Common use of Past Activities Clause in Contracts

Past Activities. Borrower hereby represents and warrants that, from the date of its formation to the date of this Agreement, Borrower: (a) is and always has been duly formed, validly existing, and in good standing in the state of its incorporation and in all other jurisdictions where it is qualified to do business; (b) has no judgments or liens of any nature against it except for tax liens not yet due; (c) is in compliance with all laws, regulations, and orders applicable to it and has received all permits necessary for it to operate; (d) is not involved in any dispute with any taxing authority; (e) has paid all Taxes that it owes; (f) has never owned any real property other than the Property and personal property necessary or incidental to its ownership or operation of the Property and has never engaged in any business other than the ownership and operation of the Property; (g) is not now, nor has ever been, party to any lawsuit, arbitration, summons, or legal proceeding that is still pending or that resulted in a judgment against it that has not been paid in full; (h) has provided Lender with complete financial statements that reflect a fair and accurate view of the entity's financial condition; (i) has passed a Phase I environmental audit for the Property; (j) has no material contingent or actual obligations not related to the Property; (k) has not entered into any contract or agreement with any of its Affiliates, constituents, or owners, or any guarantors of any of its obligations or any Affiliate of any of the foregoing (each, a "Related Party"), except upon terms and conditions that are commercially reasonable and substantially similar to those available in an arm's-length transaction with an unrelated party; (1) has paid all of its debts and liabilities from its assets;

Past Activities. Borrower hereby represents and warrants that, from the date of its formation to the date of this Agreement, Borrower: (a) is and always has been duly formed, validly existing, and in good standing in the state of its incorporation and in all other jurisdictions where it is qualified to do business; (b) yet due; has no judgments or liens of any nature against it except for tax liens not yet due;not (c) is in compliance with all laws, regulations, and orders applicable to it and has received all permits necessary for it to operate; (d) is not involved in any dispute with any taxing authority; (e) has paid all Taxes that it owes; (f) has never owned any real property other than the Property and personal property necessary or incidental to its ownership or operation of the Property and has never engaged in any business other than the ownership and operation of the Property; (g) is not now, nor has ever been, party to any lawsuit, arbitration, summons, or legal proceeding that is still pending or that resulted in a judgment against it that has not been paid in full; (h) has provided Lender with complete financial statements that reflect a fair and accurate view of the entity's financial condition; (i) has passed a Phase I environmental audit for the Property; (j) has no material contingent or actual obligations not related to the Property; (k) has not entered into any contract or agreement with any of its Affiliates, constituents, or owners, or any guarantors of any of its obligations or any Affiliate of any of the foregoing (each, a "Related Party"), except upon terms and conditions that are commercially reasonable and substantially similar to those available in an arm's-length transaction with an unrelated party; (1) has paid all of its debts and liabilities from its assets;