Common use of Underwriting Representations Clause in Contracts

Underwriting Representations. Borrower represents that as of the date of this Loan Agreement, each of the following is true: (i) Borrower is and always has been duly formed, validly existing, and in good standing in the state of its formation and in all other jurisdictions where it is qualified to do business. (ii) Borrower 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, and there are no liens of any nature against Borrower except for tax liens not yet due. (iii) Borrower is in compliance with all laws, regulations, and orders applicable to it and, except as otherwise disclosed in this Loan Agreement, has received all permits necessary for it to operate. (iv) Borrower is not involved in any dispute with any taxing authority. (v) Borrower has paid all taxes which it owes. (vi) Borrower has never owned any real property other than the Mortgaged Property and personal property necessary or incidental to its ownership or operation of the Mortgaged Property and has never engaged in any business other than the ownership and operation of the Mortgaged Property. (vii) Borrower has provided Lender with complete financial statements that reflect a fair and accurate view of the entity’s financial condition. (viii) Borrower has obtained a current Phase I environmental Site Assessment for the Mortgaged Property and that Site Assessment has not identified any recognized environmental conditions that require further investigation or remediation. (ix) Borrower has no material contingent or actual obligations not related to the Mortgaged Property. (x) Each amendment and restatement of Borrower’s organizational documents has been accomplished in accordance with, and was permitted by, the relevant provisions of said documents prior to its amendment or restatement from time to time.

Underwriting Representations. Borrower represents that as of the date of this Loan Agreement, each of the following is true: (i) Borrower is and always has been duly formed, validly existing, and in good standing in the state of its formation and in all other jurisdictions where it is qualified to do business. (ii) Borrower is not now, nor has it 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, and there are no liens of any nature against Borrower except for tax liens not yet due. (iii) Borrower is in compliance with all laws, regulations, and orders applicable to it and, except as otherwise disclosed in this Loan Agreement, has received all permits necessary for it to operate. (iv) Borrower is not involved in any dispute with any taxing authority. (v) Borrower has paid all taxes which it owes. (vi) Borrower has never owned any real property other than the Mortgaged Property and personal property necessary or incidental to its ownership or operation of the Mortgaged Property and has never engaged in any business other than the ownership and operation of the Mortgaged Property. (vii) Borrower has provided Lender with complete financial statements that reflect a fair and accurate view of the entity’s financial condition. (viii) Borrower If required by Lender, Lender has obtained received a current Phase I environmental Site Assessment for the Mortgaged Property and that Site Assessment has not identified any recognized environmental conditions that require further investigation or remediation. (ix) Borrower has no material contingent or actual obligations not related to the Mortgaged Property. (x) Each amendment and restatement of Borrower’s organizational documents has been accomplished in accordance with, and was permitted by, the relevant provisions of said documents prior to its amendment or restatement from time to time.

Underwriting Representations. Borrower represents that as of the date of this Loan Continuing Covenant Agreement, each of the following is true: (i) Borrower is and always has been duly formed, validly existing, and in good standing in the state of its formation and in all other jurisdictions where it is qualified to do business. (ii) Borrower is not now, nor has it 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, and there are no liens of any nature against Borrower except for tax liens not yet due. (iii) Borrower is in compliance with all laws, regulations, and orders applicable to it and, except as otherwise disclosed in this Loan Continuing Covenant Agreement, has received all permits necessary for it to operate. (iv) Borrower is not involved in any dispute with any taxing authority. (v) Borrower has paid all taxes which it owes. (vi) Borrower has never owned any real property other than the Mortgaged Property and personal property necessary or incidental to its ownership or operation of the Mortgaged Property and has never engaged in any business other than the ownership and operation of the Mortgaged Property. (vii) Borrower has provided Funding Lender with complete financial statements that reflect a fair and accurate view of the entity’s financial condition. (viii) Borrower If required by Funding Lender, Funding Lender has obtained received a current Phase I environmental Site Assessment for the Mortgaged Property and that Site Assessment has not identified any recognized environmental conditions that require further investigation or remediation. (ix) Borrower has no material contingent or actual obligations not related to the Mortgaged Property. (x) Each amendment and restatement of Borrower’s organizational documents has been accomplished in accordance with, and was permitted by, the relevant provisions of said documents prior to its amendment or restatement from time to time.

Underwriting Representations. Borrower represents that as of the date of this Loan Continuing Covenant Agreement, each of the following is true: (i) Borrower SPE Equity Owner is and always has been duly formed, validly existing, and in good standing in the state of its formation and in all other jurisdictions where it is qualified to do business. (ii) Borrower SPE Equity Owner is not now, nor has it 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, and there are no liens of any nature against Borrower SPE Equity Owner except for tax liens not yet due. (iii) Borrower SPE Equity Owner is in compliance with all laws, regulations, and orders applicable to it and, except as otherwise disclosed in this Loan Continuing Covenant Agreement, has received all permits necessary for it to operate. (iv) Borrower SPE Equity Owner is not involved in any dispute with any taxing authority. (v) Borrower SPE Equity Owner has paid all taxes which it owes. (vi) Borrower SPE Equity Owner has never owned any real property or personal property other than its [managing member] [general partner] interest in the Mortgaged Property and personal property necessary or incidental to its ownership or operation of the Mortgaged Property Borrower, and has never engaged in any business other than the its ownership and operation of the Mortgaged Property[managing member] [general partner] interest in the Borrower. (vii) Borrower SPE Equity Owner has provided Funding Lender with complete financial statements that reflect a fair and accurate view of the entity’s financial condition. (viii) Borrower If required by Funding Lender, Funding Lender has obtained received a current Phase I environmental Site Assessment for the Mortgaged Property and that Site Assessment has not identified any recognized environmental conditions that require further investigation or remediation. (ix) Borrower SPE Equity Owner has no material contingent or actual obligations not related to its [managing member][general partner] interest in the Mortgaged PropertyBorrower. (x) Each amendment and restatement of Borrower’s organizational documents has been accomplished in accordance with, and was permitted by, the relevant provisions of said documents prior to its amendment or restatement from time to time.

Underwriting Representations. Borrower hereby represents that as of the date of this Loan Agreement, each of the following is true: (i) Borrower is and always has been duly formed, validly existing, and in good standing in the state of its formation and in all other jurisdictions where it is qualified to do business. (ii) Borrower 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, and there are no liens of any nature against Borrower except for tax liens not yet due. (iii) Borrower is in compliance with all laws, regulations, and orders applicable to it and, except as otherwise disclosed in this Loan Agreement, has received all permits necessary for it to operate. (iv) Borrower is not involved in any dispute with any taxing authority. (v) Borrower has paid all taxes which it owes. (vi) Borrower has never owned any real property other than the Mortgaged Property and personal property necessary or incidental to its ownership or operation of the Mortgaged Property and has never engaged in any business other than the ownership and operation of the Mortgaged Property. (vii) Borrower has provided Lender with complete financial statements that reflect a fair and accurate view of the entity’s financial condition.. Rider to Multifamily Loan and Security Agreement (CME) Recycled Borrower 0914815\159949\1604589v1 (viii) Borrower has obtained a current Phase I environmental Site Assessment for the Mortgaged Property and that Site Assessment has not identified any recognized environmental conditions that require further investigation or remediation. (ix) Borrower has no material contingent or actual obligations not related to the Mortgaged Property. (x) Each amendment and restatement of Borrower’s organizational documents has been accomplished in accordance with, and was permitted by, the relevant provisions of said documents prior to its amendment or restatement from time to time.

Underwriting Representations. Borrower represents that as of the date of this Loan Agreement, each of the following is true: (i) Borrower SPE Equity Owner is and always has been duly formed, validly existing, and in good standing in the state of its formation and in all other jurisdictions where it is qualified to do business. (ii) Borrower SPE Equity Owner is not now, nor has it 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, and there are no liens of any nature against Borrower SPE Equity Owner except for tax liens not yet due. (iii) Borrower SPE Equity Owner is in compliance with all laws, regulations, and orders applicable to it and, except as otherwise disclosed in this Loan Agreement, has received all permits necessary for it to operate. (iv) Borrower SPE Equity Owner is not involved in any dispute with any taxing authority. (v) Borrower SPE Equity Owner has paid all taxes which it owes. (vi) Borrower SPE Equity Owner has never owned any real property or personal property other than its [managing member][general partner] interest in the Mortgaged Property and personal property necessary or incidental to its ownership or operation of the Mortgaged Property Borrower, and has never engaged in any business other than the its ownership and operation of the Mortgaged Property[managing member][general partner] interest in the Borrower. (vii) Borrower SPE Equity Owner has provided Lender with complete financial statements that reflect a fair and accurate view of the entity’s financial condition. (viii) Borrower If required by Lender, Lender has obtained received a current Phase I environmental Site Assessment for the Mortgaged Property and that Site Assessment has not identified any recognized environmental conditions that require further investigation or remediation. (ix) Borrower SPE Equity Owner has no material contingent or actual obligations not related to its [managing member][general partner] interest in the Mortgaged PropertyBorrower. (x) Each amendment and restatement of Borrower’s organizational documents has been accomplished in accordance with, and was permitted by, the relevant provisions of said documents prior to its amendment or restatement from time to time.

Underwriting Representations. Borrower hereby represents that as of the date of this Loan Agreement, each of the following is true: (i) Borrower is and always has been duly formed, validly existing, and in good standing in the state of its formation and in all other jurisdictions where it is qualified to do business. (ii) Borrower 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, and there are no liens of any nature against Borrower except for tax liens not yet due. (iii) Borrower is in compliance with all laws, regulations, and orders applicable to it and, except as otherwise disclosed in this Loan Agreement, has received all permits necessary for it to operate. (iv) Borrower is not involved in any dispute with any taxing authority. (v) Borrower has paid all taxes which it owes. (vi) Borrower has never owned any real property other than the Mortgaged Property and personal property necessary or incidental to its ownership or operation of the Mortgaged Property and has never engaged in any business other than the ownership and operation of the Mortgaged Property. (vii) Borrower has provided Lender with complete financial statements that reflect a fair and accurate view of the entity’s financial condition. (viii) Borrower has obtained a current Phase I environmental Site Assessment for the Mortgaged Property and that Site Assessment has not identified any recognized environmental conditions that require further investigation or remediation. (ix) Borrower has no material contingent or actual obligations not related to the Mortgaged Property. (x) Each amendment and restatement of Borrower’s organizational documents has been accomplished in accordance with, and was permitted by, the relevant provisions of said documents prior to its amendment or restatement from time to time.