs, alterations or improvements ongoing at the Property as of the Closing Date. There are no outstanding or disputed claims for any Work Charges and there are no outstanding liens or security interests in connection with any Work Charges.
(n) Borrower has five (5) direct employees. No other personnel are employed at or in connection with the Property. Except for the Union Agreements, there are no: (i) collective bargaining agreements and/or other labor agreements to which Borrower or the Property, or any portion thereof, is a party or by which either is or may be bound; (ii) employment, profit sharing, deferred compensation, bonus, stock option, stock purchase, pension, retainer, consulting, retirement, health, welfare, or incentive plans and/or contracts to which Borrower or the Property, or any portion thereof is a party, or by which either is or may be bound; or (iii) plans and/or agreements under which “fringe benefits” (including, but not limited to, vacation plans or programs, and related or similar dental or medical plans or programs, and related or similar benefits) are afforded to employees of Borrower or the Property, or any portion thereof. Borrower has not violated any applicable laws, rules and regulations relating to the employment of labor, including those relating to wages, hours, collective bargaining and the payment and withholding of taxes and other sums as required by appropriate Governmental Authorities. With respect to the Union Agreements, there are no unfunded union, pension or similar liabilities.
Appears in 2 contracts
Samples: Loan Agreement (Clipper Realty Inc.), Loan Agreement (Clipper Realty Inc.)
Status of Property. 55 -
(a) Except as otherwise set forth in the zoning report delivered to Lender in connection with the closing of the Loan, to Borrower’s knowledge, Mortgage Borrower has obtained all material Permits, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(b) The Except as set forth on Schedule VII, the Property and the present and contemplated use and occupancy thereof are are, to Borrower’s knowledge, in full compliance in all material respects with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and other similar Legal Requirements.
(c) The Property is served by all utilities required for the current or contemplated use thereof. All To Borrower’s knowledge, all utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(d) All To Borrower’s knowledge, all public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Mortgage Borrower and any subsequent owners of the Property.
(e) The Property is served by public water and sewer systems.
(f) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualtycasualty (other than to a de minimis extent and which could not reasonably be expected to have a Material Adverse Effect). The Except as shown on any reports delivered by Borrower to Lender or obtained by Lender, in each case in connection with the closing of the Loan, to Borrower’s knowledge, the Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, septic and sewer systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order operating condition and repair in all material respects; to Borrower’s knowledge, there exists exist no structural or other material latent defects or damages in the Property, whether latent or otherwiseand neither Mortgage Borrower, and Mezzanine A Borrower nor Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(g) All To Borrower’s knowledge, all material costs and material expenses of any and all labor, materials, supplies and equipment used due and payable (other than expenses due and payable in the ordinary course of Mortgage Borrower’s current monthly payment cycle) in the construction of the Improvements have been paid in full. There To Borrower’s knowledge, there are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and and, to Borrower’s knowledge, except as a result of the Lobby Work (provided that adequate title insurance insuring the priority of the Security Interest over any workers’, mechanics’ or other similar liens on the Property that may result from the Lobby Work is provided to Mortgage Lender), no rights are outstanding that under applicable Legal Requirements could give rise to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrument. The parties agree that any time the representations made in this clause (g) are re-made (or deemed to have been re-made) by Borrower, such representations by Borrower shall be deemed to have excepted (i) any such costs and expenses that are being contested in good faith in accordance with (and subject to the terms and conditions of) Section 4.16(b) hereof and (ii) inchoate mechanic’s liens that may be asserted in connection with work recently completed and for which the statutory lien period has not expired.
(h) Mortgage Borrower has paid in full for, and is the owner or lessee of, all furnishings, fixtures and equipment (other than Tenants’ propertyproperty or the property subject to a Permitted Equipment Lease) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this the Mortgage Loan Agreement, the Mortgage Note, the Security Instrument and the other Mortgage Loan DocumentsDocuments and other security interests, liens and encumbrances permitted pursuant to the Mortgage Loan Agreement.
(i) All liquid and solid waste disposal, septic and sewer systems located on the Property are in a good and safe condition and repair and in compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow lands.
(kj) All Except as disclosed on the Surveys, all the Improvements lie within the boundaries of the Land and any building restriction lines applicable to the Land.
(lk) To Except as expressly disclosed on the Title Insurance Policy, to Borrower’s knowledge after due inquiryknowledge, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
Appears in 1 contract
Samples: Mezzanine Loan Agreement (Brookfield DTLA Fund Office Trust Investor Inc.)
Status of Property. (a) No portion of the Improvements is located in an area identified by the Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended, or any successor law, or, if located within any such area, Borrower has obtained and will maintain the insurance prescribed in Section 3.2 hereof.
(b) Borrower has obtained all Permitsnecessary certificates, permits, licenses and other approvals, governmental and otherwise, necessary for the use, occupancy and operation of the Property and the conduct of its business (including, without limitation, certificates of completion and certificates of occupancy) and all required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(bc) The Property and the present and contemplated use and occupancy thereof are to the best knowledge of Borrower in full compliance with all applicable Applicable Laws, including, without limitation, zoning ordinances, building codes, land use and environmental laws, Environmental Laws laws relating to the disabled (including, but not limited to, the ADA) and other similar Legal Requirementslaws.
(cd) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(de) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(ef) The Property is served by public water and sewer systems.
(fg) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualty. The PropertyThere is no pending or, includingto the best knowledge of Borrower, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in threatened condemnation proceedings affecting the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, Property or any part portion thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(gh) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full. There are full and no notice of any mechanics’ or similar materialmen’s liens or of any claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise of right to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrumentliens have been received.
(hi) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenantstenants’ property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documentshereby.
(ij) All liquid and solid waste disposal, septic and sewer systems located on the Property are to the best knowledge of Borrower in a good and safe condition and repair and in compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow landsApplicable Laws.
(k) All the Improvements lie within the boundaries boundary of the Land and any building restriction lines applicable to the Land.
(l) To Borrower’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (Republic Property Trust)
Status of Property. (a) Borrower has obtained all Permits, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(b) The Property and the present and contemplated use and occupancy thereof are in full compliance with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and other similar Legal Requirements.
(c) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(d) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(e) The Property is served by public water and sewer systems.
(f) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualty. The Except as otherwise specifically noted in the property condition report provided to Lender in connection with the origination of the Loan, to the best of Borrower’s knowledge (after due inquiry), the Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(g) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full. There are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrument.
(h) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenants’ propertyproperty or the property subject to a Permitted Equipment Lease) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documents.
(i) All liquid and solid waste disposal, septic and sewer systems located on the Property are in a good and safe condition and repair and and, to the best of Borrower’s knowledge with due inquiry, in compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow lands.
(k) All Except as expressly disclosed on the Survey, all the Improvements lie within the boundaries of the Land and any building restriction lines applicable to the Land.
(l) To Borrower’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
(m) Borrower has not (i) made, ordered or contracted for any construction, repairs, alterations or improvements to be made on or to the Property which have not been completed and paid for in full, (ii) ordered materials for any such construction, repairs, alterations or improvements which have not been paid for in full or (iii) attached any fixtures to the Property which have not been paid for in full. There is no such construction, repairs, alterations or improvements ongoing at the Property as of the Closing Date. There are no outstanding or disputed claims for any Work Charges and there are no outstanding liens or security interests in connection with any Work Charges.
(n) Borrower has five (5) direct employees. No other personnel are employed at or in connection with the Property. Except for the Union Agreements, there are no: (i) collective bargaining agreements and/or other labor agreements to which Borrower or the Property, or any portion thereof, is a party or by which either is or may be bound; (ii) employment, profit sharing, deferred compensation, bonus, stock option, stock purchase, pension, retainer, consulting, retirement, health, welfare, or incentive plans and/or contracts to which Borrower or the Property, or any portion thereof is a party, or by which either is or may be bound; or (iii) plans and/or agreements under which “fringe benefits” (including, but not limited to, vacation plans or programs, and related or similar dental or medical plans or programs, and related or similar benefits) are afforded to employees of Borrower or the Property, or any portion thereof. Borrower has not violated any applicable laws, rules and regulations relating to the employment of labor, including those relating to wages, hours, collective bargaining and the payment and withholding of taxes and other sums as required by appropriate Governmental Authorities. With respect to the Union Agreements, there are no unfunded union, pension or similar liabilities whereby said “unfunded” status could create or otherwise render any liability of Borrower, Guarantor and/or any Affiliate thereof.
(o) All maintenance and repairs required pursuant to applicable Legal Requirements with respect to the façade of the Building (the “Façade Legal Requirements”) have been completed in all respects other than as set forth on Schedule IV hereof (the “Remaining Façade Work”). Borrower represents and warrants that none of the Remaining Façade Work shall cause a Material Adverse Effect. All paperwork and other flings required pursuant to applicable Legal Requirements with respect to the façade of the Building and the maintenance thereof have been delivered and filed in a timely manner. There are currently no outstanding obligations to perform any maintenance, work, or otherwise deliver any filing in connection with the Façade Legal Requirements.
(p) Borrower represents and warrants that (i) the property condition report provided to Lender in connection with the origination of the Loan did not disclose any material water leaks or water damage to the Property and (ii) they are not aware of any damage to the Property due to any water leaks, including, without limitation, the water leaks referenced in that certain estoppel certificate delivered by NYC DCAS in connection with the origination of the Loan (the “Claimed Water Leaks”).
Appears in 1 contract
Samples: Loan Agreement (Clipper Realty Inc.)
Status of Property. (a) No portion of the Improvements is located in an area identified by the Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended, or any successor law, or, if located within any such area, Borrower has obtained and will maintain the insurance prescribed in Section 3.2 hereof.
(b) Borrower has obtained all Permitsnecessary certificates, permits, licenses and other approvals, governmental and otherwise, necessary for the use, occupancy and operation of the Property and the conduct of its business (including, without limitation, certificates of completion and certificates of occupancy) and all required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(bc) The Property and the present and contemplated use and occupancy thereof are to the best knowledge of Borrower in full compliance with all applicable Applicable Laws, including, without limitation, zoning ordinances, building codes, land use and environmental laws, Environmental Laws laws relating to the disabled (including, but not limited to, the ADA) and other similar Legal Requirementslaws.
(cd) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(de) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(ef) The Property is served by public water and sewer systems.
(fg) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualty. The PropertyThere is no pending or, includingto the best knowledge of Borrower, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in threatened condemnation proceedings affecting the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, Property or any part portion thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(gh) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full. There are full and no notice of any mechanics’ ' or similar materialmen's liens or of any claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise of right to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrumentliens have been received.
(hi) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenants’ tenants' property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documentshereby.
(ij) All liquid and solid waste disposal, septic and sewer systems located on the Property are to the best knowledge of Borrower in a good and safe condition and repair and in compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow landsApplicable Laws.
(k) All the Improvements lie within the boundaries boundary of the Land and any building restriction lines applicable to the Land.
(l) To Borrower’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (First Potomac Realty Trust)
Status of Property. (a) Except as otherwise set forth in the zoning report delivered to Lender in connection with the closing of the Loan, to Borrower’s knowledge, Mortgage Borrower has obtained all material Permits, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(b) The Except as set forth on Schedule VII, the Property and the present and contemplated use and occupancy thereof are are, to Borrower’s knowledge, in full compliance in all - 54 - material respects with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and other similar Legal Requirements.
(c) The Property is served by all utilities required for the current or contemplated use thereof. All To Borrower’s knowledge, all utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(d) All To Borrower’s knowledge, all public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Mortgage Borrower and any subsequent owners of the Property.
(e) The Property is served by public water and sewer systems.
(f) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualtycasualty (other than to a de minimis extent and which could not reasonably be expected to have a Material Adverse Effect). The Except as shown on any reports delivered by Borrower to Lender or obtained by Lender, in each case in connection with the closing of the Loan, to Borrower’s knowledge, the Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, septic and sewer systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order operating condition and repair in all material respects; to Borrower’s knowledge, there exists exist no structural or other material latent defects or damages in the Property, whether latent or otherwise, and neither Mortgage Borrower nor Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(g) All To Borrower’s knowledge, all material costs and material expenses of any and all labor, materials, supplies and equipment used due and payable (other than expenses due and payable in the ordinary course of Mortgage Borrower’s current monthly payment cycle) in the construction of the Improvements have been paid in full. There To Borrower’s knowledge, there are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and and, to Borrower’s knowledge, except as a result of the Lobby Work (provided that adequate title insurance insuring the priority of the Security Interest over any workers’, mechanics’ or other similar liens on the Property that may result from the Lobby Work is provided to Mortgage Lender), no rights are outstanding that under applicable Legal Requirements could give rise to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrument. The parties agree that any time the representations made in this clause (g) are re-made (or deemed to have been re-made) by Borrower, such representations by Borrower shall be deemed to have excepted (i) any such costs and expenses that are being contested in good faith in accordance with (and subject to the terms and conditions of) Section 4.16(b) hereof and (ii) inchoate mechanic’s liens that may be asserted in connection with work recently completed and for which the statutory lien period has not expired.
(h) Mortgage Borrower has paid in full for, and is the owner or lessee of, all furnishings, fixtures and equipment (other than Tenants’ propertyproperty or the property subject to a Permitted Equipment Lease) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this the Mortgage Loan Agreement, the Mortgage Note, the Security Instrument and the other Mortgage Loan DocumentsDocuments and other security interests, liens and encumbrances permitted pursuant to the Mortgage Loan Agreement.
(i) All liquid and solid waste disposal, septic and sewer systems located on the Property are in a good and safe condition and repair and in compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow lands.
(kj) All Except as disclosed on the Surveys, all the Improvements lie within the boundaries of the Land and any building restriction lines applicable to the Land.
(lk) To Except as expressly disclosed on the Title Insurance Policy, to Borrower’s knowledge after due inquiryknowledge, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
(l) Neither Mortgage Borrower nor Borrower has (i) made, ordered or contracted for any construction, repairs, alterations or improvements to be made on or to the Property which have not been completed and paid for in full, (ii) ordered materials for any such construction, repairs, alterations or improvements which have not been paid for in full or (iii) attached any fixtures to the Property which have not been paid for in full, in each case other than expenses which (1) are due and payable in the ordinary course of Mortgage Borrower’s current monthly payment cycle, (2) will be paid in the ordinary course of Mortgage Borrower’s current monthly payment cycle and (3) if unpaid, would not and could not result in Material Adverse Effect. To Borrower’s knowledge, there is no such construction, repairs, alterations or improvements ongoing at the Property as of the Closing Date. To Borrower’s knowledge, there are no outstanding or disputed claims for any Work Charges and there are no outstanding liens or security interests in connection with any Work Charges.
(m) Neither Borrower nor Mortgage Borrower has any direct employees. All other personnel employed at or in connection with the Property are the direct employees of Manager or its Affiliates.
Appears in 1 contract
Samples: Mezzanine Loan Agreement (Brookfield DTLA Fund Office Trust Investor Inc.)
Status of Property. (a) To Borrower’s knowledge, Borrower has obtained all Permitsnecessary certificates, licenses and other approvals, governmental and otherwise, necessary for the operation of the Property and the conduct of its business and all required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not presently subject to revocation, suspension, forfeiture or modification.
(b) The To Borrower’s knowledge, the Property and the present and contemplated use and occupancy thereof are in full material compliance with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and other similar Legal RequirementsApplicable Law.
(c) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(d) The Property is served by public water and sewer systems.
(e) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(ef) The Property is served by public water and sewer systems.
(f) Except as otherwise disclosed in writing to Lender, the Property is free from damage caused by fire or other casualty. The Except for any matters disclosed in the property condition report delivered to Lender with respect to the Property, to Borrower’s knowledge, the Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(g) All To Borrower’s knowledge, all costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full, other than costs and expenses for the Mandatory Expansion Space. There To Borrower’s knowledge, there are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements Applicable Law could give rise to any such liensliens other than rights relating to the Mandatory Expansion Space) affecting the Property which are or may be prior to or equal to the lien of the Security Instrument.
(h) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenants’ property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documents.
(i) All To Borrower’s knowledge, all liquid and solid waste disposal, septic and sewer systems located on the Property are in a good and safe condition and repair and in compliance with all Legal RequirementsApplicable Law.
(j) Except as expressly disclosed on the Survey, no No portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance ActsActs or, if any portion of the Improvements is located within such area, Borrower has obtained and will maintain the insurance prescribed in Section 7.1(a) hereof. No To Borrower’s knowledge, no part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow lands.
(k) All Except as may be shown on the survey of the Property delivered to Lender in connection with the Loan, all the Improvements lie within the boundaries of the Land and any building restriction lines applicable to the Land.
(l) To Borrower’s knowledge after due inquiryknowledge, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated public improvements to the Property that may result in such special or other assessments.
Appears in 1 contract
Status of Property. (a) No portion of the Improvements is located in an area identified by the Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended, or any successor law, or, if located within any such area, Grantor or Borrower has obtained and will maintain the insurance prescribed in Section 3.2 hereof.
(b) Grantor or Borrower has obtained or timely will obtain all Permitsnecessary certificates, permits, licenses and other approvals, governmental and otherwise, necessary for the use, occupancy and operation of the Property and the conduct of its business (including, without limitation, certificates of occupancy) and all required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(bc) The Property and the present and contemplated use and occupancy thereof are to the best knowledge of Grantor and Borrower in full compliance in all material respects with all applicable Applicable Laws, including, without limitation, zoning ordinances, building codes, land use and environmental laws, Environmental Laws laws relating to the disabled (including, but not limited to, the ADA) and other similar Legal Requirementslaws.
(cd) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(de) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(ef) The Property is served by public water and sewer systems.
(fg) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualty. The PropertyThere is no pending or, includingto the best knowledge of Grantor and/or Borrower, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in threatened condemnation proceedings affecting the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, Property or any part portion thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(gh) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full. There are full and no notice of any mechanics’ or similar materialmen’s liens or of any claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise of right to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrumentliens have been received.
(hi) Grantor and/or Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenantstenants’ property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documentshereby.
(ij) All liquid and solid waste disposal, septic and sewer systems located on the Property are to the best knowledge of Grantor and Borrower in a good and safe condition and repair and in compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow landsApplicable Laws.
(k) All the Improvements lie within the boundaries boundary of the Land and any building restriction lines applicable to the Land.
(l) To Borrower’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
Appears in 1 contract
Samples: Leasehold Indemnity Deed of Trust and Security Agreement (Columbia Equity Trust, Inc.)
Status of Property. (a) Borrower has obtained all PermitsPermits if any are required for the operation of Borrower’s business, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(b) The Except as set forth in the Zoning Reports and the Environmental Reports, each Individual Property and the present and contemplated use and occupancy thereof are in full compliance with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and other similar Legal Requirements.
(c) The Each Individual Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the each Individual Property has accepted or is equipped to accept such utility service.
(d) All public roads and streets necessary for service of and access to the each Individual Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Each Individual Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual an easement or similar agreement inuring in favor of Borrower and any subsequent owners of the applicable Individual Property.
(e) The Each Individual Property is served by public water and sewer systems and/or individual well water and septic systems.
(f) Except as otherwise disclosed in writing to Lender, the Each Individual Property is free from damage caused by fire or other casualty. The Except as disclosed in the applicable Physical Condition Report, each Individual Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects, subject to reasonable wear and tear; there exists no structural or other material defects or damages in the any Individual Property, whether latent or otherwise, and Borrower has not received written notice from any insurance company or bonding company of any defects or inadequacies in the any Individual Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(g) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full. There Except as shown on the Title Insurance Policies, there are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise to any such liens) affecting the any Individual Property which are or may be prior to or equal to the lien of the related Security Instrument.
(h) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenants’ property) used in connection with the operation of the PropertyProperties, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument Instruments and the other Loan Documents.
(i) All Except as shown in the Physical Condition Reports and/or the Environmental Reports, all liquid and solid waste disposal, septic and sewer systems located on the each Individual Property are in a good and safe condition and repair and in compliance with all Legal Requirements.
(j) Except as expressly disclosed shown on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No Except as shown on the Survey, no part of the any Individual Property consists of or is classified as wetlands, tidelands or swamp and overflow lands.
(k) All Except as set forth in the Title Insurance Policies or the Survey, all the Improvements lie within the boundaries of the Land and any building restriction lines applicable to the Land.
(l) To Borrower’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the any Individual Property, nor are there any contemplated improvements to the any Individual Property that may could reasonably be expected to result in such special or other assessments.
(m) Except for certain striping of parking spaces as set forth in the Post Closing Agreement, Borrower has not (i) made, ordered or contracted for any construction, repairs (other than Minor Repairs existing as of the Closing Date), alterations or improvements to be made on or to any Individual Property which have not been completed and paid for in full, (ii) ordered materials for any such construction, repairs, alterations or improvements which have not been paid for in full or (iii) attached any fixtures to any Individual Property which have not been paid for in full. Except for certain striping of parking spaces as set forth in the Post Closing Agreement, (x) there is no such construction, repairs, alterations or improvements ongoing at any Individual Property as of the Closing Date (other than Minor Repairs existing as of the Closing Date) and (y) there are no outstanding or disputed claims for any Work Charges and there are no outstanding liens or security interests in connection with any Work Charges.
(n) No Borrower has any direct employees.
Appears in 1 contract
Status of Property. (a) Except as otherwise set forth in the zoning report delivered to Lender in connection with the closing of the Loan, to Borrower’s knowledge, Borrower has obtained all material Permits, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(b) The Except as set forth on Schedule VII, the Property and the present and contemplated use and occupancy thereof are are, to Borrower’s knowledge, in full compliance in all material respects with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and other similar Legal Requirements.
(c) The Property is served by all utilities required for the current or contemplated use thereof. All To Borrower’s knowledge, all utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(d) All To Borrower’s knowledge, all public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(e) The Property is served by public water and sewer systems.
(f) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualtycasualty (other than to a de minimis extent and which could not reasonably be expected to have a Material Adverse Effect). The Except as shown on any reports delivered by Borrower to Administrative Agent or obtained by Administrative Agent, in each case in connection with the closing of the Loan, to Borrower’s knowledge, the Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, septic and sewer systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order operating condition and repair in all material respects; to Borrower’s knowledge, there exists exist no structural or other material latent defects or damages in the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(g) All To Borrower’s knowledge, all material costs and material expenses of any and all labor, materials, supplies and equipment used due and payable (other than expenses due and payable in the ordinary course of Borrower’s current monthly payment cycle) in the construction of the Improvements have been paid in full. There To Borrower’s knowledge, there are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and and, to Borrower’s knowledge, no rights are outstanding that under applicable Legal Requirements could give rise to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrument. The parties agree that any time the representations made in this clause (g) are re-made (or deemed to have been re-made) by Borrower, such representations by Borrower shall be deemed to have excepted (i) any such costs and expenses that are being contested in good faith in accordance with (and subject to the terms and conditions of) Section 4.16(b) hereof and (ii) inchoate mechanic’s liens that may be asserted in connection with work recently completed and for which the statutory lien period has not expired.
(h) Borrower has paid in full for, and is the owner or lessee of, all furnishings, fixtures and equipment (other than Tenants’ propertyproperty or the property subject to a Permitted Equipment Lease) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan DocumentsDocuments and other security interests, liens and encumbrances permitted pursuant to this Agreement.
(i) All liquid and solid waste disposal, septic and sewer systems located on the Property are in a good and safe condition and repair and in compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow lands.
(kj) All Except as disclosed on the Surveys, all the Improvements lie within the boundaries of the Land and any building restriction lines applicable to the Land.
(lk) To Except as expressly disclosed on the Title Insurance Policy, to Borrower’s knowledge after due inquiryknowledge, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
(l) Borrower has not (i) made, ordered or contracted for any construction, repairs, alterations or improvements to be made on or to the Property which have not been completed and paid for in full, (ii) ordered materials for any such construction, repairs, alterations or improvements which have not been paid for in full or (iii) attached any fixtures to the Property which have not been paid for in full, in each case other than expenses which (1) are due and payable in the ordinary course of Borrower’s current monthly payment cycle, (2) will be paid in the ordinary course of Borrower’s current monthly payment cycle and (3) if unpaid, would not and could not result in Material Adverse Effect. To Borrower’s knowledge, there is no such construction, repairs, alterations or improvements ongoing at the Property as of the Closing Date. To Borrower’s knowledge, there are no outstanding or disputed claims for any Work Charges and there are no outstanding liens or security interests in connection with any Work Charges.
(m) Borrower has no direct employees. All other personnel employed at or in connection with the Property are the direct employees of Manager or its Affiliates.
Appears in 1 contract
Samples: Loan Agreement (Brookfield DTLA Fund Office Trust Investor Inc.)
Status of Property. (a) No portion of the Improvements is located in an area identified by the Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended, or any successor law, or, if located within any such area, Borrower has obtained and will maintain the insurance prescribed in Section 3.2 hereof.
(b) Borrower has obtained all Permitsnecessary certificates, permits, licenses and other approvals, governmental and otherwise, necessary for the use, occupancy and operation of the Property and the conduct of its business (including, without limitation, certificates of completion and certificates of occupancy) and all required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(bc) The Property and the present and contemplated use and occupancy thereof are to the best knowledge of Borrower in full compliance with all applicable Applicable Laws, including, without limitation, zoning ordinances, building codes, land use and environmental laws, Environmental Laws laws relating to the disabled (including, but not limited to, the ADA) and other similar Legal Requirementslaws.
(cd) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(de) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(ef) The Property is served by public water and sewer systems.
(fg) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualty. The PropertyThere is no pending or, includingto the best knowledge of Borrower, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in threatened condemnation proceedings affecting the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, Property or any part portion thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(gh) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full. There are full and no notice of any mechanics’ ' or similar materialmen's liens or of any claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise of right to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrumentliens have been received.
(hi) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenants’ tenants' property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documentshereby.
(ij) All liquid and solid waste disposal, septic and sewer systems located on the Property are to the best knowledge of Borrower in a good and safe condition and repair and in compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow landsApplicable Laws.
(k) All the Improvements lie within the boundaries boundary of the Land and any building restriction lines applicable to the Land.
(l) To The Property will be managed solely by the Borrower’s knowledge after due inquiry, there are and no pending property manager shall be retained or proposed special appointed without the prior written consent of Lender. Such property manager and any property management agreement shall be satisfactory to Lender in its sole discretion, and as a condition to Lender's approval such property manager shall execute and deliver a lien waiver and subordination agreement satisfactory to Lender in its sole discretion which also provides Lender the right, at its option, to terminate the property management agreement or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessmentsassume Borrower's obligations thereunder upon an Event of Default.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (Sheldahl Inc)
Status of Property. (a) Borrower has has, to its knowledge, obtained all Permitscertificates, licenses and other approvals, governmental and otherwise, necessary for the operation of the Property and the conduct of its business and all required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification, except where the failure to obtain or maintain such permits, approvals or certificates would not result in a Material Adverse Effect.
(b) The Property and the present and contemplated use and occupancy thereof are in full material compliance with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and other similar Legal RequirementsApplicable Law. Borrower represents that the claims set forth by the plaintiff in the Xxxxxxxxxx Complaint, if determined adversely to Borrower, would not have a Material Adverse Effect.
(c) The Property has adequate rights of access to dedicated public ways (and makes no material use of any means of access or egress that is not pursuant to such dedicated public ways or recorded, irrevocable rights-of-way or easements) and is adequately served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities necessary to the continued use and enjoyment of the Property has accepted or is equipped to accept such utility serviceas presently used and enjoyed.
(d) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(e) The Property is served by public water and sewer systems.
(f) Except as otherwise disclosed in writing to Lender, the Property is free from damage caused by fire or other casualty. The Except as set forth in the Property Condition Report, and to Borrower’s knowledge, the Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing plumbing, sewer, waste disposal and septic systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; to Borrower’s knowledge, there exists no structural or other material defects or damages in the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would materially and adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(ge) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full. There are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements Applicable Law could give rise to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrument.
(hf) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenants’ propertyproperty and Permitted Equipment Leases) used directly by Borrower in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documents.
(ig) All liquid and solid waste disposal, septic and sewer systems located on the Property are in a good and safe condition and repair and in compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no No portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance ActsActs or, if any portion of the Improvements is located within such area, Borrower has obtained and will maintain the insurance prescribed in Section 7.1(a) hereof. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow lands.
(kh) All the Improvements lie within the boundaries of the Land and any building restriction lines applicable to the Land.
(li) To Borrower’s knowledge after due inquiryknowledge, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
Appears in 1 contract
Samples: Loan Agreement
Status of Property. (a) Except as otherwise set forth in the zoning report delivered to Lender in connection with the closing of the Loan, to Borrower’s knowledge, Mortgage Borrower has obtained all material Permits, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(b) The Except as set forth on Schedule VII, the Property and the present and contemplated use and occupancy thereof are are, to Borrower’s knowledge, in full compliance in all material respects with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and other similar Legal Requirements.
(c) The Property is served by all utilities required for the current or contemplated use thereof. All To Borrower’s knowledge, all utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(d) All To Borrower’s knowledge, all public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Mortgage Borrower and any subsequent owners of the Property.
(e) The Property is served by public water and sewer systems.
(f) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualtycasualty (other than to a de minimis extent and which could not reasonably be expected to have a Material Adverse Effect). The Except as shown on any reports delivered by Borrower to Lender or obtained by Lender, in each case in connection with the closing of the Loan, to Borrower’s knowledge, the Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, septic and sewer systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order operating condition and repair in all material respects; to Borrower’s knowledge, there exists exist no structural or other material latent defects or damages in the Property, whether latent or otherwiseand neither Mortgage Borrower, and Mezzanine A Borrower nor Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(g) All To Borrower’s knowledge, all material costs and material expenses of any and all labor, materials, supplies and equipment used due and payable (other than expenses due and payable in the ordinary course of Mortgage Borrower’s current monthly payment cycle) in the construction of the Improvements have been paid in full. There To Borrower’s knowledge, there are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and and, to Borrower’s knowledge, no rights are outstanding that under applicable Legal Requirements could give rise to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrument. The parties agree that any time the representations made in this clause (g) are re-made (or deemed to have been re-made) by Borrower, such representations by Borrower shall be deemed to have excepted (i) any such costs and expenses that are being contested in good faith in accordance with (and subject to the terms and conditions of) Section 4.16(b) hereof and (ii) inchoate mechanic’s liens that may be asserted in connection with work recently completed and for which the statutory lien period has not expired.
(h) Mortgage Borrower has paid in full for, and is the owner or lessee of, all furnishings, fixtures and equipment (other than Tenants’ propertyproperty or the property subject to a Permitted Equipment Lease) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this the Mortgage Loan Agreement, the Mortgage Note, the Security Instrument and the other Mortgage Loan DocumentsDocuments and other security interests, liens and encumbrances permitted pursuant to the Mortgage Loan Agreement.
(i) All liquid and solid waste disposal, septic and sewer systems located on the Property are in a good and safe condition and repair and in compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow lands.
(kj) All Except as disclosed on the Surveys, all the Improvements lie within the boundaries of the Land and any building restriction lines applicable to the Land.
(lk) To Except as expressly disclosed on the Title Insurance Policy, to Borrower’s knowledge after due inquiryknowledge, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
Appears in 1 contract
Samples: Mezzanine Loan Agreement (Brookfield DTLA Fund Office Trust Investor Inc.)
Status of Property. (a) No portion of the Improvements is located in an area identified by the Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended, or any successor law, or, if located within any such area, Borrower has obtained and will maintain the insurance prescribed in Section 3.2 hereof.
(b) To Borrower’s actual knowledge, Xxxxxxxx has obtained all Permitsnecessary certificates, permits, licenses and other approvals, governmental and otherwise, necessary for the use, occupancy and operation of the Property and the conduct of its business (including, without limitation, certificates of completion and certificates of occupancy) and all required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(bc) The Property and the present and contemplated use and occupancy thereof are to the actual knowledge of Borrower in full compliance with all applicable Applicable Laws, including, without limitation, zoning ordinances, building codes, land use and environmental laws, Environmental Laws laws relating to the disabled (including, but not limited to, the ADA) and other similar Legal Requirementslaws.
(cd) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(de) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(ef) The Property is served by public water and sewer systems.
(fg) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualty. The PropertyThere is no pending or, includingto the actual knowledge of Xxxxxxxx, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in threatened condemnation proceedings affecting the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, Property or any part portion thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(gh) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been (or will be) paid in full. There are full and no notice of any mechanics’ or similar materialmen’s liens or of any claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise of right to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrumentliens have been received.
(hi) Borrower has (or will have) paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenantstenants’ property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documentshereby.
(ij) All liquid and solid waste disposal, septic and sewer systems located on the Property are to the actual knowledge of Borrower in a good and safe condition and repair and in compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow landsApplicable Laws.
(k) All the Improvements lie within the boundaries boundary of the Land and any building restriction lines applicable to the Land.
(l) To Borrower’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (Inland American Real Estate Trust, Inc.)
Status of Property. (a) To Borrower’s knowledge, Borrower has obtained all Permitsnecessary certificates, licenses and other approvals, governmental and otherwise, necessary for the operation of the Property and the conduct of its business and all required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not presently subject to revocation, suspension, forfeiture or modification.
(b) The To Borrower’s knowledge, the Property and the present and contemplated use and occupancy thereof are in full material compliance with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and other similar Legal RequirementsApplicable Law.
(c) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(d) The Property is served by public water and sewer systems.
(e) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(ef) The Property is served by public water and sewer systems.
(f) Except as otherwise disclosed in writing to Lender, the Property is free from damage caused by fire or other casualty. The Except for any matters disclosed in the property condition report delivered to Administrative Agent with respect to the Property, to Borrower’s knowledge the Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(g) All To Borrower’s knowledge, all costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full, other than those certain tenant improvements completed by the Tenant under the Xxxxx’x Lease; provided, however, Borrower holds funds sufficient to reimburse the Tenant under the Xxxxx’x Lease for the cost of such tenant improvements as required under the Xxxxx’x Lease. There To Borrower’s knowledge, there are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements Applicable Law could give rise to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrument.
(h) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenants’ property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documents.
(i) All To Borrower’s knowledge, all liquid and solid waste disposal, septic and sewer systems located on the Property are in a good and safe condition and repair and in compliance with all Legal RequirementsApplicable Law.
(j) Except as expressly disclosed on the Survey, no No portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance ActsActs or, if any portion of the Improvements is located within such area, Borrower has obtained and will maintain the insurance prescribed in Section 7.1(a) hereof. No To Borrower’s knowledge, no part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow lands.
(k) All Except as may be shown on any survey delivered to Administrative Agent in connection with the Loan, all the Improvements lie within the boundaries of the Land and any building restriction lines applicable to the Land.
(l) To Borrower’s knowledge after due inquiryknowledge, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated public improvements to the Property that may result in such special or other assessments.
Appears in 1 contract
Samples: Loan Agreement (Cole Credit Property Trust III, Inc.)
Status of Property. (a) Borrower has obtained all Permits, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(b) The Property and the present and contemplated use and occupancy thereof are in full compliance with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and other similar Legal Requirements.
(c) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service. The Property is served by public water and sewer systems.
(db) All Except as set forth on the Survey, all public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Except as set forth on the Survey, the Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(e) The Property is served by public water and sewer systems.
(fc) Except as otherwise disclosed set forth in writing to Lenderthe Property Condition Report, the Property is free from damage caused by fire or other casualty. The Except as set forth in the Property Condition Report, the Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(gd) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full. There Except as set forth in Lender’s Title Insurance Policy, there are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrument.
(he) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenants’ property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documents.
(if) All Except as set forth in the Environmental Report (as hereinafter defined), all liquid and solid waste disposal, septic and sewer systems located on the Property are in a good and safe condition and repair and in compliance with all Legal Requirements.
(jg) Except as expressly disclosed set forth on the Survey, no portion all the Improvements lie wholly within the boundaries and building restriction lines of the Improvements is located in an area identified by Property, and no improvements on adjoining properties encroach upon the Federal Emergency Management Agency Property, and no easements or other encumbrances upon the Property encroach upon any successor thereto of the Improvements, so as an area having special flood hazards pursuant to affect the Flood Insurance Acts. No part value or marketability of the Property consists of or is classified as wetlands, tidelands or swamp and overflow landsexcept those which are insured against by the Title Insurance Policy.
(k) All the Improvements lie within the boundaries of the Land and any building restriction lines applicable to the Land.
(lh) To the best of Borrower’s knowledge after due inquiryknowledge, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
(i) Borrower has not (i) made, ordered or contracted for any construction, repairs, alterations or improvements to be made on or to the Property which have not been completed and paid for in full, (ii) ordered materials for any such construction, repairs, alterations or improvements which have not been paid for in full or (iii) attached any fixtures to the Property which have not been paid for in full. Except as set forth on the Survey or in Lender’s Title Policy, there is no such construction, repairs, alterations or improvements ongoing at the Property as of the Closing Date. Except as set forth in Lender’s Title Policy, there are no outstanding or disputed claims for any Work Charges and there are no outstanding liens or security interests in connection with any Work Charges.
Appears in 1 contract
Samples: Loan Agreement (New England Realty Associates Limited Partnership)
Status of Property. (a) No portion of the Improvements is located in an area identified by the Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended, or any successor law, or, if located within any such area, Borrower has obtained and will maintain the insurance prescribed in Section 3.2 hereof.
(b) Borrower has obtained all Permitsnecessary certificates, permits, licenses and other approvals, governmental and otherwise, necessary for the use, occupancy and operation of the Property and the conduct of its business (including, without limitation, certificates of completion and certificates of occupancy) and all required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(bc) The Property and the present and contemplated use and occupancy thereof are to the knowledge of Borrower in full compliance with all applicable Applicable Laws, including, without limitation, zoning ordinances, building codes, land use and environmental laws, Environmental Laws laws relating to the disabled (including, but not limited to, the ADA) and other similar Legal Requirementslaws.
(cd) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(de) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(ef) The Property is served by public water and sewer systems.
(fg) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualty. The PropertyThere is no pending or, includingto the knowledge of Borrower, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in threatened condemnation proceedings affecting the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, Property or any part portion thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(gh) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full. There are full and no notice of any mechanics’ or similar materialmen’s liens or of any claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise of right to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrumentliens have been received.
(hi) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenantstenants’ property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documentshereby.
(ij) All liquid and solid waste disposal, septic and sewer systems located on the Property are to the knowledge of Borrower in a good and safe condition and repair and in compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow landsApplicable Laws.
(k) All the Improvements lie within the boundaries boundary of the Land and any building restriction lines applicable to the Land.
(l) To The North Canton Premises and Dayton Premises will be managed solely by at will employees of the Borrower or by the tenant(s) under the Lease(s), and no property manager shall be retained or appointed without the prior written consent of Lender. Such property manager(s) and any property management agreement(s) shall be satisfactory to Lender in its sole discretion, and as a condition to Lender’s approval such property manager(s) shall execute and deliver a lien waiver and subordination agreement satisfactory to Lender in its sole discretion which also provides Lender the right, at its option, to terminate the property management agreement(s) or assume Borrower’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessmentsobligations thereunder upon an Event of Default.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Gladstone Commercial Corp)
Status of Property. (a) Borrower has obtained all Permits, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(b) The Property and the present and contemplated use and occupancy thereof are in full compliance with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and other similar Legal Requirements.
(c) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(d) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(e) The Property is served by public water and sewer systems.
(f) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualty. The Except as otherwise specifically noted in the property condition report provided to Lender in connection with the origination of the Loan, to the best of Borrower’s knowledge (after due inquiry), the Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(g) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full. There are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrument.
(h) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenants’ propertyproperty or the property subject to a Permitted Equipment Lease) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documents.
(i) All liquid and solid waste disposal, septic and sewer systems located on the Property are in a good and safe condition and repair and and, to the best of Borrower’s knowledge with due inquiry, in compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow lands.
(k) All Except as expressly disclosed on the Survey, all the Improvements lie within the boundaries of the Land and any building restriction lines applicable to the Land.
(l) To Borrower’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
(m) Borrower has not (i) made, ordered or contracted for any construction, repairs, alterations or improvements to be made on or to the Property which have not been completed and paid for in full, (ii) ordered materials for any such construction, repairs, alterations or improvements which have not been paid for in full or (iii) attached any fixtures to the Property which have not been paid for in full. There is no such construction, repairs, alterations or improvements ongoing at the Property as of the Closing Date. There are no outstanding or disputed claims for any Work Charges and there are no outstanding liens or security interests in connection with any Work Charges.
(n) Borrower has five (5) direct employees. No other personnel are employed at or in connection with the Property. Except for the Union Agreements, there are no: (i) collective bargaining agreements and/or other labor agreements to which Borrower or the Property, or any portion thereof, is a party or by which either is or may be bound; (ii) employment, profit sharing, deferred compensation, bonus, stock option, stock purchase, pension, retainer, consulting, retirement, health, welfare, or incentive plans and/or contracts to which Borrower or the Property, or any portion thereof is a party, or by which either is or may be bound; or (iii) plans and/or agreements under which “fringe benefits” (including, but not limited to, vacation plans or programs, and related or similar dental or medical plans or programs, and related or similar benefits) are afforded to employees of Borrower or the Property, or any portion thereof. Borrower has not violated any applicable laws, rules and regulations relating to the employment of labor, including those relating to wages, hours, collective bargaining and the payment and withholding of taxes and other sums as required by appropriate Governmental Authorities. With respect to the Union Agreements, there are no unfunded union, pension or similar liabilities whereby said “unfunded” status could create or otherwise render any liability of Borrower, Guarantor and/or any Affiliate thereof.
Appears in 1 contract
Samples: Loan Agreement (Clipper Realty Inc.)
Status of Property. With respect to each Real Property Asset, except as set forth on Schedule 12:
(a) No portion of any improvement on the Real Property Asset is located in an area identified by the Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended, or any successor law, or, if located within any such area, Borrower or the respective Loan Party has obtained and will maintain the insurance prescribed in Section 5.03 hereof.
(b) To the best knowledge of Borrower and the REIT, Borrower or the respective Loan Party has obtained all Permitsnecessary certificates, licenses and other approvals, governmental and otherwise, necessary for the operation of the Real Property Asset and the conduct of its business and all required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(bc) The To the best knowledge of Borrower and the REIT, the Real Property Asset and the present and contemplated use and occupancy thereof are in full material compliance with all applicable zoning ordinancesordinances (without reliance upon grandfather provisions or adjoining or other properties), building codes, land use and environmental laws, Environmental Laws laws relating to the disabled (including, but not limited to, the ADA) and other similar Legal Requirementslaws.
(cd) The Real Property Asset is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Real Property Asset has accepted or is equipped to accept such utility service.
(de) All public roads and streets necessary for service of and access to the Real Property Asset for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(ef) The Real Property Asset is served by public water and sewer systems; or, if the Real Property Asset is not serviced by a public water and sewer system, such alternate systems are adequate and meet, in all material respects, all requirements and regulations of, and otherwise complies in all material respects with, all Applicable Laws.
(fg) Except as otherwise disclosed Neither Borrower nor any Loan Party is aware of any latent or patent structural or other significant deficiency of the Real Property Asset. The Real Property Asset is free of damage and waste that would materially and adversely affect the value of the Real Property Asset, is in writing to Lendergood repair and there is no deferred maintenance, the other than ordinary wear and tear. The Real Property Asset is free from damage caused by fire or other casualty. The PropertyThere is no pending or, includingto the actual knowledge of Borrower, without limitationthe REIT or the respective Loan Party, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in threatened condemnation proceedings affecting the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the PropertyReal Property Asset, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(gh) All To the best knowledge of Borrower and the REIT, all costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements improvements on the Real Property Asset have either (i) been paid in full, (ii) not yet due and payable, or (iii) are being contested in good faith by Borrower, the REIT or the applicable Loan Party. There Subject to Borrower's or the respective Loan Party's right to contest as set forth in any Permitted Mortgage Debt related to such Real Property Asset, there are no mechanics’ ' or similar liens or claims which that have been filed and recorded for work, labor or material (and no rights are outstanding materials that under applicable Legal Requirements could give rise to any such liens) affecting affects the Real Property which are or may be prior to or equal to the lien of the Security InstrumentAsset.
(hi) To the best knowledge of Borrower and the REIT, Borrower or the respective Loan Party has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenants’ tenants' property) used in connection with the operation of the PropertyReal Property Asset, free and clear of any and all security interests, liens or encumbrances, except for Permitted Liens and purchase money financing which is not a Lien on the lien fee title of such Real Property Asset and security interest created by this Agreement, is incurred in the Note, the Security Instrument and the other Loan Documentsordinary course of business.
(ij) All To the best knowledge of Borrower and the REIT, all liquid and solid waste disposal, septic and sewer systems located on the Real Property Asset are in a good and safe condition and repair and are in material compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow landsApplicable Laws.
(k) All improvements on the Improvements Real Property Asset lie within the boundaries and building restrictions of the Land legal description of record of the Real Property Asset, no such improvements encroach upon easements benefitting the Real Property Asset other than encroachments that do not materially adversely affect the use or occupancy of the Real Property Asset and any building restriction lines applicable no improvements on adjoining properties encroach upon the Real Property Asset or easements benefitting the Real Property Asset other than encroachments that do not materially adversely affect the use or occupancy of the Real Property Asset. All amenities, access routes or other items that materially benefit the Real Property Asset are under direct control of Borrower or the respective Loan Party, constitute permanent easements that benefit all or part of the Real Property Asset or are public property, and the Real Property Asset, by virtue of such easements or otherwise, is contiguous to a physically open, dedicated all weather public street, and has the Landnecessary permits for ingress and egress.
(l) If the Real Property Asset constitutes a legal non-conforming use, the non-conforming Improvements may be rebuilt to current density and used and occupied for such non-conforming purposes if damaged or destroyed.
(m) To Borrower’s the best knowledge after due inquiryof Borrower and the REIT, there are no pending or proposed special delinquent taxes, ground rents, water charges, sewer rents, assessments (including assessments payable in future installments), insurance premiums, leasehold payments, or other assessments outstanding charges affecting the Real Property Asset.
(n) To the best knowledge of Borrower and the REIT, the Real Property Asset is assessed for public real estate tax purposes as one or more wholly independent tax lot or lots, separate from any adjoining land or improvements not constituting a part of such lot or lots, and no other land or improvements is assessed and taxed together with the Real Property Asset or any portion thereof.
(i) Borrower or the respective Loan Party is the sole owner of the entire lessor's interest in the Leases; (ii) the Leases are valid and enforceable; (iii) the terms of all alterations, modifications and amendments to the Leases are reflected in the certified occupancy statement delivered to and approved by Agent; (iv) none of the rents reserved in the Leases have been assigned or otherwise pledged or hypothecated; (v) none of the rents have been collected for more than one (1) month in advance (other than rents in connection with Seasonal RV Sites); (vi) the premises demised under the Leases have been completed and the tenants under the Leases have accepted the same and have taken possession of the same on a rent-paying basis; (vii) there exist no offsets or defenses to the payment of any portion of the rents; (viii) with respect to Unencumbered Assets no Lease contains an option to purchase, right of first refusal to purchase, or any other similar provision; (ix) no person or entity has any possessory interest in, or right to occupy, the Real Property Asset except under and pursuant to a Lease; (x) with respect to Unencumbered Assets, there are no prior assignments, pledges, hypothecations or other encumbrances of any Leases or any portion of rents due and payable or to become due and payable thereunder which are presently outstanding; and (xi) the Real Property Asset is not subject to any Lease other than the Leases described in the rent rolls delivered pursuant to Section 5.01(a), none of which is a lease for commercial use (other than laundry, cable television, vending and other similar commercial leases for services).
(p) No portion of the Real Property Asset has been or will be purchased with proceeds of any illegal activity.
(q) To the best knowledge of Borrower and the REIT, all contracts, agreements, consents, waivers, documents and writings of every kind or character at any time to which the Borrower or any Loan Party is a party to be delivered to Agent pursuant to any of the provisions hereof are valid and enforceable against the Borrower and such Loan Party and, to the best knowledge of Borrower, are enforceable against all other parties thereto, and in all respects are what they purport to be and, to the best knowledge of Borrower, to the extent that any such writing shall impose any obligation or duty on the party thereto or constitute a waiver of any rights which any such party might otherwise have, said writing shall be valid and enforceable against said party in accordance with the terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or similar laws affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessmentsrights of creditors generally.
Appears in 1 contract
Status of Property. With respect to each Real Property Asset:
(a) No portion of the Improvements is located in an area identified by the Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended, or any successor law, or, if located within any such area, Borrower or the related Owner has obtained and will maintain the insurance prescribed in Section 5.3(b)(i) hereof.
(b) Borrower or the related Owner or Operating Entity has obtained all Permitsmaterial zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(b) The Property and the present and contemplated use and occupancy thereof are in full compliance with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and other similar Legal Requirements.
(c) The Real Property Asset is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Real Property Asset has accepted or is equipped to accept such utility service.
(d) All public roads and streets necessary for service of and access to the Real Property Asset for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(e) The Real Property Asset is served by public water and sewer systems.
(f) Except Borrower is not aware of any latent or patent structural or other significant deficiency of the Real Property Asset except as otherwise may be disclosed in writing the Engineering Reports delivered to Lender, Lender prior to Closing. The Real Property Asset is free of damage and waste that would have a Material Adverse Effect on the value of the Real Property Asset. The Real Property Asset is free from damage caused by fire or other casualty. The PropertyThere is no pending or, includingto the actual knowledge of Borrower, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in threatened condemnation proceedings affecting the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the PropertyReal Property Asset, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bondexcept as shown on Schedule 5.
(g) All costs and expenses To the best knowledge of any and all laborBorrower or the REIT, materials, supplies and equipment used in the construction of the Improvements have been paid in full. There there are no mechanics’ delinquent taxes, ground rents, water charges, sewer rents, assessments (including assessments payable in future installments), insurance premiums, or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise to any such liens) leasehold payments affecting the Real Property which are or may be prior to or equal to the lien of the Security InstrumentAsset.
(h) Borrower has paid in full forThe Real Property Asset is assessed for real estate tax purposes as one or more wholly independent tax lot or lots, separate from any adjoining land or improvements not constituting a part of such lot or lots, and no other land or improvements is the owner of, all furnishings, fixtures assessed and equipment (other than Tenants’ property) used in connection taxed together with the operation of the Property, free and clear of Real Property Asset or any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documentsportion thereof.
(ia) All liquid The related Operating Entity or, with respect to Winston Salem, the related Owner, is the sole owner of the entire lessor's interest in the Leases; (b) the Leases are valid and solid waste disposalenforceable; (c) none of the rents reserved in the Leases have been assigned or otherwise pledged or hypothecated; (d) no Lease contains an option to purchase, septic right of first refusal to purchase, or any other similar provision; (e) no person or entity has any possessory interest in, or right to occupy, the Real Property Asset (excluding transient hotel guests) except under and sewer systems located on the Property pursuant to a Lease; and (f) there are in a good no assignments, pledges, hypothecations or other encumbrances of any Leases or any portion of rents due and safe condition payable or to become due and repair and in compliance with all Legal Requirementspayable thereunder which are presently outstanding.
(j) Except as expressly disclosed on the Survey, no No portion of the Improvements is located in an area identified by the Federal Emergency Management Agency Real Property Asset has been or will be purchased with proceeds of any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow landsillegal activity.
(k) All material contracts, agreements, consents, waivers, documents and writings of every kind or character at any time to which the Improvements lie within related Owner or Operating Entity is a party are valid and enforceable against the boundaries of related Owner or Operating Entity, as the Land and any building restriction lines applicable case may be, and, to the Land.
(l) To best knowledge of Borrower’s , are enforceable against all other parties thereto, and in all respects are what they purport to be and, to the best knowledge after due inquiryof Borrower, there are no pending to the extent that any such writing shall impose any obligation or proposed special duty on the party thereto or other assessments for public improvements constitute a waiver of any rights which any such party might otherwise have, said writing shall be valid and enforceable against said party in accordance with the terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or otherwise similar laws affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessmentsrights of creditors generally.
Appears in 1 contract
Status of Property. (a) Except as otherwise set forth in the zoning report delivered to Lender in connection with the closing of the Loan, to Borrower’s knowledge, Mortgage Borrower has obtained all material Permits, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(b) The Except as set forth on Schedule VII, the Property and the present and contemplated use and occupancy thereof are are, to Borrower’s knowledge, in full compliance in all material respects with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and other similar Legal Requirements.
(c) The Property is served by all utilities required for the current or contemplated use thereof. All To Borrower’s knowledge, all utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(d) All To Borrower’s knowledge, all public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Mortgage Borrower and any subsequent owners of the Property.
(e) The Property is served by public water and sewer systems.
(f) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualtycasualty (other than to a de minimis extent and which could not reasonably be expected to have a Material Adverse Effect). The Except as shown on any reports delivered by Borrower to Lender or obtained by Lender, in each case in connection with the closing of the Loan, to Borrower’s knowledge, the Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, septic and sewer systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order operating condition and repair in all material respects; to Borrower’s knowledge, there exists exist no structural or other material latent defects or damages in the Property, whether latent or otherwise, and neither Mortgage Borrower nor Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(g) All To Borrower’s knowledge, all material costs and material expenses of any and all labor, materials, supplies and equipment used due and payable (other than expenses due and payable in the ordinary course of Mortgage Borrower’s current monthly payment cycle) in the construction of the Improvements have been paid in full. There To Borrower’s knowledge, there are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and and, to Borrower’s knowledge, no rights are outstanding that under applicable Legal Requirements could give rise to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrument. The parties agree that any time the representations made in this clause (g) are re-made (or deemed to have been re-made) by Borrower, such representations by Borrower shall be deemed to have excepted (i) any such costs and expenses that are being contested in good faith in accordance with (and subject to the terms and conditions of) Section 4.16(b) hereof and (ii) inchoate mechanic’s liens that may be asserted in connection with work recently completed and for which the statutory lien period has not expired.
(h) Mortgage Borrower has paid in full for, and is the owner or lessee of, all furnishings, fixtures and equipment (other than Tenants’ propertyproperty or the property subject to a Permitted Equipment Lease) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this the Mortgage Loan Agreement, the Mortgage Note, the Security Instrument and the other Mortgage Loan DocumentsDocuments and other security interests, liens and encumbrances permitted pursuant to the Mortgage Loan Agreement.
(i) All liquid and solid waste disposal, septic and sewer systems located on the Property are in a good and safe condition and repair and in compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow lands.
(kj) All Except as disclosed on the Surveys, all the Improvements lie within the boundaries of the Land and any building restriction lines applicable to the Land.
(lk) To Except as expressly disclosed on the Title Insurance Policy, to Borrower’s knowledge after due inquiryknowledge, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
(l) Neither Mortgage Borrower nor Borrower has (i) made, ordered or contracted for any construction, repairs, alterations or improvements to be made on or to the Property which have not been completed and paid for in full, (ii) ordered materials for any such construction, repairs, alterations or improvements which have not been paid for in full or (iii) attached any fixtures to the Property which have not been paid for in full, in each case other than expenses which (1) are due and payable in the ordinary course of Mortgage Borrower’s current monthly payment cycle, (2) will be paid in the ordinary course of Mortgage Borrower’s current monthly payment cycle and (3) if unpaid, would not and could not result in Material Adverse Effect. To Borrower’s knowledge, there is no such construction, repairs, alterations or improvements ongoing at the Property as of the Closing Date. To Borrower’s knowledge, there are no outstanding or disputed claims for any Work Charges and there are no outstanding liens or security interests in connection with any Work Charges.
(m) Neither Borrower nor Mortgage Borrower has any direct employees. All other personnel employed at or in connection with the Property are the direct employees of Manager or its Affiliates.
Appears in 1 contract
Samples: Mezzanine Loan Agreement (Brookfield DTLA Fund Office Trust Investor Inc.)
Status of Property. (a) No portion of the Improvements is located in an area identified by the Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended, or any successor law, or, if located within any such area, Borrower has obtained and will maintain the insurance prescribed in Section 3.2 hereof.
(b) Borrower has obtained all Permitsnecessary certificates, permits, certificates of incorporation, licenses and other approvals, governmental and otherwise, necessary for the use, occupancy and operation of the Property and the conduct of the business as a hotel (including, without limitation, any applicable liquor license, certificates of completion and certificates of occupancy) and all required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modificationmodification (collectively, the "LICENSES").
(bc) The Property and the present and contemplated use and occupancy thereof are to the best knowledge of Borrower in full compliance with all applicable Applicable Laws, including, without limitation, zoning ordinances, building codes, land use and environmental laws, Environmental Laws laws relating to the disabled (including, but not limited to, the ADA) and other similar Legal Requirementslaws.
(cd) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(de) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(ef) The Property is served by public water and sewer systems.
(fg) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualty. The PropertyThere is no pending or, includingto the best knowledge of Borrower, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in threatened condemnation proceedings affecting the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, Property or any part portion thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(gh) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full. There are full and no notice of any mechanics’ ' or similar materialmen's liens or of any claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise of right to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrumentliens have been received.
(hi) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenants’ tenants' property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, pursuant to the Note, the Security Instrument Loan Documents and the other Loan Documentslien of MetLife Capital Corporation in certain personal property financed by it.
(ij) All liquid and solid waste disposal, septic and sewer systems located on the Property are to the best knowledge of Borrower in a good and safe condition and repair and in compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow landsApplicable Laws.
(k) All the Improvements lie within the boundaries boundary of the Land and any building restriction lines applicable to Land, except for such encroachments shown in the Landtitle insurance policy insuring the lien of this Security Instrument or on the survey which is incorporated into said title insurance policy.
(l) To Borrower’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (Westcoast Hospitality Corp)
Status of Property. (a) No portion of the Improvements is located in an area identified by the Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended, or any successor law, or, if located within any such area. Borrower has obtained and will maintain the insurance prescribed in Section 3.2 hereof.
(b) Borrower has obtained all Permitsnecessary certificates, permits, licenses any other approvals, governmental and otherwise, necessary for the use, occupancy and operation of the Property and the conduct of its business (including, without limitation, certificates of completion and certificates of occupancy) and all required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(bc) The Property and the present and contemplated use and occupancy thereof are to the best knowledge of Borrower in full compliance with all applicable Applicable Laws, including, without limitation, zoning ordinances, building codes, land use and environmental laws, Environmental Laws laws relating to the disabled (including, but not limited to the ADA) and other similar Legal Requirementslaws.
(cd) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(de) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(ef) The Property is served by public water and sewer systems.
(fg) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualty. The PropertyThere is no pending or to the best knowledge of Borrower, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in threatened condemnation proceedings affecting the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, Property or any part portion thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(gh) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full. There are full and no mechanics’ JPMORGAN CHASE BANK notice of any mechanics or similar materialmen's liens or of any claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise of right to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrumentliens have been received.
(hi) Borrower has paid in full for, for and is the owner of, of all furnishings, fixtures and equipment (other than Tenants’ tenants property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documentshereby.
(ij) All liquid and solid waste disposal, septic and sewer systems located on the Property are to the best knowledge of Borrower in a good and safe condition and repair and in compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow landsApplicable Laws.
(k) All the Improvements lie within the boundaries boundary of the Land and any building restriction lines applicable to the Land.
(l) To Borrower’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (First Potomac Realty Trust)
Status of Property. (a) No portion of the Improvements is located in an area identified by the Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended, or any successor law, or, if located within any such area, Borrower has obtained and will maintain the insurance prescribed in Section 3.2 hereof.
(b) To the best of Borrower's knowledge, Borrower has obtained all Permitsnecessary certificates, permits, licenses and other approvals, governmental and otherwise, necessary for the use, occupancy and operation of the Property and the conduct of its business (including, without limitation, certificates of completion and certificates of occupancy) and all required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(bc) The Property and the present and contemplated use and occupancy thereof are to the best knowledge of Borrower in full compliance with all applicable Applicable Laws, including, without limitation, zoning ordinances, building codes, land use and environmental laws, Environmental Laws laws relating to the disabled (including, but not limited to, the ADA) and other similar Legal Requirementslaws.
(cd) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(de) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(ef) The Property is served by public water and sewer systems.
(fg) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualty. The PropertyThere is no pending or, includingto the best knowledge of Borrower, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in threatened condemnation proceedings affecting the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, Property or any part portion thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(gh) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full. There are full and no notice of any mechanics’ ' or similar materialmen's liens or of any claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise of right to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrumentliens have been received.
(hi) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenants’ tenants' property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documentshereby.
(ij) All liquid and solid waste disposal, septic and sewer systems located on the Property are to the best knowledge of Borrower in a good and safe condition and repair and in compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow landsApplicable Laws.
(k) All the Improvements lie within the boundaries boundary of the Land and any building restriction lines applicable to the Land.
(l) To Borrower’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
Appears in 1 contract
Samples: Open End Mortgage and Security Agreement (First Union Real Estate Equity & Mortgage Investments)
Status of Property. (a) No portion of the Improvements is located in an area identified by the Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts or, if any portion of the Improvements is located within such area, Borrower has obtained and will maintain the insurance prescribed in Section 3.3 hereof.
(b) To the best of Borrower's knowledge, after due inquiry and investigation, Borrower has obtained all Permitsnecessary certificates, licenses and other approvals, governmental and otherwise, necessary for Borrower's operation of the Property and the conduct of its business and all required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modificationhereof.
(bc) The Property To the best of Borrower's knowledge, after due inquiry and the present and contemplated use and occupancy thereof investigation, there are in full compliance with all no violations of any applicable zoning ordinances, building codes, land use laws, and Environmental Laws and or other similar Legal Requirementslaws applicable to the Property or the use and occupancy thereof which would have a material adverse effect on the value, operation or net operating income of the Property.
(cd) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities (except that electrical service is provided by an on-site electrical plant) and the Property has accepted or is equipped to accept such utility service.
(de) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(ef) The Property is served by public water and sewer systems.
(fg) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualty. The Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(gh) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction or maintenance of the Improvements are not delinquent in payment and all payment and other obligations required to be paid to or performed by Borrower (or its predecessors) on behalf of Macy's Inc. in connection with the renovation obligations under that certain Amended and Restated Construction Operation and Reciprocal Easement Agreement ("CORXX") dated as of June 18, 1998 by and among Macy's Kings Plaza Real Estate, Inc. ("MACY'S"), Alexander's Kings Plaza Center, Inc. ("AKPC") and Alexander's Department Stores of Brooklyn, Inc. ("ADSB") and/or Supplemental Agreement dated June 18, 1998 by and among Macy's, AKPC and ADSB have been paid in full. There are no mechanics’ full or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrumentperformed.
(hi) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenants’ tenants' property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documentshereby.
(ij) All liquid and solid waste disposal, septic and sewer systems located on the Property are in a good and safe condition and repair and in material compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow landsApplicable Laws.
(k) All the Improvements lie within the boundaries of the Land and any building restriction lines applicable to the Land.
(l) To Borrower’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
Appears in 1 contract
Status of Property. (a) To Borrower’s knowledge, each of Mortgage Borrower and/or Borrower (as applicable) has obtained all Permitsnecessary certificates, licenses and other approvals, governmental and otherwise, necessary for the operation of the Property and the conduct of its business and all required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not presently subject to revocation, suspension, forfeiture or modification.
(b) The To Borrower’s knowledge, the Property and the present and contemplated use and occupancy thereof are in full material compliance with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and other similar Legal RequirementsApplicable Law.
(c) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(d) The Property is served by public water and sewer systems.
(e) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Mortgage Borrower and any subsequent owners of the Property.
(ef) The Property is served by public water and sewer systems.
(f) Except as otherwise disclosed in writing to Lender, the Property is free from damage caused by fire or other casualty. The Except for any matters disclosed in the property condition report delivered to Lender with respect to the Property, to Borrower’s knowledge, the Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in the Property, whether latent or otherwise, and neither Mortgage Borrower nor Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(g) All To Borrower’s knowledge, all costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full. There To Borrower’s knowledge, there are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements Applicable Law could give rise to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrument.
(h) Mortgage Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenants’ property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this the Pledge Agreement, the Noteother Loan Documents, the Security Instrument and the other Mortgage Loan Documents.
(i) All To Borrower’s knowledge, all liquid and solid waste disposal, septic and sewer systems located on the Property are in a good and safe condition and repair and in compliance with all Legal RequirementsApplicable Law.
(j) Except as expressly disclosed on the Survey, no No portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance ActsActs or, if any portion of the Improvements is located within such area, Mortgage Borrower has obtained and will maintain the insurance prescribed in Section 7.1(a) of the Mortgage Loan Agreement. No To Borrower’s knowledge, no part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow lands.
(k) All Except as may be shown on the survey of the Property delivered to Lender in connection with the Loan, all the Improvements lie within the boundaries of the Land and any building restriction lines applicable to the Land.
(l) To Borrower’s knowledge after due inquiryknowledge, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated public improvements to the Property that may result in such special or other assessments.
Appears in 1 contract
Samples: Mezzanine Loan Agreement (Cole Corporate Income Trust, Inc.)
Status of Property. (a) Borrower has obtained all Permitsnecessary certificates, licenses, permits and other approvals, governmental and otherwise, necessary for the ownership and operation of the Property and the conduct of its business (collectively, “Licenses”) and all required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modificationmodification based upon any facts known to Borrower.
(b) The Except as disclosed in a written zoning report delivered to Lender prior to the date hereof, the Property and the present and contemplated use and occupancy thereof are in full compliance with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and other similar Legal RequirementsApplicable Law.
(c) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service. The Property is served by public water and sewer systems.
(d) All Except as disclosed in the survey of the Property delivered to Lender in connection with the Loan (i) all public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather completed and are physically and legally open for use by the public. The , and (ii) the Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(e) The Property is served by public water and sewer systems.
(f) Except as otherwise disclosed in writing to Lender, the Property is free from damage caused by fire or other casualty. The Except as disclosed in the Physical Conditions Report (i) the Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects, subject to normal wear and usage; and (ii) there exists no structural or other material defects or damages in the Property, whether latent or otherwise, and . Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(gf) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full. There are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements Applicable Law could give rise to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrument.
(hg) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenants’ property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documents.
(ih) All Except as disclosed in the Physical Conditions Report, all liquid and solid waste disposal, septic and sewer systems located on the Property are in a good and safe condition and repair and in compliance with all Legal RequirementsApplicable Law.
(ji) Except as expressly disclosed on the Survey, no No portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance ActsActs or, if any portion of the Improvements is located within such area, Borrower has obtained and will maintain the insurance prescribed in Section 7.1(a) hereof. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow lands.
(kj) All Except for encroachments that are insured against pursuant to the Title Insurance Policy or otherwise do not cause a Material Adverse Effect, all the Improvements lie within the boundaries of the Land and any building restriction lines applicable to the LandLand and no improvements on adjoining properties encroach onto the Property.
(lk) To Borrower’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
Appears in 1 contract
Status of Property. (a) Borrower has obtained all Permitsmaterial certificates, licenses and other approvals, governmental and otherwise, necessary for the operation of the Property and the conduct of its business and all required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full flu force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(b) The Property and the present and contemplated use and occupancy thereof are in full compliance compliance, in all material respects, with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and other similar Legal Requirementslaws.
(c) The Property is served by all utilities required for the current or currently contemplated use thereof. thereof All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(d) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(e) The Property is served by public water and sewer systems.
(f) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualty. The Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(g) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements that are due and payable have been paid in full. There are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrument.
(h) Borrower has paid in full for, and is the owner of, ; all furnishings, fixtures and equipment (other than Tenants’ property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreementhereby, the Note, the Security Instrument and the other Loan Documentsexcept for Permitted Exceptions.
(i) All liquid and solid waste disposal, septic and sewer systems located on the Property are in a good and safe condition and repair and in compliance (in all material respects) with all Legal RequirementsApplicable Laws.
(j) Except as expressly disclosed on the Survey, no No portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part Acts or, if any portion of the Property consists of or Improvements is classified as wetlandslocated within such area, tidelands or swamp Borrower has obtained and overflow landswill maintain the insurance prescribed in Section 3.3(a) (vii) hereof.
(k) All the Improvements lie within the boundaries of the Land and any building restriction lines applicable to the Land.
(l) To Borrower’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there The Property is presently not subject to any contemplated improvements to the Property that may result in such special or other assessmentsLeases.
Appears in 1 contract
Status of Property. (a) Borrower has obtained all Permitsmaterial certificates, licenses and other approvals, governmental and otherwise, necessary for the operation of the Property and the conduct of its business and all required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(b) The Property and the present and contemplated use and occupancy thereof are in full compliance compliance, in all material respects, with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and other similar Legal Requirementslaws.
(c) The Property is served by all utilities required for the current or currently contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(d) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(e) The Property is served by public water and sewer systems.
(f) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualty. The Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(g) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements that are due and payable have been paid in full. There are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrument.
(h) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenants’ property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreementhereby, the Note, the Security Instrument and the other Loan Documentsexcept for Permitted Exceptions.
(i) All liquid and solid waste disposal, septic and sewer systems located on the Property are in a good and safe condition and repair and in compliance (in all material respects) with all Legal RequirementsApplicable Laws.
(j) Except as expressly disclosed on the Survey, no No portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part Acts or, if any portion of the Property consists of or Improvements is classified as wetlandslocated within such area, tidelands or swamp Borrower has obtained and overflow landswill maintain the insurance prescribed in Section 3.3(a) (vii) hereof.
(k) All the Improvements lie within the boundaries of the Land and any building restriction lines applicable to the Land.
(l) To Borrower’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there The Property is presently not subject to any contemplated improvements to the Property that may result in such special or other assessmentsLeases.
Appears in 1 contract
Status of Property. (a) To Borrower's Knowledge, Borrower has obtained all Permits, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification. There is no evidence of any illegal activities relating to controlled substances on the Property.
(b) The To Borrower's Knowledge, the Property and the present and contemplated use and occupancy thereof are in full compliance with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and other similar Legal Requirements.
(c) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.. LOAN AGREEMENT – Page 44 41458-112/Patuxent Crossing (MD) and Coliseum Marketplace (VA)
(d) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(e) The Property is served by public water and sewer systems.
(f) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualty. The Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; to Borrower's Knowledge, there exists no structural or other material defects or damages in the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(g) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full. There are no mechanics’ ' or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrument.
(h) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenants’ ' property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documents.
(i) All liquid and solid waste disposal, septic and sewer systems located on the Property are in a good and safe condition and repair and in compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow lands.
(k) All the Improvements lie within the boundaries of the Land and any building restriction lines applicable to the Land.
(l) To Borrower’s knowledge after due inquiry's Knowledge, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments. LOAN AGREEMENT – Page 45 41458-112/Patuxent Crossing (MD) and Coliseum Marketplace (VA)
(m) Borrower has not (i) made, ordered or contracted for any construction, repairs, alterations or improvements to be made on or to the Property which have not been completed and paid for in full, (ii) ordered materials for any such construction, repairs, alterations or improvements which have not been paid for in full or (iii) attached any fixtures to the Property which have not been paid for in full. There is no such construction, repairs, alterations or improvements ongoing at the Property as of the Closing Date. There are no outstanding or disputed claims for any Work Charges and there are no outstanding liens or security interests in connection with any Work Charges.
(n) Borrower has no direct employees. All personnel employed at or in connection with the Property are the direct employees of Manager.
Appears in 1 contract
Status of Property. (a) No portion of the Improvements is located in an area identified by the Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended, or any successor law, or, if located within any such area, Borrower has obtained and will maintain the insurance prescribed in Section 3.2 hereof.
(b) Borrower has obtained all Permitsnecessary certificates, permits, licenses and other approvals, governmental and otherwise, necessary for the use, occupancy and operation of the Property and the conduct of its business (including, without limitation, certificates of completion and certificates of occupancy) and all required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and to its knowledge not subject to revocation, suspension, forfeiture or modification.
(bc) The Property and the present and contemplated use and occupancy thereof are to the best knowledge of Borrower in full compliance with all applicable Applicable Laws, including, without limitation, zoning ordinances, building codes, land use and environmental laws, Environmental Laws laws relating to the disabled (including, but not limited to, the ADA) and other similar Legal Requirementslaws, except as disclosed in the title report (including municipal searches therein) prepared by Chicago Title Insurance Company for the benefit of Lender in connection with the Loan.
(cd) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(de) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(ef) The Property is served by public water and sewer systems.
(fg) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualty. The PropertyThere is no pending or, includingto the best knowledge of Borrower, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in threatened condemnation proceedings affecting the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, Property or any part portion thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(gh) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full. There are full and no notice of any mechanics’ or similar materialmen’s liens or of any claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise of right to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrumentliens have been received.
(hi) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenantstenants’ property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documentshereby.
(ij) All liquid and solid waste disposal, septic and sewer systems located on the Property are to the best knowledge of Borrower in a good and safe condition and repair and in compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow landsApplicable Laws.
(k) All the Improvements lie within the boundaries boundary of the Land and any building restriction lines applicable to the Land.
(l) To or Borrower’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting title company provides affirmative insurance of same in favor of the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessmentsLender.
Appears in 1 contract
Status of Property. (a) Except as otherwise set forth in any zoning report delivered to Lender in connection with the closing of the Loan (the “Zoning Report”), to Xxxxxxxx’s knowledge, Borrower has obtained all Permitsmaterial Permits required for the operation of the Individual Properties, all of which are in full force and effect as of the date hereof and and, to Xxxxxxxx’s knowledge, not subject to revocation, suspension, forfeiture or modification.
(b) The Except as otherwise set forth in any Zoning Report, Title Insurance Policy, tenant estoppel certificate or other third party report delivered to Lender in connection with the Loan, each Individual Property and the present and contemplated use and occupancy thereof are are, to Borrower’s knowledge, in full compliance in all material respects with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and other similar Legal Requirements.
(c) The Each Individual Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(d) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completedTo Borrower’s knowledge, are serviceable and all-weather and are physically and legally open for use by the public. The each Individual Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the applicable Individual Property.
(e) The Property is served by public water and sewer systems.
(f) Except as otherwise disclosed in writing to Lender, the Each Individual Property is free from damage caused by fire or other casualty. The To Borrower’s knowledge, except as set forth in the tenant estoppels, property condition reports and environmental site assessments delivered in connection with the closing of the Loan, the Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in the Property, whether latent or otherwise, and Borrower has except as could not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or be reasonably expected to cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bonda Material Adverse Effect.
(gf) All Except as set forth in any property condition report or tenant estoppel certificate delivered in connection with the closing of the Loan, all costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in fullfull or, to the extent not yet due and payable, will be paid in full in the ordinary course of Borrower’s business in accordance with the terms and conditions of the Loan Documents. There To Borrower’s knowledge, except as set forth in the Title Insurance Policy, there are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and and, to Borrower’s knowledge, no rights are outstanding that under applicable Legal Requirements could give rise to any such liens) affecting the Property or the Collateral which are or may be prior to or equal to the lien of the Security Instrument. The parties hereby agree that any time the representations made in this clause (f) are re-made (or deemed to have been re-made) by Borrower, such representations by Borrower shall be deemed to have excepted any costs and expenses that are being contested in good faith in accordance with Section 4.16(b) hereof.
(hg) Except for any Improvements or fixtures owned by Tenants under Leases, Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenants’ propertyproperty and Permitted Equipment Leases) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan DocumentsDocuments and other security interests, liens and encumbrances permitted pursuant to this Agreement.
(ih) All To Borrower’s knowledge and except as set forth in any environmental condition report and/or property condition report delivered to Lender in connection with the closing of the Loan, all liquid and solid waste disposal, septic and sewer systems located on the Property are in a good and safe condition and repair and in compliance with all Legal Requirements.
(ji) Except as expressly disclosed on the Survey, to Xxxxxxxx’s knowledge, no portion of the Improvements on any Individual Property is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No Except as expressly disclosed on the Survey and except as set forth on Schedule 3.12(i), to Borrower’s knowledge, no part of the any Individual Property consists of or is classified as wetlands, tidelands or swamp and overflow lands.
(kj) All To Borrower’s knowledge, except as disclosed on the Survey or in the Title Insurance Policy, all the Improvements on any Individual Property lie within the boundaries of the Land and any building restriction lines applicable to the Land.
(lk) To Borrower’s knowledge after due inquiryand except as set forth in the Title Insurance Policies, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the any Individual Property, nor are there any contemplated improvements to the any Individual Property that may result in such special or other assessments.
(l) Except as set forth on Schedule 4.26, Borrower has not (i) made, ordered or contracted for any construction, repairs, alterations or improvements to be made on or to the Property which have not been completed and paid for in full or, to the extent not yet due and payable, will not be paid in full in the ordinary course in accordance with the terms and conditions of the Loan Documents, (ii) ordered materials for any such construction, repairs, alterations or improvements which have not been paid for in full or, to the extent not yet due and payable, will not be paid in full in the ordinary course in accordance with the terms and conditions of the Loan Documents or (iii) attached any fixtures to the Property which have not been paid for in full or, to the extent not yet due and payable, will not be paid in full in the ordinary course of Borrower’s business in accordance with the terms and conditions of the Loan Documents. Except for the Unfunded Obligations and the Immediate Repairs, to Xxxxxxxx’s knowledge, there is no such construction, repairs, alterations or improvements ongoing at the Property that have not been paid for as of the Closing Date. To Borrower’s knowledge, there are no outstanding or disputed claims for any Work Charges and there are no outstanding liens or security interests in connection with any Work Charges that are not covered by the Title Insurance Policy.
(m) The property address of each unit of each Individual Property is set forth on Schedule 1.1(b) attached hereto.
(n) Borrower has no direct employees. All other personnel employed at or in connection with the Property are the direct employees of Manager or its Affiliates (other than Borrower).
Appears in 1 contract
Samples: Loan Agreement (SITE Centers Corp.)
Status of Property. (a) No portion of the Improvements is located in an area identified by the Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended, or any successor law, or, if located within any such area, Borrower has obtained and will maintain the insurance prescribed in Section 3.2 hereof.
(b) Borrower has obtained all Permitsnecessary certificates, permits, licenses and other approvals, governmental and otherwise, necessary for the use, occupancy and operation of the Property and the conduct of its business (including, without limitation, certificates of completion and certificates of occupancy) and all required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(bc) The Property and the present and contemplated use and occupancy thereof are to the best knowledge of Borrower in full compliance with all applicable Applicable Laws, including without limitation, zoning ordinances, building codes, land use and environmental laws, Environmental Laws laws relating to the disabled (including, but not limited to, the ADA) and other similar Legal Requirementslaws.
(cd) The Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(de) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(ef) The Property is served by public water and sewer systems.
(fg) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualty. The PropertyThere are no pending or, includingto the best knowledge of Borrower, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in threatened condemnation proceedings affecting the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, Property or any part portion thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(gh) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full. There are full and no notice of any mechanics’ ' or similar materialmen's liens or of any claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise of right to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrumentliens have been received.
(hi) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenants’ tenants' property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documentshereby.
(ij) All liquid and solid waste disposal, septic and sewer systems located on the Property are to the best knowledge of Borrower in a good and safe condition and repair and in compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow landsApplicable Laws.
(k) All the Improvements lie within the boundaries boundary of the Land and any building restriction lines applicable to the Land.
(l) To Borrower’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
Appears in 1 contract
Status of Property. (a) The Land and Improvements are not located in an area identified by the Secretary of Housing and Urban Development, or any successor, as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973, or the National Flood Insurance Reform Act of 1994, as each have been or may be amended, or any successor law (collectively, the “Flood Acts”) or, if located within any such area, Borrower has obtained and will maintain the insurance prescribed in Section 3.06 below.
(b) Borrower has all Permitsnecessary (i) certificates, licenses, and other approvals, governmental and otherwise, for the operation of the Property and the conduct of its business and (ii) zoning, building code, land use, environmental and other similar permits or approvals, all of which are currently in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture forfeiture, or modification.
(b) . The Property and the present and contemplated its use and occupancy thereof are is in full compliance with all applicable zoning ordinances, building codes, land use laws, Environmental Laws and other similar Legal RequirementsBorrower has received no notice of any violation or potential violation of the Laws which has not been remedied or satisfied.
(c) The Property is served by all utilities (including water and sewer) required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility serviceits use.
(d) All public roads and streets necessary for service of and access to serve the Property for the current or contemplated its use thereof have been completed, are serviceable serviceable, are legally open, and all-weather have been either dedicated to and are physically and legally open for use accepted by the public. The Property has either direct access to such public roads appropriate governmental entities or streets or access to such public roads or streets granted by virtue of a perpetual recorded easement or similar agreement inuring in favor right of Borrower and any subsequent owners of the Propertyway.
(e) The Property is served by public water and sewer systems.
(f) Except as otherwise disclosed in writing to Lender, the Property is free from damage caused by fire or other casualty. The Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(gf) All costs and expenses of any and all for labor, materials, supplies supplies, and equipment used in the construction of the Improvements have been paid in full. There are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrument.
(hg) Borrower or Operating Lessee owns and has paid in full for, and is or leases pursuant to the owner ofCapital Leases, all furnishings, fixtures fixtures, and equipment (other than Tenants’ propertyproperty (which term “Tenant” shall not include Operating Lessee for purposes of this section) used in connection with the operation of the Property, free and clear of any and all security interests, liens liens, or encumbrances, encumbrances except the lien Permitted Encumbrances, the Capital Leases, and security interest those created by this Agreement, the Note, the Security Instrument and the other Loan DocumentsInstrument.
(ih) All liquid The Property is assessed for real estate tax purposes as one or more wholly independent tax lot(s), separate from any adjoining land or improvements and solid waste disposal, septic no other land or improvements is assessed and sewer systems located on the Property are in a good and safe condition and repair and in compliance taxed together with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow lands.
(k) All the Improvements lie within the boundaries of the Land and any building restriction lines applicable to the Land.
(l) To Borrower’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
Appears in 1 contract
Samples: Multi State Mortgage and Security Agreement (CNL Hotels & Resorts, Inc.)
Status of Property. (a) No portion of the Improvements is located in an area identified by the Secretary of Housing and Urban Development or any successor thereto as an area having special flood hazards pursuant to the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended, or any successor law, or, if located within any such area, Borrower has obtained and will maintain the insurance prescribed in Section 3.3(a)(i)(y) hereof.
(b) To Borrower's best knowledge, Borrower has obtained all Permitsnecessary certificates, licenses and other approvals, governmental, judicial and otherwise, necessary for the operation of the Property and the conduct of its business and all required zoning, building code, land use, environmental and other similar permits or approvals, all of which are in full force and effect as of the date hereof and not subject to revocation, suspension, forfeiture or modification.
(bc) The To Borrower's best knowledge, and except as disclosed in the engineering report obtained by Lender in connection with this Security Instrument, the Property and the present and contemplated use and occupancy thereof are in full compliance with all applicable Applicable Laws, including, without limitation, zoning ordinances, building codes, land use and environmental laws, Environmental Laws laws relating to the disabled (including, but not limited to, the ADA) and other similar Legal Requirementslaws.
(cd) The To Borrower's best knowledge, and except as disclosed in the engineering report obtained by Lender in connection with this Security Instrument, the Property is served by all utilities required for the current or contemplated use thereof. All utility service is provided by public utilities and the Property has accepted or is equipped to accept such utility service.
(de) All public roads and streets necessary for service of and access to the Property for the current or contemplated use thereof have been completed, are serviceable and all-weather and are physically and legally open for use by the public. The Property has either direct access to such public roads or streets or access to such public roads or streets by virtue of a perpetual easement or similar agreement inuring in favor of Borrower and any subsequent owners of the Property.
(ef) The Property is served by public water and sewer systems.
(fg) Except as otherwise disclosed in writing to Lender, the The Property is free from damage caused by fire or other casualty. The Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
(gh) All costs and expenses of any and all labor, materials, supplies and equipment used in the construction of the Improvements have been paid in full. There are no mechanics’ or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under applicable Legal Requirements could give rise to any such liens) affecting the Property which are or may be prior to or equal to the lien of the Security Instrument.
(hi) Borrower has paid in full for, and is the owner of, all furnishings, fixtures and equipment (other than Tenants’ tenants' property) used in connection with the operation of the Property, free and clear of any and all security interests, liens or encumbrances, except the lien and security interest created by this Agreement, the Note, the Security Instrument and the other Loan Documentshereby.
(ij) All To Borrower's best knowledge, all liquid and solid waste disposal, septic and sewer systems located on the Property are in a good and safe condition and repair and in compliance with all Legal Requirements.
(j) Except as expressly disclosed on the Survey, no portion of the Improvements is located in an area identified by the Federal Emergency Management Agency or any successor thereto as an area having special flood hazards pursuant to the Flood Insurance Acts. No part of the Property consists of or is classified as wetlands, tidelands or swamp and overflow landsApplicable Laws.
(k) All Except as disclosed in the surveys delivered to Lender by Borrower in connection with this Security Instrument, all Improvements lie within the boundaries boundary of the Land and any building restriction lines applicable to the Land.
(l) To Borrower’s knowledge after due inquiry, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may result in such special or other assessments.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Wellsford Real Properties Inc)
