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4 <br />(c)AUTHORIZATION. The Loan Documents and the transactions contemplated <br />thereby have each been duly authorized by Borrower, and when executed and delivered will each <br />constitute a valid and binding obligation of Borrower, enforceable in accordance with the <br />respective terms thereof. <br />(d)LITIGATION. There are no pending or to Borrower’s knowledge, threatened <br />actions or proceedings before any court or administrative agency which may adversely affect the <br />financial condition or operation of Borrower or Borrower’s interest in the Property. <br />(e)COMPLIANCE WITH LAWS. Borrower is in compliance in all material <br />respects with all local, state and federal laws, rules, regulations, orders and decrees which are <br />applicable to the Property or to Borrower in relation thereto (“Applicable Law”) including <br />without limitation, all environmental, health and safety and employment laws. Borrower has <br />received no notice from any governmental authority regarding any threatened or pending zoning, <br />building, fire, or health code violation or violation of other governmental regulations concerning <br />the Property that has not been corrected, and no condition on the Property violates any <br />Applicable Law. <br />(f)DISCLOSURE. No representation or warranty made by Borrower in this <br />Agreement or in the Loan Documents contains any untrue statement of a material fact or omits to <br />state any material fact necessary to make the statements therein not misleading. There is no fact <br />known to Borrower which has or might reasonably be anticipated to have a material adverse <br />effect on the business, assets, financial condition of Borrower which has not been disclosed to <br />Lenderin writing. <br />ARTICLE IV <br />AFFIRMATIVE COVENANTS <br />4.1 USE OF FUNDS.Borrower covenants that it shall use the Loan Proceeds <br />solely for purposesset forth in Section 2.1. <br />4.2 PUNCTUAL PAYMENT. Borrower covenants to punctually pay the principal <br />balance of theNote and interest (if any) accrued thereon at the times and place and in the manner <br />specified in the Note. <br />4.3 ACCOUNTING RECORDS; PROPERTY INSPECTION. Borrower covenants <br />to maintain accurate books and records relating to the Loan in accordance with standard <br />accounting principles consistently applied, and to permit the Lender, during business hours and <br />upon reasonable notice to inspect, audit and examine such books and records and to inspect the <br />Property during normal business hours upon reasonable noticeto ensure compliance with this <br />Agreement. <br />4.4 COMPLIANCE WITH LAWS. Borrower covenants to comply with all federal, <br />state and local laws, regulations, ordinances and rules applicable to the Property. Without <br />limiting the generality of the foregoing, Borrower shall comply with all applicable requirements