Common use of Legal Status and Authority Clause in Contracts

Legal Status and Authority. Each Borrower (a) is duly organized, validly existing and in good standing under the laws of its state of formation; (b) is duly qualified to transact business and is in good standing in each jurisdiction where it is required to be so qualified in connection with its assets, businesses and operations; and (c) has all necessary approvals, governmental and otherwise, and full power and authority to own the Collateral. Borrower has full power, authority and legal right to grant, bargain, sell, pledge, assign, warrant, transfer and convey the Collateral pursuant to the terms hereof and to keep and observe all of the terms of this Agreement, the Note, the Pledge Agreement and the other Loan Documents on Borrower’s part to be performed.

Legal Status and Authority. Each Borrower (a) is duly organized, validly existing and in good standing under the laws of its state of formation; (b) is duly qualified to transact business and is in good standing in each jurisdiction where it the State in which such Borrower’s Individual Property is required to be so qualified in connection with its assets, businesses and operationslocated; and (c) has all necessary approvals, governmental and otherwise, and full power and authority to own own, operate and lease the Collateralapplicable Individual Properties. Each Borrower has full power, authority and legal right to mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey the Collateral related Individual Properties pursuant to the terms hereof and to keep and observe all of the terms of this Agreement, the Note, the Pledge Agreement Security Instruments and the other Loan Documents on Borrower’s part to be performed.

Legal Status and Authority. Each Borrower (a) is duly organized, validly existing and in good standing under the laws of its state of formation; (b) is duly qualified to transact business and is in good standing in each jurisdiction where it is required to be so qualified in connection with its assets, businesses and operations; and (c) has all necessary approvals, governmental and otherwise, and full power and authority to own the applicable Collateral. Borrower has full power, authority and legal right to mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey the applicable Collateral pursuant to the terms hereof and to keep and observe all of the terms of this Agreement, the Note, the Pledge Agreement and the other Loan Documents on Borrower’s part to be performed.

Legal Status and Authority. Each Borrower (a) is duly organized, validly existing and in good standing under the laws of its state of formation; (b) is duly qualified to transact business and is in good standing in each jurisdiction the State where it is required to be so qualified in connection with its assets, businesses and operationsowns Property; and (c) has all necessary approvals, governmental and otherwise, and full power and authority to own the Collateralown, operate and lease its Property. Each Borrower has full power, authority and legal right to mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey the Collateral Property owned by such Borrower pursuant to the terms hereof and to keep and observe all of the terms of this Agreement, the Note, the Pledge Agreement Security Instruments and the other Loan Documents on Borrower’s such Borrowers’ part to be performed.

Legal Status and Authority. Each Borrower (a) is duly organized, validly existing and in good standing under the laws of its state of formation; (b) is duly qualified to transact business and is in good standing in each jurisdiction where it is required to be so qualified in connection with its assets, businesses and operationsthe State; and (c) has all necessary approvals, governmental and otherwiseotherwise (except where failure to have such would not cause or would not reasonably be expected to cause a Material Adverse Effect), and full power and authority to own own, operate and lease the CollateralProperty. Each Borrower has full power, authority and legal right to mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey the Collateral Property pursuant to the terms hereof and to keep and observe all of the terms of this Agreement, the Note, the Pledge Agreement Security Instrument and the other Loan Documents on each such Borrower’s part to be performed.

Legal Status and Authority. Each Borrower (a) is duly organized, validly existing and in good standing under the laws of its state of formation; (b) is duly qualified to transact business and is in good standing in each jurisdiction where it is required to be so qualified in connection with its assets, businesses and operationsthe State; and (c) has all necessary approvals, governmental and otherwise, and full power and authority to own own, operate and lease the CollateralProperty other than those for which the failure to obtain will not result in a Material Adverse Effect. Borrower has full power, authority and legal right to mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey the Collateral Property pursuant to the terms hereof and to keep and observe all of the terms of this Agreement, the Note, the Pledge Agreement Security Instrument and the other Loan Documents on Borrower’s part to be performed.

Legal Status and Authority. Each of Borrower and Operating Tenant (a) is duly organized, validly existing and in good standing under the laws of its state of formation; (b) is duly qualified to transact business and is in good standing in each jurisdiction where it is required to be so qualified in connection with its assets, businesses and operationsthe applicable State; and (c) has all necessary approvals, governmental and otherwise, and full power and authority to own own, operate and lease the Collateralapplicable Property. Each of Borrower and Operating Tenant, as applicable, has full power, authority and legal right to mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey the Collateral applicable Property pursuant to the terms hereof and to keep and observe all of the terms of this Agreement, the Note, the Pledge Agreement Security Instrument and the other Loan Documents on Borrower’s part to be performed.