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97 174497 aL`'``14 <br />� <br />The General Partners executing this Agreement, the <br />Subordinate Deed of Trust, the Promissory Note, <br />and the Regulatory Agreement, are authorized to <br />execute said documents on behalf of Fenway <br />Partners and to bind Fenway Partners. <br />b. There are no pending or threatened actions or <br />proceedings before any court or administrative <br />agency which may adversely affect the financial <br />condition or operation of BORROWER other than <br />those heretofore disclosed by BORROWER to LENDER <br />in writing. <br />C. BORROWER recognizes and agrees that LENDER is not <br />a commercial lending institution, but a municipal <br />corporation exercising its authority to protect <br />the public health, safety and welfare. Any duties <br />or obligations which a commercial lending <br />institution may have to BORROWER shall not apply <br />to this transaction except as set forth herein and <br />in the Loan Documents. <br />d. In the performance of any construction work <br />relating to this agreement, BORROWER agrees to use <br />only contractors duly licensed under the laws of <br />the State of California. <br />9/28/93 (STM) 15 <br />