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7 <br /> (e) COMPLIANCE WITH LAWS. To Borrower’s reasonable knowledge, <br />Borrower is in compliance in all material respects with all local, state, and federal laws, <br />rules, regulations, orders and decrees which are applicable to the Property or to <br />Borrower in relation thereto (“Applicable Law”) including without limitation, all <br />environmental, health and safety, and employment laws. Borrower has received no <br />notice from any governmental authority regarding any threatened or pending zoning, <br />building, fire, or health code violation, or violation of other governmental regulations <br />concerning the Property that has not been corrected, and no condition on the Property <br />violates any 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 <br />or omits to state any material fact necessary to make the statements therein not <br />misleading. There is no fact known to Borrower which has or might reasonably be <br />anticipated to have a material adverse effect on the assets or financial condition of <br />Borrower which has not been disclosed to Lender in writing. <br />ARTICLE IV <br />AFFIRMATIVE COVENANTS <br />4.1 USE OF FUNDS. Borrower covenants that the Loan Proceeds will be <br />used solely for the purpose set forth in Section 2.1. Borrower acknowledges and <br />agrees that no portion of the Loan Proceeds shall be disbursed to Borrower, and that <br />Borrower shall not have direct possession or control over the Loan Proceeds. <br /> <br />4.2 PUNCTUAL PAYMENT. Borrower covenants to punctually pay the <br />principal balance of the Loan and interest (if any) accrued thereon at the times and <br />place and in the manner specified in the Agreement. <br /> <br />4.3 ACCOUNTING RECORDS; PROPERTY INSPECTION. Borrower <br />covenants to maintain accurate books and records relating to the Loan in accordance <br />with standard accounting principles consistently applied, and to permit the Lender, <br />during business hours and upon reasonable notice to inspect, audit, and examine such <br />books and records, and to inspect the Property during normal business hours upon <br />reasonable notice to ensure compliance with this Agreement. <br /> 4.4 COMPLIANCE WITH LAWS. Borrower covenants to comply with all <br />federal, state, and local laws, regulations, ordinances and rules applicable to the <br />Property. Without limiting the generality of the foregoing, Borrower shall comply with all <br />applicable requirements of state and local building codes and regulations, and all <br />applicable statutes and regulations relating to accessibility for the disabled. <br /> <br /> 4.5 INSURANCE. Borrower shall maintain and keep in force at Borrower’s <br />expense insurance coverage with respect to the Property in accordance with the <br />requirements set forth in Exhibit D attached hereto and incorporated herein. <br />