Common use of Existence and Qualification; Power; Compliance With Laws Clause in Contracts

Existence and Qualification; Power; Compliance With Laws. Parent is a corporation duly formed, validly existing and in good standing under the Laws of Maryland. Borrower is a limited partnership, duly formed, validly existing and in good standing under the Laws of Maryland, and each Guarantor is a corporation, limited partnership, limited liability company or trust duly formed, validly existing and in good standing under the Laws of its state of formation. Each of the Loan Parties is duly qualified or registered to transact business and is in good standing in each other jurisdiction in which the conduct of its business or the ownership or leasing of its Properties makes such qualification or registration necessary, except where the failure so to qualify or register and to be in good standing would not constitute a Material Adverse Effect. Each of the Loan Parties has all requisite power and authority to conduct its business, to own and lease its Properties and to execute and deliver each Loan Document to which it is a Party and to perform its Obligations. All outstanding shares of capital stock of Parent are duly authorized, validly issued, fully paid and nonassessable, and no holder thereof has any enforceable right of rescission under any applicable state or federal securities Laws. To Borrower’s knowledge, each of the Loan Parties is in compliance with all Laws and other legal requirements applicable to its business, has obtained all authorizations, consents, approvals, orders, licenses and permits from, and has accomplished all filings, registrations and qualifications with, or obtained exemptions from any of the foregoing from, any Governmental Agency that are necessary for the transaction of its business, except where the failure so to comply, obtain authorizations, etc., file, register, qualify or obtain exemptions does not constitute a Material Adverse Effect. Parent is a “real estate investment trust” within the meaning of §856 of the Code, has elected to be treated as a real estate investment trust and is subject to federal income taxation as a real estate investment trust pursuant to §§856-860 of the Code.

Existence and Qualification; Power; Compliance With Laws. Parent is a corporation duly formed, validly existing and in good standing under the Laws of Maryland. Borrower is a limited partnership, duly formed, validly existing and in good standing under the Laws of Maryland, and each Guarantor is a corporation, limited partnership, limited liability company or trust duly formed, validly existing and in good standing under the Laws of its state of formation. Each of the Loan Parties Borrower and Guarantor is duly qualified or registered to transact business and is in good standing in each other jurisdiction in which the conduct of its business or the ownership or leasing of its Properties Projects makes such qualification or registration necessary, except where the failure so to qualify or register and to be in good standing would not constitute a Material Adverse Effect. Each of the Loan Parties Borrower and Guarantor has all requisite power and authority to conduct its business, to own and lease its Properties Projects and to execute and deliver each Loan Document to which it is a Party and to perform its Obligations. All outstanding shares of capital stock of Parent are duly authorized, validly issued, fully paid and nonassessable, and no holder thereof has any enforceable right of rescission under any applicable state or federal securities Laws. To Borrower’s knowledge, each of the Loan Parties Borrower and Guarantor is in compliance with all Laws and other legal requirements applicable to its business, has obtained all authorizations, consents, approvals, orders, licenses and permits from, and has accomplished all filings, registrations and qualifications with, or obtained exemptions from any of the foregoing from, any Governmental Agency that are necessary for the transaction of its business, except where the failure so to comply, obtain authorizations, etc., file, register, qualify or obtain exemptions does not constitute a Material Adverse Effect. Parent is a “real estate investment trust” within the meaning of §856 of the Code, has elected to be treated as a real estate investment trust and is subject to federal income taxation as a real estate investment trust pursuant to §§856-860 of the Code.

Existence and Qualification; Power; Compliance With Laws. Parent Borrower is a corporation duly incorporated, validly existing and in good standing under the Laws of Delaware. Detroit is a limited liability company duly formed, validly existing and in good standing under the Laws of MarylandDelaware. Borrower is a limited partnership, duly formed, validly existing and in good standing under the Laws of Maryland, and each Guarantor is a corporation, limited partnership, limited liability company or trust duly formed, validly existing and in good standing under the Laws of its state of formation. Each of the Loan Parties is Co-Borrower are each duly qualified or registered to transact business and is are in good standing in each other jurisdiction in which the conduct of its their business or the ownership or leasing of its their Properties makes such qualification or registration necessary, except where the failure so to qualify or register and to be in good standing would not constitute a Material Adverse Effect. Each of the Loan Parties has Borrower and each Co-Borrower have all requisite corporate or other organizational power and authority to conduct its their business, to own and lease its their Properties and to execute and deliver each Loan Document to which it each is a Party and to perform its the Obligations, except where the failure to have such power and authority would not constitute a Material Adverse Effect. All outstanding shares of the capital stock of Parent Borrower are duly authorized, validly issued, fully paid and nonassessablenon-assessable, and no holder thereof has any enforceable right of rescission under any applicable state or federal securities Laws. To Borrower’s knowledgeAll the equity interests in each Co-Borrower are duly authorized, validly issued, fully paid and non assessable, and no holder thereof has any enforceable right of rescission under any applicable state or federal securities Laws. Borrower and each of the Loan Parties is Co-Borrower are in compliance with all Laws and other legal requirements Requirements of Law applicable to its businessbusiness as at present conducted, has obtained all authorizations, consents, approvals, orders, licenses and permits from, and has accomplished all filings, registrations and qualifications with, or obtained exemptions from any of the foregoing from, any Governmental Agency that are necessary for the transaction of its businessbusiness as at present conducted, except where the failure so to comply, obtain authorizations, etc., file, register, qualify or obtain exemptions does would not constitute a Material Adverse Effect. Parent is a “real estate investment trust” within the meaning of §856 of the Code, has elected to be treated as a real estate investment trust and is subject to federal income taxation as a real estate investment trust pursuant to §§856-860 of the Code.

Existence and Qualification; Power; Compliance With Laws. Parent Borrower is a corporation limited liability company duly formed, validly existing and in good standing under the Laws of MarylandNevada. Each Subsidiary of Borrower hereafter formed by Borrower is a limited partnership, duly formed, validly existing and in good standing under the Laws of Maryland, and each Guarantor is a corporation, limited partnership, limited liability company or trust Person duly formed, validly existing and in good standing under the Laws of its state of formation. Each Borrower and each such Subsidiary of the Loan Parties Borrower is duly qualified or registered to transact business and is in good standing in each other jurisdiction in which the conduct of its business or the ownership or leasing of its Properties makes such qualification or registration necessary, except where the failure so to qualify or register and to be in good standing would not constitute a Material Adverse Effect. Each Borrower and each such Subsidiary of the Loan Parties Borrower has all requisite power and authority to conduct its business, to own and lease its Properties and to execute and deliver each Loan Document to which it is a Party and to perform its Obligations. The chief executive office of Borrower is located in Nevada. All outstanding shares of capital stock of Parent membership interests in Borrower are duly authorized, validly issued, and fully paid and nonassessablepaid, and no holder thereof has any enforceable right of rescission under any applicable state or federal securities Laws. To Borrower’s knowledge, Borrower and each such Subsidiary of the Loan Parties Borrower is in compliance with all Laws and other legal requirements applicable to its business, has obtained all authorizations, consents, approvals, orders, licenses and permits from, and has accomplished all filings, registrations and qualifications with, or obtained exemptions from any of the foregoing from, any Governmental Agency that are necessary for the transaction of its business, except where the failure so to comply, obtain authorizations, etc., file, register, qualify or obtain exemptions does not constitute a Material Adverse Effect. Parent is a “real estate investment trust” within the meaning of §856 of the Code, has elected to be treated as a real estate investment trust and is subject to federal income taxation as a real estate investment trust pursuant to §§856-860 of the Code.

Existence and Qualification; Power; Compliance With Laws. Parent Borrower is a corporation duly incorporated, validly existing and in good standing under the Laws of Delaware. Detroit is a limited liability company duly formed, validly existing and in good standing under the Laws of MarylandDelaware. Borrower is a limited partnership, duly formed, validly existing and in good standing under the Laws of Maryland, and each Guarantor is a corporation, limited partnership, limited liability company or trust duly formed, validly existing and in good standing under the Laws of its state of formation. Each of the Loan Parties is Co-Borrower are each duly qualified or registered to transact business and is are in good standing in each other jurisdiction in which the conduct of its their business or the ownership or leasing of its their Properties makes such qualification or registration necessary, except where the failure so to qualify or register and to be in good standing would not constitute a Material Adverse Effect. Each of the Loan Parties has Borrower and each Co-Borrower have all requisite corporate or other organizational power and authority to conduct its their business, to own and lease its their Properties and to execute and deliver each Loan Document to which it each is a Party and to perform its the Obligations, except where the failure to have such power and authority would not constitute a Material Adverse Effect. All outstanding shares of the capital stock of Parent Borrower are duly authorized, validly issued, fully paid and nonassessablenon-assessable, and no holder thereof has any enforceable right of rescission under any applicable state or federal securities Laws. To Borrower’s knowledgeAll the Equity Interests in each Co-Borrower are duly authorized, validly issued, fully paid and non assessable, and no holder thereof has any enforceable right of rescission under any applicable state or federal securities Laws. Borrower and each of the Loan Parties is Co-Borrower are in compliance with all Laws and other legal requirements Requirements of Law applicable to its businessbusiness as at present conducted, has obtained all authorizations, consents, approvals, orders, licenses and permits from, and has accomplished all filings, registrations and qualifications with, or obtained exemptions from any of the foregoing from, any Governmental Agency that are necessary for the transaction of its businessbusiness as at present conducted, except where the failure so to comply, obtain authorizations, etc., file, register, qualify or obtain exemptions does would not constitute a Material Adverse Effect. Parent is a “real estate investment trust” within the meaning of §856 of the Code, has elected to be treated as a real estate investment trust and is subject to federal income taxation as a real estate investment trust pursuant to §§856-860 of the Code.

Existence and Qualification; Power; Compliance With Laws. Parent Borrower is a corporation limited liability company duly formed, validly existing and in good standing under the Laws of MarylandNevada. Each Subsidiary of Borrower hereafter formed by Borrower is a limited partnership, duly formed, validly existing and in good standing under the Laws of Maryland, and each Guarantor is a corporation, limited partnership, limited liability company or trust Person duly formed, validly existing and in good standing under the Laws of its state of formation. Each Borrower and each such Subsidiary of the Loan Parties Borrower is duly qualified or registered to transact business and is in good standing in each other jurisdiction in which the conduct of its business or the ownership or leasing of its Properties makes such qualification or registration necessary, except where the failure so to qualify or register and to be in good standing would not constitute a Material Adverse Effect. Each Borrower and each such Subsidiary of the Loan Parties Borrower has all requisite power and authority to conduct its business, to own and lease its Properties and to execute and deliver each Loan Document to which it is a Party and to perform its Obligations. The chief executive office of Borrower is located in Nevada. All outstanding shares of capital stock of Parent members' interests in Borrower are duly authorized, validly issued, and fully paid and nonassessablepaid, and no holder thereof has any enforceable right of rescission under any applicable state or federal securities Laws. To Borrower’s knowledge, Borrower and each such Subsidiary of the Loan Parties Borrower is in compliance with all Laws and other legal requirements applicable to its business, has obtained all authorizations, consents, approvals, orders, licenses and permits from, and has accomplished all filings, registrations and qualifications with, or obtained exemptions from any of the foregoing from, any Governmental Agency that are necessary for the transaction of its business, except where the failure so to comply, obtain authorizations, etc., file, register, qualify or obtain exemptions does not constitute a Material Adverse Effect. Parent is a “real estate investment trust” within the meaning of §856 of the Code, has elected to be treated as a real estate investment trust and is subject to federal income taxation as a real estate investment trust pursuant to §§856-860 of the Code.

Existence and Qualification; Power; Compliance With Laws. Parent is a corporation duly formed, validly existing and in good standing under the Laws of Maryland. Borrower is a limited partnership, duly formed, validly existing and in good standing under the Laws of Maryland, and each Guarantor is a corporation, limited partnership, limited liability company or trust duly formed, validly existing and in good standing under the Laws of its state of formation. Each of the Loan Parties is duly qualified or registered to transact business and is in good standing in each other jurisdiction in which the conduct of its business or the ownership or leasing of its Properties makes such qualification or registration necessary, except where the failure so to qualify or register and to be in good standing would not constitute a Material Adverse Effect. Each of the Loan Parties has all requisite power and authority to conduct its business, to own and lease its Properties and to execute and deliver each Loan Document to which it is a Party and to perform its Obligations. All outstanding shares of capital stock of Parent are duly authorized, validly issued, fully paid and nonassessable, and no holder thereof has any enforceable right of rescission under any applicable state or federal securities Laws. To Borrower’s knowledge, each Each of the Loan Parties is in compliance with all Laws and other legal requirements applicable to its business, has obtained all authorizations, consents, approvals, orders, licenses and permits from, and has accomplished all filings, registrations and qualifications with, or obtained exemptions from any of the foregoing from, any Governmental Agency that are necessary for the transaction of its business, except where the failure so to comply, obtain authorizations, etc., file, register, qualify or obtain exemptions does not constitute a Material Adverse Effect. Parent is a “"real estate investment trust” " within the meaning of §Section 856 of the Code, has elected to be treated as a real estate investment trust and is subject to federal income taxation as a real estate investment trust pursuant to §§Sections 856-860 of the Code.

Existence and Qualification; Power; Compliance With Laws. Parent is a corporation duly formed, validly existing and in good standing under the Laws of Maryland. Borrower Operating Partnership is a limited partnership, duly formed, validly existing and in good standing under the Laws of Maryland, and each Guarantor other Borrower is a corporation, limited partnership, partnership or limited liability company or trust duly formed, validly existing and in good standing under the Laws of its state of formation. Each of the Loan Parties Borrowers is duly qualified or registered to transact business and is in good standing in each other jurisdiction in which the conduct of its business or the ownership or leasing of its Properties makes such qualification or registration necessary, except where the failure so to qualify or register and to be in good standing would not constitute a Material Adverse Effect. Each of the Loan Parties Borrowers has all requisite power and authority to conduct its business, to own and lease its Properties and to execute and deliver each Loan Document to which it is a Party and to perform its Obligations. All outstanding shares of capital stock of Parent are duly authorized, validly issued, fully paid and nonassessablenon-assessable, and no holder thereof has any enforceable right of rescission under any applicable state or federal securities Laws. To Borrower’s knowledge, each Each of the Loan Parties Borrowers is in compliance with all Laws and other legal requirements applicable to its business, has obtained all authorizations, consents, approvals, orders, licenses and permits from, and has accomplished all filings, registrations and qualifications with, or obtained exemptions from any of the foregoing from, any Governmental Agency that are necessary for the transaction of its business, except where the failure so to comply, obtain authorizations, etc., file, register, qualify or obtain exemptions does not constitute a Material Adverse Effect. Parent is a “"real estate investment trust” " within the meaning of §Section 856 of the Code, has elected to be treated as a real estate investment trust and is subject to federal income taxation as a real estate investment trust pursuant to §§Sections 856-860 of the Code.

Existence and Qualification; Power; Compliance With Laws. Parent is a corporation duly formed, validly existing and in good standing under the Laws of Maryland. Borrower is a limited partnership, duly formed, validly existing and in good standing under the Laws of Maryland, and each Guarantor is a corporation, limited partnership, limited liability company or trust duly formed, validly existing and in good standing under the Laws of its state of formation. Each of the Loan Parties is duly qualified or registered to transact business and is in good standing in each other jurisdiction in which the conduct of its business or the ownership or leasing of its Properties makes such qualification or registration necessary, except where the failure so to qualify or register and to be in good standing would not constitute a Material Adverse Effect. Each of the Loan Parties has all requisite power and authority to conduct its business, to own and lease its Properties and to execute and deliver each Loan Document to which it is a Party and to perform its Obligations. All outstanding shares of capital stock of Parent are duly authorized, validly issued, fully paid and nonassessable, and no holder thereof has any enforceable right of rescission under any applicable state or federal securities Laws. To Borrower’s knowledge, each Each of the Loan Parties is in compliance with all Laws and other legal requirements applicable to its business, has obtained all authorizations, consents, approvals, orders, licenses and permits from, and has accomplished all filings, registrations and qualifications with, or obtained exemptions from any of the foregoing from, any Governmental Agency that are necessary for the transaction of its business, except where the failure so to comply, obtain authorizations, etc., file, register, qualify or obtain exemptions does not constitute a Material Adverse Effect. Parent is a “"real estate investment trust” " within the meaning of §Section. 856 of the Code, has elected to be treated as a real estate investment trust and is subject to federal income taxation as a real estate investment trust pursuant to §§Sections. 856-860 of the Code.