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the zoning classification for the Project. All certifications, permits, licenses and approvals, including
<br />certificates of completion and occupancy permits required for the legal use or legal, nonconforming use,
<br />as applicable, occupancy and operation of the Project (collectively, the "Licenses") required at this time
<br />for the construction or rehabilitation, as appropriate, and equipping of the Project have been obtained. To
<br />the Borrower's knowledge, all Licenses obtained by the Borrower have been validly issued and are in full
<br />force and effect. The Borrower has no reason to believe that any of the Licenses required for the future
<br />use and occupancy of the Project and not heretofore obtained by the Borrower will not be obtained by the
<br />Borrower in the ordinary course following the Completion Date. No Licenses will terminate, or become
<br />void or voidable or terminable, upon any sale, transfer or other disposition of the Project, including any
<br />transfer pursuant to foreclosure sale under the Security Instrument or deed in lieu of foreclosure
<br />thereunder. The Project does not violate any density or building setback requirements of the applicable
<br />zoning law except to the extent, if any, shown on the survey. No proceedings are, to the best of the
<br />Borrower's knowledge, pending or threatened that would result in a change of the zoning of the Project.
<br />Section 4.1.23 Flood Zone. Either all Improvements will be constructed above the flood grade
<br />or the Borrower will obtain appropriate flood insurance as directed by the Servicer.
<br />Section 4.1.24 Physical Condition. The Project, including all Improvements, parking facilities,
<br />systems, fixtures, Equipment and landscaping, are or, after completion of the construction, rehabilitation
<br />and/or repairs, as appropriate, will be in good and habitable condition in all material respects and in good
<br />order and repair in all material respects (reasonable wear and tear excepted). The Borrower has not
<br />received notice from any insurance company or bonding company of any defect or inadequacy in the
<br />Project, or any part thereof, which would adversely affect its insurability or cause the imposition of
<br />extraordinary premiums or charges thereon or any termination of any policy of insurance or bond. The
<br />physical configuration of the Project is not in material violation of the ADA, if required under applicable
<br />law.
<br />Section 4.1.25 Encroachments. All of the Improvements included in determining the appraised
<br />value of the Project will lie wholly within the boundaries and building restriction lines of the Project, and
<br />no improvement on an adjoining property encroaches upon the Project, and no easement or other
<br />encumbrance upon the Project encroaches upon any of the Improvements, so as to affect the value or
<br />marketability of the Project, except those insured against by the Title Insurance Policy or disclosed in the
<br />survey of the Project as approved by the Servicer.
<br />Section 4.1.26 State Law Requirements. The Borrower hereby represents, covenants and
<br />agrees to comply with the provisions of all applicable state laws relating to the Borrower Loan, the
<br />Funding Loan and the Project.
<br />Section 4.1.27 Filing and Recording Taxes. All transfer taxes, deed stamps, intangible taxes or
<br />other amounts in the nature of transfer taxes required to be paid by any Person under applicable Legal
<br />Requirements in connection with the transfer of the Project to the Borrower have been paid. All
<br />mortgage, mortgage recording, stamp, intangible or other similar taxes required to be paid by any Person
<br />under applicable Legal Requirements in connection with the execution, delivery, recordation, filing,
<br />registration, perfection or enforcement of any of the Borrower Loan Documents and the Funding Loan
<br />Documents have been or will be paid.
<br />Section 4.1.28 Investment Company Act. The Borrower is not (i) an "investment company" or
<br />a company "controlled" by an "investment company," within the meaning of the Investment Company
<br />Act of 1940, as amended; or (ii) a "holding company" or a "subsidiary company" of a "holding company"
<br />or an "affiliate" of either a "holding company" or a "subsidiary company" within the meaning of the
<br />Public Utility Holding Company Act of 1935, as amended.
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