Common use of Monthly/Quarterly Reports Clause in Contracts

Monthly/Quarterly Reports. Borrowers' Designee (on behalf of Borrowers) shall furnish to Lender within 30 days after the end of each calendar month or calendar quarter (as indicated below) the following items: (i) monthly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP (or federal income tax basis of accounting, consistently applied) to fairly represent the financial position and results of operation of the Property during such calendar month, all in form satisfactory to Lender; (ii) a balance sheet for such calendar month; (iii) a comparison of the budgeted income and expenses and the actual income and expenses for each month and year-to-date for the Property, together with a detailed explanation of any variances of 10% or more between budgeted and actual amounts for such period and year-to-date; (iv) a statement of the actual Capital Expenses made by Borrowers during each calendar quarter as of the last day of such calendar quarter; (v) a statement that Borrowers have not incurred any indebtedness other than indebtedness permitted hereunder; (vi) an aged receivables report and (vii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the Property. Each such statement shall be accompanied by an Officer's Certificate certifying that to the best of such officer's knowledge, (1) that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrowers and the Property in accordance with GAAP (or federal income tax basis of accounting, consistently applied) (subject to normal year-end adjustments) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Monthly/Quarterly Reports. Borrowers' Designee (on behalf of Borrowers) At any time prior to the date that Lender sells its entire interest in the Loan Documents, Borrower shall furnish to Lender within 30 forty-five (45) days after the end of each calendar month or calendar quarter (as indicated below) the following items: (i) monthly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP (or federal income tax basis of accounting, consistently applied) to fairly represent the financial position and results of operation of the Property during such calendar month, all in form that is reasonably satisfactory to Lender; (ii) a balance sheet for such calendar month; (iii) a comparison of the budgeted income and expenses and the actual income and expenses for each month and year-to-date for the Property, together with a detailed explanation of any variances of ten percent (10% %) or more between budgeted and actual amounts for such period and year-to-date; (iv) a statement of the actual Capital Expenses made by Borrowers Borrower during each calendar month as of the last day of such calendar month; (v) a statement that Borrower has not incurred any indebtedness other than indebtedness permitted hereunder or under the Senior Loan Documents; (vi) an aged receivables report and (vii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the Property. Thereafter, Borrower shall furnish to Lender within forty-five (45) days after the end of each calendar quarter the following items: (i) quarterly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP to fairly represent the financial position and results of operation of the Property during such calendar quarter, all in form that is reasonably satisfactory to Lender; (ii) a balance sheet for such calendar quarter; (iii) a comparison of the budgeted income and expenses and the actual income and expenses for each quarter and year-to-date for the Property, together with a detailed explanation of any variances of ten percent (10%) or more between budgeted and actual amounts for such period and year-to-date; (iv) a statement of the actual Capital Expenses made by Borrower during each calendar quarter as of the last day of such calendar quarter; (v) a statement that Borrowers have Borrower has not incurred any indebtedness other than indebtedness permitted hereunder; (vi) an aged receivables report and (vii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the Property. Each such statement shall be accompanied by an Officer's ’s Certificate certifying that to the best of such officer's knowledge, their knowledge and belief (1) that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrowers Borrower and the Property in accordance with GAAP (or federal income tax basis of accounting, consistently applied) (subject to normal year-end adjustments) and (2) whether there exists a Default or an Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Monthly/Quarterly Reports. Borrowers' Designee (on behalf of Borrowersa) At any time prior to the date that Lender sells its entire interest in the Loan Documents, Borrower shall furnish (or shall cause Owner to furnish) to Lender within 30 forty-five (45) days after the end of each calendar month or calendar quarter (as indicated below) the following items: (i) monthly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP (or federal income tax basis of accounting, consistently applied) to fairly represent the financial position and results of operation of the Property during such calendar month, all in form that is reasonably satisfactory to Lender; (ii) a balance sheet for such calendar month; (iii) a comparison of the budgeted income and expenses and the actual income and expenses for each month and year-to-date for the Property, together with a detailed explanation of any variances of ten percent (10% %) or more between budgeted and actual amounts for such period and year-to-date; (iv) a statement of the actual Xxxxxxx Xxxxxxxx made by Borrower or Owner during each calendar month as of the last day of such calendar month; (v) a statement that neither Borrower nor Owner has incurred any indebtedness other than indebtedness permitted hereunder or under the Senior Loan Documents; (vi) an aged receivables report and (vii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the Property. Thereafter, Borrower shall furnish (or shall cause Owner to furnish) to Lender within forty-five (45) days after the end of each calendar quarter the following items: (i) quarterly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP to fairly represent the financial position and results of operation of the Property during such calendar quarter, all in form that is reasonably satisfactory to Lender; (ii) a balance sheet for such calendar quarter; (iii) a comparison of the budgeted income and expenses and the actual income and expenses for each quarter and year-to-date for the Property, together with a detailed explanation of any variances of ten percent (10%) or more between budgeted and actual amounts for such period and year-to-date; (iv) a statement of the actual Capital Expenses made by Borrowers Borrower or Owner during each calendar quarter as of the last day of such calendar quarter; (v) a statement that Borrowers have not neither Borrower nor Owner has incurred any indebtedness other than indebtedness permitted hereunderhereunder or under the Senior Loan Documents; (vi) an aged receivables report and (vii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the Property. Each such statement shall be accompanied by an Officer's ’s Certificate certifying that to the best of such officer's knowledge, his or her knowledge and belief (1) that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrowers Borrower, Owner and the Property in accordance with GAAP (or federal income tax basis of accounting, consistently applied) (subject to normal year-end adjustments) and (2) whether there exists a Default or an Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Monthly/Quarterly Reports. Borrowers' Designee (on behalf of Borrowers) Borrower shall furnish to Lender Lender, within 30 thirty (30) days after the end of each calendar month or during the period prior to a securitization of the Loan and thereafter within thirty (30) days after the end of each calendar quarter (as indicated below) quarter, the following items: (i) monthly or quarterly (as applicable) and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP (or federal income tax basis of accounting, consistently applied) to fairly represent the financial position and results of operation of the Property during such calendar monthmonth or calendar quarter (as applicable), all in form satisfactory to Lender; (ii) a balance sheet for such calendar monthmonth or calendar quarter (as applicable); (iii) a comparison of the budgeted income and expenses and the actual income and expenses for each month or quarter (as applicable) and year-to-date for the Property, together with a detailed explanation of any variances of ten percent (10% %) or more between budgeted and actual amounts for such period and year-to-date; (iv) a statement of the actual Capital Expenses made by Borrowers Borrower during each calendar quarter as of the last day of such calendar quarter; (v) a statement that Borrowers have not incurred any indebtedness other than indebtedness permitted hereunderintentionally omitted; (vi) an aged receivables report and (vii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the Property. Each such statement shall be accompanied by an Officer's ’s Certificate certifying that to the best of such officer's ’s knowledge, (1) that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrowers Borrower and the Property in accordance with GAAP (or federal income tax basis of accounting, consistently applied) (subject to normal year-end adjustments) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Monthly/Quarterly Reports. Borrowers' Designee (on behalf of Borrowers) Borrower shall furnish to Lender within 30 fifteen (15) days after the end of each calendar month or prior to the Securitization and, thereafter, within thirty (30) days after the end of each calendar quarter (as indicated below) the following items: (i) monthly (or, if it is after the Securitization, quarterly) and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP (or federal income tax basis of accounting, consistently applied) to fairly represent the financial position and results of operation of the Property during such calendar monthmonth (or, if it is after the Securitization, such calendar quarter), all in form satisfactory to Lender; (ii) a balance sheet for such calendar monthmonth (or, if it is after the Securitization, such calendar quarter); (iii) a comparison of the budgeted income and expenses and the actual income and expenses for each month and year-to-date for the Property, together with a detailed explanation of any variances of ten percent (10% %) or more between budgeted and actual amounts for such period and year-to-date; (iv) a statement of the actual Capital Expenses made by Borrowers Borrower during each calendar quarter as of the last day of such calendar quarter; (v) a statement that Borrowers have Borrower has not incurred any indebtedness other than indebtedness permitted hereunder; (vi) an aged receivables report and (vii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the Property. Each such statement shall be accompanied by an Officer's Certificate certifying that certifying, to the best of such officerthe signer's knowledge, (1l) that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrowers Borrower and the Property in accordance with GAAP (or federal income tax basis of accounting, consistently applied) (subject to O normal year-end adjustments) and ), (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it, (3) that as of the date of such Officer's Certificate, no litigation exists involving Borrower or the Property in which the amount involved is $250,000 (in the aggregate) or more or in which all or substantially all of the potential liability is not covered by insurance, or, if so, specifying such litigation and the actions being taken in relation thereto and (4) the amount by which operating expenses incurred by Borrower for such period were greater than or less than the operating expenses reflected in the applicable Annual Budget. Such financial statements shall contain such other information as shall be reasonably requested by Lender for purposes of calculations to be made by Lender pursuant to the terms hereof.

Monthly/Quarterly Reports. Borrowers' Designee (on behalf of Borrowers) Borrower shall furnish to Lender within 30 days after the end of each calendar month or calendar quarter (as indicated below) the following items: (i) monthly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP (or federal income tax basis of accounting, consistently applied) to fairly represent the financial position and results of operation of the Property during such calendar month, all in form satisfactory to Lender; (ii) a balance sheet for such calendar month; (iii) a comparison of the budgeted income and expenses and the actual income and expenses for each month and year-to-date for the Property, together with a detailed explanation of any variances of ten percent (10% %) or more between budgeted and actual amounts for such period and year-to-date; (iv) a statement of the actual Capital Expenses made by Borrowers Borrower during each calendar quarter as of the last day of such calendar quarter; (v) a statement that Borrowers have not incurred any indebtedness other than indebtedness permitted hereunderintentionally omitted; (vi) an aged receivables report and (vii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the Property. Each such statement shall be accompanied by an Officer's Certificate certifying that to the best of such officer's knowledge, (1) that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrowers Borrower and the Property in accordance with GAAP (or federal income tax basis of accounting, consistently applied) (subject to normal year-end adjustments) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Monthly/Quarterly Reports. Borrowers' Designee (on behalf of Borrowers) Borrower shall furnish to Lender within 30 twenty (20) days after the end of each calendar month or calendar quarter (quarter, as indicated below) applicable, the following items: (i) monthly (provided, however, that monthly reports shall only be required prior to “start- up day” (within the meaning of Section 860G(a)(9) of the Code) of the securitization that the Loan is placed) and year-–to-–date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP (or federal income tax basis of accountingany other accounting method, consistently applied) applied to fairly represent the financial position and results of operation of the Property during such calendar month, all in form reasonably satisfactory to Lender; (ii) quarterly, a balance sheet for such calendar monthquarter; (iii) quarterly, a comparison of the budgeted income and expenses and the actual income and expenses for each month quarter and year-–to-–date for the Property, together with a detailed explanation of any variances of ten percent (10% %) or more between budgeted and actual amounts for such period and year-to-year to date; (iv) quarterly, a statement of the actual Capital Expenses made by Borrowers Borrower during each calendar quarter as of the last day of such calendar quarter; (v) quarterly, a statement that Borrowers have Borrower has not incurred any indebtedness other than indebtedness permitted hereunder; and (vi) quarterly, an aged receivables report and (vii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the Propertyreport. Each such statement shall be accompanied by an Officer's ’s Certificate certifying that to the best of such officer's knowledge, (1) that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrowers Borrower and the Property in accordance with GAAP (or federal income tax basis of accountingany other accounting method, consistently applied) applied (subject to normal year-–end adjustments) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Monthly/Quarterly Reports. Borrowers' Designee (on behalf of Borrowers) Borrower shall furnish to Lender within 30 days after the end of each calendar month or calendar quarter (as indicated below) the following items: (i) monthly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP (or federal income tax basis of accounting, consistently applied) to fairly represent the financial position and results of operation of the 57 Property during such calendar month, all in form satisfactory to Lender; (ii) a balance sheet for such calendar month; (iii) a comparison of the budgeted income and expenses and the actual income and expenses for each month and year-to-date for the Property, together with a detailed explanation of any variances of ten percent (10% %) or more between budgeted and actual amounts for such period and year-to-date; (iv) a statement of the actual Capital Expenses made by Borrowers Borrower during each calendar quarter as of the last day of such calendar quarter; (v) a statement that Borrowers have not incurred any indebtedness other than indebtedness permitted hereunderintentionally omitted; (vi) an aged receivables report and (vii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the Property. Each such statement shall be accompanied by an Officer's ’s Certificate certifying that to the best of such officer's ’s knowledge, (1) that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrowers Borrower and the Property in accordance with GAAP (or federal income tax basis of accounting, consistently applied) (subject to normal year-end adjustments) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Monthly/Quarterly Reports. Borrowers' Designee (on behalf of Borrowers) At any time prior to the date that Lender sells its entire interest in the Loan Documents, Borrower shall furnish to Lender within 30 forty-five (45) days after the end of each calendar month or calendar quarter (as indicated below) the following items: (i) monthly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP (or federal income tax basis of accounting, consistently applied) to fairly represent the financial position and results of operation of the Property during such calendar month, all in form that is reasonably satisfactory to Lender; (ii) a balance sheet for such calendar month; (iii) a comparison of the budgeted income and expenses and the actual income and expenses for each month and year-to-date for the Property, together with a detailed explanation of any variances of ten percent (10% %) or more between budgeted and actual amounts for such period and year-to-date; (iv) a statement of the actual Capital Expenses made by Borrowers Borrower during each calendar month as of the last day of such calendar month; (v) a statement that Borrower has not incurred any indebtedness other than indebtedness permitted hereunder or under the Senior Loan Documents; (vi) an aged receivables report and (vii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the Property. Thereafter, Borrower shall furnish to Lender within forty-five (45) days after the end of each calendar quarter the following items: (i) quarterly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP to fairly represent the financial position and results of operation of the Property during such calendar quarter, all in form that is reasonably satisfactory to Lender; (ii) a balance sheet for such calendar quarter; (iii) a comparison of the budgeted income and expenses and the actual income and expenses for each quarter and year-to-date for the Property, together with a detailed explanation of any variances of ten percent (10%) or more between budgeted and actual amounts for such period and year-to-date; (iv) a statement of the actual Capital Expenses made by Borrower during each calendar quarter as of the last day of such calendar quarter; (v) a statement that Borrowers have Borrower has not incurred any indebtedness other than indebtedness permitted hereunder; (vi) an aged receivables report and (vii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the Property. Each such statement shall be accompanied by an Officer's ’s Certificate certifying that to the best of such officer's knowledge, their knowledge and belief (1) that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrowers Borrower and the Property in accordance with GAAP (or federal income tax basis of accounting, consistently applied) (subject to normal year-end adjustments) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Monthly/Quarterly Reports. Borrowers' Designee (on behalf of Borrowers) Subject to Section 6.3.2, and if Borrower’s obligation to deliver reports to Senior Lender is eliminated, then Borrower shall furnish (or shall cause Owner to furnish) to Lender within 30 15 days after the end of each calendar month or calendar quarter (as indicated below) the following items: (i) monthly and year-to-date operating statements, noting Net Operating Income Income, cash flows, current assets and current liabilities of Guarantor and its Affiliates, and other information necessary and sufficient under GAAP (or federal income tax basis of accounting, consistently applied) to fairly represent the financial position and results of operation of the each Property during such calendar month, all in form satisfactory to Lender; (ii) a balance sheet for such calendar month; (iii) a comparison of the budgeted income and expenses and the actual income and expenses for each month and year-to-date for the each Property, together with a detailed explanation of any variances of 10% or more between budgeted and actual amounts for such period and year-to-date; (iv) a statement of the actual Capital Expenses made by Borrowers Borrower or Owner during each calendar quarter as of the last day of such calendar quarter; (v) a statement that Borrowers have not neither Borrower nor Owner has incurred any indebtedness Indebtedness other than indebtedness Indebtedness permitted hereunderhereunder or under the Senior Loan Documents; (vi) an aged receivables report and (vii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the each Property. Each such statement shall be accompanied by an Officer's Certificate certifying that to the best of such officer's knowledge, (1) that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrowers Borrower, Owner and the each Property in accordance with GAAP (or federal income tax basis of accounting, consistently applied) (subject to normal year-end adjustments) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Monthly/Quarterly Reports. Borrowers' Designee (on behalf of Borrowers) Borrower shall furnish to Lender (X) within 30 twenty (20) days after the end of each calendar month or calendar quarter (quarter, as indicated below) applicable, from the date hereof the following items: (i) monthly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP (or federal income tax basis any other accounting method of accounting, consistently applied) applied to fairly represent the financial position and results of operation of the Property during such calendar month, all in form satisfactory to Lender; (ii) quarterly, a balance sheet for such calendar monthquarter; (iii) quarterly, a comparison of the budgeted income and expenses and the actual income and expenses for each month quarter and year-to-date for the Property, together with a detailed explanation of any variances of ten percent (10% %) or more between budgeted and actual amounts for such period and year-to-date; (iv) quarterly, a statement of the actual Capital Expenses made by Borrowers Borrower during each calendar quarter as of the last day of such calendar quarter; (v) quarterly, a statement that Borrowers have Borrower has not incurred any indebtedness other than indebtedness permitted hereunder; (vi) quarterly, an aged receivables report report; and (vii) monthly, rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the Property. Each such statement shall be accompanied by an Officer's ’s Certificate certifying that to the best of such officer's knowledge, (1) that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrowers Borrower and the Property in accordance with GAAP (or federal income tax basis of accountingany other accounting method, consistently applied) applied (subject to normal year-end adjustments) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Monthly/Quarterly Reports. Borrowers' Designee (on behalf of Borrowers) Each Borrower shall furnish to Lender within 30 forty-five (45) days after the end of each calendar month or calendar quarter (as indicated below) the following items: (ia) monthly quarterly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP (or federal income tax basis of accounting, consistently applied) to fairly represent the financial position and results of operation of the Property owned by such Borrower during such calendar monthquarter, all in form satisfactory to Lenderas required by the SEC for Guarantor's form 10-Q; (iib) a balance sheet for such calendar monthquarter; (iiic) a comparison of the budgeted income and Property expenses and the actual income and Property expenses for each month quarter and year-to-date for the PropertyProperty owned by such Borrower, together with a detailed explanation of any variances of ten percent (10% %) or more between budgeted and actual amounts for such period and year-to-date; (ivd) a statement of the actual Capital Expenses made by Borrowers such Borrower during each calendar quarter as of the last day of such calendar quarter; (ve) a statement that Borrowers have such Borrower has not incurred any indebtedness other than indebtedness permitted hereunderPermitted Indebtedness; (vif) an aged receivables report report; and (viig) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) year and a delinquency report for the PropertyProperty owned by such Borrower. Each such statement shall be accompanied by an Officer's Certificate certifying that (substantially in accordance with the form attached as Schedule 11-2 hereto) certifying, to the best of such officersigner's knowledge, (1i) that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrowers such Borrower and such Property and to certify the Property Guarantor's form 10-Q filing with the SEC has been prepared in accordance with GAAP (or federal income tax basis of accounting, consistently applied) (subject to normal year-end adjustments) and ), (2ii) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it, (iii) that as of the date of such Officer's Certificate, no litigation exists involving any Borrower or any Property in which the amount involved is $250,000 (in the aggregate) or more or in which all or substantially all of the potential liability is not covered by insurance, or, if so, specifying such litigation and the actions being taken in relation thereto and (iv) the amount by which operating expenses incurred by Borrower for such period were greater than or less than the operating expenses reflected in the applicable Annual Budget. Such financial statements shall contain such other information as shall be reasonably requested by Lender for purposes of calculations to be made by Lender pursuant to the terms hereof.

Monthly/Quarterly Reports. Borrowers' Designee (on behalf of Borrowers) Borrower shall furnish to Lender within 30 twenty (20) days after the end of each calendar month or calendar quarter (quarter, as indicated below) applicable, the following items: (i) monthly 88 Xxxxxxxx - Stamford and year-–to-–date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP (or federal income tax basis of accountingany other accounting method, consistently applied) applied to fairly represent the financial position and results of operation of the Property during such calendar month, all in form satisfactory to Lender; (ii) quarterly, a balance sheet for such calendar monthquarter; (iii) quarterly, a comparison of the budgeted income and expenses and the actual income and expenses for each month quarter and year-–to-–date for the Property, together with a detailed explanation of any variances of ten percent (10% %) or more between budgeted and actual amounts for such period and year-to-year to date; (iv) quarterly, a statement of the actual Capital Expenses made by Borrowers Borrower during each calendar quarter as of the last day of such calendar quarter; (v) quarterly, a statement that Borrowers have Borrower has not incurred any indebtedness other than indebtedness permitted hereunder; (vi) quarterly, an aged receivables report report; and (vii) monthly, rent rolls identifying the leased premises, names of all tenantsTenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenantsTenants, and a year-–by-–year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the Property. Each such statement shall be accompanied by an Officer's ’s Certificate certifying that to the best of such officer's knowledge, (1) that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrowers Borrower and the Property in accordance with GAAP (or federal income tax basis of accountingany other accounting method, consistently applied) applied (subject to normal year-–end adjustments) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Monthly/Quarterly Reports. Borrowers' Designee (on behalf of Borrowersa) At any time prior to the date that Lender sells its entire interest in the Loan Documents, Borrower shall furnish (or shall cause Owner to furnish) to Lender within 30 forty-five (45) days after the end of each calendar month or calendar quarter (as indicated below) the following items: (i) monthly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP (or federal income tax basis of accounting, consistently applied) to fairly represent the financial position and results of operation of the Property during such calendar month, all in form that is reasonably satisfactory to Lender; (ii) a balance sheet for such calendar month; (iii) a comparison of the budgeted income and expenses and the actual income and expenses for each month and year-to-date for the Property, together with a detailed explanation of any variances of ten percent (10% %) or more between budgeted and actual amounts for such period and year-to-date; (iv) a statement of the actual Capital Expenses made by Borrowers Borrower or Owner during each calendar month as of the last day of such calendar month; (v) a statement that neither Borrower nor Owner has incurred any indebtedness other than indebtedness permitted hereunder or under the Senior Loan Documents; (vi) an aged receivables report and (vii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the Property. Thereafter, Borrower shall furnish (or shall cause Owner to furnish) to Lender within forty-five (45) days after the end of each calendar quarter the following items: (i) quarterly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP to fairly represent the financial position and results of operation of the Property during such calendar quarter, all in form that is reasonably satisfactory to Lender; (ii) a balance sheet for such calendar quarter; (iii) a comparison of the budgeted income and expenses and the actual income and expenses for each quarter and year-to-date for the Property, together with a detailed explanation of any variances of ten percent (10%) or more between budgeted and actual amounts for such period and year-to-date; (iv) a statement of the actual Capital Expenses made by Borrower or Owner during each calendar quarter as of the last day of such calendar quarter; (v) a statement that Borrowers have not neither Borrower nor Owner has incurred any indebtedness other than indebtedness permitted hereunderhereunder or under the Senior Loan Documents; (vi) an aged receivables report and (vii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the Property. Each such statement shall be accompanied by an Officer's ’s Certificate certifying that to the best of such officer's knowledge, his or her knowledge and belief (1) that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrowers Borrower, Owner and the Property in accordance with GAAP (or federal income tax basis of accounting, consistently applied) (subject to normal year-end adjustments) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Monthly/Quarterly Reports. Borrowers' Designee (on behalf of Borrowers) Borrower shall furnish to Lender within 30 20 days after the end of each calendar month or 45 days after the end of each calendar quarter (as indicated below) the following items: (i) monthly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP (or federal income tax basis of accounting, consistently applied) to fairly represent the financial position and results of operation of the Property during such calendar month, all in form satisfactory to Lender; (ii) a balance sheet for such calendar month; (iii) a comparison of the budgeted income and expenses and the actual income and expenses for each month and year-to-date for the Property, together with a detailed explanation of any variances of 10% or more between budgeted and actual amounts for such period and year-to-date; (iv) a statement of the actual Capital Expenses made by Borrowers Borrower during each calendar quarter as of the last day of such calendar quarter; (v) a statement that Borrowers have Borrower has not incurred any indebtedness other than indebtedness permitted hereunder; (vi) an aged receivables report and (vii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the Property. Each such statement shall be accompanied by an Officer's ’s Certificate certifying that to the best of such officer's knowledge, (1) that such items are true, correct, accurateaccurate in all material respects, and complete and fairly present the financial condition and results of the operations of Borrowers Borrower and the Property in accordance with GAAP (or federal income tax basis of accounting, consistently applied) (subject to normal year-end adjustments) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Monthly/Quarterly Reports. Borrowers' Designee (on behalf of Borrowers) Borrower shall furnish to Lender within 30 thirty (30) days after the end of each calendar month or calendar quarter (as indicated below) the following items: (i) monthly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP (or federal income tax basis of accounting, consistently applied) to fairly represent the financial position and results of operation of the Property during such calendar month, all in form satisfactory to Lender; (ii) a balance sheet for such calendar month; (iii) a comparison of the budgeted income and expenses and the actual income and expenses for each month and year-to-date for the Property, together with a detailed explanation of any variances of ten percent (10% %) or more between budgeted and actual amounts for such period and year-to-date; (iv) a statement of the actual Capital Expenses made by Borrowers Borrower during each calendar quarter as of the last day of such calendar quarter; (v) a statement that Borrowers have Borrower has not incurred any indebtedness other than indebtedness permitted hereunder; (vi) an aged receivables report and (vii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the Property. Each such statement shall be accompanied by an Officer's Certificate certifying that to the best of such officer's knowledge, (1) that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrowers Borrower and the Property in accordance with GAAP (or federal income tax basis of accounting, consistently applied) (subject to normal year-end adjustments) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Monthly/Quarterly Reports. Borrowers' Designee (on behalf of Borrowersa) At any time prior to the date that Lender sells its entire interest in the Loan Documents, Borrower shall furnish (or shall cause Owner to furnish) to Lender within 30 forty-five (45) days after the end of each calendar month or calendar quarter (as indicated below) the following items: (i) monthly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP (or federal income tax basis of accounting, consistently applied) to fairly represent the financial position and results of operation of the Property during such calendar month, all in form that is reasonably satisfactory to Lender; (ii) a balance sheet for such calendar month; (iii) a comparison of the budgeted income and expenses and the actual income and expenses for each month and year-to-date for the Property, together with a detailed explanation of any variances of ten percent (10% %) or more between budgeted and actual amounts for such period and year-to-date; (iv) a statement of the actual Xxxxxxx Xxxxxxxx made by Borrower or Owner during each calendar month as of the last day of such calendar month; (v) a statement that neither Borrower nor Owner has incurred any indebtedness other than indebtedness permitted hereunder or under the Senior Loan Documents; (vi) an aged receivables report and (vii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the Property. Thereafter, Borrower shall furnish (or shall cause Owner to furnish) to Lender within forty-five (45) days after the end of each calendar quarter the following items: (i) quarterly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP to fairly represent the financial position and results of operation of the Property during such calendar quarter, all in form that is reasonably satisfactory to Lender; (ii) a balance sheet for such calendar quarter; (iii) a comparison of the budgeted income and expenses and the actual income and expenses for each quarter and year-to-date for the Property, together with a detailed explanation of any variances of ten percent (10%) or more between budgeted and actual amounts for such period and year-to-date; (iv) a statement of the actual Capital Expenses made by Borrowers Borrower or Owner during each calendar quarter as of the last day of such calendar quarter; (v) a statement that Borrowers have not neither Borrower nor Owner has incurred any indebtedness other than indebtedness permitted hereunderhereunder or under the Senior Loan Documents; (vi) an aged receivables report and (vii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the Property. Each such statement shall be accompanied by an Officer's ’s Certificate certifying that to the best of such officer's knowledge, his or her knowledge and belief (1) that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrowers Borrower, Owner and the Property in accordance with GAAP (or federal income tax basis of accounting, consistently applied) (subject to normal year-end adjustments) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Monthly/Quarterly Reports. Borrowers' Designee (on behalf of Borrowers) Borrower shall furnish to Lender within 30 days after the end of each calendar month or calendar quarter (as indicated below) the following items: (i) monthly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP (or federal income tax basis of accounting, consistently applied) to fairly represent the financial position and results of operation of the Property during such calendar month, all in form satisfactory to Lender; (ii) a balance sheet for such calendar month; (iii) a comparison of the budgeted income and expenses and the actual income and expenses for each month and year-to-date for the Property, together with a detailed explanation of any variances of 10% or more between budgeted and actual amounts for such period and year-to-date; (iv) a statement of the actual Capital Expenses made by Borrowers Borrower during each calendar quarter as of the last day of such calendar quarter; (v) a statement that Borrowers have not incurred any indebtedness other than indebtedness permitted hereunder[intentionally omitted]; (vi) an aged receivables report and (vii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the Property. Each such statement shall be accompanied by an Officer's Certificate certifying that to the best of such officer's knowledge, (1) that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrowers Borrower and the Property in accordance with GAAP (or federal income tax basis of accounting, consistently applied) (subject to normal year-end adjustments) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Monthly/Quarterly Reports. Borrowers' Designee (on behalf of Borrowers) Borrower shall furnish to Lender within 30 days after the end of each calendar month or calendar quarter (as indicated below) the following items: (i) monthly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP (or federal income tax basis of accounting, consistently applied) to fairly represent the financial position and results of operation of the Property during such calendar month, all in form satisfactory to Lender; (ii) a balance sheet for such calendar month; (iii) a comparison of the budgeted income and expenses and the actual income and expenses for each month and year-to-date for the Property, together with a detailed explanation of any variances of 10% or more between budgeted and actual amounts for such period and year-to-date; (iv) a statement of the actual Capital Expenses made by Borrowers Borrower during each calendar quarter as of the last day of such calendar quarter; (v) a statement that Borrowers have not incurred any indebtedness other than indebtedness permitted hereunderintentionally omitted; (vi) an aged receivables report and (vii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the Property. Each such statement shall be accompanied by an Officer's Certificate certifying that to the best of such officer's knowledge, (1) that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrowers Borrower and the Property in accordance with GAAP (or federal income tax basis of accounting, consistently applied) (subject to normal year-end adjustments) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Monthly/Quarterly Reports. Borrowers' Designee (on behalf of Borrowers) Borrower shall furnish (or shall cause Owner to furnish) to Lender within 30 days after the end of each calendar month or calendar quarter (as indicated below) the following items: (i) monthly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP (or federal income tax basis of accounting, consistently applied) to fairly represent the financial position and results of operation of the Property during such calendar month, all in form reasonably satisfactory to Lender; (ii) a balance sheet for such calendar month; (iii) a comparison of the budgeted income and expenses and the actual income and expenses for each month and year-to-date for the Property, together with a detailed explanation of any variances of 10% or more between budgeted and actual amounts for such period and year-to-datedate on a departmental basis; (iv) on a quarterly basis only, a statement of the actual Capital Expenses made by Borrowers Borrower or Owner during each calendar quarter as of the last day of such calendar quarter; (v) a statement that Borrowers have not neither Borrower nor Owner has incurred any indebtedness other than Permitted Indebtedness or indebtedness permitted hereunderunder the Senior Loan Documents; (vi) an aged receivables report and report, (vii) occupancy rates (including the average daily rate), (viii) on a quarterly basis only, rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the PropertyProperty and (ix) on a quarterly basis only, a reconciliation of operating expenses identifying those funds which were disbursed to Borrower from the Operating Expense Subaccount during the prior month which have not been used to pay Approved Operating Expenses or Third Party Disbursements. Each such statement shall be accompanied by an Officer's ’s Certificate certifying that to the best of such officer's knowledge, (1) that such items are true, correct, accurate, true and complete and fairly present the financial condition and results of the operations of Borrowers Borrower, Owner and the Property in accordance with GAAP (or federal income tax basis of accounting, consistently applied) (subject to normal year-end adjustments) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.

Monthly/Quarterly Reports. Borrowers' Designee (on behalf of Borrowers) At any time prior to the date that Lender sells its entire interest in the Loan Documents, Borrower shall furnish to Lender within 30 forty-five (45) days after the end of each calendar month or calendar quarter (as indicated below) the following items: (i) monthly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP (or federal income tax basis of accounting, consistently applied) to fairly represent the financial position and results of operation of the Property during such calendar month, all in form that is reasonably satisfactory to Lender; (ii) a balance sheet for such calendar month; (iii) a comparison of the budgeted income and expenses and the actual income and expenses for each month and year-to-date for the Property, together with a detailed explanation of any variances of often percent (10% %) or more between budgeted and actual amounts for such period and year-to-date; (iv) a statement of the actual Capital Expenses made by Borrowers Borrower during each calendar month as of the last day of such calendar month; (v) a statement that Borrower has not incurred any indebtedness other than indebtedness permitted hereunder or under the Senior Loan Documents; (vi) an aged receivables report and (vii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the Property. Thereafter, Borrower shall furnish to Lender within forty-five (45) days after the end of each calendar quarter the following items: (i) quarterly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP to fairly represent the Page financial position and results of operation of the Property during such calendar quarter, all in form that is reasonably satisfactory to Lender; (ii) a balance sheet for such calendar quarter; (iii) a comparison of the budgeted income and expenses and the actual income and expenses for each quarter and year-to-date for the Property, together with a detailed explanation of any variances of ten percent (10%) or more between budgeted and actual amounts for such period and year-to-date; (iv) a statement of the actual Capital Expenses made by Borrower during each calendar quarter as of the last day of such calendar quarter; (v) a statement that Borrowers have Borrower has not incurred any indebtedness other than indebtedness permitted hereunder; (vi) an aged receivables report and (vii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the Property. Each such statement shall be accompanied by an Officer's ’s Certificate certifying that to the best of such officer's knowledge, their knowledge and belief (1) that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrowers Borrower and the Property in accordance with GAAP (or federal income tax basis of accounting, consistently applied) (subject to normal year-end adjustments) and (2) whether there exists a Default or an Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.. 48

Monthly/Quarterly Reports. Borrowers' Designee (on behalf of Borrowers) Borrower shall furnish to Lender within 30 days after the end of each calendar month or calendar quarter (as indicated below) the following items: (i) monthly and year-to-date operating statements, noting Net Operating Income and other information necessary and sufficient under GAAP (or federal income tax basis of accounting, consistently applied) to fairly represent the financial position and results of operation of the Property during such calendar month, all in form satisfactory to Lender; (ii) a balance sheet for such calendar month; (iii) a comparison of the budgeted income and expenses and the actual income and expenses for each month and year-to-date for the Property, together with a detailed explanation of any variances of ten percent (10% %) or more between budgeted and actual amounts for such period and year-to-date; (iv) a statement of the actual Capital Expenses made by Borrowers Borrower during each calendar quarter as of the last day of such calendar quarter; (v) a statement that Borrowers have not incurred any indebtedness other than indebtedness permitted hereunderintentionally omitted; (vi) an aged receivables report and (vii) rent rolls identifying the leased premises, names of all tenants, units leased, monthly rental and all other charges payable under each Lease, date to which paid, term of Lease, date of occupancy, date of expiration, material special provisions, concessions or inducements granted to tenants, and a year-by-year schedule showing by percentage the rentable area of the Improvements and the total base rent attributable to Leases expiring each year) and a delinquency report for the Property. Each such statement shall be accompanied by an Officer's ’s Certificate certifying that to the best of such officer's ’s knowledge, (1) that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrowers Borrower and the Property in accordance with GAAP (or federal income tax basis of accounting, consistently applied) (subject to normal year-end adjustments) and (2) whether there exists a Default or Event of Default, and if so, the nature thereof, the period of time it has existed and the action then being taken to remedy it.