Common use of Estoppel Statements Clause in Contracts

Estoppel Statements. (a) Borrowers shall furnish to Lender, within five (5) Business Days after any request by Lender (but no more than two times in any calendar year), a statement, duly acknowledged and certified, stating (i) the Outstanding Principal Balance of the Note, (ii) the Interest Rate, (iii) the date installments of interest and/or principal were last paid, (iv) any alleged offsets or defenses to the payment and performance of the Obligations, if any, (v) that this Agreement and the other Loan Documents have not been modified or if modified, giving particulars of such modification, (vi) whether any written notice of a Default or Event of Default is then outstanding, and (vii) a list of the Properties then encumbered by the Mortgages.