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4 <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 respects with all local, state and federal laws, rules, regulations, orders and decrees which are <br />applicable to Borrower in relation thereto (“Applicable Law”) including without limitation, all <br />environmental, health and safety and employment laws. <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 state any material fact necessary to make the statements therein not misleading. There is no fact 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 />Lender in 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 the purposes set forth in Section 2.1. <br />4.2 PUNCTUAL PAYMENT. Borrower covenants to punctually pay the principal <br />balance of the Note and interest (if any) accrued thereon at the times and place and in the manner 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 to ensure compliance with this Agreement. Any audit deemed in the Lender’s sole and exclusive <br />discretion to be necessary shall be paid for in full by the Borrower. <br /> 4.4 COMPLIANCE WITH LAWS. Borrower covenants to comply with all federal, <br />state and local laws, regulations, ordinances and rules applicable to it and in the performance of <br />its functions. Violations of any laws, regulations, ordinances and rules that affect any provisions of the Loan Documents is an event of default. <br /> <br />4.5 INDEMNIFICATION. Borrower shall indemnify, defend (with counsel approved <br />by Lender), and hold harmless Lender and its officers, agents, employees, consultants and <br />contractors (collectively, the Indemnitees"), from and against, and shall pay on demand, any and all losses, liabilities, damages, costs, claims, demands, penalties, deficiencies, fines, orders, <br />judgments, actions, suits, judicial or administrative proceedings, injunctive or other relief, <br />expenses and charges (including attorneys’ fees and court costs) (collectively “Claims”) arising <br />directly or indirectly in any manner in connection with or as a result of (a) any breach of <br />Borrower’s covenants under the Loan Documents, (b) any failure of Borrower’s representations