Common use of Legal Status and Authority Clause in Contracts

Legal Status and Authority. Borrower (a) is duly organized, validly existing and in good standing under the laws of its state of organization or incorporation; (b) is duly qualified to transact business and is in good standing in the State or Commonwealth where the Property is located; and (c) has all necessary approvals, governmental and otherwise, and full power and authority to own the Property and carry on its business as now conducted and proposed to be conducted. Borrower now has and shall continue to have the full right, power and authority to operate and lease the Property, to encumber the Property as provided herein and to perform all of the other obligations to be performed by Borrower under the Loan Documents.

Legal Status and Authority. Borrower (a) is duly organized, validly existing and in good standing under the laws of its state of organization or incorporation; (b) is duly qualified to transact business and is in good standing in the State or Commonwealth where the Property is located; and (c) has all necessary approvals, governmental and otherwise, and full power and authority to own and/or lease the Property and carry on its business as now conducted and proposed to be conducted. Borrower now has and shall continue to have the full right, power and authority to operate and lease the Property, to encumber the Property as provided herein and to perform all of the other obligations to be performed by Borrower under the Loan Note, this Security Instrument and the Other Security Documents.

Legal Status and Authority. Borrower (a) is duly organized, validly existing and in good standing under the laws of its state of organization or incorporation; (b) is duly qualified to transact business and is in good standing in the State or Commonwealth where the Property is located; and (c) has all necessary approvals, governmental and otherwise, and full power and authority to own the Property and carry on its business as now conducted and proposed to be conducted, except where any failure to do so would not have a Material Adverse Effect (as hereinafter defined). Borrower now has and shall continue to have the full right, power and authority to operate and lease the Property, to encumber the Property as provided herein and to perform all of the other obligations to be performed by Borrower under the Debentures, this Security Instrument and the other Loan Documents.

Legal Status and Authority. (a) Borrower (ai) is duly organized, validly existing and in good standing under the laws of its state of organization or incorporation; (bii) is duly qualified to transact business and is in good standing in the State or Commonwealth where the Property is locatedlocated and each other jurisdiction in which it is required; and (ciii) has all necessary approvals, governmental and otherwise, and full power and authority to own the Property and carry on its business as now conducted and proposed to be conducted. Borrower now has and shall continue to have the full right, power and authority to operate and lease the Property, to encumber the Property as provided herein and to perform all of the other obligations to be performed by Borrower under the Loan Note, this Security Instrument and the Other Security Documents.