Common use of LITIGATION STATEMENT Clause in Contracts

LITIGATION STATEMENT. The Bank shall have received a written statement from Borrowers as to (i) the sufficiency of any insurance currently in effect through which any pending litigation may be resolved or satisfied or (ii) which will indicate that any such pending litigation will not have a material adverse effect upon the Mortgaged Premises or on Borrowers’ ability to repay the Term Note.

LITIGATION STATEMENT. The Bank shall have received a written statement from Borrowers Borrower as to (i) the sufficiency of any insurance currently in effect through which any pending litigation may be resolved or satisfied or (ii) which will indicate that any such pending litigation will not have a material adverse effect upon the Mortgaged Premises or on Borrowers’ Borrower’s ability to repay the Term NoteAdvancing Notes.