Common use of Known Defects Clause in Contracts

Known Defects. To the knowledge of Seller and except for such circumstances that in the aggregate could not reasonably be expected to have a Material Adverse Effect on Buyer’s operation of the Acquired Assets, the Personal Property and all buildings and other structures, facilities, fixtures, systems, equipment and other tangible personal property that comprise a portion of the Real Property are (i) structurally sound with no known defects, (ii) in good operating condition and repair, subject to ordinary wear and tear, and (iii) not in need of maintenance or repair except for ordinary, routine maintenance and repair.

Known Defects. To the knowledge of Seller and except for such circumstances that in the aggregate could not reasonably be expected to have a Material Adverse Effect on Buyer’s ownership of the Purchased Interests or the Company’s ownership and operation of the Acquired Assets, all of the Personal Property and all tanks, buildings and other structures, facilities, fixtures, systems, equipment and other tangible personal property assets that comprise a portion of the Real Property Acquired Assets are (i) structurally sound with no known defects, (ii) in good operating condition and repair, subject to ordinary wear and tear, and (iii) not in need of maintenance or repair except for ordinary, routine maintenance and repair.