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ARTICLE I

REPRESENTATIONS AND WARRANTIES OF BORROWER

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Section 1.1

Organization; Special Purpose

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Section 1.2

Title

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Section 1.3

No Bankruptcy Filing

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Section 1.4

Full and Accurate Disclosure

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Section 1.5

Proceedings; Enforceability

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Section 1.6

No Conflicts

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Section 1.7

Federal Reserve Regulations; Investment Company Act

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Section 1.8

Taxes

7

Section 1.9

ERISA

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Section 1.10

Property Compliance

8

Section 1.11

Utilities

8

Section 1.12

Public Access

8

Section 1.13

Litigation; Agreements

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Section 1.14

Physical Condition

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Section 1.15

Contracts

9

Section 1.16

Leases

9

Section 1.17

Foreign Person

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Section 1.18

Management Agreement

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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

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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

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Section 2.12

Waste; Alteration of Improvements

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Section 2.13

Zoning

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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

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Section 2.17

Security Interest

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Section 2.18

Security Agreement

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Section 2.19

Easements and Rights-of-Way

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Section 2.20

Compliance with Laws

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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

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Section 2.26

Management

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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

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Section 2.31

Anti-Money Laundering

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Section 2.32

ERISA

49

Section 2.33

Opinion Assumptions

50

ARTICLE III

RESERVES AND CASH MANAGEMENT

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Section 3.1

Reserves Generally

51

Section 3.2

[Payment Reserve

Section 3.3

Impound Account

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Section 3.4

Immediate Repairs Reserve

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Section 3.5

Replacement Reserve

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Section 3.6

[Rollover Reserve]

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[Holdback Reserve

&