Common use of Ownership of Property; Liens; Investments Clause in Contracts

Ownership of Property; Liens; Investments. (a) Each Borrower has good record and marketable title in fee simple to, or valid leasehold interests in, all of the Borrowing Base Properties and all other real property necessary or used in the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each of the Borrowing Base Properties is either wholly owned in fee by a Borrower or ground leased by a Borrower pursuant to a long term ground lease which has been designated as an Approved Ground Lease, in each case subject to no Liens other than Permitted Liens. To the extent a Borrowing Base Property is leased by a Borrower pursuant to an Approved Ground Lease, (i) such lease is in full force and effect and remains unmodified except to the extent disclosed to the Administrative Agent in writing; (ii) no rights in favor of the applicable Borrower lessee have been waived, canceled or surrendered; (iii) no election or option under such ground lease has been exercised by the Borrower lessee; (iv) all rental and other charges due and payable thereunder have been paid in full (except to the extent such payment is not yet overdue); (v) no Borrower or other Consolidated Party is in default under or has received any notice of default with respect to such Approved Ground Lease; (vi) to the knowledge of the Borrowers, no lessor under such a ground lease is in default thereunder; (vii) a true and correct copy of such ground lease (together with any amendments, modifications, restatements or supplements thereof) has been delivered to the Administrative Agent; and (viii) there exist no adverse claims as to the applicable Borrower’s title or right to possession of the leasehold premises referenced therein.

Ownership of Property; Liens; Investments. (a) Each Borrower Loan Party has good record and marketable insurable title in fee simple to, or valid leasehold interests in, all each of the Borrowing Base Properties and all other real property necessary or used in the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse EffectProperties. Each of the Borrowing Base Properties is either wholly owned in fee by a Borrower Loan Party or ground leased by a Borrower Loan Party pursuant to a long term ground lease which has been designated as an Approved Ground Lease, in each case subject to no Liens other than Permitted Liens. To the extent a Borrowing Base Property is leased by a Borrower Loan Party pursuant to an Approved Ground Lease, and except as otherwise disclosed in writing by Borrower to Administrative Agent, (i) such lease is in full force and effect and remains unmodified except to the extent disclosed to the Administrative Agent in writing; (ii) no rights in favor of the applicable Borrower Loan Party lessee have been waived, canceled or surrendered; (iii) no election or option under such ground lease has been exercised by the Borrower Loan Party lessee; (iv) all rental and other charges due and payable thereunder have been paid in full (except to the extent such payment is not yet overdue); (v) no Borrower or other Consolidated Loan Party is in default under or has received any notice of default with respect to such Approved Ground Lease; (vi) to the knowledge of the BorrowersLoan Parties, no lessor under such a ground lease is in default thereunder; (vii) a true and correct copy of such ground lease (together with any amendments, modifications, restatements or supplements thereof) has been delivered to the Administrative Agent; and (viii) there exist no adverse claims as to the applicable BorrowerLoan Party’s title or right to possession of the leasehold premises referenced therein.

Ownership of Property; Liens; Investments. (ac) Each Borrower Loan Party has good record and marketable title in fee simple to, or valid leasehold interests in, all each of the Unencumbered Borrowing Base Properties and and/or all other real property necessary or used in the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each of the Unencumbered Borrowing Base Properties is either wholly owned in fee by a Borrower Loan Party or ground leased by a Borrower Loan Party pursuant to a long term ground lease which has been designated as an Approved Ground Lease, in each case subject to no Liens other than Permitted LiensLiens of the type described in Section 7.01(b), (c), (e), (f) and (i). To the extent a an Unencumbered Borrowing Base Property is leased by a Borrower Loan Party pursuant to an Approved Ground Lease, (i) such lease Approved Ground Lease is in full force and effect and remains unmodified except to the extent disclosed to the Administrative Agent in writingexpressly permitted by Section 6.14(b)(vii); (ii) except as expressly permitted by Section 6.14(b)(vii), no rights in favor of the applicable Borrower Loan Party lessee have been waived, canceled or surrendered; (iii) except as expressly permitted by Section 6.14, no election or option under such ground lease Approved Ground Lease has been exercised by the Borrower lesseeLoan Party lessee (other than options to renew or extend the term thereof); (iv) all rental and other charges due and payable thereunder have been paid in full (except to the extent such payment is not yet overdueoverdue subject to applicable cure or grace periods); (v) no Borrower or other Consolidated Loan Party is in default under such Approved Ground Lease (beyond any applicable cure or grace periods) which would permit the applicable lessor or other obligor to terminate or exercise any other remedy with respect to the applicable Approved Ground Lease, nor has any Loan Party received any notice of default with respect to such Approved Ground LeaseLease that has not been delivered to the Administrative Agent pursuant to Section 6.14(b)(viii); (vi) to the knowledge of the BorrowersResponsible Officers of the Loan Parties, no lessor under such a ground lease Approved Ground Lease is in default with respect to its material obligations thereunder; (vii) a true and correct copy of such ground lease Approved Ground Lease (together with any amendments, modifications, restatements or supplements thereof) has been delivered to the Administrative Agent; and (viii) there exist no adverse claims as to the applicable BorrowerLoan Party’s title or right to possession of the leasehold premises referenced therein.

Ownership of Property; Liens; Investments. (a) Each Borrower Loan Party has good record and marketable title in fee simple to, or valid leasehold interests in, all each of the Borrowing Base Properties and and/or all other real property necessary or used in the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each of the Borrowing Base Properties is either wholly owned in fee by a Borrower Loan Party or ground leased by a Borrower Loan Party pursuant to a long term ground lease which has been designated as an Approved Ground Lease, in each case subject to no Liens other than Permitted LiensLiens of the type described in Section 7.01(a), (c), (d), (f), (g) and (j). To the extent a Borrowing Base Property is leased by a Borrower Loan Party pursuant to an Approved Ground Lease, (i) such lease Approved Ground Lease is in full force and effect and remains unmodified except to the extent disclosed to the Administrative Agent in writingexpressly permitted by Section 6.15(b)(vii); (ii) except as expressly permitted by Section 6.15(b)(vii), no rights in favor of the applicable Borrower Loan Party lessee have been waived, canceled or surrendered; (iii) except as expressly permitted by Section 6.15, no election or option under such ground lease Approved Ground Lease has been exercised by the Borrower lesseeLoan Party lessee (other than options to renew or extend the term thereof); (iv) all rental and other charges due and payable thereunder have been paid in full (except to the extent such payment is not yet overdueoverdue subject to applicable cure or grace periods); (v) no Borrower or other Consolidated Loan Party is in default under such Approved Ground Lease (beyond any applicable cure or grace periods) which would permit the applicable lessor or other obligor to terminate or exercise any other remedy with respect to the applicable Approved Ground Lease, nor has any Loan Party received any notice of default with respect to such Approved Ground LeaseLease that has not been delivered to the Administrative Agent pursuant to Section 6.15(b)(viii); (vi) to the knowledge of the BorrowersResponsible Officers of the Loan Parties, no lessor under such a ground lease Approved Ground Lease is in default with respect to its material obligations thereunder; (vii) a true and correct copy of such ground lease Approved Ground Lease (together with any amendments, modifications, restatements or supplements thereof) has been delivered to the Administrative Agent; and (viii) there exist no adverse claims as to the applicable BorrowerLoan Party’s title or right to possession of the leasehold premises referenced therein.

Ownership of Property; Liens; Investments. (a) Each Borrower Loan Party has good record and marketable title in fee simple to, or valid leasehold interests in, all each of the Unencumbered Borrowing Base Properties and and/or all other real property necessary or used in the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each of the Unencumbered Borrowing Base Properties is either wholly owned in fee by a Borrower Loan Party or ground leased by a Borrower Loan Party pursuant to a long term ground lease which has been designated as an Approved Ground Lease, in each case subject to no Liens other than Permitted LiensLiens of the type described in Section 7.01(b), (c), (e), (f) and (i). To the extent a an Unencumbered Borrowing Base Property is leased by a Borrower Loan Party pursuant to an Approved Ground Lease, (i) such lease Approved Ground Lease is in full force and effect and remains unmodified except to the extent disclosed to the Administrative Agent in writingexpressly permitted by Section 6.14(b)(vii); (ii) except as expressly permitted by Section 6.14(b)(vii), no rights in favor of the applicable Borrower Loan Party lessee have been waived, canceled or surrendered; (iii) except as expressly permitted by Section 6.14, no election or option under such ground lease Approved Ground Lease has been exercised by the Borrower lesseeLoan Party lessee (other than options to renew or extend the term thereof); (iv) all rental and other charges due and payable thereunder have been paid in full (except to the extent such payment is not yet overdueoverdue subject to applicable cure or grace periods); (v) no Borrower or other Consolidated Loan Party is in default under such Approved Ground Lease (beyond any applicable cure or grace periods) which would permit the applicable lessor or other obligor to terminate or exercise any other remedy with respect to the applicable Approved Ground Lease, nor has any Loan Party received any notice of default with respect to such Approved Ground LeaseLease that has not been delivered to the Administrative Agent pursuant to Section 6.14(b)(viii); (vi) to the knowledge of the BorrowersResponsible Officers of the Loan Parties, no lessor under such a ground lease Approved Ground Lease is in default with respect to its material obligations thereunder; (vii) a true and correct copy of such ground lease Approved Ground Lease (together with any amendments, modifications, restatements or supplements thereof) has been delivered to the Administrative Agent; and (viii) there exist no adverse claims as to the applicable BorrowerLoan Party’s title or right to possession of the leasehold premises referenced therein.