Compliance. The [[Organization A:Organization]] and each Subsidiary conducts its business and operations and the ownership of its assets in compliance with each applicable statute, regulation and other law, including environmental laws. All approvals, including authorizations, permits, consents, franchises, licenses, registrations, filings, declarations, reports and notices (the “Approvals”) necessary for the conduct of the [[Organization A:Organization]]’s and each Subsidiary’s business and for the Credit have been duly obtained and are in full force and effect. The [[Organization A:Organization]] and each Subsidiary is in compliance with the Approvals. The [[Organization A:Organization]] and each Subsidiary (if either is not an individual) is in compliance with its certificate of incorporation, by-laws, partnership agreement, articles of organization, operating agreement or other applicable organizational or governing document as may be applicable to the [[Organization A:Organization]] or a Subsidiary depending on its organizational structure (“Governing Documents”). The [[Organization A:Organization]] and each Subsidiary is in compliance with each agreement to which it is a party or by which it or any of its assets is bound.

Compliance. TheEach of the [[Organization A:Organization]] and each Subsidiary conductsits Subsidiaries is in compliance with all applicable statutes, regulations and orders of, and all applicable restrictions imposed by, all governmental authorities, in respect of the conduct of its business and operations and the ownership of its assets inproperty (including compliance with eachall applicable statute, regulation and other law, including environmental laws. All approvals, including authorizations, permits, consents, franchises, licenses, registrations, filings, declarations, reports and notices (the “Approvals”) necessary for the conduct of the [[Organization A:Organization]]’s and each Subsidiary’sEnvironmental Laws with respect to any real estate asset or governing its business and for the Credit have been duly obtained and are in full force and effect. The [[Organization A:Organization]] and each Subsidiary is in compliancerequirements of any permits issued under such Environmental Laws with respect to any such real estate asset or the Approvals. The [[Organization A:Organization]] and each Subsidiary (if either is not an individual) is in compliance with its certificateoperations of incorporation, by-laws, partnership agreement, articles of organization, operating agreement or other applicable organizational or governing document as may be applicable to the [[Organization A:Organization]] or a Subsidiary depending on its organizational structure (“Governing Documents”). The [[Organization A:Organization]] and each Subsidiary is in compliance with each agreement to which it is a party or by which it or any of its assets is bound.Subsidiaries), except such non-compliance that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.

d. Compliance. The [[Organization A:Borrower:Organization]] and each Subsidiary conducts its business and operations and the ownership of its assets in compliance with each applicable statute, regulation and other law, including without limitation environmental laws. All approvals, including without limitation authorizations, permits, consents, franchises, licenses, registrations, filings, declarations, reports and notices (the “Approvals”) necessary forto the conduct of the [[Organization A:Borrower:Organization]]’s and each Subsidiary’s business and for the Credit​’s due issuance of this Note have been duly obtained and are in full force and effect. The [[Organization A:Borrower:Organization]] and each Subsidiary is in compliance with the Approvals. The [[Organization A:Organization]] andall conditions of each Subsidiary (if either is not an individual) is in compliance with its certificate of incorporation, by-laws, partnership agreement, articles of organization, operating agreement or other applicable organizational or governing document as may be applicable to the [[Organization A:Organization]] or a Subsidiary depending on its organizational structure (“Governing Documents”). The [[Organization A:Organization]] and each Subsidiary is in compliance with each agreement to which it is a party or by which it or any of its assets is bound.Approval.