Common use of Initial Collateral Properties Clause in Contracts

Initial Collateral Properties. As of the Agreement Effective Date, Schedule 1 is a correct and complete list of all Qualifying Collateral Pool Properties. (a) Each of the Qualifying Collateral Pool Properties is not located in an area that has been identified by the Secretary of Housing and Urban Development as an area having special flood hazards and in which flood insurance has been made available under 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, the applicable Subsidiary Guarantor has obtained and will maintain through the Facility Termination Date the insurance prescribed in Section 5.17 hereof. (b) To the Borrower’s knowledge, each of the Qualifying Collateral Pool Properties and the present use and occupancy thereof are in material compliance with all material zoning ordinances (without reliance upon adjoining or other properties), building codes, land use and Environmental Laws, and other similar laws (“Applicable Laws”). (c) Each of the Qualifying Collateral Pool Properties is served by all utilities required for the current or contemplated use thereof. Each of the Qualifying Collateral Pool Properties has accepted or is equipped to accept such utility service. (d) All public roads and streets necessary for service of and access to each of the Qualifying Collateral Pool Properties for the current or contemplated use thereof have been completed, and are open for use by the public, or appropriate insured private easements are in place. (e) Borrower is not aware of any material latent or patent structural or other significant deficiency of the Qualifying Collateral Pool Properties. Each of the Qualifying Collateral Pool Properties is free of damage and waste that would materially and adversely affect the value of the Qualifying Collateral Pool Properties, is in good repair and to Borrower’s knowledge there is no deferred maintenance other than ordinary wear and tear. Each of the Qualifying Collateral Pool Properties is free from damage caused by fire or other casualty. (f) To Borrower’s knowledge, all liquid and solid waste disposal, septic and sewer systems located on the Qualifying Collateral Pool Properties are in a good and safe condition and repair and to Borrower’s knowledge, in material compliance with all Applicable Laws with respect to such systems. (g) All improvements on the Qualifying Collateral Pool Properties lie within the boundaries and building restrictions of the legal description of record of Qualifying Collateral Pool Properties, no improvements encroach upon easements benefiting the Qualifying Collateral Pool Properties other than encroachments that do not materially adversely affect the use or occupancy of the Qualifying Collateral Pool Properties and no improvements on adjoining properties encroach upon the Qualifying Collateral Pool Properties or easements benefiting the Qualifying Collateral Pool Properties other than encroachments that do not materially adversely affect the use or occupancy of the Qualifying Collateral Pool Properties. (h) All Leases are in full force and effect. Neither Borrower nor any Subsidiary Guarantor is in material default under any Lease at a Qualifying Collateral Pool Property which demises more than five percent (5%) of the total gross leaseable or net rentable area of the related Project, and Borrower has disclosed to the Administrative Agent in writing any material default, by any other party of which Borrower has knowledge, under any such Lease. (i) There are no material delinquent taxes, ground rents, water charges, sewer rents, assessments, insurance premiums, leasehold payments, or other outstanding charges affecting the Qualifying Collateral Pool Properties except to the extent such items are being contested in good faith and as to which adequate reserves have been provided, except that certain income tax returns of Borrower, Parent or any Subsidiary thereof may be on extension. Each of the Qualifying Collateral Pool Properties is taxed separately without regard to any other property not included in the Qualifying Collateral Pool Properties and for all purposes each of the various contiguous components of the Qualifying Collateral Pool Properties. (j) No condemnation proceeding or eminent domain action is pending or threatened against any of the Qualifying Collateral Pool Properties which would impair the use, sale or occupancy of such Qualifying Collateral Pool Property (or any portion thereof) in any material manner. (k) Each of the Qualifying Collateral Pool Properties is not, nor is any direct or indirect interest of the Borrower or any Subsidiary therein, subject to any Lien other than Permitted Liens set forth in clauses (i) through (iv) of Section 6.16 or to any Negative Pledge (other than the Liens and Negative Pledges created pursuant to this Agreement to secure the obligations of the Borrower and the Subsidiary Guarantors).

Initial Collateral Properties. As of the Agreement Amendment Effective Date, Schedule 1 is a correct and complete list of all Qualifying Initial Collateral Pool Properties. (a) Each of the Qualifying Initial Collateral Pool Properties is not located in an area that has been identified by the Secretary of Housing and Urban Development as an area having special flood hazards and in which flood insurance has been made available under 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, the applicable Subsidiary Guarantor has obtained and will maintain through the Facility Termination Date the insurance prescribed in Section 5.17 hereof. (b) To the Borrower’s knowledge, each of the Qualifying Initial Collateral Pool Properties and the present use and occupancy thereof are in material compliance with all material zoning ordinances (without reliance upon adjoining or other properties), building codes, land use and Environmental Laws, and other similar laws (“Applicable Laws”). (c) Each of the Qualifying Initial Collateral Pool Properties is served by all utilities required for the current or contemplated use thereof. Each of the Qualifying Initial Collateral Pool Properties has accepted or is equipped to accept such utility service. (d) All public roads and streets necessary for service of and access to each of the Qualifying Initial Collateral Pool Properties for the current or contemplated use thereof have been completed, and are open for use by the public, or appropriate insured private easements are in place. (e) Borrower is not aware of any material latent or patent structural or other significant deficiency of the Qualifying Initial Collateral Pool Properties. Each of the Qualifying Initial Collateral Pool Properties is free of damage and waste that would materially and adversely affect the value of the Qualifying Initial Collateral Pool Properties, is in good repair and to Borrower’s knowledge there is no deferred maintenance other than ordinary wear and tear. Each of the Qualifying Initial Collateral Pool Properties is free from damage caused by fire or other casualty. (f) To Borrower’s knowledge, all liquid and solid waste disposal, septic and sewer systems located on the Qualifying Initial Collateral Pool Properties are in a good and safe condition and repair and to Borrower’s knowledge, in material compliance with all Applicable Laws with respect to such systems. (g) All improvements on the Qualifying Initial Collateral Pool Properties lie within the boundaries and building restrictions of the legal description of record of Qualifying Initial Collateral Pool Properties, no improvements encroach upon easements benefiting the Qualifying Initial Collateral Pool Properties other than encroachments that do not materially adversely affect the use or occupancy of the Qualifying Initial Collateral Pool Properties and no improvements on adjoining properties encroach upon the Qualifying Initial Collateral Pool Properties or easements benefiting the Qualifying Initial Collateral Pool Properties other than encroachments that do not materially adversely affect the use or occupancy of the Qualifying Initial Collateral Pool Properties. (h) All Leases are in full force and effect. Neither Borrower nor any Subsidiary Guarantor is not in material default under any Lease at a Qualifying Collateral Pool Property and Borrower has disclosed to Lenders in writing any material default, of which Borrower has knowledge, under any Lease which demises more than five percent (5%) of the total gross leaseable or net rentable area of the related Project, and Borrower has disclosed to the Administrative Agent in writing any material default, by any other party of which Borrower has knowledge, under any such Lease. (i) There are no material delinquent taxes, ground rents, water charges, sewer rents, assessments, insurance premiums, leasehold payments, or other outstanding charges affecting the Qualifying Initial Collateral Pool Properties except to the extent such items are being contested in good faith and as to which adequate reserves have been provided, except that certain income tax returns of Borrower, Parent or any Subsidiary thereof may be on extension. Each of the Qualifying Initial Collateral Pool Properties is taxed separately without regard to any other property not included in the Qualifying Initial Collateral Pool Properties and for all purposes each of the various contiguous components of the Qualifying Initial Collateral Pool Properties. (j) No condemnation proceeding or eminent domain action is pending or threatened against any of the Qualifying Initial Collateral Pool Properties which would impair the use, sale or occupancy of such Qualifying Initial Collateral Pool Property (or any portion thereof) in any material manner. (k) Each of the Qualifying Initial Collateral Pool Properties is not, nor is any direct or indirect interest of the Borrower or any Subsidiary therein, subject to any Lien other than Permitted Liens set forth in clauses (i) through (iv) of Section 6.16 or to any Negative Pledge (other than the Liens and Negative Pledges created pursuant to this Agreement to secure the obligations of the Borrower and the Subsidiary Guarantors).