No Individual Borrower is a party to any agreement or instrument or subject to any restriction which is reasonably expected to result in a Material Adverse Effect. No Individual Borrower is in default with respect to any order or decree of any court or any order, regulation or demand of any Governmental Authority, which default is reasonably expected to result in a Material Adverse Effect. No Individual Borrower is in default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any Permitted Encumbrance or any other agreement or instrument to which it is a party or by which it or the Property is bound which is reasonably expected to result in a Material Adverse Effect. No Individual Borrower has any material financial obligation (contingent or otherwise) under any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which any Individual Borrower is a party or by which any Individual Borrower or the Property is otherwise bound, other than (a) obligations incurred in the ordinary course of the operation, management, leasing and improvement of the Property (including, without limitation, pursuant to the four (4) Management Agreements), (b) obligations under the Loan Documents and (c) obligations, covenants or conditions contained in any Permitted Encumbrance, the Leases and any Major Contract.