Common use of Properties and Insurance Clause in Contracts

Properties and Insurance. (a) HUBCO and its Subsidiaries have good and, as to owned real property, marketable title to all material assets and properties, whether real or personal, tangible or intangible, reflected in HUBCO's consolidated balance sheet as of December 31, 1997, or owned and acquired subsequent thereto (except to the extent that such assets and properties have been disposed of for fair value in the ordinary course of business since December 31, 1997), subject to no encumbrances, liens, mortgages, security interests or pledges, except (i) those items that secure liabilities that are reflected in said balance sheet or the notes thereto or that secure liabilities incurred in the ordinary course of business after the date of such balance sheet, (ii) statutory liens for amounts not yet delinquent or which are being contested in good faith, (iii) such encumbrances, liens, mortgages, security interests, pledges and title imperfections that are not in the aggregate material to the business, operations, assets, and financial condition of HUBCO and its subsidiaries taken as a whole and (iv) with respect to owned real property, title imperfections noted in title reports. Except as disclosed in the HUBCO Disclosure Schedule, HUBCO and its Subsidiaries as lessees have the right under valid and subsisting leases to occupy, use, possess and control all property leased by HUBCO or its Subsidiaries in all material respects as presently occupied, used, possessed and controlled by HUBCO and its Subsidiaries.

Properties and Insurance. (a) HUBCO Merchants and its Subsidiaries have good andgood, and as to owned real propertyproperty marketable, marketable title to all material assets and properties, whether real or personal, tangible or intangible, reflected in HUBCO's Merchants' consolidated balance sheet as of December 31June 30, 19972000, or owned and acquired subsequent thereto (except to the extent that such assets and properties have been disposed of for fair value in the ordinary course of business since December 31June 30, 19972000), subject to no encumbrances, liens, mortgages, security interests or pledges, except (i) those items that secure liabilities that are reflected in said such balance sheet or the notes thereto or that secure liabilities incurred in the ordinary course of business after the date of such balance sheet, (ii) statutory liens for amounts not yet delinquent or which are being contested in good faith, (iii) such encumbrances, liens, mortgages, security interests, pledges and title imperfections that are not in the aggregate material to the business, operations, assets, and financial condition of HUBCO Merchants and its subsidiaries Subsidiaries taken as a whole and (iv) with respect to owned real property, title imperfections noted in title reportsreports delivered to Valley prior to the date hereof. Except as disclosed in the HUBCO Disclosure Schedule, HUBCO Merchants and its Subsidiaries as lessees have the right under valid and subsisting leases to occupy, use, possess and control all property leased by HUBCO or its Subsidiaries them in all material respects as presently occupied, used, possessed and controlled by HUBCO them. The Merchants Disclosure Schedule lists all leases pursuant to which Merchants or any Merchants Subsidiary occupies any real property and its Subsidiariesfor each such lease lists annual base rentals, annual add-ons for taxes, maintenance and the like, the annual increases to the end of the lease, the expiration date and any option terms.

Properties and Insurance. (a) HUBCO and its Subsidiaries have Except as set forth in the CFHC Disclosure Schedule, CFHC or a CFHC Subsidiary has good and, as to owned real property, marketable title to all material assets and properties, whether real or personal, tangible or intangible, reflected in HUBCOCFHC's consolidated balance sheet as of December 31September 30, 1997, or owned and acquired subsequent thereto (except to the extent that such assets and properties have been disposed of for fair value in the ordinary course of business since December 31September 30, 1997), subject to no encumbrances, liens, mortgages, security interests or pledges, except (i) those items that secure liabilities that are reflected in said balance sheet or the notes thereto or that secure liabilities incurred in the ordinary course of business after the date of such balance sheet, (ii) statutory liens for amounts not yet delinquent or which are being contested in good faith, (iii) such encumbrances, liens, mortgages, security interests, pledges and title imperfections that are not in the aggregate material to the business, operations, assets, and financial condition of HUBCO CFHC and its subsidiaries the CFHC Subsidiaries taken as a whole and (iv) with respect to owned real property, title imperfections noted in title reportsreports delivered to HUBCO prior to the date hereof. Except as disclosed in affected by the HUBCO Disclosure Scheduletransactions contemplated hereby, HUBCO and its CFHC or one or more of the CFHC Subsidiaries as lessees have the right under valid and subsisting leases to occupy, use, possess and control all real property leased by HUBCO or its CFHC and such CFHC Subsidiaries in all material respects as presently occupied, used, possessed and controlled by HUBCO CFHC and its such CFHC Subsidiaries.

Properties and Insurance. (a) HUBCO and its Subsidiaries have Except as set forth in the LFB Disclosure Schedule, LFB or a LFB Subsidiary has good and, as to owned real property, marketable title to all material assets and properties, whether real or personal, tangible or intangible, reflected in HUBCOLFB's consolidated balance sheet as of December 31September 30, 19971998, or owned and acquired subsequent thereto (except to the extent that such assets and properties have been disposed of for fair value in the ordinary course of business since December 31September 30, 19971998), subject to no encumbrances, liens, mortgages, security interests or pledges, except (i) those items that secure liabilities that are reflected in said balance sheet or the notes thereto or that secure liabilities incurred in the ordinary course of business after the date of such balance sheet, (ii) statutory liens for amounts not yet delinquent or which are being contested in good faith, (iii) such encumbrances, liens, mortgages, security interests, pledges and title imperfections that are not in the aggregate material to the business, operations, assets, and financial condition of HUBCO LFB and its subsidiaries the LFB Subsidiaries taken as a whole and (iv) with respect to owned real property, title imperfections noted in title reportsreports delivered to HUBCO prior to the date hereof. Except as disclosed in affected by the HUBCO Disclosure Scheduletransactions contemplated hereby, HUBCO and LFB or one or more of its Subsidiaries as lessees have the right under valid and subsisting leases to occupy, use, possess and control all real property leased by HUBCO or its LFB and such Subsidiaries in all material respects as presently occupied, used, possessed and controlled by HUBCO LFB and its Subsidiaries.

Properties and Insurance. (a) HUBCO HUB and its the HUB Subsidiaries have good and, as to owned real property, marketable title to all material assets and properties, whether real or personal, tangible or intangible, reflected in HUBCOHUB's consolidated balance sheet as of December 31, 19971998, or owned and acquired subsequent thereto (except to the extent that such assets and properties have been disposed of for fair value in the ordinary course of business since December 31, 19971998), subject to no encumbrances, liens, mortgages, security interests or pledges, except (i) those items that secure liabilities that are reflected in said balance sheet or the notes thereto or that secure liabilities incurred in the ordinary course of business after the date of such balance sheet, (ii) statutory liens for amounts not yet delinquent or which are being contested in good faith, (iii) such encumbrances, liens, mortgages, security interests, pledges and title imperfections that are not in the aggregate material to the business, operations, assets, and financial condition of HUBCO HUB and its subsidiaries the HUB Subsidiaries taken as a whole and (iv) with respect to owned real property, title imperfections noted in title reports. Except as disclosed in the HUBCO HUB Disclosure Schedule, HUBCO HUB and its the HUB Subsidiaries as lessees have the right under valid and subsisting leases to occupy, use, possess and control all property leased by HUBCO HUB or its the HUB Subsidiaries in all material respects as presently occupied, used, possessed and controlled by HUBCO HUB and its the HUB Subsidiaries.

Properties and Insurance. (a) HUBCO and its Subsidiaries have good and, as to owned real property, marketable title to all material assets and properties, whether real or personal, tangible or intangible, reflected in HUBCO's consolidated balance sheet as of December 31, 19971996, or owned and acquired subsequent thereto (except to the extent that such assets and properties have been disposed of for fair value in the ordinary course of business since December 31, 19971996), subject to no encumbrances, liens, mortgages, security interests or pledges, except (i) those items that secure liabilities that are reflected in said balance sheet or the notes thereto or that secure liabilities incurred in the ordinary course of business after the date of such balance sheet, (ii) statutory liens for amounts not yet delinquent or which are being contested in good faith, (iii) such encumbrances, liens, mortgages, security interests, pledges and title imperfections that are not in the aggregate material to the business, operations, assets, and financial condition of HUBCO and its subsidiaries taken as a whole and (iv) with respect to owned real property, title imperfections noted in title reports. Except as disclosed in the HUBCO Disclosure Schedule, HUBCO and its Subsidiaries as lessees have the right under valid and subsisting leases to occupy, use, possess and control all property leased by HUBCO or its Subsidiaries in all material respects as presently occupied, used, possessed and controlled by HUBCO and its Subsidiaries.

Properties and Insurance. (a) HUBCO Faxxxxxxxx and its Subsidiaries Subsidiary have good and, as to owned real property, if any, marketable title to all material assets and properties, whether real or personal, tangible or intangible, reflected in HUBCO's consolidated Faxxxxxxxx'x xonsolidated balance sheet as of December 31, 19971995, or owned and acquired subsequent thereto (except to the extent that such assets and properties have been disposed of for fair value in the ordinary course of business since December 31, 19971995), subject to no encumbrances, liens, mortgages, security interests or pledges, except (i) those items that secure liabilities that are reflected in said such balance sheet or the notes thereto or that secure liabilities incurred in the ordinary course of business after the date of such balance sheet, (ii) statutory liens for amounts not yet delinquent or which are being contested in good faith, (iii) such encumbrances, liens, mortgages, security interests, pledges and title imperfections that are not in the aggregate material to the business, operations, assets, and financial condition of HUBCO Faxxxxxxxx and its subsidiaries Subsidiary taken as a whole and (iv) with respect to owned real property, if any, title imperfections noted in title reportsreports delivered to United prior to the date hereof. Except Faxxxxxxxx xnd its Subsidiary, as disclosed in the HUBCO Disclosure Schedulelessees, HUBCO and its Subsidiaries as lessees have the right under valid and subsisting leases to occupy, use, possess and control control, in all material respects, all real property leased by HUBCO or its Subsidiaries in all material respects them, as presently occupied, used, possessed and controlled by HUBCO and its Subsidiariesthem.

Properties and Insurance. (a) HUBCO and its Subsidiaries subsidiaries have good and, as to owned real property, marketable title to all material assets and properties, whether real or personal, tangible or intangible, reflected in HUBCO's consolidated balance sheet as of December 31, 19971996, or owned and acquired subsequent thereto (except to the extent that such assets and properties have been disposed of for fair value in the ordinary course of business since December 31, 19971996), subject to no encumbrances, liens, mortgages, security interests or pledges, except (i) those items that secure liabilities that are reflected in said balance sheet or the notes thereto or that secure liabilities incurred in the ordinary course of business after the date of such balance sheet, (ii) statutory liens for amounts not yet delinquent or which are being contested in good faith, (iii) such encumbrances, liens, mortgages, security interests, pledges and title imperfections that are not in the aggregate material to the business, operations, assets, and financial condition of HUBCO and its subsidiaries taken as a whole and (iv) with respect to owned real property, title imperfections noted in title reports. Except as disclosed in the HUBCO Disclosure Schedule, HUBCO and its Subsidiaries subsidiaries as lessees have the right under valid and subsisting leases to occupy, use, possess and control all property leased by HUBCO or its Subsidiaries subsidiaries in all material respects as presently occupied, used, possessed and controlled by HUBCO and its Subsidiariessubsidiaries.

Properties and Insurance. (a) HUBCO HUB and its Subsidiaries have good and, as to owned real property, marketable title to all material assets and properties, whether real or personal, tangible or intangible, reflected in HUBCOHUB's consolidated balance sheet as of December 31, 19971998, or owned and acquired subsequent thereto (except to the extent that such assets and properties have been disposed of for fair value in the ordinary course of business since December 31, 19971998), subject to no encumbrances, liens, mortgages, security interests or pledges, except (i) those items that secure liabilities that are reflected in said balance sheet or the notes thereto or that secure liabilities incurred in the ordinary course of business after the date of such balance sheet, (ii) statutory liens for amounts not yet delinquent or which are being contested in good faith, (iii) such encumbrances, liens, mortgages, security interests, pledges and title imperfections that are not in the aggregate material to the business, operations, assets, and financial condition of HUBCO HUB and its subsidiaries taken as a whole and (iv) with respect to owned real property, title imperfections noted in title reports. Except as disclosed in the HUBCO HUB Disclosure Schedule, HUBCO HUB and its Subsidiaries as lessees have the right under valid and subsisting leases to occupy, use, possess and control all property leased by HUBCO HUB or its Subsidiaries in all material respects as presently occupied, used, possessed and controlled by HUBCO HUB and its Subsidiaries.

Properties and Insurance. (a) HUBCO and its Subsidiaries the Bank have good and, as to owned real property, marketable title to all material assets and properties, whether real or personal, tangible or intangible, reflected in HUBCO's consolidated balance sheet as of December 31September 30, 19971995, or owned and acquired subsequent thereto (except to the extent that such assets and properties have been disposed of for fair value in the ordinary course of business since December 31September 30, 19971995), subject to no encumbrances, liens, mortgages, security interests or pledges, except (i) those items that secure liabilities that are reflected in said balance sheet or the notes thereto or that secure liabilities incurred in the ordinary course of business after the date of such balance sheet, (ii) statutory liens for amounts not yet delinquent or which are being contested in good faith, (iii) such encumbrances, liens, mortgages, security interests, pledges and title imperfections that are not in the aggregate material to the business, operations, assets, and financial condition of HUBCO and its subsidiaries the Bank taken as a whole and (iv) with respect to owned real property, title imperfections noted in title reports. Except as disclosed in the HUBCO Disclosure Schedule, HUBCO and its Subsidiaries the Bank as lessees have the right under valid and subsisting leases to occupy, use, possess and control all property leased by HUBCO or its Subsidiaries the Bank in all material respects as presently occupied, used, possessed and controlled by HUBCO and its Subsidiariesthe Bank.