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ARTICLE I

REPRESENTATIONS AND WARRANTIES OF BORROWER

5

Section 1.1

Organization; Special Purpose

5

Section 1.2

Title

5

Section 1.3

No Bankruptcy Filing

6

Section 1.4

Full and Accurate Disclosure

6

Section 1.5

Proceedings; Enforceability

6

Section 1.6

No Conflicts

7

Section 1.7

Federal Reserve Regulations; Investment Company Act

7

Section 1.8

Taxes

7

Section 1.9

ERISA

7

Section 1.10

Property Compliance

8

Section 1.11

Utilities

8

Section 1.12

Public Access

8

Section 1.13

Litigation; Agreements

8

Section 1.14

Physical Condition

9

Section 1.15

Contracts

9

Section 1.16

Leases

9

Section 1.17

Foreign Person

10

Section 1.18

Management Agreement

10

Section 1.19

Fraudulent Transfer

10

ARTICLE II

COVENANTS OF BORROWER

10

Section 2.1

Defense of Title

10

Section 2.2

Performance of Obligations

11

Section 2.3

Insurance

11

Section 2.4

Payment of Taxes

16

Section 2.5

Casualty and Condemnation

16

Section 2.6

Construction Liens

19

Section 2.7

Rents and Profits

19

Section 2.8

Leases

20

Section 2.9

Alienation and Further Encumbrances.

23

Section 2.10

Payment of Utilities, Assessments, Charges, Etc

28

Section 2.11

Access Privileges and Inspections

29

Section 2.12

Waste; Alteration of Improvements

29

Section 2.13

Zoning

29

Section 2.14

Financial Statements and Books and Records

30

Section 2.15

Further Assurances

31

Section 2.16

Payment of Costs; Reimbursement to Lender

32

Section 2.17

Security Interest

33

Section 2.18

Security Agreement

34

Section 2.19

Easements and Rights-of-Way

35

Section 2.20

Compliance with Laws

35

Section 2.21

Additional Taxes

36

Section 2.22

Secured Indebtedness

36

Section 2.23

Borrower?s Waivers

36

Section 2.24

SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL.

37

Section 2.25

Attorney-in-Fact Provisions

38

Section 2.26

Management

38

Section 2.27

Hazardous Waste and Other Substances.

38

Section 2.28

Indemnification; Subrogation.

43

Section 2.29

Covenants with Respect to Existence, Indebtedness, Operations, Fundamental Changes of Borrower.

44

Section 2.30

Embargoed Person

49

Section 2.31

Anti-Money Laundering

49

Section 2.32

ERISA.

49

Section 2.33

Opinion Assumptions

50

ARTICLE III

RESERVES AND CASH MANAGEMENT

51

Section 3.1

Reserves Generally.

51

Section 3.2

[Payment Reserve.

Section 3.3

Impound Account

53

Section 3.4

Immediate Repairs Reserve

54

Section 3.5

Replacement Reserve

55

Section 3.6

[Rollover Reserve]

56

[Holdback Reserve

ARTICLE IV

EVENTS OF DEFAULT

58

Section 4.1

Events of Default

58

ARTICLE V

REMEDIES

60

Section 5.1

Remedies Available

60

Section 5.2

Application of Proceeds

62

Section 5.3

Right and Authority of Receiver or Lender in the Event of Default; Power of Attorney

62

Section 5.4

Occupancy After Foreclosure

64

Section 5.5

Notice to Account Debtors

64

Section 5.6

Cumulative Remedies

64

Section 5.7

Payment of Expenses

64

ARTICLE VI

MISCELLANEOUS TERMS AND CONDITIONS

65

Section 6.1

Time of Essence

65

Section 6.2

Release of Mortgage

65

Section 6.3