Common use of Certain Property Clause in Contracts

Certain Property. (i) Schedule 6.03(r)(i) sets forth all the Laredo Owned Real Property. Except as set forth on Schedule 6.03(r)(i), Laredo has title insurance insuring indefeasible, fee simple title in and to the Laredo Owned Real Property, free and clear of all Liens other than Permitted Encumbrances, except as specifically noted in such title insurance policies. True and complete copies of such policies together with all amendments, waivers or other changes thereto have been furnished to the Company or its representative. The material improvements on each parcel of Laredo Owned Real Property have access to such sewer, water, gas, electric, telephone and other utilities as are necessary to allow the business of Laredo operated thereon to be operated in the Ordinary Course of Business. Except as set forth on Schedule 6.03(r)(i), the material improvements located on each parcel of Laredo Owned Real Property are in sufficiently good condition (except for ordinary wear and tear) to allow the business of Laredo to be operated in the Ordinary Course of Business. The current use of the Laredo Owned Real Property by Laredo does not violate in any material respect any restrictive covenants of record listed in the applicable title insurance policies as affecting any of the Laredo Owned Real Property. (ii) Except for Laredo Leased Real Property obligations which are less than $100,000 annually, set forth on Schedule 6.03(r)(ii) is a list of all Laredo Leased Real Property. Each lease set forth on Schedule 6.03(r)(ii) is a valid and binding obligation of Laredo and, subject to any of such leases being terminated in the Ordinary Course of Business and in accordance with the terms thereof, is in full force and effect. Except as set forth on Schedule 6.03(r)(ii), Laredo is not in default in any material respect under any lease set forth on Schedule 6.03(r)(ii).